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Rio Tinto offers Q2 aluminum at $130/mt plus LME CIF Japan, up 18% from Q1

Increase font size  Decrease font size Date:2016-02-29   Views:320
Rio Tinto Alcan has offered Japanese aluminum buyers a second quarter contract premium of $130/mt plus London Metal Exchange cash CIF Japan, up 18% from the Q1 premium of $110/mt, buyer sources said Friday.

The producer in an email to Japanese trading houses and consumers Friday said it saw $130/mt plus LME cash CIF Japan as the market level for Q2 shipments of primary aluminum ingot as well as those of billet, foundry alloys and slabs.

Two other producers, South32 and Alcoa, which are also negotiating Q2 premiums with Japanese buyers, have yet to announce offers, the buyers said.

Japanese buyers said they would wait for the other offers before submitting their bids.

At least two Europe-headquartered traders have expressed interest in supplying P1020/P1020A ingot to Japanese buyers in Q2 at a discount to the producer premiums, Japanese traders said.

Two Japanese buyers said there was a gap to fill between their expectations and Rio Tinto's offer, as they were not prepared to pay $130/mt plus LME cash CIF Japan for Q2 shipments.
 
 
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