Rio Tinto offers Q1 aluminium premium to Japan at $256, below Rusal

Rio Tinto has asked aluminum buyers in Japan for an increase of about $10 on main Japan port premiums for the first quarter of 2014, well short of an offer already made by Rusal, Metal Bulletin understands.

"Rio’s letter was issued on Monday evening and is $10 up [over Q4] at $256 [per tonne],” a Japanese trader said.
Fourth quarter premiums settled in the $245-247 per tonne range.
On Friday November 22, Rusal had opened its talks with a letter seeking $270 per tonne.

Reasons given by Rio to its clients include that demand remains strong but supply to Japan is weak, given the expiry of the Indonesia Asahan Aluminium (Inalum) contract...

Published

Shivani Singh

November 27, 2013

08:36 GMT

Singapore