Three aluminum producers have offered to Japanese aluminum buyers premiums of $123-$128/mt plus London Metal Exchange cash CIF Japan for third-quarter shipments, down from $128/mt CIF for Q2, market sources said Tuesday.
Rusal offered $128/mt plus LME cash CIF Japan, Rio Tinto Japan $123/mt plus LME cash CIF Japan, and a third global producer at $125/mt plus LME cash CIF Japan.
A fourth producer has held meetings with buyers but he has not placed his offer yet, a Japanese buyer said.
Q2 premiums rose 35% from Q1 on the rise in US premiums, and the Q3 premiums, in theory, should track the US premiums lower, a Japanese buyer said.
The Platts Midwest Transaction premium fell by 8.6% to 9 cents/lb delivered from 9.85 cents/lb on April 3.
The lowest offer of $123/mt plus LME cash CIF Japan, down 4% from Q2, is not low enough, the buyer added.
