Platts, part of S&P Global Commodity Insights, assessed the first-quarter premium for imported primary aluminum at $90/mt plus London Metal Exchange cash, CIF main Japanese ports, on Jan. 9, down 7.2% from Q4 2023.
For Q1, Platts observed 14 trades concluded at a premium of $90/mt CIF Japan, with a total volume of around 16,415 mt/month, reported between Dec. 26 and Jan. 9, for seaborne P1020/P1020A cargoes loading over January to March.
The lower Q1 premiums was mainly due to persistently weak market fundamentals in Japan.
Offers from producers had fallen from $95/mt at the start of negotiation, down to $92/mt, before settling at $90/mt. Indicative bids from buyers were around $80-$85/mt during the negotiation period.
Market sources said the near-term outlook remained weak as inventory levels in Japan were persistently high on the back of tepid demand for aluminum.
On Jan. 9, Platts assessed the Platts CIF Japan spot premium for 99.7% P1020/P1020A aluminum in got at $77/mt plus London Metal Exchange cash, CIF Japan, unchanged from Jan. 8.
Source: Hellenic Shipping News
