Japanese primary aluminium ingot price decreased to around 130 yen per kilogram hitting the lowest level since May 1994. The price decreased when international indication price at London Metal Exchange stays in the lowest level since September 2003 due to slower demand and higher inventory.
The ingot price could decease more at home and abroad under slower economy. LME inventory increased to 2.537 million tonnes, which is the first 2.5 million tonnes level since August 1994. The inventory increased by 19,250 tonnes at Rotterdam in a day. The stock level increases in Asia and Europe along with USA. Alcoa and major smelters expand the production cut while Chinese makers also reduce the operations. However, the oversupply condition gets worse due to lower demand. The dealers apparently try to liquidate the inventory to improve the cash position. LME future price decreased to less than US$ 1,450 per tonne at buy price in the afternoon session on Monday while the cash price decreased to less than US$ 1,400. The price could decease more. Japanese trading firm source said fundamentals of the market is still weak and the price should decrease more while the international market might increase temporally as start of Obama presidency. Many of Japanese interests expect lower price.Japan Steel Scrap Composite Prices (Sangyo Press)
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