Ingot premiums tumbled over the last month- first in Europe and Asia, and then in the USA. CRU had expected a gradual fall in premiums in Q1, and a sharper fall in H2 once LME warehouse queues fell back after the the LME LILO ( load-in/ load-out) rule change took affect. However, the decline in Q1 was greater than previously anticipated due mainly to a lack of consumer buying on weak demand growth. In addition, destocking in Europe has created an absence of buyers.
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