Aluminium premiums in Rotterdam and throughout Europe remained resilient through July, driven by tighter supplies in the region and favorable spreads on the London Metal Exchange.
Fastmarkets assessed the aluminium P1020A premium, in-whs dup Rotterdam, which is the region's benchmark, at a one-year high of $95-105 per tonne on Monday August 5. The premium, which rose to its current level on July 22, is up by 19% year-on-year.Several participants in the market expected there to be further room for the premium to rise. "We're going to see an uptick and there's potential for another $5 or $10 [per tonne] increase," one producer said.That contrasted with slight downtrends seen in other global benchmark aluminium premiums throughout July.The aluminium P1020A premium, ddp Midwest US, was assessed at 17.75-18.25 cents per lb on August 2, down by roughly 15% compared with this time last year and its lowest since last March. The premium moved down to that level on July 12.In Asia, the aluminium P1020A (MJP) spot premium, cif Japan, was $90-100 per tonne on August 2, unchanged since...