US Aluminum soars

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Tags: aluminum,  premiums,  london metal exchange,  aluminium sheet,  traders,  us

Author: Paul Ploumis12 Nov 2014 Last updated at 05:51:22 GMT

WASHINGTON (Scrap Monster): Price of aluminum at the LME stock house, which is to be delivered at Mid West rose from 20 cents a pound to 22.5 cents per pound, a double hike, which is to be paid by fabricators as well as the aluminum merchants.

The increase of the price of aluminum, while arise a lot of questions on the domestic availability of the metal, despite the usual decline in demand, and overflowed stock of the metal. The traders all over the world are starting to get worried over the lack of availability of ingots as well as the rise in surcharges, especially in Europe and Japan.

The premium at the United States, remains at a rate of 460 dollars per tonne to 495 dollars per tonne, whereas in Europe the value varies to 460 dollars per tonne to 480 dollars per metric tonne, as in Japan, the premiums are noted to be 420 dollars per tonne.

The sudden rise in premiums, points to the increase in shipments from aluminum traders like Norsk Hydro and Alcoa, from their new units located in the Middle East, where the electric charges as well as production costs are much lower.

from metal.com