The weekly Davis Index for P1020A and 6063 billet premium delivered US Midwest remained the same as last week. Although volumes were low, there’s optimism in the US that economic sectors will soon restart.
The Davis Index premium for P1020a was flat at 10.1¢/lb delivered US Midwest on Monday under the three-month LME aluminum contract, the same as April 13. The premium for 6063 billets was flat from last week at 4.5¢/lb delivered US Midwest under the same LME aluminum contract.
Market participants expressed consternation that there is excess supply in the market, which many believe will remain concerning beyond when the COVID-19 crisis concludes.
The three-month LME aluminum contract closed Monday at $1490/mt, decreasing by $6/mt from $1496/mt on April 14. The LME market was closed for the UK Easter Holiday weekend on April 13.