Metal Bulletin aluminium billet premiums were largely unchanged around the world on Friday February 16, on a combination of factors.
The market in the United States was stagnant in the month to Friday, while Asian market participants were away for the Lunar New Year holiday and consumers in Europe reported being well stocked. The three-month aluminium price on the London Metal Exchange closed at $2,208 per tonne on Friday, up from $2,189 per tonne a month earlier. The cash/three-month spread was in a $10 per tonne backwardation on Friday, following a contango on Thursday after several large deliveries into LME-listed warehouses over the week. US freight worries tail off American Metal Market's US billet premium held at 10.75-12.75 cents per lb in Friday's assessment. Market participants said the factors that had been fueling the rise in the premium have tapered off. "I think the pressure due to [the situation at] ABI [Aluminerie de B?(C)cancour Inc in Quebec] is starting to level off because customers have worked with suppliers to find alternate...