Rusal has asked Japanese buyers of aluminium for an increase as high as 10% in quarterly main Japan port premiums, as it tries to gain more influence over the crucial regional benchmark by issuing the first formal offer.
The Russian producer has offered $270 per tonne cif Japan for the first quarter of next year, up from $245-247 per tonne in the current quarter, Geoff Watson Rusal’s director of Asian sales, told Metal Bulletin.
“For the first quarter, the market is balanced or short,” Watson said.
“Japanese demand is stronger than it has been during the previous few quarters and the strength is expected to continue into the first quarter ahead of the consumption tax increase, in spite of the usual stock reduction before the end of the Japanese financial year,” he said.
The quarterly talks are usually led by Rio Tinto but Rusal wants a bigger role in...