Japanese primary aluminium users and offshore ingot producers almost agreed to set the premium for April-June 2009 at around CIF$ 57-58 per tonne. The premium decreases slightly from January-March 2009 and represents quarter-to-quarter decline for 3 terms in a row. Primary aluminium demand maintains stagnant in Japan to reflect slow economy.
Japanese ingot users offered wide-range price cut against offshore producers for January-March 2009 premium. Finally the premium was set at around CIF$ 58-62 per tonne. Some producers approved the price down to around CIF$ 58 and the price range irregularly became wide. For April-June 2009, the premium will be lowered from the previous high level at CIF$ 60. Offshore producers tried to keep the level as high as January-March when Chinese demand is relatively strong. However, during the long negotiation, the producers compromised at the end of last week. Japanese aluminium users are minimizing ingot procurement volume with weak product demand. Some ingot users said the premium should be lowered more. The premium may rebound for July-September 2009 because of demand recovery in Asia, mainly in China. If Japanese quay inventory turns to decrease in March, the premium could hit the bottom. Meanwhile, Japanese domestic demand for aluminium products seems hard to recover in a short term.M | T | W | T | F | S | S |
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Japan Steel Scrap Composite Prices (Sangyo Press)
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