- Rotterdam premiums continue to rise with limited imports and some drawing down of inventories
- MJP spot premium strengthens despite participants being mainly focused on fourth-quarter negotiations
- US Midwest premium steady at all-time high
European duty-paid premiums continue to edge higher
Premiums for duty-paid aluminium in Europe continue to push higher, with strong fundamentals still fueling bullishness in the region.
Fastmarkets assessed the aluminium P1020A premium, in-whs dp Rotterdam
, at $380-390 per tonne on Tuesday, up by $5-10 per tonne from $370-385 per tonne a week earlier.
Market participants say stockpiles of duty-paid P1020 in Northern Europe continue to wind down, while imports remain limited due to prohibitively high freight costs.
Weaker automotive demand in Europe due to the lack of semiconductor chips remained a focus for market participants, but most say the subsequent expected restart of automotive production in Europe in the fourth quarter remains a bullish driver for premiums.