European premiums unchanged
- Rotterdam premiums unchanged; Rusal uncertainty remains
- Fourth-quarter MJP deals concluded at $103 per tonne
- US Midwest indicates possible fourth-quarter tightness.
Aluminium premiums in Europe were unchanged over the week, with market participants unwilling to trade before a decision was heard on the United States sanctions on Russian aluminium producer UC Rusal.
Negotiations for the fourth quarter of 2018 and for 2019 got under way at Metal Bulletin’s 33rd International Aluminium conference last week, but traders noted continuing uncertainty in the market.
“People do not want to miss out. You do not want to do a trade now and then see the sanctions lifted – or the other way round. We are in a state of limbo,” a trader said.
Metal Bulletin’s benchmark duty-unpaid Rotterdam premium was stable at $85-95 per tonne on Tuesday. Some traders were still testing the $100 per tonne level but with little success...