South Korea’s state-run Public Procurement Service (PPS) bought 5,000 tonnes of aluminium through various tenders at the end of last week, a South Korean trader source told Metal Bulletin.
Glencore won the tender to sell 1,000 tonnes of western-origin aluminium at a premium of $234.9 per tonne over LME cash price. The metal will be sold on Incheon cif basis.
As part of the same tender, Dreample will sell 1,000 tonnes of western-origin aluminium at a premium of $231.5 per tonne cif over LME cash price. The port of delivery is Incheon.
LG International won the tender to sell 2,000 tonnes of Indian-orogin metal to the PP at a premium o $236.5 per tonne. The metal will be delivered to Incheon port on a cif basis.
Dreample also won a separate tender for 1,000 tonnes of aluminum for non-western origin aluminium to be delivered cif Busan. The metal’s premium is $226.5 per tonne over LME cash price.
Earlier in August, PPS stockpiled 10,000 tonnes of aluminium at premiums of $223.8-$227.8 per tonne.