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After the energy crisis in the 1970s, Japan's aluminum industry rapidly contracted, with annual capacity shrinking from a peak of 1.5 million mt to less than 10,000 mt per year. Japan's aluminum supply relies mainly on imports, with the majority of its aluminum demand being met through imports of primary aluminum, aluminum alloy ingots, and other forms. On the demand side, Japan's well-developed automotive industry places a high priority on lightweighting of vehicles, leading to the extensive use of aluminum-based materials to replace steel and reduce vehicle weight. Additionally, the construction sector serves as another major area of aluminum consumption. In recent years, although Japan's primary aluminum consumption has declined due to economic pressures and tariff impacts, annual imports of primary aluminum remain at the million-mt level, making Japan one of the world's largest net importers of aluminum ingots. Meanwhile, the Aluminium P1020A (MJP) quarterly premium, cif Japan, commonly referred to as MJP, has long served as one of the primary pricing benchmarks for Asia and surrounding markets. Against this backdrop, SMM launched on November 17, 2025: Aluminium P1020A (MJP) quarterly premium, cif Japan, $/tonne; Aluminium P1020A (MJP) spot premium, cif Japan, $/tonne. Historical prices can be viewed simultaneously on the SMM official website. These prices serve as indicative benchmarks used by trading parties for settlement reference.