The aluminium billet upcharge in the United States held at an all-time high on Friday July 20, with strong demand easing in line with seasonal expectations against a backdrop of restricted domestic supply.
The Midwest aluminium premium has inched up in the United States, with sellers finding less reason to discount off of published premiums while the backwardation on the London Metal Exchange is expected to ease in the coming weeks.
The Brazilian spot billet premium dropped 16% versus last month, with spot demand all but dried up in the region. Premiums elsewhere were largely unchanged, with the effect of UC Rusal's exit from the US market already factored into premium levels.
Base metals on the London Metal Exchange were predominantly higher at the close of trading on Friday July 20, closing the week out in positive territory after escalating trade tensions continue to weigh on prices.