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LME prices below $... per mton as surplus swells; Unprofitable smelting capacity now four million mtpy

EUROPEAN BILLET UPDATE.

Executive Summary

1. LME prices hit four-year lows below $... per mton as oil market tumbles and LME buildups continue amid growing surplus.

2. LME Cash–3M contango remains nearly the widest since 2015 on inventory buildups and weakening spot demand.

3. EUROPEAN BILLET UPDATE. All Spanish extruders and remelters to close.

4. HARBOR’s Implicit Green Aluminum Upcharge assessed today at zero.

5. China’s aluminum prices continue to trade near expected support of... yuan per mton ($... per mton, excluding VAT).

More details in full report.