European premiums strong despite backwardation
- Rotterdam duty-unpaid ticks up again
- MJP premium declines on cheaper deals
- US Midwest premium steady for two weeks
- Brazil premium flat on thin liquidity.
Aluminium premiums in Europe moved upward again in the week to Tuesday June 15, supported by continued strong demand.
Fastmarkets’ daily assessment of the aluminium P1020A premium, in-whs dup Rotterdam
, was $200-210 per tonne on Tuesday, up by 1.23% from $200-205 per tonne on June 8.
Offers levels continued to rise for duty-unpaid material in Europe due to expensive replacement costs, resulting from high freight rates and high global premiums.
“Now your replacement costs are even higher, the offer is $215 per tonne minimum, if not $220 per tonne. There is not enough material available,” a trader said.
The latest deal reported for duty-unpaid material in Rotterdam was heard at $207 per tonne.
Market participants had received inquiries from consumers...