Record offers for Q3 MJP premiums as talks continue

Record offers for Q3 MJP premiums as talks continue

May 30, 2014 - 10:18 GMTLocation: Singapore

KEYWORDS: MJP , main Japanese premium , aluminium , deals , benchmark ,Rusal , Rio Tinto , Alcoa , BHP

The Japanese aluminium buyers are staring at record-high premiums of over $400 per tonne for third quarter delivery, with offers from major producers already above that level.

Three of the big four producers are offering premiums in the range of $405-410 per tonne, market participants have said. "We received $410 from Rio Tinto; from Alcoa the number is $408 and Rusal is offering $405. We have not received BHP's offer yet," a source at a large trading house in Japan said.  Second quarter Main Japan Port (MJP) premiums had settled at record-high levels of $365-369 per tonne.  Rio Tinto, which sent its offer letter on Tuesday May 27, attributed the increase to a tight market amid smelter shutdowns and high premiums in Europe...

http://www.metalbulletin.com/Article/3346913/Record-offers-for-Q3-MJP-premiums-as-talks-continue.html