GLOBAL ALUMINIUM WRAP: US Midwest premium ticks lower following Section 232 developments

Aluminium premiums in the United States fell after the country removed its 10% tariff on aluminium products imported from Canada and Mexico.

Elsewhere, premiums in Asia were volatile while contangoes on the London Metal Exchange drove premiums in Europe upward. US premium lower on Section 232 tariff removal for metal from Canada and Mexico; further decreases expected MJP spot premium more volatile following Section 232 tariff developments European premiums continue uptrend on wide LME contangoes Import premium in Brazil falls, with market participants trying to attract liquidity. US Midwest premium softens following 232 tariff removal In the United States, the Midwest P1020 aluminium premium fell slightly on Tuesday May 21 in the face of downward pressure days after the US removed Section 232 tariffs against Canada and Mexico. Fastmarkets assessed the P1020 Midwest premium at 18.5-19 cents per lb on May 21, down by 1.3% from 18.75-19.25 cents per lb a week earlier. Additionally, CME Group's US Midwest aluminium premium futures on May 20 showed steep declines for forward months versus the spot settlement 19.15...

Published

Justin Yang

Karen Ng

Hui Li

Renato Rostás

Rijuta Dey Bera

May 22, 2019

08:05 GMT

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