The Rotterdam duty-unpaid aluminium premium hit a three-month high on Tuesday January 26, with a shortage of spot material offsetting market participants' concerns about a widening backwardation in London Metal Exchange spreads.
Elsewhere, the cif Taiwan premium rose to an all-time high on the back of strong restocking appetite in the run-up to the Lunar New Year (February 12).
Rotterdam duty-unpaid premium hits three-month high; other European rates weakenTaiwanese premium surges on pre-holiday restocking; MJP stableTight availability, high shipping costs drive Brazilian premiums upUS Midwest premium flat; eyes on import quota of Canadian material
Rotterdam dup premium hits 3-month high despite backwardation
Aluminium premiums in Rotterdam remained well supported this past week with tight supply continuing to buoy the market.
Fastmarkets assessed the aluminium P1020A premium, in-whs dup Rotterdam at $115-120 per tonne Tuesday, up by $2-5 per tonne from $110-118 per tonne a week earlier. The premium was last assessed at its current range on October 7, 2020.
The market has continued to shrug off a widening backwardation on LME spreads,...