Continued low demand for aluminium in Japan, unchanged since August, has weighed on fourth-quarter negotiations for the main Japanese ports (MJP) aluminium premium, which started around August 24.
Multiple sources reported on Monday September 6 that the first producer to extend the offer of $230 per tonne has put back its quarterly negotiation deadline by one week to September 10, but it will not lower its offer.
This has come at a time when
initial fourth-quarter offers have emerged at $230 per tonne, almost 30% higher than early third-quarter offers.
The quarterly premium had already reached a six-year high in third-quarter negotiation this year. Fastmarkets settled its
aluminium P1020A (MJP) quarterly premium, cif Japan, for supplies in the third quarter of 2021, at $172-185 per tonne over the London Metal Exchange cash price.