Negotiations for premiums for Good Western grade aluminium ingots to be imported to Japan in the third quarter of 2007 have started this week, and producers offered to reduce premiums by $1-2/mt from Q2, sources said. The Q3 premiums talks have started in Tokyo on Tuesday. Japanese trade sources close to the talks said they received premium offers in a wide range of $70-73/mt CIF Japan plus London Metal Exchange cash prices. The Q2 premiums were $71-74/mt CIF Japan plus LME cash.
Several sources said the Q2 premiums settled in a wide range with a $3 spread between the lowest and the highest levels, and that the Q3 premiums are also expected to settle with an equally wide spread as most producers have quoted "$1-2/mt less than Q2."
Meanwhile, aluminium rolling mills sources also in negotiation with producers said they have not started the premium talks yet. They said they are expected to start talks either Thursday or Friday this week.
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