The US Midwest aluminium premium has slid for the fourth week in a row, due to the backwardation curve in London Metal Exchange prices causing many sellers to part with material at a discount, although buyers generally remained uninterested in buying spot.
American Metal Market's latest assessment of the P1020 spot aluminium premium dropped to 19.75-20.5 cents per lb on Tuesday July 10, down from 20-20.75 cents per lb previously and its lowest level since early April. The premium is now down 10.6% from a high of 22-23 cents per lb in mid-April, but remains significantly higher than the 9.4-9.5 cents per lb recorded at the start of the year. Market participants who spoke to American Metal Market reported a wide range...