Clarification on Platts US Aluminum Market on Close Assessment Process guidelines

Platts, part of S&P Global Commodity Insights, would like to clarify that the Market on Close assessment process for US Aluminum considers bids and offers that reflect typical trading practices, and are executable under normal conditions. Bids/offers published in the MOC process are subject to Platts editorial guidelines.

Counterparty Acceptance: When there is expression of interest to trade in an offer or bid in the MOC, that expression of interest to trade will be published if there is a confirmed ability to trade between the two counterparts. As part of the MOC participation review process, Platts seeks to confirm a participant's ability to trade with other participants in the MOC segment. In the event a non-reviewed entity wishes to express interest to trade with an MOC bid or offer, Platts editors will confirm ability to trade prior to publishing the interest. Platts will not publish interest to trade with entities who have an active trading impediment.

Immediate Confirmation: Following the publication of expression of interest to trade, both counterparties are expected to confirm the trade immediately and inform Platts editors promptly.

Publication Errors: Platts reviews bids and offers prior to publication. Where a bid/offer was published in error, including value, incorrect pricing period or other parameters, Platts will seek to publish a headline as soon as possible to the market clarifying the information was published in error and that the bid/offer is not live or actionable in the market. If a trade results from a bid/offer that was published in error, Platts expects both counterparts to promptly agree to cancel the trade or mutually agree to any other form of resolution such as revaluing the trade. Platts will not use information published in error as part of its assessment process.

Terminal Acceptance: Platts understands that in a delivered market, the buyer nominates the delivery location and the seller's method of delivery transportation must meet the delivery terminal's acceptance. For instance, if a buyer nominates a delivery location that cannot accept vans, the seller is expected to accommodate an acceptable delivery mechanism such as flatbed truck.

Adherence to Editorial Guidelines: A failure to meet Platts guidelines for participation and performance in the MOC process may lead to an event-driven review. Event-driven reviews are designed to help ensure that transactional information and other data inputs used as the basis for Platts price assessments are representative of market value on an ongoing basis.

Please send all comments, feedback and questions to platts_aluminum@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.