9月5日（周五），两位直接参与季度定价磋商的行业人士周五称，全球铝生产商向日本买家报出的10- 12月船期原铝升水为98-103美元/吨，较当前季度下跌5%-9%。 在7-9月当季，日本买家同意支付的铝升水为108美元/吨，较前一季度下跌41%，这反映出需求乏力。 日本是亚洲重要的铝进口国，铝升水是指该国买家在伦敦金属交易所（LME）现货价格基础上支付的 费用。 ...

贸易公司日本丸红商事（Marubeni Corp）表示，截至2025年7月底，日本三大港口铝库存回落至315,400 吨，较前一个月减少0.4%。具体来看，横滨和名古屋库存回落，大阪库存回升。日本港口铝库存连续 两个月回落，不过日本第三季度铝升水较第二季度水平大幅下降，暗示需求相对疲弱。 | | 2025年7月 | 2025年6月 | 2024年7月 | 环比变动 | 同比变动 | | --- | --- | --- | --- | --- | --- | | 横滨 | 136, 900 | 138, 100 | 138,600 ↓ | -0.87% 4 | -1.23% | | 名古屋 | 159, 700 | 162, 300 | 141,700 ↓ | -1.60% ↑ | +12. 70% | | 大阪 | 2020-02-0200 18, 800 | 16, 300 | 19, 300 ↑ | +15.34% ↓ | -2.59% | | 京 | 315, 400 | 316, 700 | 299, 600 1 | -0. 41% | +5.27% | ...

Group 1 - The core viewpoint of the article indicates a significant decline in aluminum premiums for Japan in Q3, with a drop of 40.66% compared to Q2, reflecting a challenging market environment [1] - The assessed import price for primary aluminum in Japan is set at a premium of $108 per ton over the LME spot price, based on transactions reported between May 30 and June 26 [1] - The price range during negotiations for the Japanese landed price was between $130 and $145 per ton, which is 20-29% lower than the final settled price of $182 per ton in Q2 [2] Group 2 - Market participants expect the aluminum premium for Q3 to be between $105 and $115 per ton, influenced by weak demand from the construction and automotive sectors [3] - The U.S. has imposed a 25% tariff on automobiles since April 2, which has negatively impacted demand in the automotive industry [3] - The U.S. aluminum tariff was increased from 25% to 50% on June 4, leading to decreased export interest to the U.S. and an overall oversupply in Europe and Asia [3] Group 3 - Two projects are expected to come online in Q4, but the short-term outlook for Asia remains bearish due to anticipated supply increases and weak demand [4] - The inventory at Japanese major ports was reported at 331,000 tons at the end of May, reflecting a month-on-month increase of 3.34% but a year-on-year decrease of 6.50% [5]

Core Viewpoint - The aluminum premium in the U.S. has reached a historic high, driven by increased tariffs on imported aluminum, significantly impacting market dynamics [1] Group 1: Market Dynamics - The aluminum premium in the U.S. spot market hit 60 cents per pound or $1,323 per ton, marking a record high [1] - Since November of the previous year, the Midwest aluminum premium has surged nearly 190% [1] - U.S. consumers typically pay the London Metal Exchange (LME) benchmark price plus the premium to cover costs such as freight and taxes [1] Group 2: Import Dependency - The U.S. is highly reliant on aluminum imports, with the majority sourced from Canada [1]