Premiums elsewhere held steady, with participants adopting a wait-and-see stance due to uncertainty in the market and holidays across many Asian countries.
US Midwest premium inches down amid trade, sanction developments
- US Midwest premium inches down following trade, sanction developments
- European premiums static with participants on the sidelines
- South Korean premiums creep higher, rest of Asia stable amid holidays
The US Midwest P1020 aluminium spot premium
inched down to 21.5-22.5 cents per lb on Tuesday May 1 from 22-22.5 cents per lb on April 27.
Weakness was reported in the premium prior to the Trump administration’s decision late on Monday to extend the deadline for temporary steel and aluminium tariff exemptions for some countries
, while agreeing to permanent exemptions for others. But market participants have since backtracked, convinced that lingering uncertainty on the exemptions does not solve the issue of unclear replacement costs.
“No one knows...