Platts clarifies MOC timing, increment guidelines for US aluminum assessments

Due to an increase in requests to publish firm bids, offers and intentions to trade from market participants, S&P Global Platts would like to clarify the timing and increment guidelines for the Platts Market on Close assessment process for US aluminum, including its benchmark Aluminum MW US Transaction Premium assessment.

The MOC process guidelines are aimed at bringing greater clarity, order and transparency to the assessment process used for Platts' US aluminum price assessments. Besides information published in the MOC, Platts editors also engage directly with producers, consumers, traders, brokers, shippers and others to gather price information throughout the day.

This information is published in real-time, as it is received, on Platts information services. Platts endeavors to publish all information received that meets Platts editorial standards, so that it can be fully tested by the market at large. Information collected and published includes the identities of buyers and sellers, prices, volumes, location and stated trading terms.

When determining a final market assessment, Platts gives the greatest priority to fully verifiable and transparent market information.

Platts will publish bids, offers and interest to trade from approved participants in the US aluminum MOC, in line with the following editorial standards and guidelines. For more information on the counterparty review process, please visit https://www.spglobal.com/platts/en/our-methodologies/market-on-close. Entities that wish to participate in the MOC should contact pricegroup@spglobal.com.

TIMING AND INCREMENTS: Buyers and sellers must submit any bids or offers with complete information to Platts editors by phone, instant message or email before 15:30:00 ET. Buyers and sellers can improve the price of their published bids and offers by a maximum increment of 0.25 cent/lb every five minutes. Participants may change the price of their bids or offers by a minimum of 0.05 cent/lb. No price changes will be allowed in the final two minutes of the MOC, which concludes at 16:30:00 ET.

Participants may withdraw their bids or offers at any time during the MOC by communicating that to Platts editors, so long as interest to trade against the published bid or offer has not already been received by Platts.

Counterparties must clearly communicate their interest to trade a published bid or offer to Platts editors, and counterparties are expected to promptly report resultant confirmed transactions to Platts.

Bids or offers that are traded in the MOC may be repeated at the same or less competitive price; participants will have two minutes to do so. If a repeat or order change happens in the last 60 seconds before the close, that triggers an extension state. The extension state will last two minutes to ensure that any last-minute change can be fully tested by the market at large.

MOC guidelines are a key component of its assessment methodology, essential to an orderly and transparent assessment process. For more details on Platts assessment methodology and MOC publishing principles, please visit /content/dam/spglobal/ci/en/documents/platts/en/our-methodology/methodology-specifications/Platts-Assessments-Methodology-Guide.pdf.

Please send all feedback, comments and questions to 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.