US Midwest premium ticks down again
- US Midwest premium down; more discounts emerge
- Rotterdam premiums pause upward trend
- MJP, South Korea premiums edge up on stronger demand
Fastmarkets assessed the aluminium P1020A premium, ddp Midwest US
at 12.5-14 cents per lb on Tuesday, down 7% from 13.5-15 cents per lb a week earlier.
Many traders lowered their offers and valuations of the premium in the week leading up to Tuesday's assessment. A large-volume deal was also heard at a floating discount.
"I'm not surprised [with the discounts], because I think [traders] are long and will sell to move units," a trader in the United States said.
A second US-based trader remarked, “We’re seeing a huge amount of people willing to sell, and not many [consumers] willing to buy.”
And views of the premium continued to span a wide range amid lingering uncertainty surrounding Canadian aluminium.