Rio Tinto Plc in With Lowest Bid, Wins “Price Is Right: Japan Aluminum Buyers’ Version”

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Rio Tinto plc undercut Alcoa, Rusal and other producers by offering a $420-per-ton premium to Japanese aluminum buyers, who took the bait, as aluminum premiums continue to be sky-high. “Come on down!!!” (Rod Roddy, we still miss you.)

Most primary producers’ offers to Japanese buyers – whose buying activity this time of year tends to set a benchmark for aluminum purchasing in the region – ranged between $435 to $460, according to an anonymous source quoted by Reuters.

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Aluminum base prices continue to hover in pretty positive territory as well…

On Friday, September 5, the day’s biggest mover on the MetalMiner IndX was the cash price of primary Indian aluminum, which saw a 1.1 percent increase to INR 127.85 ($2.12) per kilogram. This increase comes after the price fell for the two previous days. At $2,107, the 3-month price of LME aluminum finished the market day up 0.8 percent per metric ton. After a 0.4 percent increase, the primary aluminum cash price finished the day on the LME at $2,085 per metric ton.

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Chinese aluminum prices were flat for the day. For the fifth consecutive day, the price of Chinese aluminum scrap held flat at CNY 12,250 ($1,995) per metric ton. The price of Chinese aluminum billet saw little movement at CNY 13,590 ($2,213) per metric ton. The price of Chinese aluminum bar held steady at CNY 14,200 ($2,313) per metric ton. The Chinese aluminum cash price continues hovering around CNY 13,960 ($2,274) per metric ton for the fifth day in a row.

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