US Midwest premium at fresh 20-month low
- US Midwest premium sinks to fresh 20-month low.
- Premium declines in Europe lead to “buyers’ market”.
- MJP spot premium slips below $70/t.
Fastmarkets assessed the aluminium P1020A premium, ddp Midwest United States
at 16-17 cents per lb on Tuesday, down from 16.75-17.25 cents per lb on November 5.
The latest assessment is the lowest for the Midwest premium since February 27, 2018, when it was assessed at 14-14.5 cents per lb.
Discussions of an isolated deal below 13 cents per lb further dampened sentiment in the market, which had already been quiet while buyers focused on drawing down inventories.
But most sources had reservations about whether the deal was representative of, or repeatable, in the market. Most traders were heard to be disciplined in their spot offerings even with nearby LME spreads in backwardation, and most were heard to...