Aluminium billet premiums in Europe and the United States moved lower on Friday March 15 due to continued weak demand, and the market remained quiet elsewhere.
Italian premium drops 4.5%. Long term contracts dominate Brazilian market. US spot market remains quiet. Asia yet to see Russian units. Aluminium billet in Germany continues slide; premiums down throughout EuropePoor fundamentals and bearish sentiment pulled down European aluminium billet premiums on March 15.Fastmarkets assessed the premium for prime-quality billet delivered duty-paid on a spot basis into the Ruhr region with 30-day payment terms at $420-450 per tonne Friday from $430-460 per tonne the week before.The German premium - which is now approaching the $380-400-per-tonne level seen prior to the US government's sanctions against UC Rusal last April - has fallen for three-consecutive weeks. The premium's latest drop follows a 6% decline the week before.Macroeconomic concerns about weaker European automobile and industrial sectors, as well as a relatively oversupplied European market remain the main forces driving billet premiums lower."It's just a question of days or weeks [before premiums move below...