Rio Tinto Alcan, one of the world's largest aluminum producers, has offered Japanese buyers a premium of $118/mt for primary aluminum exported to Japan in the second quarter, market sources said Wednesday.
The company sent an email to Japanese trading houses and consumers last Friday proposing a premium of $118/mt to the London Metal Exchange cash contract for the loading month on a CIF main Japanese ports basis, for second-quarter shipments of primary aluminum ingot, sows and T-bars produced in Australia and New Zealand, buyers said.
The producer is asking for a $5-6/mt raise in the premium from the current quarter's $112-113/mt, due to economic recovery around the world causing tight supply in some markets such as Brazil, the Japanese buyer sources said.
Meanwhile, another producer has offered $115/mt plus LME cash CIF and a third producer $113-114/mt, sources said, without revealing the companies.
The negotiations, for over 300,000 mt of aluminum to be exported to Japan in the second quarter, started in Tokyo last week and is expected to be settled by March 15, the deadline for April loading cargoes. （Platt）
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