First Q3 Japan aluminium premium settlement reported at US$119/t plus LME CIF
A producer and a Japanese buyer agreed to set the third-quarter premium for aluminium imports into Japan at $119 per tonne plus LME cash CIF Japan, down from $128 per tonne for Q2, several parties involved in the talks said Monday.
The agreement was for P1020/P1020A aluminium ingot for shipping to Japan over July to September, for over 500 tonnes per month.
Around 15 Japanese buyers and five producers are continuing the negotiations, sources said.
Rusal offered at $128 per tonne plus LME cash CIF Japan, Rio Tinto Japan at $123 per tonne, a third producer at $125 per tonne, and a fourth producer at $120 per tonne. One Japanese buyer said $119 per tonne plus LME cash CIF Japan was too high.
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Producers said output cuts in China are affecting the market but it was too early to say, he said. The buyers put their Q3 premium ideas in the range of $110-$120 per tonne CIF Japan.
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