August 30, 2019 / 9:26 AM / 24 days ago

Global producer seeks Q4 aluminium premium of $110/T from Japan buyers

TOKYO, Aug 30 (Reuters) - A global aluminium producer has offered Japanese buyers a premium of $110 per tonne for October-December primary metal shipments, up 2% from the current quarter, five sources directly involved in quarterly pricing talks said on Friday.

Japan is Asia's biggest importer of the metal and the premiums for primary metal shipments it agrees to pay each quarter over the London Metal Exchange (LME) cash price set the benchmark for the region.

For the July-September quarter, Japanese buyers agreed to pay a premium of $108 per tonne PREM-ALUM-JP, up 3% from the prior quarter, marking a second straight quarterly increase.

The latest quarterly pricing negotiations began this week between Japanese buyers and global producers, including Rio Tinto and South32 Ltd. (Reporting by Yuka Obayashi; Editing by Tom Hogue)

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