Alcoa Proposes $480/T Q3 Aluminum Premium to Japan, Up 37%
AA has more than doubled off its 52-week low of $25.83.
Summary
Alcoa is seeking a $480 per metric ton premium for its Q3 aluminum shipments to Japanese buyers, a 36-37% increase from the current quarter's rate. This proposed premium, if accepted, would significantly boost Alcoa's revenue and profitability for the third quarter, as Japanese premiums serve as a benchmark for the entire Asian market. This positive pricing development follows the company's recent Q1 earnings miss.
At the time of this announcement, AA was trading at $73.07 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $18.8B. The 52-week trading range was $25.83 to $75.70. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: Reuters.