LME price retreats as demand contraction continues to unfold; MW premium gives in to bearish pressures

1. LME price closes the week on a bearish note as demand contraction intensifies in Europe; levels above $... per mton continue to be seen as unsustainable at this point.

2. US MW PREMIUM ALERT-from HARBOR’s Market Intelligence Unit. MORE WEAKNESS: MW premium gaps down again amid oversupply conditions.

3. China’s aluminum prices end the week below medium-term technical resistance.

4. ALERT! – EUROPEAN BILLET. STANDSTILL: European spot billet premiums unchanged for the fifth consecutive week; Karmoy’s plant labor strike ends with no market impact.

To see our full European Billet Market Intel and Premiums assessment, subscribe to HARBOR’s specialized “European Billet Intelligence” reports.

5. ALERT! – EUROPEAN SCRAP. LINGERING SURPLUS: Scrap consumers are still working through high inventories and late-2022 deliveries.

For more details, subscribe to HARBOR’s specialized “Europe Scrap Intelligence” reports.

6. LME Cash–3M contango narrows to five-month lows as May-June backwardation emerges; contango yields remain uneconomic for cash-and-carry deals.a