Global aluminium billet premiums were mostly higher this month, with US Treasury Department sanctions against Russian aluminium producer UC Rusal impacting the billet market.
European premiums were most affected, with Germany and Italy billet premiums climbing by more than 40%. Brazil's import premium climbed to its highest level since December 2015, and the US upcharge hit its all-time high.Rusal sanctions elevate Germany, Italy, Spain billet to highest since April 2015 The premium in Germany for prime-quality billet delivered duty-paid on a spot basis into the Ruhr region with 30-day payment terms soared to $560-600 per tonne from $380-400 per tonne - its highest level since April 10, 2015. "Since the sanctions against Rusal came into place, premiums hiked everywhere and products have felt the effect of it. It is now possible to get $600 per tonne for billet in Germany - this would have been unthinkable last month," a trader said. Since the US Treasury Department announced the sanctions against Rusal on April 6, primary aluminium premiums have soared. Metal Bulletin's benchmark P1020 premium in Rotterdam...