Metals & Mining Theme, Non-Ferrous

January 04, 2024

Platts to change European P1020 aluminum premiums to open-origin, cash payment terms

Platts, part of S&P Global Commodity Insights, is to move its daily European P1020 aluminum Duty Paid and Duty Unpaid IW Rotterdam premium assessments to an open-origin basis, away from a Good Western definition, effective Feb. 1.

The decision to revise the origin specification reflects market feedback that use of the Good Western term for aluminum traded in Europe has fallen significantly.

Under the change, open-origin aluminum spot bids, offers and trades will typically take precedence over information containing a specific origin exclusion.

Platts is also moving payment term specifications to a cash against documents basis, from net 30 days payment terms, also effective Feb. 1, to better reflect actual trading activity and provide more clarity for the in-warehouse Rotterdam aluminum market.

Platts initially proposed the specification changes on Nov. 20, 2023, in a subscriber note available here: https://www.spglobal.com/commodityinsights/en/our-methodology/subscriber-notes/112023-platts-proposes-to-change-european-p1020-aluminum-premiums-to-open-origin-cash-payment-terms

The changes are as follows:

Current Assessment Name Updated Assessment Name Current Payment Terms Updated Payment Terms Symbols
Aluminum Good Western premium duty paid in-warehouse Rotterdam Aluminum duty paid in-warehouse Rotterdam premium Net 30 days Cash against documents

Daily:AALVE00

Weekly avg:AALXJ00

Monthly avg:AALVH00

Yearly avg:AALVH16
Aluminum Good Western premium duty unpaid in-warehouse Rotterdam Aluminum duty unpaid in-warehouse Rotterdam premium Net 30 days Cash against documents

Daily:AALVI00

Weekly avg:AALXK00

Monthly avg:AALVK00

Yearly avg:AALVK16
Low-carbon Aluminum Good Western premium duty paid in-warehouse Rotterdam Low-carbon Aluminum duty paid in-warehouse Rotterdam premium Net 30 days Cash against documents

Daily:LALVE00

Weekly avg:LALVE04

Monthly avg:LALVE03

Yearly avg:LALVE16
Low-carbon Aluminum Good Western premium duty unpaid in-warehouse Rotterdam Low-carbon Aluminum duty unpaid in-warehouse Rotterdam premium Net 30 days Cash against documents

Daily:LALVI00

Weekly avg:LALVI04

Monthly avg:LALVI03

Yearly avg:LALVI16
Zero-carbon Aluminum Good Western premium duty paid in-warehouse Rotterdam Zero-carbon Aluminum duty paid in-warehouse Rotterdam premium Net 30 days Cash against documents

Daily:ZALVE00

Weekly avg:ZALVE04

Monthly avg:ZALVE03

Yearly avg:ZALVE16
Zero-carbon Aluminum Good Western premium duty unpaid in-warehouse Rotterdam Zero-carbon Aluminum duty unpaid in-warehouse Rotterdam premium Net 30 days Cash against documents

Daily:ZALVI00

Weekly avg:ZALVI04

Monthly avg:ZALVI03

Yearly avg:ZALVI16

Full assessment specifications are outlined in the Global Nonferrous Metals specifications guide, available here: https://www.spglobal.com/commodityinsights/PlattsContent/_assets/_files/en/our-methodology/methodology-specifications/global_nonferrous.pdf

Platts IW Rotterdam aluminum premium assessments are published in Platts Metals Daily, on pages 421 of Platts Metals Alert and Platts Non Ferrous Metals Alert, in the Platts Market Center, Platts Connect and in the Platts price database under the codes listed above.

Please submit any feedback, comments or questions to EMEAMetalsTeam@spglobal.com and pricegroup@spglobal.com.

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.