GLOBAL ALUMINIUM WRAP: Global premiums mostly unchanged after Rusal sanctions lifted; volatile spreads cause European rates to narrow

Aluminium premiums across the globe were mostly stable in the week ended Tuesday January 29, with market participants reporting limited impact from the lifting of sanctions against Russian producer UC Rusal.

In Europe, volatile price spreads and large warrant cancellations on the London Metal Exchange caused rates in the region to narrow downward. Rusal sanction removal has no immediate impact on global aluminium premiums Rotterdam premiums decline on volatile LME spreads MJP, South Korean premiums tick up US Midwest premium flat amid lack of spot activity Brazilian rates unchanged while market digests Rusal news European premiums narrow but Rusal sanction removal largely priced in Aluminium premiums in the Dutch port of Rotterdam narrowed downward this past week amid volatile price spreads, large LME warrant cancellations and low spot liquidity. Fastmarkets assessed the benchmark Rotterdam duty-unpaid in-warehouse P1020A premium at $70-75 per tonne on January 29, narrowing downward by $5 per tonne from $70-80 per tonne last week. The premium softened at the top end of the range on January 24 with narrowing contangoes in nearby LME aluminium price spreads exerting...

Published

Alice Mason

Michael Roh

Hui Li

Renato Rostás

January 30, 2019

07:18 GMT

Shanghai, London, New York, Sao Paulo