A producer and a Japanese buyer agreed to set the third-quarter premium for aluminum imports into Japan at $119/mt plus LME cash CIF Japan, down from $128/mt for Q2, several parties involved in the talks said Monday.
The agreement was for P1020/P1020A aluminum ingot for shipping to Japan over July to September, for over 500 mt/month.
Around 15 Japanese buyers and five producers are continuing the negotiations, sources said.
Rusal offered at $128/mt plus LME cash CIF Japan, Rio Tinto Japan at $123/mt, a third producer at $125/mt, and a fourth producer at $120/mt.
One Japanese buyer said $119/mt plus LME cash CIF Japan was too high.
Producers said output cuts in China are affecting the market but it was too early to say, he said.
The buyers put their Q3 premium ideas in the range of $110-$120/mt CIF Japan.
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