S&P Global Platts Friday assessed the premium for imported primary aluminum in the first quarter of 2018 at $103/mt plus London Metal Exchange cash, CIF main Japanese ports, up 9% from $94-$95/mt CIF Japan for Q4.
The Q1 assessment was on the basis of eight settlements reported at $103/mt plus LME cash for the loading month, CIF Japan, for seaborne P1020/P1020A ingot loading over January-March, for a volume higher than 500 mt/month.
The total volume for the eight settlements was 6,350 mt/month or more. All the settlements were under annual contracts in which the total volume was set for the year, but the premiums would be negotiated every quarter, market sources said.
Platts specifications are for all quarterly settlements on a CIF main Japanese port basis, LME quotation period the month of loading, between two unaffiliated counterparties for P1020/P1020A 99.7% primary aluminum ingot of 500 mt/month or more, with payment in cash against documents.
Four settlements were not taken into account for the assessment.
Two deals were reported to have closed at $103/mt plus LME cash CIF Japan, but were determined to have fallen outside Platts specifications as they were for value-added products.
Two deals were for volumes less than 500 mt/month.
Around 20 companies, comprising Japanese trading houses, consumers and overseas suppliers, took part in the negotiations that began earlier this month.
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