Most global aluminium billet premiums fell or were flat on Friday February 15, with demand muted in most markets and participants waiting to see the effect of the removal of sanctions against UC Rusal by the United States.
Premiums across Europe fall due to oversupply and poor demand.The US upcharge falls, with participants bearish.The quiet market in Asia keeps the Thailand premium steady.The premium in Brazil moves higher on disappearing discounts Billet availability, Rusal sentiment sink European premiumsThe fall of premiums in Europe was driven by poor fundamentals. The removal of sanctions on Russian aluminium producer Rusal have also pushed premiums lower.Fastmarkets assessed the premium for aluminium billet in Italy delivered duty-paid with 60-day payment terms at $465-485 per tonne Friday, down from $470-490 per tonne the week before."[The decrease] is the same craziness as April, but completely inverse," one trader said, referring to when the sanctions were initiated against Rusal. "Traders were having fun getting quotations every day and trying [for] $5 more, $20 more, without fundamental reasoning. Everything now is more or less back to normal."Billet supply has remained...