Midwest premium hits 20¢/lb., stuns market

Jan 16, 2014 | 06:12 PM | Michael Cowden

Tags  Midwest premium, P1020, London Metal Exchange, aluminum prices, aluminum, michael cowden

CHICAGO — Midwest aluminum premiums have skyrocketed to 20 cents per pound, continuing a 2014 surge that has sent shockwaves through the supply chain.

AMM’s spot P1020 premium jumped to 19 to 20 cents per pound Jan. 15 from 15 to 16.5 cents a week ago and up around 66 percent from 11.5 to 12 cents in late December.

Suppliers and consumers both confirmed transactions within the new range over the past week, citing a lack of available material as the primary driver behind the rapid rise.

Consumers contended that the pace of the increase is hard to swallow but conceded that with the available spot metal in the hands of just a few it’s a seller’s market.....

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