Dec 12, 2025 17:42

Q1 2026 Japan MJP (main ports) aluminum ingot premium is expected to rebound from the low of $86/mt in Q4 2025, with the center rising. The core logic stems from tightening supply in Asia triggered by the restructuring of global aluminum trade flows, coupled with catalysts from European carbon policies and structural demand support. The latest offers from leading smelters have already indicated an upward trend, but restocking constraints due to the end of Japan's fiscal year may limit the extent of the rebound. Detailed analysis is as follows: