Japan’s aluminium premium collapses: What the Q4 $86/t settlement means for Asia
In late October 2025, the quarterly surcharge for imported primary aluminium into Japan was assessed at USD 86 per tonne (CIF main Japanese ports, P1020/P1020A ingot) by S&P Global Commodity Insights (Platts) — a 20.4 per cent drop from the Q3 figure of USD 108 per tonne. The decline, which came after a 41 per cent plunge in Q3 from the Q2 level of USD 182 per tonne, is a clear sign of weakening in Japan’s role as the region’s aluminium-import benchmark and highlights pressure points for exporters, especially in Asia.
Benchmark context and mechanics
MJP (Main Japanese Port) aluminium premium is a quarterly negotiation between Japanese buyers and overseas suppliers for CIF shipments of standard primary aluminium ingots into Japan. This amount has historically been used as the benchmark price for imported metal surcharges throughout Asia.
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