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Aluminium prices on the London Metal Exchange soared to a six-year high on Thursday April 12 with the market continuing to react to recent US sanctions against Rusal, while the rest of the base metals complex fell. Read more in our live futures report.
Here are how prices looked at Thursday’s close:
The sanctions on Rusal have pushed European aluminium premiums to their highest level since 2015, rising 8% since last Thursday, according to Metal Bulletin’s pricing assessments.
Additionally, Rotterdam received aluminium deliveries of more than 100,000 tonnes the morning of April 12, after the LME announced that it would suspend the placing of Rusal metal on-warrant.
Meanwhile, Moody’s and Fitch both withdrew their credit ratings for Rusal – the latest financial woes for the company since US sanctions were implemented this month.
Vedanta Resources subsidiary Sterlite Copper has declared force majeure on contracts to supply its Tuticorin smelter with copper concentrates.
North American welded tube mills have raised prices by $60 per ton ($3 per hundredweight) in order to keep up with steadily rising costs for hot-rolled coil substrate.
Ferrous scrap export volumes rebounded from the United States in February following a downward correction in prices the previous month and improved demand from steelmakers in multiple major destinations.
US steel traders are reportedly testing the waters for offers on steel wire rod imports, but pricing for the product is far from firm.
Turkey’s Tosyali is planning to invest in an integrated steel plant in southern Turkey, according to the company’s top executive.