London 17/05/2016 - Stocks of aluminium at Japan's major ports (MJP) fell six percent in April to their lowest since September 2014 but remain at high levels, according to data from Marubeni Corp.
Total stocks in the Japanese ports of Yokohama, Nagoya and Osaka fell to 324,800 tonnes in April from 345,600 tonnes in March.
The biggest move was in Nagoya, where stocks fell to 135,600 tonnes from 150,400 tonnes. Similarly, stocks in Yokohama dropped 5,000 tonnes to 175,200 tonnes in April while Osaka stocks slipped 1,000 tonnes lower to 14,000 tonnes.
Japanese stocks have been steadily decreasing since peaking at a record high of 502,200 tonnes in May 2015, with quarterly premiums dropping to six-year lows.
Japan is one of the world's largest consumers of aluminium, meeting its 1.7 million tonnes of annual consumption almost exclusively via imports.
Aluminium ingot premiums for delivery in the second quarter of 2016 settled at $115-117 per tonne MJP on a cost, insurance and freight basis over LME prices, a five-percent increase on the previous quarter's $110.
But spot premiums have continued to come under pressure - they were last quoted to FastMarkets at $100-110 per tonne.
(Editing by Mark Shaw)