Midwest aluminum premiums firm

Oct 17, 2013 | 05:31 PM | Michael Cowden

Tags  Midwest aluminum premium, P1020, scrap, Main Japanese Port Premium, aluminum, Michael Cowden

CHICAGO — Midwest aluminum premiums held steady this week despite concerns among some market participants that sentiment has gone from overly bearish to too bullish.

AMM’s spot P1020 aluminum premium was unchanged at 9.5 to 10 cents per pound Oct. 17.

Several market sources noted that Midwest premiums could see upward pressure in the coming weeks in large part because of higher premiums abroad and lower freight rates to other locations.

One trader said his company was having trouble sourcing metal because premiums in Asia, notably Main Japanese Port premiums, are higher than the Midwest premium. At the same time, freight to the region is lower, especially for producers in Asia and the Middle East.....

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