Rotterdam premium duty-paid premium falls to 14-month low following physical sell-off
- Rotterdam duty-paid premium slips to 14-month low.
- US premium falls again on automotive shutdowns.
- MJP premium dips in quiet market.
- Chinese market steady.
Aluminium premiums in Europe fell this week following a physical selloff of metal throughout the continent, particularly in northern Europe.
Producers throughout Europe are increasingly shifting away from value-added products and producing P1020A instead due to a complete lack of demand for products, market sources told Fastmarkets.
Existing metal, originally destined for virus outbreak lockdown-affected regions like Italy and Spain are being sold in Northern Europe as well, further fueling downward pressure on premiums.
“With Italy pretty much shut down, it’s going to impact [premiums across Europe] quite quickly. [The metal sold] will be stuff that has been already sold and pushed back,” a trader said.
Fastmarkets assessed the aluminium P1020A premium, in-whs dp Rotterdam...