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Spot Japanese Aluminum Import Premium: Metals Price Assessments

What is the Spot Japanese Aluminum Import Premium?

Platts Japanese aluminum import premiums reflect the premiums charged over the London Metal Exchange cash contracts for standard ingot imported into Japan.

The spot premiums are negotiated between Japanese buyers and overseas whenever needs to sell/buy on a spot basis emerge. The Platts assessment reflects the agreement between a buyer and a seller directly involved in the import transaction.

The assessment is for the most common P1020/P1020A ingot, sows and T-bars imported into Japan. Its chemical specification is minimum 99.7% aluminum, maximum 0.2% silicon, maximum 0.1% iron, maximum 0.03% zinc, maximum 0.04% gallium, and maximum 0.03% vanadium.

The spot assessment reflects import transactions for volumes greater than 250 mt/month. Some market participants do not accept transactions limited to a few container loads due to higher logistics costs.

Some producers with long term contracts with certain buyers have also given away small extra volume requirements from customers at quarterly premiums, rather than negotiating for separate spot premiums.

The basis of the spot deals is CIF Japanese main ports of Yokohama, Nagoya or Osaka. Deals into basis CIF Fushiki Toyama and other minor ports can be normalized where appropriate based on prevailing port and other shipping conditions.

Shipping terms are specified as 30 days following the date of transaction. Payment terms are cash-against-documents, the most uniform payment terms for Japanese aluminum imports.

The Platts Japanese import premium assessments are available in these services.

How Platts assesses the Spot Japanese Aluminum Import Premium

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Platts communicates with market participants daily on spot offers, bids, and deals on the CIF basis.

Overseas producers, international traders, Japanese traders and consumers are contacted.

When an offer, bid or a deal is reported, Platts will undertake a verification process to confirm the details with counterparties, and will ensure that no data is included that is not repeatable in the context of the full range of transactions, bids and offers.

Platts also identifies market conditions that trigger the premiums to rise, fall or stay unchanged.

Evolution of the Spot Japanese Aluminum Import Premium

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The quarterly and the spot premiums were both launched in 1994. The quarterly premiums have been used as reference prices among major market participants for over ten years.

In 2014, the Platts specification was modified to include Russian aluminum, which previously has been classified as 'non-western'.

Aluminum Price Assessment Methodology

How do I access the price of the Spot Japanese Aluminum Import Premium

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