Japanese buyers agreed to pay a higher aluminum premium in the third quarter
July 19, 2024
According to foreign media on July 18 news, market participants said that Japanese buyers agreed to pay $172 per ton of aluminum premium between July and September, up 16% to 19% from the previous quarter, indicating a tightening aluminum supply in Asia. The price, while lower than the $175 to $190 a tonne initially proposed by global producers, is the second consecutive quarterly increase. The premium that Japan, Asia's leading aluminium importer, has agreed to pay sets the benchmark for the region. The rise in aluminium premiums is said to reflect tight supply in the region, as some of the metal is diverted to Europe and the United States, where premiums are higher and demand is stronger. Despite the rise in aluminium premiums, demand for aluminium in Japan remains sluggish. According to Yuefeng Aluminum company data, as of the end of June, aluminum inventories at Japan's three major ports increased by about 3% from the previous month.
