The duty-unpaid aluminium premium in Europe rose to its highest in nearly six years on Friday March 19 due to continued tightness of material and high demand.
Fastmarkets assessed
aluminium P1020A premium, in-whs dup Rotterdam at $160-165 per tonne on Friday, rallying from $145-155 per tonne on the previous day and up 44.44% from $110-115 per tonne at the start of the year.
At a current midpoint of $162.50 per tonne, Fastmarkets' daily benchmark duty-unpaid premium is at its highest since April 23, 2015 when the premium was at $150-200 per tonne.
The premium has climbed 12% in a week and is up a staggering 44% since the start of 2021.
"This market has gone absolutely crazy, people are very, very desperate for metal. Those that do have a few tonnes do not want to let it go, it would be impossible to replace right now," a trader said.
There has been a shortage of...