Primary aluminum markets across Japan, Vietnam, the United States, South Korea, Thailand and China remained subdued through the week, as limited buying and cautious negotiations kept sellers under pressure. Trading was thin, price expectations diverged and no market showed a clear, sustained direction.
Japan’s fourth-quarter MJP premium negotiations remained stalled by a wide gap between buyer and seller expectations. Spot transactions were limited, with participants largely waiting for quarterly pricing to be settled before committing to purchases.
Vietnam had some underlying demand, but few sellers quoted during inquiries. Sparse participation, slower terminal procurement and weaker trader interest kept premiums near the low end. In the United States, essential purchases accounted for most activity, while occasional high-priced cargoes were too small to lift the broader market; prices were expected to remain range-bound.
South Korean offers continued to decline amid widely dispersed quotations for ingot from different supply sources. Buyers pressed for lower prices, while the gap between sellers’ offers and acceptable buying levels slowed transactions. Thailand’s brief rebound also faded, with sellers reducing offers again as orders remained limited and downstream buyers stayed cautious.
China’s market faced similar pressure, with both dollar- and renminbi-denominated prices falling as inquiries remained scarce and sellers made repeated concessions. The Yangshan premium was expected to stay weak unless demand improved visibly.
However, purchases and restocking remained cautious, while some fourth-quarter order books were described as uneven.
The inventory drawdown provided some domestic support, but it had not resolved the broader demand concerns weighing on overseas offers and China’s Yangshan premium.