UPDATE 1-Rusal expects floating premiums in 2013 aluminium deals
LONDON Oct 17 (Reuters) - Russia's Rusal expects to shift all its aluminium supply contracts for 2013 to floating premiums, an unprecedented move that could overhaul decades-old industry pricing practices.
The world's largest primary aluminium producer is the first in the industry to switch its term supply contracts to a floating premium, the price paid on top of the London Metal Exchange price for physical delivery of metal.
Producers and consumers have traditionally agreed fixed terms for annual supply contracts.
"Moving into next year, we will be moving towards 100 percent float," Steve Hodgson, head of international sales, said in an interview. (Writing By Josephine Mason)