Several producers have booked second-quarter aluminium supply in Japan at a premium of $105 per tonne basis main Japanese ports (MJP) delivery, with more than 20,000 tonnes of concluded business so far, Fastmarkets learned on Friday March 8.
The premium over LME cash prices, if adopted by remaining producers and consumers, would mark a 25% increase from the $83-85 per tonne benchmark agreed for first-quarter delivery. A major consumer has signed deals with two large producers while some traders also finalized deals with one or both of those producers, although other producers continue to negotiate deals. "We haven't booked yet but will most probably accept $105," a source at a trading house in Japan said. "The market...