July 10, 2020 / 6:45 AM / in a month

Japan buyers agree to pay Q3 aluminium premium of $79/T - sources

TOKYO, July 10 (Reuters) - The premium for aluminium shipments to Japanese buyers for July to September was set at $79 per tonne, down 3.7% from the previous quarter, as the coronavirus pandemic hit demand for the metal, four sources directly involved in the pricing talks said.

The figure is down from $82 per tonne paid in the April-June quarter, the fourth straight quarterly drop. It is also the lowest since the October-December quarter in 2016 and down from initial offers of $85 producers made.

Japan is Asia’s biggest importer of the light metal and the premiums PREM-ALUM-JP for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region. (Reporting by Yuka Obayashi; Editing by Jacqueline Wong)

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