- Fresh record lows in Germany, Italy
- Brazil premium at 44-month low
- Auto shutdowns pressure US market
Huge drops in Europe
- No spot business in Thailand
Liquidity was minimal throughout Europe this week as the coronavirus outbreak meant a number of consumers around the continent remain closed.
Billet premiums in Italy and Germany moved to their lowest since Fastmarkets began pricing them in 2012.
Fastmarkets assessed the aluminium 6063 extrusion billet premium, ddp North Germany (Ruhr region)
at $240-260 per tonne, down from $270-290 per tonne on April 3.
“I have people canceling orders all over the place. No one wants billet and the demand is literally non-existent,” a trader said.
Falling primary aluminium premiums have severely impacted billet premiums.
"If you look at the logic, we've come down $40 on the duty-paid premium; billets must come down that same level,” a second trader said. “I wouldn't see any...