MJP premium up on higher priced trade; South Korea premium declines on buyers’ insistence
- Asian aluminium market active with MJP premium up but SEA down.
- European premiums steady amid low liquidity.
- United States premium holds despite vehicle production starts.
- Brazilian premiums unchanged in static market.
In Asia this week, the spot aluminium premium in Japan was up due to higher priced trade and a strong contango while in South Korea, sellers lowering their offers to buyers’ strong bids helped overcome the standoff from last week, sources said.
In Japan, Fastmarkets assessed the aluminium P1020A main Japanese ports (MJP) spot premium, cif Japan
at $75-85 per tonne on Tuesday May 19, up by $5 per tonne from last week.
One deal was heard concluded at a MJP premium of $83 per tonne for tonnage below 1,000 tonnes, market participants said.
Based on that deal and the recently opened arbitrage window...