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PrintJapan's spot aluminum trade remained sorely lacking this week which has continued to pressure spot premiums for Good Western-grade primary aluminum, industry sources said Wednesday.
"We have no spot business now ... the Japan economy has also slowed down, though not as bad as the US," one trader said. "We believe spot premiums should be below $70/mt [plus LME cash] now, but most offers are probably still around $70/mt," he added.
Another trader who also reported no spot trade this week said there were some consumer queries, but no actual buying interest. He also indicated premiums around $70/mt currently.
A third trader said there was no spot trade "because buyers are asking $50-55/mt for premiums, but traders still want about $70/mt now ... and no one is really in a position to buy."
One consumer source agreed some buyers are asking for lower premiums, but said generally indications were around $60-70/mt.
The traders expect spot premiums to be traded below $70/mt in the near term as the market outlook is dim.
One trading source said "traders have stocks to sell and they will have to sell at lower premiums ... premiums are likely to fall to the $60s level in the next two to three weeks." He expects buyers and sellers will probably accept around $60-65/mt in the near term.
Platts revised its spot Japanese premiums assessment this week to $69-72/mt plus LME cash CIF, down from the previous $75-77/mt. –Platts
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