South Korean premiums up on spot supply tightness; MJP remains flat
- South Korean premiums rise on tighter supply.
- European premiums supported by LME contango.
- US Midwest premium flat amid federal holiday.
In South Korea, Fastmarkets’ aluminium P1020A premium, cif South Korea
and the aluminium P1020A premium, fca South Korea
were both up by $5 per tonne week on week to $95-105 per tonne and $110-120 per tonne respectively on Tuesday.
On an fca basis, a spot trade for small tonnage was heard to have concluded in a range of $110-120 per tonne. Offers were heard at around $110-120 per tonne fca South Korea.
“South Korea has some specks of demand now and it is very hard to buy anything under $110 per tonne,” an Asia-based trader said.
“In terms of overall supply, there is still a bit of tightness and most end users are still taking a wait-and-see approach ahead...