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Key data from the September 10 pricing session.
P1020A ingot delivered São Paulo region ($ per tonne)
P1020A ingot on a cif Brazilian ports basis ($ per tonne)
NEW: Aluminium extrusion billet 6063 and 6060 on a cif Brazilian ports basis ($ per tonne)
Key drivers – Stock levels for both aluminium ingot and billet remain high in the country, according to buyers, sellers and traders. – End-user demand remains “extremely” slow, which explains the high levels of idle capacity across the whole aluminium chain in Brazil. – The strong US dollar has been limiting buying activity even further, increasing significantly the cost of aluminium in the local currency. – Sources reported lower offers for billet premiums sold on a cif Brazilian port basis, but activity in the spot market remained scarce. Key quotes “We are seeing primary production falling significantly and despite that imports are not growing at the same pace, which shows clearly how bad demand is. I’m very pessimistic.” – Seller
“Our end-user market is performing badly and this obviously affects our need for primary metal. Since we have stocks and the scenario is full of uncertainties, we are not looking to buy now.” – Buyer
“There is a lot of speculation about the market. Many people ask for quotes but they are not really looking to make any deal.” – Seller
“The environment here in the country is very difficult and, as for the business perspective, well, there is no perspective. There is metal in excess, no end-user demand, and to make things worse, a very high dollar.” – Buyer
Trade log – 100 tonnes of aluminium ingot delivered São Paulo region sold at $400 per tonne premium
For previous 2015 aluminium trade logs, please click on the relevant month: January February March April May June July August
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. Click here for Metal Bulletin’s new aluminium 6063 & 6060 extrusion billet sold on a cif Brazilian ports basis premium specifications.
Danielle Assalve danielle.assalve@metalbulletin.com Twitter: @dassalve_MB