Reuters Survey: Record Aluminum Premiums by Q2 2015

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Global aluminum premiums are expected to reach fresh record highs by mid-2015 on a supply deficit in the US and Europe, a Reuters survey showed.

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Premiums have surged this year, more than doubling in the US, as a revival in auto demand spurred aluminum consumption, while smelter shutdowns and use of the metal in financing deals squeezed supply.

But premiums next year will rise at a slower pace as new rules reduce queues at warehouses and as higher all-in prices encourage smelters to ramp up production.

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The day’s biggest mover broke away from a static phase with a 1.5% drop on Friday, December 26. After three changeless days, the price of Chinese aluminum billet closed at CNY 13,500 ($2,173) per metric ton. Following a two-day drop, the cash price of Chinese aluminum increased by 0.2% to CNY 13,050 ($2,101) per metric ton. The price of Chinese aluminum bar is back up, rising by 0.2% last Friday to close at CNY 13,050 ($2,101) per metric ton. The price of Chinese aluminum scrap remained steady at CNY 12,600 ($2,028) per metric ton.

The cash price of primary Indian aluminum saw a 1.1% decline to INR 117.80 ($1.85) per kilogram. After dropping for two days on the LME, the aluminum 3-month price flattened at $1,864. Following two days of downward movement, the primary aluminum cash price held steady at $1,833 per metric ton on the LME.

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