The U.S. aluminum market reached a new plateau this week as sellers substantially raised offers moving the benchmark Midwest aluminum premium above 30 cents, up more than 7% during the week ending June 9. Even on spotty demand, anticipated Russian export duties are pushing aluminum price expectations well into the summer months, when metal markets typically cool.
Today’s metal markets, however, continue to reflect unprecedented exuberance. Aluminum prices on the London Metal Exchange (LME) reached an all-time in May earlier this year and the milestone was nearly matched on the LME earlier this week. The LME three-month aluminum contract ticked higher to close the June 9 session and is up 49% from one year ago.
Metro Alloys has successfully served its clients for more than 30 years in all market conditions and we encourage you to contact your sales representative, Abby Frank or Gary Kamp with any questions about current market conditions.