Platts carries over US Aluminum Transaction Premium value on US holidays, eliminates month-end early market close

Effective November 2022, Platts, part of S&P Global Commodity Insights, is carrying over the published value of its US Aluminum Transaction Premium from the day prior to US holidays.

All aluminum assessments and calculated prices related to the US transaction premium will follow the same practice.

Effectively, the transaction premium value published on US holidays will be the same as the assessed value from the prior day, as trading activity is typically limited and the bulk of market participants are absent on US holidays. The practice begins with the US Thanksgiving holiday on Nov. 24-25, with the Nov. 23 value being carried over on both days.

In addition to carrying over the previous day's value on US holidays, Platts has ended the practice of a 1 pm US Eastern time early market close on the last business day of each month, also effective November 2022.

The changes were initially proposed Aug. 10 in a subscriber note available here.

Following market consultation, a Sept. 9 decision was published here.

The carryover will takes effect on Thanksgiving Day, Nov. 24, when the Nov. 23 assessment will be carried over. The Nov. 23 assessment will also be carried over to the Day after Thanksgiving, Nov. 25.

The final date for the month-end early close was Oct. 31, with the Nov. 30 assessment reflecting the standard 4 pm US Eastern Time close.

All Market on Close cut-offs and timings now align with the 4 pm close as reflected in the Platts Metals MOC Timing and Increment Guidelines.

Platts updates its Pricing Holiday Calendar here.

Based on the current calendar, Platts will carry over the previous day's US transaction premium assessment on the following US holidays or days on which those holidays are observed:

  • Martin Luther King, Jr. Day
  • Presidents' Day
  • Memorial Day
  • Juneteenth
  • Independence Day
  • Labor Day
  • Thanksgiving Day
  • Day after Thanksgiving

The carryover premium will be used in all related US aluminum assessments and all-in calculations, which add premiums or discounts assessed by Platts to underlying settlements from the LME.

The following prices and symbols are affected:

DESCRIPTION SYMBOL MONTHLY AVERAGE

US Alum Trans Prem Daily MMAKE00 MMAKE03

US Transaction (all-in) MMAAF10 MMAAF02

US Aluminum Net-Cash Prem Daily MMACN00 MMACN03

Midwest US P1020 Market MMAAE00 MMAAE03

US P1020 Import Duty MMOEU00 MMOEU03

MW Trans Prem (implied duty-unpaid) MMOFU00 MMOFU03

MW Trans Price (implied duty-unpaid) MMOGU00 MMOGU03

US P1020 Duty Freight Factor AFLSB00 n/a

CIF New Orleans premium MMNDU00 MMNDU03

CIF NOLA-MW premium diff MMNOL00 MMNOL03

Platts US aluminum assessments are published on: Platts Metals Daily on pages 0412, 0413 and 0300 on Platts Metals Alert and Platts Non Ferrous Metals Alert in the Platts Market Center, and in the Platts price database under the codes listed above.

Please send comments 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.