The European aluminium market has experienced extreme tightness so far in 2022, due to high energy costs pushing European smelters offline just when there has been strong demand and with the situation being exacerbated by Russia’s invasion of Ukraine
Tight availability of metal and firm demand continued to drive aluminium premiums higher in the week to Tuesday April 19, with the duty-unpaid premium in Rotterdam reaching a new high, while the US Midwest premium held steady at its highest ever.
The European aluminium industry fretted over the availability of Russian material the last time sanctions were applied in 2018, but with premiums already pushing to near all-time highs following Russia’s invasion of Ukraine, it’s clear the market’s reaction is very different this time around.
Primary foundry alloy (PFA) premiums reached new all-time highs in both Europe and the United States in the month to Monday March 14, following increased supply concerns in both regions related to the Russian invasion of Ukraine
Russian aluminium producer Rusal is to invest in the expansion and upgrading of its aluminium operations using capital raised through Nornickel’s proposed share buyback scheme, the company said on Tuesday June 15.