European uncut cathode premiums hit multi-year high
- European uncut cathode premiums rose to a six-year high due to a tight market.
- A favorable import arbitrage into China bolstered premiums into Shanghai.
- Increased US demand supported premiums in the region.
In Europe, the uncut cathode premium in-warehouse Rotterdam
is at its highest level in more than six years at $200-250 per tonne from $190-250 per tonne previously.
Participants said it was difficult to pry material from holders in an already tight market.
“[The market] is tight. It’s genuinely tight. There are very...