Japan's third-quarter aluminium quarterly benchmark looks likely to cross another six-year high after offers were heard at $180-190 per tonne earlier this week, primarily supported by the open Chinese arbitrage window.
The arbitrage window to ship aluminium to China has been widening since it opened on April 29, with Chinese importers standing to gain a profit of $63.59 per tonne on May 20 for every tonne of aluminium brought in, according to Fastmarkets calculations. A month earlier, on April 20, the import arbitrage was at a loss of $22.94 per tonne.Another offer was heard later in...