Midwest premium steady as outlooks diverge
Feb 21, 2013 | 05:11 PM
| Michael Cowden
Tags
Midwest premium,
automotive,
construction,
scrap,
P1020,
LME,
warehouse stocks,
backwardation
contango
CHICAGO — Market sources disagree over the direction of the spot Midwest aluminum premium, with some arguing that it should trend upward while others expressed concerns about increased supplies colliding with weaker demand.
AMM’s P1020 premium remained steady at 11.3 to 12 cents per pound, with business transactions reported within that range again this past week.
"It’s busy out there," one trader source said, contending that prices were roughly in the same range on the higher end of the spectrum but had moved up on the lower end. The trader said he was "easily" selling material in the range of 11.5 to 12 cents per pound and had recently transacted "a couple thousand tonnes" at that level.....
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