Subscriber note: Platts to update, add details for CIF Japan aluminum prices

Platts is updating and amplifying the specifications and methodology descriptions for its CIF Japan aluminum price assessments, effective September 2. The proposed new descriptions state what has been long-time practice as detailed previously in industry engagements and will not change the methodology that has prevailed in recent years nor affect the consistency of the data. The CIF Japan spot aluminum premium assessment will be normalized to the following specification: Daily premium or discount to the London Metal Exchange cash settlement price for high-grade aluminum. Minimum 99.7% primary aluminum meeting LME P1020A chemical specifications, CIF main Japanese ports of Yokoyama, Nagoya or Osaka, all origins, except excluding Iran, India, Egypt and LME warehouses. The assessment is expressed in a narrow price range reflecting the majority of business or spot bids/offers for ingot, T-bars and sows, minimum volumes of 250 mt, cash within 3 days of bill of lading, or cash against documents. Cargo leaves ports during or following the month of transaction. Platts surveys market sources, gathering information from a representative sample of traders, consumers, producers and brokers deemed reliable and active in the spot market. Platts contacts sources based in Japan, Australia, Russia, Europe, the Middle East and other Asian countries. Platts is updating the specification for its CIF Japan forward quarter aluminum premium assessment, to meet the following specification: Premium or discount to the LME price at time of shipment for minimum 99.7% primary aluminum meeting the LME P1020A chemical specifications, CIF main Japanese ports of Yokoyama, Nagoya or Osaka, origins excluding Iran, India, Egypt and LME warehouses. The premium range reflects the majority of concluded quarterly contracts for minimum 500 mt/month volumes, in ingot, T-bars or sow form, cash within 3 days of bill of lading, or cash against documents. Cargo leaves ports during or following the month of transaction. Platts surveys market sources, gathering information from a representative sample of traders, consumers, producers and brokers deemed reliable and active in the market. Platts contacts sources based in Japan, Australia, Russia, Europe, the Middle East and other Asian countries. The final quarterly assessment range will be published in advance of the start of the quarter, usually by the first date of the quarter, or once the majority of buyers and sellers have concluded negotiations. The number of deals typically included in the assessment ranges from 10 to 20.