SMM data: SMM A00 aluminium prices and discounts & premiums

The Bab el-Mandeb Strait is blocked, and global energy supply risks continue to rise. Yemen's Houthi forces have seized at least five islands in the Bab el-Mandeb Strait, establishing de facto control over the strait, and issued a "Statement on Military Operations Against Saudi Arabia," declaring that ships from all countries other than Saudi Arabia may navigate safely in the Red Sea. The latest data shows that the number of ships transiting the Bab el-Mandeb Strait has plummeted to single digits. There are also reports that Saudi Crown Prince Mohammed twice called to urge the United States to strike the Houthi forces, but was rejected by Trump both times.

US August unadjusted CPI rose 3.4% YoY, in line with market expectations, and rose 0.4% MoM, the highest since June this year; seasonally adjusted core CPI rose 0.3% MoM, above the market expectation of 0.2%. Meanwhile, the University of Michigan's September consumer sentiment index plunged to 47.8, one-year inflation expectations jumped to 4.6%, and US diesel prices broke through the $6 per gallon mark for the first time in history. The market expects the US Fed to have about a 90% probability of a rate hike next week, with two hikes before year-end.

Acquisition lifts EGA’s aluminium recycling capacity to more than 400,000 tonnes/year globally