Although Japan relies heavily on overseas aluminium and typically negotiates quarterly surcharges above the London Metal Exchange cash price, those premiums have slipped to USD 86 per tonne in the current quarter, far below USD 228 agreed at the start of the year. That downward stretch may not last long.
Talks for the January to March 2026 delivery window, which began earlier this month, show a stark shift in tone. Sources familiar with the discussions say that suppliers from outside Japan are demanding USD190 to USD203 per tonne, which would mark increases of 121 per cent to 136 per cent from today’s level.
