Slower spot activity prevented any changes to the US Midwest aluminium premium although deals were still concluded at high end of Fastmarkets' assessment range on Tuesday August 24.
While a lack of market liquidity combined with slow demand kept European and Asian premiums static, Brazilian premiums rose slightly thanks to higher offers.
US Midwest market flat after reaching record highPremiums in Europe unchanged but well supported in seasonal holiday seasonMJP, South Korean premiums static; focus now on fresh fourth-quarter MJP negotiationsStronger offers in Brazilian marketUS Midwest upcharge remains at record high, market quiet
Fastmarkets assessed the aluminium P1020A premium, ddp Midwest US at 34.5-36.0 cents per lb on Tuesday, an all-time high but unchanged from August 17.
The rise came despite a
sustained steep backwardation between the cash and
three-month contracts on the LME.
The market dynamics that have driven premiums to record highs remain in place, sources said. The fundamentals are "strong, and looking stronger," according to one trader. "We're still in a deficit market."
The premium has hit repeated...