Tight supply in the US market pushed billets to another record high, while European premiums edged lower in a competitive and active market.
The US billet market saw the most change, climbing 6% to reach a fresh high. The move up in the US helped push the premium in Brazil to its highest in more than two years.Ali billet upcharge sets recordThe 6063 aluminium spot billet upcharge set a record on Friday May 18, driven by persistent tight supply and lofty offers presented by traders.American Metal Market's assessment of the 6063 spot extrusion billet upcharge climbed to 16-18 cents per lb, surpassing the previous best of 15-17 cents per lb on May 4. American Metal Market began tracking the upcharge in September 2004.Sellers are offering material at elevated levels, hoping to capitalize on buyers' desperation and tight spot supply. But traders are also reluctant to loosen their books, concerned over costs to replace units sold on spot without a clear idea of price direction."I think there's an element where there's finite supply, and...