P1020 premiums firm on Ormet, Sohar cuts
Jul 20, 2012 | 05:06 PM
| Suzy Waite
Tags
Midwest aluminum premiums,
Rio Tinto Alcan,
Ormet,
Sohar Aluminium,
London Metal Exchange,
Suzy Waite
NEW YORK — Capacity curtailments at Sohar Aluminium Co. LLC and Ormet Corp. have led to an increase in spot Midwest P1020 aluminum premiums.
Rio Tinto Alcan declared force majeure on P1020 deliveries in the Asia-Pacific region due to operational problems at Sohar’s smelter in Oman (amm.com, July 20), while Ormet announced Friday it would idle one of six potlines at its 270,000-tonne-per-year facility in Hannibal, Ohio (amm.com, July 20).
Both announcements, coupled with the news that Century Aluminum Co.’s Hawesville, Ky., smelter could be on the chopping block if a new power agreement cannot be reached (amm.com, July 18), have contributed to Midwest premiums tightening this week, with sources expecting a further rise. ....
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