GLOBAL ALUMINIUM WRAP: US Midwest premium approaches six-month high on Section 232 hopes

February 11, 2021 / www.metalbulletin.com / Article Link

The US Midwest aluminium premium rose to a near six-month high on Tuesday February 9, with sentiment growing increasingly bullish on expectations that US Section 232 tariffs will remain in place, while most premiums elsewhere were stable.

US Midwest premium nears six-month highPremiums unchanged in Europe; LME contango supports Rotterdam duty-unpaidAsian markets mostly static; South Korean premiums down on mounting supplyBrazil premium recovers as higher deals, offers emerge
US Midwest premium breaks 7-week stasis
The US Midwest aluminium premium rose for the first time since mid-December 2020 on Tuesday, nearing a six-month high.
Fastmarkets assessed the aluminium P1020A premium, ddp Midwest US at 16-17 cents per lb on Tuesday, up by 1 cent per lb (6.5%) from 15-16 cents per lb, where it had held since December 18, 2020.
Demand is heard to be strong across sectors, even in automotive where a global semiconductor shortage is disrupting those supply chains.
Additionally, a large-volume inquiry emerged, piquing the interests of traders.
Uncertainty surrounding the fate of the Section 232 tariffs had kept the premium steady for nearly two months, market sources said.

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