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Key data from July 2 pricing session.
P1020A ingot delivered São Paulo region ($ per tonne)
P1020A ingot on a cif Brazilian ports basis ($ per tonne)
Key drivers – Demand from main consumer sectors shows no sign of recovery. – Stock levels in the country remain high, according to various sources. – Sellers believe domestic premiums could fall further; an offer for metal delivered São Paulo region has been reported at $420 per tonne. – Cif premiums continue adjusting downwards following global dynamics and weak local demand. – Despite a perceived increase in offers and bids, deals remain thin for both domestic market and imports.
Key quotes “Demand is still missing in the market. If the market had more liquidity, we would probably see the domestic premium falling to something around or even below $400 per tonne.” – Local seller
“It’s sad because we were offering super-competitive [cif] premiums, even below Midwest, but even so it is still very had to conclude a deal. There is a lot of talking, but not much action.” – Trader
“We have been buying significantly less primary metal since last year, and we still see no demand improvement from our clients that would justify buying more ingot.” – Consumer
Trade log July 2
A total of 100 tonnes of ingot delivered São Paulo region sold at $450-480 per tonne. 125 tonnes of ingot delivered São Paulo region sold at $500 per tonne.
For previous 2015 aluminium trade logs, please click on the relevant month:
January February March April May June
Click here for Metal Bulletin’s P1020A ingot delivered São Paulo region premium specifications. Click here for Metal Bulletin’s P1020A ingot sold on a cif Brazilian ports basis premium specifications.
Danielle Assalve danielle.assalve@metalbulletin.com Twitter: @dassalve_MB