European premiums fall amid wider availability of cheap Rusal metal
Bearish sentiment stemming from softer Rusal sanctions sinks Japan premium
Brazil premiums rise on supply concerns
US Midwest market flat, illiquid; premium unchanged
Wider availability of cheap Russian metal pressures European market downward
In Europe, aluminium premiums were mostly down over the past week, with wider availability of pre-sanctioned Rusal metal in the market putting pressure on premiums.
Metal Bulletin assessed the aluminium P1020A premium at the Dutch port of Rotterdam on an in-warehouse basis at $145-158 per tonne on Tuesday May 15, down from $150-160 per tonne a week ago.
Participants said that unfavorable nearby spreads had prompted some in the market to sell off Rusal cargoes, with some offering the material at below Metal Bulletin’s published range. Offers for Rusal material were heard ranging between $120-140 per tonne this past week.
The London Metal Exchange’s cash/three-month spread closed at a $2 per...