“Top aluminium producers have offered Japanese buyers a record premium of $370-375 per tonne for April-June primary metal shipments, up 45-47 percent from the previous quarter, four sources involved in quarterly pricing talks said on Monday,” reports Reuters.
“Japan is Asia’s biggest importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region.”
“For the January-March quarter, Japanese buyers mostly agreed to pay a premium of $255 per tonne , up at least 3 percent from the prior quarter and matching a record high hit in 2012.”
“The latest quarterly pricing negotiations began this month between Japanese buyers and miners including Rio Tinto Ltd and United Company Rusal Plc , and are expected to continue to next month.”
In metal price news for aluminum…
Following two days of increases, the cash price of primary Indian aluminum dropped by 0.9 percent to end on Friday, February 21. The 3-month price of aluminum weakened by 0.5 percent on the LME, settling at $1,761 per metric ton. On the LME, the cash price of primary aluminum declined 0.5 percent to $1,717 per metric ton.
Chinese aluminum prices were flat for the day. The cash price of Chinese aluminum saw little price change last Friday. For the fifth day in a row, the price of Chinese aluminum scrap remained essentially flat. The price of Chinese aluminum billet was unchanged. The price of Chinese aluminum bar remained essentially flat.