First Q1 2021 MJP deal concluded at $125/t
European premiums underpinned by strength in Asia
US premium flat, but sentiment remains bullish
Brazilian import premium slides to three-month low
Conclusion of first Q1 2021 MJP deal pulls Asian markets higher
Spot aluminium premiums in Asia all rose on Tuesday, primarily driven by reports that the first deal for first-quarter aluminium supply to Japan had settled at $125 per tonne, a 42% increase from the fourth-quarter settlement of $88 per tonne.
In Japan, spot supply was said to be tight due to trading houses and consumers canceling or deferring deliveries scheduled for the second and third quarter until the fourth quarter.
A recovery in demand from the automotive sector, a shortage of vessels and increased competition for seaborne cargoes owing to arbitrage opportunities in China further exacerbated the situation, market sources said.
As a result, Fastmarkets’...