The S&P Global Platts CIF Japan spot premium for aluminum ingot rose to $65-$80/mt plus London Metal Exchange cash CIF Japan on Tuesday, from $65-$70/mt on Monday, as Chinese buying pushed market higher, sources said.
The assessment in a wide range or $65-$80/mt plus LME cash CIF Japan reflected a divided market. overseas producers, having achieved sales at $90-$100/mt plus LME cash CIF China Monday, were targeting high premiums.
On the other hand, Japanese buyers pointed out to a domestic tender awarded Monday at Yen 201-202/kg ex-Yokohama warehouse for over 500 mt, which would be equivalent to LME cash price plus an import premium of $60-$63/mt and handling charges of $20-$30/mt.
There is no buyer in Japan who would pay a $80/mt premium following this tender result, Japanese buyers said.
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