Primary aluminium premium is set at around CIF US$ 115-120 per tonne for October-December. Offshore ingot producers and Japanese ingot users have almost closed their price negotiations. The premium rises for 2 quarters in a row, which jumps by about US$ 40 from July-September and keeps the level as high as in 1995.
The premium dropped to below US$ 60 after Lehman Brothers’ collapse while turned upward in July-September when UC Rusal of Russia suspended ingot shipment. In Japan, inventory adjustment of primary aluminium has progressed since April-June 2009 in line with the economic recovery. Ingot inventory at quays currently became below 200,000 tonnes, the level said to be moderate. In Asian market, local demand for primary aluminium maintains steady especially from China. Ingot supply is also tight in South Korea. Ingot producers represented strong selling stances when the supply and demand balance is tight. Ingot producers initially offered US$ 120-130 per tonne for October-December against Japanese consumers. Some producers sought an agreeable premium at the cheaper level but their selling stances were strong as total. Some agreed at US$ 128, the highest level. Premium range is widening.Japan Steel Scrap Composite Prices (Sangyo Press)
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