Negotiations for Q1 2011 CIF Japan premiums begin, should move lower

摘要

Demand has been less than stellar in Japan recently, so it is possible that some metal has been diverted to Europe due to the stronger duty unpaid premiums being paid there (now up to $130/tonne). This may be evidenced by the drops in imports to Japan from some suppliers in October. On a m-o-m basis, imports from Russia dropped by 36%, imports from Argentina dropped by 51%, and imports from Venezuela dropped by 94%.