Japan's aluminum premium for shipments during January to March next year was set at $95 per ton, as spot premiums rose following a disruption at an Australian smelter, six sources directly involved in the quarterly pricing talks said.
Japan is Asia's biggest importer of aluminum and the premiums, which consumers pay to producers on top of the London Metal Exchange cash price for primary metal shipments, set the benchmark for the region.
The deal, which marks a 27 percent increase from the $75 a ton premium in the previous quarter, is the first quarterly increase in three quarters.
"We've signed the deals at $95 a ton with four producers," a source at an end-user said. He declined to be named due to the sensitivity of the talks.
A source at a producer said that all of his company's customers had agreed to contracts at $95 a ton.
The quarterly pricing negotiations began last month between Japanese buyers and global producers, including Rio Tinto, South32, Alcoa and Rusal, with offers ranging between $95 and $110 a ton.