South Korea Buys 7,000 Metric Tons Aluminum Ingots

South Korea's Public Procurement Service, a state-run agency that manages strategic commodities, bought 7,000 metric tons of aluminum ingots in a tender held yesterday. The agency bought 3,000 tons of Western high-grade primary aluminum ingots from BHP Billiton Marketing AG at a premium of $64 a ton over the London Metal Exchange official cash settlement price, said Kim Hee Jun, a specialist in the agency's commodity stockpile team. The premium included shipping and insurance costs. The agency purchased 2,000 tons of aluminum ingots from Russia, China, Egypt or India at a premium of $58 a ton from LG International Corp. with shipment to Incheon. Another 2,000 tons were purchased from Glencore International AG at a premium of $49 a ton with shipment to Busan, Kim said. Aluminum for immediate delivery on the LME closed 0.1 percent higher at $2,468.25 a ton yesterday. South Korea, Asia's third-largest economy, imports almost all its aluminum, a lightweight metal used to make auto parts and beverage cans. Details are as follows: ---------------------------------------------------------------- Quantity Origin Shipment Port ---------------------------------------------------------------- 3,000 Western Oct. 31 Incheon 2,000 Russia, China Oct. 31 Incheon Egypt, India 2,000 Russia, China, Sept. 30 Busan Egypt, India NOTE: In metric tons.