Coronavirus uncertainty sinks US Midwest aluminium premium

The Midwest aluminium premium in the United States fell on Tuesday March 24 to its lowest level since early February 2018, pressured by heightened uncertainty and manufacturing disruptions as a result of the novel coronavirus pandemic, market participants said.

Fastmarkets assessed the aluminium P1020A premium, ddp Midwest US at 11.5-13.5 cents per lb on March 24, down by 2 cents on the low end and by 1 cent on the high end from 13.5-14.5 cents per lb previously and the premium's first move since February 28.
The premium is now at its lowest point since February 5, 2018, when the assessment stood at 11-11.75 cents per lb.
Nearly all price contributors lowered their valuations of the premium this week, and some deals with steep discounts were heard in the market. Some sources told Fastmarkets that those deals were reflective of the virus pandemic's continued disruptions to US manufacturing.
"There's real panic out there," one trader source said.

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