In Commodity News 08/01/2016
Platts assessed Japan’s spot import premiums at $108-$110/mt plus London Metal Exchange cash CIF Japan Friday, down from $110-$115/mt plus LME cash CIF Thursday, as keen sellers emerged.
A deal was reported closing in the range of $106-$109/mt plus LME cash CIF Friday for over 1,000 mt of Australian-origin metal loading over February-March.
The shipping destination was not specified to Japan, but was a buyer’s option to any main ports in Asia.
Platts has not been able to identify the deal counter party.
A handful Japanese buyers were in the spot market this week as they have cut January-March contract volumes and had concerns they may not have sufficient volumes toward the end of the quarter, Platts reported earlier.
Keen sellers have emerged, too.
Two Japanese traders said one producer, who previously said he had sold out, had some March-loading material available.
However second producer said he would reject bids at $107/mt plus LME cash CIF Japan.
He has received requests from a Japanese term buyer for increases in the Q1 volume and he was supplying additional material at $110/mt plus LME cash CIF Japan, he said.
A Japanese consumer said he was expecting to buy spot at $110/mt plus LME cash CIF Japan but had his requirements covered for the quarter.
