The European Rotterdam duty-unpaid aluminium premium soared 8% on Thursday April 12, with liquidity returning to the market for the first time since the US Treasury sanctioned Rusal last Friday.
In the days following the Rusal sanction, the Rotterdam duty-unpaid market hit a standstill. A lack of clarity on the situation, alongside institutions refraining from financing Rusal units, kept premiums stable while participants tried to figure out where the market was.On Thursday though, the Rotterdam duty-unpaid premium moved up 8% to $105-115 per tonne from $98-105 per tonne, its highest since 2015. Offers were reported significantly above the range, but little business had been concluded at those levels, while one deal was reported to conclude at the upper-end of the new range.Most...