The United States Midwest aluminium premiumhit another all-time high on Friday July 30, with bullish sellers boosting their offers after a workers' strike forced Rio Tinto to cut output at its Kitimat smelter in Canada.
Fastmarkets assessed the aluminium P1020A premium, ddp Midwest US at 33-34 cents per lb on July 30, up by 6.35% from 31-32 cents per lb on July 27.
Spot activity remained quiet in the US market.
Some offers were heard above the latest range but no business was reported at those levels.
With supply remaining tight in the US market, the slightest alterations to market fundamentals are having an immense impact on the Midwest aluminium premium, one source said.
Rio Tinto revealed on Monday that it was
slashing output at its Kitimat aluminium smelter to just 35% of production capacity.
"Looking at the big...