MJP spot tightness continues
- Port congestion in Japan pushes premiums higher; premiums in South Korea shoot up due to lack of supply in LME warehouses
- LME spreads support Rotterdam aluminium premium increases
- US Midwest premium holds flat while some barge shipments on the Mississippi River were said to be delayed
- Slow Brazil aluminium market keeps domestic premiums steady
The spot main Japanese ports (MJP) aluminium premium continued to move higher over the past week, with tightness developing in the spot market after major ports in Japan reported vessel congestion and delays on cargoes from Australia.
Fastmarkets assessed the spot premium for aluminium P1020, cif MJP
, at $100-115 per tonne on March 19, widening upward by $5 per tonne from $100-110 per tonne a week earlier.
Market participants noted that, although the total inventories in three major Japanese ports were reported to have risen slightly in February compared with the month...