Tight regional supply boosted aluminium premiums in Rotterdam and the United States to multi-year highs on Tuesday March 30, while the quarterly premium in Japan settled at its highest level for six years.
Rotterdam duty-unpaid highest since April 2015US Midwest premium climbs to April 2018 levelMJP premium at six-year high.European shortage drives premiums higher
A lack of aluminium flowing into Europe continued to drive premiums to fresh multi-year highs.
Fastmarkets' daily assessment of the benchmark
aluminium P1020A premium, in-whs dup Rotterdam, was $175-185 per tonne on Tuesday, widening upward from $175-180 per tonne the day before and up by $10 per tonne week on week.
The premium was at its highest since April 2015.
Market participants were now offering metal at much higher premiums every pricing session because of the persistent shortage of metal in Europe, a result of high freight rates and complicated logistics at London Metal Exchange sheds outside the region.
"I asked someone for metal a fortnight ago and then went back to the same person, and their offer was nearly $40 [per tonne] higher," a trader...