Middle East conflict impacts the aluminum industry, Rio Tinto suspends negotiations with Japan

格隆汇 March 2｜Rio Tinto Group has suspended negotiations with Japanese clients regarding aluminum supply for the second quarter, citing the escalation of hostilities in this key production region triggered by US and Israeli strikes against Iran. According to informed sources, the mining giant has withdrawn its initial premium offer of $250 per ton. Sources stated that Rio Tinto attributed the change to the impact of Middle East conflicts on metal prices. Japan is a major aluminum importer, and its so-called "Japan premium" is regarded as a benchmark reflecting demand in East Asia, a key downstream market. According to two sources, the initial $250 level proposed by Rio Tinto was already the highest since at least 2015.