The benchmark for the supply of aluminium to main Japanese ports (MJP) in the first quarter of 2019 has settled in a premium range of $83-85 per tonne cif over the London Metal Exchange price, the lowest level in more than two years, sources directly involved in the negotiations disclosed to Fastmarkets MB.
The latest settlement represents an 18% decrease from the fourth-quarter benchmark of $103 per tonne, settled at the end of October. It is the lowest quarterly level since the fourth quarter of 2016 when the premium touched $75 per tonne.Deals for a total of 33,750 tonnes between three major producers, one consumer and several traders for January to March delivery were directly reported to Fastmarkets MB by at least...