LME prices fall to expected support level; US billet spot market tightens but upcharges still unchanged
1. Prices dropped toward our anticipated support level of... per mton amid profit-taking.
2. US BILLET ALERT. Tightening of US billet market not pressuring up US spot or 2021 contractual billet premiums yet.
3. ALUMINUM PRODUCTION ALERT. RECORD HIGHS: Global primary aluminum production reaches fresh all-time highs on Chinese expansions. Western world production to accelerate ahead.
4. US ROLLING MILL UPDATE. AD/CVD INVESTIGATION CONFIRMED on US foil imports from five countries; bullish conversion prices. For more details, please subscribe to our specialized Aluminum Rolled Products Intelligence Report
5. US TWITCH ALERT. Twitch prices up to... cent/lb on increased tightness. For more details, please subscribe to our specialized US & Mexico Weekly Scrap Report
6. HARBOR’s Green Aluminum Upcharge assessed at zero.
7. LME Cash–3M contango remains somewhat tight and supportive of LME inventory buildups (bearish for P1020 spot premiums worldwide).
8. China’s aluminum prices consolidate latest gains.
More details in full report.