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Print[Ferro-Alloys.com] A term premium of USD255 per tonne for primary aluminum shipments to Japan has been agreed in at least one deal for the October-December quarter, a trader said on Friday, outpacing a third quarter record by nearly 24 percent.
In June, aluminum buyers in Japan, Asia's biggest importer of the metal, had agreed on a record high physical premium of USD200-USD210 per tonne for the July-September quarter after global smelters cut output.
"We have settled at USD255 per tonne for a deal of a very small volume," the trader said, adding that talks were continuing on other deals. "We hope to be able to settle at lower prices for other deals."
Traders are looking to lock in fourth-quarter supplies at a premium of around USD250 to USD253 per tonne, two industry sources said this week.
Although bracing for a rise in fourth-quarter term rates amid high premiums in the spot market, buyers were resisting offers of USD255 to USD258 per tonne by key suppliers Alcoa Inc and BHP Billiton, citing bleak demand prospects as car production slows, the sources said.
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