According to Century Aluminum’s president and CEO, Michael Bless, aluminum premiums are “still too high to transact new business,” according to Reuters.
“Premiums paid for physical delivery of the metal to the U.S. Midwest on top of the LME benchmark price are still at 11.8 cents per lb, which equates to $260 per tonne, he said. In Europe, duty-paid premiums are at $270 per tonne, he said.”
Bless went on to say, ‘We haven’t seen much movement yet. The market’s in a state of flux and nobody wants to set a new (premium) level,” after Century announced its second-quarter earnings.
The price of Chinese aluminum scrap increased by 4.6 percent on Tuesday, July 30, making it the day’s biggest mover.
Tuesday saw the price of Chinese aluminum billet drift down 0.7 percent after three quiet days. Chinese aluminum primary saw its price drop 0.3 percent to a 30-day low yesterday. The price of Chinese aluminum bar was unchanged.
The aluminum 3-month price weakened by 0.2 percent on the LME, settling at $1,802 per metric ton. Following two days of downward movement, the cash price of primary aluminum held steady at $1,760 per metric ton on the LME.
The Indian aluminum cash price declined 0.1 percent.