South Korea procures 3000 tonnes of aluminium ingot in January

South Korea acquired 3,000 tonnes of high-grade primary aluminium ingots of Malaysian origin through a tender process, as announced by the state-operated Public Procurement Service on February 14, 2024.

As per the information available on the government procurement agency's website, the purchase particulars are outlined below:

• 2,000 tonnes from Sumitomo Corp at a premium of $115 CIF/T, with an arrival scheduled for January 31^st at the port of Busan.
• 1,000 tonnes from LG International Corp at a premium of $114 CIF/T, also set to arrive on January 31^st at the port of Busan.

The agreements were finalised with premiums above the London Metal Exchange cash prices, as the metals are required to be registered on the LME.

According to the OECD, South Korea's per capita aluminium consumption was predicted to be the highest globally by 2023, thanks to its expansive automobile and electrical sectors. As of 2022, South Korea's per capita aluminium consumption is 42.76 kg. However, because South Korea is not one of the top aluminium-producing countries, imports fill its metal requirement.