Metals & Mining Theme, Non-Ferrous

November 20, 2023

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

Platts, part of S&P Global Commodity Insights, is proposing 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, 2024.

Platts has observed that aluminum traded in Europe categorized under the Good Western term has become less distinct in recent years, and the proposed change reflects initial market feedback that the use of the term has fallen significantly.

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

Platts is also proposing to move payment term specifications to a cash against documents basis, from net 30 days payment terms, also effective Feb. 1, 2024, to better reflect actual trading activity and provide more clarity for the in-warehouse Rotterdam aluminum market.

The proposed changes would be reflected as follows:

Current Assessment Name Proposed Assessment Name Current Payment Terms Proposed 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.

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.

Platts invites feedback on this proposal to EMEAMetalsTeam@spglobal.com and pricegroup@spglobal.com by Jan. 3, 2024.

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.