Rotterdam duty-unpaid premium at highest since June 2018
MJP premium flat due to lack of activity
Midwest US premium remains untested.
European aluminium premiums high on contango
Premiums in Europe were higher on August 20 compared than they were a week earlier, with a strong contango continuing to support the market.
Fastmarkets assessed the aluminium P1020A premium, in-whs dup Rotterdam, at $100-110 per tonne on Tuesday, up from $95-105 per tonne one week earlier.
The corresponding aluminium P1020A premium, in-whs dp Rotterdam, was assessed at $150-160 per tonne on the same day, up from $150-155 per tonne a week before.
Market participants said that a persistently wide LME cash/three-month spread, at around a $30 contango on Tuesday, was still the main factor driving premiums higher in Europe, especially the Rotterdam duty-unpaid.
The contango at those levels was enough for most market participants to cover carrying costs, and even to generate a profit for some. That...