Global aluminium premiums were supported across the globe by insufficient supply, strong demand and rising freight rates, although market illiquidity kept Asian and Brazilian markets static during the week to Tuesday August 10.
US Midwest market sets another record high on tight supplyRotterdam premiums hold at all-time high amid strong fundamentalsJapanese, South Korean premiums unchanged due to summer holidaysBrazilian market static due to muted demand despite higher offers
US Midwest premium sets another all-time high
Fastmarkets assessed the
aluminium P1020A premium, ddp Midwest US at 34.5-35.5 cents per lb on Tuesday, an all-time high and up by 1.45% week on week from 34-35 cents per lb on August 3.
The premium has continued to reach record highs since April 23, when it climbed to 24-25 cents per lb, topping the previous all-time high of 24.00-24.25 cents per lb in January 2015.
Most participants attributed the persistent increases to supply-side pressure. That pressure intensified after
Rio Tinto began reducing output at its Kitimat smelter following a workers' strike.
In Canada, border guards and customs officials...