US P1020 aluminium premium up on potential Section 232 longevity

The United States Midwest aluminium premium rose to a nearly six-month high on Tuesday February 9, with market participants increasingly bullish amid expectations that the Section 232 tariffs will persist after US President Joe Biden showed a willingness to invoke those tariffs last week.

The Midwest premium is now at its highest level since mid-August 2020.
Fastmarkets assessed the aluminium P1020A premium, ddp Midwest US at 16-17 cents per lb on February 9, up by 6.5% from the 15- to 16-cent-per-lb level it had previously maintained since mid-December 2020.
Most market participants' offers and valuations firmed this week.
Demand is heard to be strong across end-use sectors, and a sizable inquiry that recently emerged has piqued the interest of traders.

"Business is good. We've had inquiries. We have people buying metal. I think there's some serious issues because people didn't anticipate the volumes because business is strong, and I think discounting is disappearing. Metal...

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