Some Main Japan ports (MJP) aluminium premium deals for Q4 settle at $245-247/tonne
A trader in Japan said “we haven’t fixed anything yet but have heard some portions settling at $245 per tonne”.
“It will probably settle at $245-247”, he added saying his colleagues were hoping to fix the premiums in Geneva.
Metal Bulletin’s 28th International Aluminium conference will be held at the InterContinental in Geneva, Switzerland from September 17-19.
Rio Tinto had opened talks for Q4 MJP premiums via a detailed letter it sent to clients on August 24, offering a premium of $250 per tonne.
But buyers have been pushing for lower premiums.
Metal Bulletin's premiums in Singapore and Johor were the same at $180-190 per tonne.
“The premiums in South Korea are coming off faster than Japan but they aren’t getting too much pull because they have enough stockpiles,” a Singapore trader said.
He estimates aluminium premium on South Korea cif basis at $225-235 per tonne while in-warehouse premiums in the country were at $180-190 per tonne.
The market in China has been quiet because the arbitrage between the LME and SHFE has not been very strong.
Metal Bulletin’s three-month aluminium arbitrage was at $168 (1,036 yuan) per tonne while the cash arbitrage was $257 (1,583 yuan) per tonne on Friday, September 13.
No deals have been reported in China with Shanghai CIF premium indicated at $245-255 per tonne.
Aluminium ingot inventories at three major Japanese ports rose 11.8% month-on-month in August to 261,600 tonnes compared with 234,000 tonnes in July, trading house Marubeni Corp’s data showed. The inventories at end of August were at similar levels as last year.
Stocks at Yokohama rose marginally month-on-month to 122,100 tonnes in August from 122,000 tonnes in July.
But, Nagoya stocks jumped 27% month-on-month to 124,500 tonnes in August.
At Osaka, stocks rose to 15,000 from 14,000 tonnes in July.
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