November 29, 2019 / 9:06 AM / 17 days ago

Global aluminium producer seeks Q1 premium of $92/T from Japan buyers -sources

TOKYO, Nov 29 (Reuters) - A global aluminium producer has offered Japanese buyers a premium of $92 per tonne for January-March primary metal shipments, down 5.2% from the current quarter, four sources directly involved in quarterly pricing talks said on Friday.

Japan is Asia’s biggest importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region.

For the October-December quarter, Japanese buyers agreed to pay a premium of $97 per tonne PREM-ALUM-JP, down 10% from the prior quarter.

The latest quarterly pricing negotiations began this week between Japanese buyers and miners including Rio Tinto Ltd and South32 Ltd, and are expected to continue to next month. (Reporting by Yuka Obayashi; editing by David Evans)

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