April 11 -- South Korea's Public Procurement Service, a state-run body that manages strategic commodities, issued a tender to buy 10,000 tons of aluminum at a premium over London Metal Exchange official cash settlement prices.
Suppliers must submit offers of high grade primary aluminum ingots by 2:30 p.m. Seoul time on April 18, the procurement agency said on its Web site. The premium is on a cost, insurance and freight basis.
The agency is seeking 4,000 metric tons of LME-deliverable brands and 6,000 tons of LME brands, excluding Russia, China, Egypt and India. The tender for 4,000 tons was split into two lots of 2,000 tons with shipment of the first lot by May 31 and of the second by June 30, both to Incheon.
The remaining 6,000 tons were split into two lots of 3,000 tons with shipment of the first by May 31 and of the second by June 30, both to Incheon.
In its latest tender March 28, the agency bought 2,000 tons of Western aluminum ingots at a premium of $60 a ton over LME cash prices from BHP Billiton Marketing AG and 3,000 tons of any LME brand at a premium of $45 a ton from Gerald Metals SA.
Aluminum for immediate delivery on the LME closed at $2,849.25 a ton yesterday. South Korea, Asia's third-largest economy, imports almost all its metal, including aluminum, and energy. Aluminum, a lightweight metal, is used to make auto parts and beverage cans.
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