Non-ferrous price spreads tighten

What can I say, when LME cash to April moved yesterday from 18 contango into a backwardation at 36, things are going to get tight.

Spreads are tightening as well. Mills are still flexible with their prices since stock is scarce. Non-ferrous scrap is still a slow go. People aren’t seeing much of it and everyone wants to know why. Slow imports, manufacturers slow, but there seems to be more to it. Who ever was holding their metal for better prices have let all that metal go.