June 12, 2019 / 10:22 AM / 7 days ago

Some Japan aluminium buyers agree Q3 premiums at $108/T, up 3% on qtr -sources

TOKYO, June 12 (Reuters) - Some Japanese aluminium buyers have agreed to pay a premium of $108 per tonne for shipments in July to September, up 3% from the current quarter, amid tighter supply in Asia, three sources directly involved in the pricing talks said on Wednesday.

The figure is higher than the $105 per tonne paid this quarter and marks a second straight quarterly increase. Producers had originally sought $115-$120 per tonne.

Japan is Asia’s biggest importer of aluminium and the premiums PREM-ALUM-JP for primary metal shipments it agrees to pay each quarter over the benchmark London Metal Exchange cash price set the benchmark for the region.

The latest quarterly pricing negotiations began late last month between Japanese buyers and global smelters, including Rio Tinto Ltd and South32 Ltd, and are expected to continue until later this month. (Reporting by Yuka Obayashi; Editing by Tom Hogue)

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