Reuters reported that aluminium stocks held at three major Japanese ports at the end of September edged down to 230,400 tonnes from 236,100 tonnes a month earlier as imports declined.
Official of the Marubeni Corporation said that demand remained weak. Japan's aluminium stocks had been hovering at around 200,000 tonnes between May and July although stocks increased in August as summer holidays kept deliveries from ports low. Japan, which must buy nearly all the metal it needs, imports about 2 million tonnes of primary aluminum every year.
Industry officials have said that aluminum stocks should ideally be around 10% of total imports as that indicates neither tightness nor excessive supply. Aluminium is widely used in products ranging from computers, planes and electronics to the food sector.
Analysts said that global aluminium prices will fall in the next month or so to reflect the market's still poor fundamentals as supply continues to rise and outpace demand growth.
Term premiums for primary aluminium shipments to Japan for October to December were mostly set at USD 116 per tonne to USD 118 per tonne, traders said that last month down from USD 120 in the Q3 and the third straight quarter of declines.
An industry body said that Japanese shipments of aluminium products rose for the 9th straight month in August on strong sales of drinks cans and automobiles but an expected slowdown in demand for cars later this year could hamper the recovery.
Aluminium stocks held at the ports marked 10 year high of 374,600 tonnes at the end of February 2009, then hit 169,900 tonnes at the end of September 2009 their lowest since Marubeni began keeping records about 14 years ago.
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