Japanese primary aluminium buyers started negotiation of the premium for October-December. The suppliers in Australia and other areas seek same level of premium as July-September when the premium keeps high in USA and Europe and the supply is tight worldwide. The buyers try to reduce the premium by around US$ 5 per tonne when the premium dropped at tender by Public Procurement Service (PPS) of South Korea and the demand is expected to decrease in and after October.
The ingot supply is tight in Europe and USA when the demand recovers gradually while the smelters’ operation rate is still low. Aluminium market price is in backwardation at London Metal Exchange due to the tight immediate supply. Offshore smelters offer US$ 120 per tonne of premium to Japanese buyers for October-December as July-September period. The buyers resist the high premium citing the premium dropped to US$ 115 at PPS’s tender. Japanese buyers also concern potential lower demand after termination of subsidiary for eco-friendly vehicle by end of September. A source of Japanese major light metal reroller said the premium couldn’t decrease widely under the current worldwide supply balance. Japanese buyers target could be around US$ 115 per tonne level for October-December. Japanese buyers increase the ingot purchase at quarterly basis from Emirates Aluminium of United Arab Emirates. However, the supply is limited to meet the demand and the new source is expected not to impact on the quarterly premium talk.Japan Steel Scrap Composite Prices (Sangyo Press)
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