The premium for duty-paid aluminium in Rotterdam plummeted further on Tuesday April 7 to the lowest level since January 2010.
Fastmarkets assessed the
aluminium P1020A premium, in-whs dp Rotterdam at $90-105 per tonne on Tuesday, down from $100-120 per tonne on April 3.
Multiple deals so far this week were concluded in the new range, although some participants even reported being able to buy material at $85 and $87 per tonne from producers.
"Producers are desperate to just get rid of stuff and have it all sold. I have bid ridiculously low numbers for paid and the reply is 'how much tonnage do you want?'" a trader source said.
"For other producers, you can bid anything you like. Paid units in double digits is insane. But some are bleeding money and they just need to sell it," the trader added.
The premium in Rotterdam is now down by 30.4% from $135-145 per tonne at the start of this year. Poor aluminium demand put pressure on the premium...