Rio Tinto Pauses Japanese Aluminum Fee Talks After Iran Attacks
The Rio Tinto Alcan aluminum smelter and docks in Kitimat, British Columbia, Canada.
Photographer: James MacDonald/BloombergRio Tinto Group has suspended negotiations with Japanese clients over second-quarter aluminum supply, citing US and Israeli strikes against Iran that have triggered escalating hostilities in a key producing region.
The miner — a top aluminum supplier thanks to smelters in Canada and Australia — has withdrawn an initial offer of a premium of $250 per ton, according to people familiar with the negotiations. Rio said the impact of the Middle East conflict on metal prices was the reason for the change, the people said, asking not to be identified because the discussions are private.