1, the European Automobile Association reported that passenger car registrations in May fell 11.2% year-on-year to 791,546 units, the 11th consecutive monthly decline, but the range narrowed compared to the previous month’s 20%. According to the association’s data. By region, Italy fell 15.1 percent, Spain 10.9 percent, Germany 10.2 percent and France 10.1 percent. cumulative year-over-year registrations of new passenger cars in the EU fell 13.7 percent from January to May. The data reflects that EU auto demand is slowly rebounding, but it is still too early to get out of the slump.
2, according to CRU’s weekly Europe and the United States premium report, Europe and the United States aluminum ingot trade premium opened for the third consecutive week of decline, and the magnitude increased. U.S. Midwest P1020 fell to 32.5-33 cents/lb this week. The Rotterdam untaxed premium remained unchanged at $475-505/mt, while the taxed premium fell $15/mt to $570-600/mt. German aluminum bar premiums fell $37.5/mt to $1,400-$1,525/mt. LME prices fell sharply but demand recession fears intensified, with premiums topping out in a clear trend and expected to move back down.
3, LME stocks fell back to 407,800 tons, the lowest level in nearly 21 years, the main reason for the recent decline in stocks or the continued departure of written-off warehouse receipts. At present, the available inventory in LME warehouse is only 171,000 tons, and the written-off warehouse receipts are 236,000 tons, so pay close attention to the signal that the available inventory may have bottomed out.
4, domestic, Mysteel research, on Friday, Wuxi area spot offer 19,940 yuan / ton, Foshan area 19,950 yuan / ton, Gongyi area 20,200 yuan / ton. Aluminum prices fell back to Wuxi area transactions improved. The transaction in Gongyi area is positive, but the transaction in Foshan area is still weak. After the resumption of full-scale production in East China, the main reason for the limited improvement in trading is the lack of significant improvement in terminal orders.
5, summary: energy high under the high level of overseas demand oscillation, but liquidity contraction accelerated and recession is expected to enhance pressure. Domestic economic downturn overlaid with the epidemic disturbance, but the policy end of the positive force, the spot is in the game of cautious improvement and downward pressure restrictions. Considering the fundamentals and cost side, it is unlikely to continue to adjust sharply in the short term below 19,500 yuan/ton. Today 19500-20000 yuan / ton.
Post time: Jun-20-2022