TOKYO: The premium for aluminium shipments to Japanese buyers for January to March was set at $228 a metric ton, up 30% from the previous quarter, driven by higher overseas premiums, five sources directly involved in pricing talks said.

The figure is higher than the $175 per ton paid in the October-to-December quarter and marks a fourth consecutive quarterly increase and the highest in about 10 years.

Aluminium rises on strong Chinese data

Japan is a major importer of the light metal in Asia and the premiums for primary metal shipments it agrees to pay each quarter over the benchmark London Metal Exchange (LME) cash price set the benchmark for the region.