Italian premium drops 4.5%.
Long term contracts dominate Brazilian market.
US spot market remains quiet.
Asia yet to see Russian units.
Aluminium billet in Germany continues slide; premiums down throughout Europe
Poor fundamentals and bearish sentiment pulled down European aluminium billet premiums on March 15.
Fastmarkets assessed the premium for prime-quality billet delivered duty-paid on a spot basis into the Ruhr region with 30-day payment terms at $420-450 per tonne Friday from $430-460 per tonne the week before.
The German premium - which is now approaching the $380-400-per-tonne level seen prior to the US government’s sanctions against UC Rusal last April - has fallen for three-consecutive weeks. The premium’s latest drop follows a 6% decline the week before.
Macroeconomic concerns about weaker European automobile and industrial sectors, as well as a relatively oversupplied European market remain the main forces driving billet premiums lower.
“It’s just a question of days or weeks [before premiums move below...