Supply tightness continued to drive the Midwest premium in the United States to a new record high on Tuesday May 4, while more bearish sentiment resulted in European premiums being unchanged from the previous week but still at a six-year high level.
US Midwest sets new record-high levelRotterdam premiums stable at multi-year highsMJP, South Korea premiums unchanged amid holidays, thin tradingBrazilian import premium rises, following European uptrend.
US Midwest premium sets new all-time high
The US Midwest aluminium premium
rose to another all-time high on Tuesday, with the duty and freight components of the premium rising while physical market fundamentals remained bullish.
Fastmarkets assessed the
aluminium P1020A premium, ddp Midwest US, at 26-27 cents per lb on Tuesday, unchanged from the preceding Friday but up by 2 cents from 24-25 cents per lb one week earlier, which was itself a record-high level.
The premium has continued to climb rapidly, with the current range up by 60.61% from the end of February, when it was 16-17 cents per lb.
"This move has been so fast and vicious that I don't know what happens next," one US trader said. "Nobody...