Japanese primary aluminium buyers started premium talk with offshore smelters for July-September. The smelters offered US$ 200-215 per tonne compared with US$ 121-122 in April-June. The premium would hit record high when the spot premium increases under tight worldwide supply.
The supply could get tighter in July-September due to higher demand under production cut by smelters. The supply already gets short in North America under strong demand for airplane and automobile. The supply could decrease when smelters eye additional production cut or suspension under low level international price. Premium in spot transaction increases to record level at 10-15 US cents per pound in North America, US$ 155-170 per tonne without tariff in Europe and US$ 190-200 in Japan. The smelters’ offer is higher than expected for Japanese buyers. A trader source said the higher offer could result in longer talk. A trading firm source said the buyers would have to accept the offer when Japanese buyers have no reserve ingot. Other trading firm source said US$ 200 per tonne of premium is still attractive based on current price at London Metal Exchange and foreign exchange rate.Japan Steel Scrap Composite Prices (Sangyo Press)
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