The weaker aluminium premium in the US Midwest reduced the arbitrage opportunities between Southeast Asian warehouses over July, Fastmarkets learned.
The aluminium premium in the United States continued to dip into August as well, hitting its lowest since last March.Fastmarkets' assessment of the monthly average midpoint for the aluminium P1020A premium, ddp Midwest US was at $401.02 per tonne in July, down from $413.37 per tonne in June due to weak seasonal market fundamentals.The premium's decline is a result of a lack of market demand, which is typical throughout the first week of August, market participants said. The availability of aluminium scrap at its lowest price in a decade in recent months has further exacerbated low demand, while there is no shortage of metal either, with participants claiming the market is...