Japanese primary aluminium users started premium negotiation with offshore primary aluminium smelters for July-September 2011 shipment. Smelters are strongly offering quarter-to-quarter price hike when spot ingot supply is tightening and premiums are surging in Europe and North America. Meanwhile, Japanese ingot users aim to set the premium unchanged from April-June.
One major smelter is offering US$ 126-127 per tonne for July-September, higher by US$ 13 than in April-June. Other smelters are said to be offering US$ 7-8 hike, according to Japanese trader source. Offshore premiums are US$ 190 for North America and US$ 135-140 for Europe except for tariffs, both of which are record high level. Japanese aluminium re-rollers and metal traders aim to keep the premium unchanged from April-June. However, one trader said the premium might be raised slightly in balance with the international premium level. Japanese users are inactive to newly procure primary aluminium for July-September. Especially, aluminium processors related to automobile industry are forced to decrease the production after Japan Earthquake. Moreover, the output plans are unforeseeable due to electric power saving forecasted in summer. Thus, another trader source pointed out, most re-rollers have decided ingot purchasing reduction by 30% or no procurement for July-September.Japan Steel Scrap Composite Prices (Sangyo Press)
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