Backwardation hits Southern European markets; Rotterdam premiums flat
- Southern European premiums drop due to backwardation; rates in Rotterdam pressured by oversupply.
- Brazilian import premium declines on muted demand.
- Southeast Asia premiums slide on slack demand; MJP holds steady.
- US Midwest premium unchanged on tariff uncertainty.
A lackluster Rotterdam market and nearby backwardation on the London Metal Exchange pressured premiums in Southern Europe lower this week.
Fastmarkets assessed the aluminium P1020A premium, fca dp Italy
at $140-150 per tonne on Tuesday June 30, down by $5 per tonne from $145-155 per tonne a week earlier. The aluminium P1020A premium, fca dp Spain
was at $145-155 per tonne on Tuesday, widening downward by $5 per tonne from $150-155 per tonne on June 16.
The LME’s cash/July aluminium spread was most recently at a backwardation of $8 per tonne.
Aluminium premiums in Rotterdam were unchanged this week, with the market continuing...