Premiums in the United States and Europe continued to rise in the week ending Tuesday July 6 with news that the Russian government will impose export duties continuing to fuel bullish sentiment.
US Midwest at new all-time highRussian export tax pushes Rotterdam up againWait and see approach in AsiaUS Midwest premium sets new high again
Fastmarkets assessed the
aluminium P1020A premium, ddp Midwest US at 28-29 cents per lb on Tuesday, up by 1.79% from 27.5-28.5 cents per lb one week prior and setting another new all-time high.
The premium strengthened even with spot activity still quiet as the market returns from the US Independence Day holiday weekend.
"It's quiet all around. People are taking vacations too, coinciding with maintenance shutdowns," said one US trader.
Spot activity has been thin for weeks in the lead up to the start of the second half of the year. Participants expect spot demand to recover this month.
Rising premiums elsewhere are adding pressure on the Midwest premium while the US is starved for supply.
"The rest of the...