GLOBAL ALUMINIUM WRAP: US Midwest premium at 2-year low; Rotterdam firm

The US Midwest aluminium premium fell in the week ended Tuesday March 3 to its lowest since February 2018, but other global premiums remained well supported by the contango in nearby spreads on the London Metal Exchange.

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US Midwest premium at 2-year low
In the United States, the Midwest aluminium premium fell to its lowest point in more than two years on February 28, holding that range in the assessment on March 3.
Fastmarkets' aluminium P1020A premium, ddp Midwest US, was $0.135-0.145 per lb on Tuesday, unchanged since falling to this range on Friday. But the premium was down by $0.025 on the low end and by $0.05 on the high end from $0.1375-0.15 per lb a week before.

The premium was now at its lowest point since it was $0.13-0.135 per lb in mid-February 2018. The downward move reversed a temporary boost from earlier last week, when slight support for the premium came from elevated freight costs for Canadian shipments, resulting from blockades on rail lines...

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