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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Rio Tinto Limited    RIO   AU000000RIO1

RIO TINTO LIMITED

(RIO)
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End-of-day quote. End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 09/13
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Global producer seeks fourth quarter aluminium premium of $110 per tonne from Japan buyers

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08/30/2019 | 06:11am EDT

TOKYO (Reuters) - A global aluminium producer has offered Japanese buyers a premium of $110 per tonne for October-December primary metal shipments, up 2% from the current quarter, five sources directly involved in quarterly pricing talks said on Friday.

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

For the July-September quarter, Japanese buyers agreed to pay a premium of $108 per tonne <PREM-ALUM-JP>, up 3% from the prior quarter, marking a second straight quarterly increase.

The latest quarterly pricing negotiations began this week between Japanese buyers and global producers, including Rio Tinto and South32 Ltd, and are expected to continue until later next month.

Another increase in the premiums would be the third quarterly increase in a row.

The producer said the higher offer reflected tighter shipments as some supplies from Australia might continue heading to the United States as Australia is exempted from the 10% import tariffs on the light metal imposed by Washington in March 2018, one of the sources said.

Buyers view the offer as too high as demand in Asia is weakening amid prolonged U.S.-China trade war while there are enough supplies in the region, the sources said.

Aluminium stocks held at three major Japanese ports <AL-STK-JPPRT> at the end of July rose 2.9% to 308,800 tonnes from the previous month, according to Marubeni Corp.

"We will ask for lower premiums, like between $90 and $100 per tonne, as there are abundant supplies and demand is softening in China and the rest of Asia, including Japan amid a slower economy," a source at a trading house said.

The sources declined to be named due to the sensitivity of the talks.

(Reporting by Yuka Obayashi; Editing by Tom Hogue)

By Yuka Obayashi

Stocks mentioned in the article
ChangeLast1st jan.
LME ALUMINIUM CASH -1.03% 1774 End-of-day quote.-4.52%
MARUBENI CORP 0.17% 748.8 End-of-day quote.-1.14%
OBAYASHI CORP 1.23% 1073 End-of-day quote.9.49%
RIO TINTO LIMITED 0.66% 93.29 End-of-day quote.18.11%
RIO TINTO PLC 2.16% 4425.5 Delayed Quote.18.65%
SOUTH32 1.81% 2.81 End-of-day quote.-16.12%
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Financials (USD)
Sales 2019 44 077 M
EBIT 2019 16 785 M
Net income 2019 9 998 M
Debt 2019 5 127 M
Yield 2019 8,50%
P/E ratio 2019 10,1x
P/E ratio 2020 10,2x
EV / Sales2019 1,28x
EV / Sales2020 1,36x
Capitalization 51 278 M
Chart RIO TINTO LIMITED
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Technical analysis trends RIO TINTO LIMITED
Short TermMid-TermLong Term
TrendsBullishBearishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 13
Average target price 63,40  $
Last Close Price 64,16  $
Spread / Highest target 20,8%
Spread / Average Target -1,17%
Spread / Lowest Target -33,7%
EPS Revisions
Managers
NameTitle
Jean-Sébastien Jacques Chief Executive Officer & Executive Director
Simon Robert Thompson Chairman
Jakob Stausholm Chief Financial Officer & Director
Ann Frances Godbehere Independent Non-Executive Director
Michael Gerard L'Estrange Independent Non-Executive Director
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