The US Midwest aluminium premium inched up on Friday June 15, with market participants noting that prices in the spot market are not dropping to incentivize buying despite a backwardation on the London Metal Exchange.
American Metal Market assessed the spot P1020 premium at 21.75-22.25 cents per lb delivered to the Midwest, widening slightly from 21.75-22 cents per lb earlier in the week.Most market participants reported quotes around the 22-cent-per-lb range, although some transactions were reported at higher levels.Buyers are not paying lower premiums despite the backwardation spread on the LME, according to market participants, unlike what...