Japan Q3 aluminium premiums up 30 pct on supply fears

* Japan Q3 premiums mostly agreed at $75 * Term aluminium premiums up for first time in a year TOKYO, June 12 (Reuters) - Japan's primary aluminium buyers have agreed to a roughly 30 percent hike in premiums for the next quarter, the first rise in a year, as a halt in exports to Asia from the world's top producer fanned worries about supply tightness. Japan's consumption of aluminium plunged late last year as the global economic downturn forced automakers and other manufacturers to cut production, but there are tentative signs that demand may be returning. Industry sources said the term premium has mostly been agreed at $75 per tonne over the London Metal Exchange cash price, including insurance and freight costs, for the July to September quarter. This compares with $56-$58 in the current quarter. A few early deals for Q3 were done at $68, but these were believed to account for a small portion of total transactions, while some bullish sellers pressed for a premium of $78 given the halt in exports from indebted Russian aluminium company United Company RUSAL. Some negotiations continued on Friday, but most of the deals have been concluded, officials said. "I think it's fair to say that the premiums for the bulk of the agreements have largely been settled at $75," an official with a major buyer said. RUSAL, the world's largest aluminium producer, told Japanese buyers it had no metal to offer Asia for the next quarter, without elaborating. Russia is the No. 2 supplier of aluminium to Japan, accounting for about 20 percent of the country's annual imports of about 2 million tonnes. For details of Japan's aluminium imports and a breakdown of the top three sources in 2008, click: http://graphics.thomsonreuters.com/069/JP_ALIMPC0609.jpg RUSAL's failure to provide an explanation for its inability to offer metal in the next quarter has prompted worries that the company will take a similar step in the fourth quarter as well.