Aluminum Buyers in Japan Said to Pay Record Fee on Demand

Aluminum buyers in Japan, Asia’s largest importer, agreed to pay a record fee for the metal as demand continued expanding and producers cut output, said three executives involved in negotiations.

The surcharge for the three months starting in July was set at $400 a metric ton over the London Metal Exchange cash price, according to the executives, who represent buyers and sellers and asked not to be identified because they aren’t authorized to speak to the media. That compares with the previous all-time high of $365 to $367 this quarter.