South Korea stockpiles enough aluminium

According to a SEOUL Scrap Monster report Public Procurement Service (PPS) of South Korea, the state-run agency has bought 5,000 tonnes of aluminum in last week via a number of tenders from traders.

It is indicated that PPS has bought 1,000 tonnes of aluminum from the aluminium trader Glencore. The aluminum from West was procured at a premium of $234.9 per tonne over LME cash price on CIF delivery at Incheon port. Dreample is another winner of the same sell tender. It is also said that PPS to buy 1,000 tonnes of western-origin aluminum at a premium of $231.5 per tonne CIF over LME cash price. The aluminium will be procured at Incheon port.

LG International won another tender for selling 2,000 tonnes of Indian-origin aluminum for delivery at Incheon and that is also to be procured at a premium of $236.5 per tonne CIF for delivery at Incheon port. Dreample to deliver another 1,000 tonnes of non-western origin aluminum at Busan port at a premium of $226.5 per tonne CIF over LME cash price.

The Public Procurement Service (PPS) of the Republic of Korea had stockpiled 10,000 tonnes of aluminum in August 2014 at a premium ranging between $223.8 per tonne and $227.8 per tonne. PPS is responsible for the purchase and management of goods and services on behalf of public organizations. The agency also hoards raw materials to ensure price stability and demand-supply balance.