Japanese spot premiums for aluminium of Good Western grade have softened by $1 to $82-83/mt plus London Metal Exchange cash CIF basis, market sources said Tuesday.
The spot premiums were previously seen at $82-84/mt CIF Japan, at the same level as premiums for the contract shipments for the current fourth quarter. One Good Western supplier confirmed doing spot sales of "respectable size of around 500 mt" to a Japanese buyer at $83/mt plus LME cash CIF Japan,and two Japanese traders said they were aware that such a deal had been
concluded at the end of September.
Both the supplier and Japanese buyers agreed that they saw spot premium levels in the "low $80s" this month as spot buying interest has weakened after the last spot deal. One Japanese trader described his situation as "having fulfilled my appetite," adding that there was no need to consume more.
A second Japanese trader, however, said that spot domestic premiums had stayed firm at $85-90/mt plus LME cash. The domestic premiums are CIF-based premiums plus surcharges such as domestic freight and interest
rates, among others.
The trader said domestic spot premiums were staying firm on the back of reduced stocks held by the Japanese traders, limiting the availability of spot material to smaller domestic consumers.
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