Premiums on imported aluminium into Japan for the first quarter of 2026 surged significantly on tight global supply and constrained regional inventories, underlining ongoing bullish sentiment for physical aluminium shipments.

Summary :

The premium for aluminium shipments to Japan for January-March 2026 was set at $195/t, up 127% from the previous quarter, marking the first quarterly increase in a year. The rise reflects tight global supply, production disruptions, and higher overseas premiums, according to multiple sources involved in the pricing talks.

Negotiations began in early December between Japanese buyers and producers including Rio Tinto and South32, and extended into the new year due to a wide gap between sellers’ and buyers’ expectations. Producers’ second-round offers had ranged from $210-225/t, while initial offers were $190-203/t. The final settlement of $195/t was a compromise that avoided prolonged negotiations, given buyers’ resistance to prices in the $200/t range.

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