Platts reshapes US Midwest aluminum implied duty-unpaid premium calculations; launches new net-forward DUP

Platts, part of S&P Global Energy, has launched an alternative duty-unpaid premium for aluminum delivered to the US Midwest, effective Jan. 2, 2026.

The new US Aluminum net-forward delivered duty unpaid Midwest premium (AFCPC00; Net-forward DUP) represents a net-forward calculation that captures both Canadian and global duty-unpaid aluminum imports, plus freight to the US Midwest.

The assessment is published alongside Platts existing Aluminum P1020 MW US Transaction Premium (Implied duty-unpaid) delivered Midwest (MMOFU00; Implied DUP), and the two will run in parallel at a minimum through the end of 2026.

From January 2027, Platts intends to apply the new calculation methodology to MMOFU00 and associated implied duty-unpaid calculations, and the existing Implied DUP and new Net-forward DUP symbols would reflect identical values from Jan. 4, 2027. The price history of the existing Implied DUP would be retained, while reflecting the new Net-forward DUP calculation's formula.

Platts will continue to welcome feedback regarding the new calculation throughout 2026, and will confirm prior to the end of 2026 whether the existing Implied DUP calculation will be replaced by the new Net-forward DUP calculation beginning in 2027, based on market feedback.

An extended period of running the existing Implied DUP calculation alongside the new Net-forward DUP calculation throughout 2026 provides market participants with an opportunity to evaluate how each trends over a full calendar year, in line with previous feedback received.

Net-forward DUP

The new US net-forward DUP calculation reflects the implied cost of duty-unpaid aluminum imports delivered to the US Midwest from Canada and New Orleans, based on assessed prices for Canada exports and US imports plus assessed freight, excluding duty.

Canada is the leading aluminum exporter to the US, with around 66% share of overall imports through Q3 2025, while New Orleans is a major point of entry for global US aluminum imports, accounting for about 10.1% of domestic imports through the same period, according to US Census data.

Platts existing Implied DUP calculation reflects material subject to prevailing Canadian aluminum tariffs, based on a calculated P1020 import duty basis FOB Canada.

The Net-forward DUP calculation incorporates an FOB Canada premium assessment that Platts launched on Dec. 8, 2025. More details can be found here.

The Net-forward DUP calculation is a simple average (arithmetic mean), in cents/lb , determined as follows:

[(Aluminum FOB Canada premium cents/lb + FOB Canada freight factor (AFLSB00)) + (Aluminum CIF New Orleans duty-unpaid premium cents/lb (MMNDU00) + New Orleans to US Midwest Aluminum freight cents/lb (MMQDU00))] / 2 = US Aluminum Net-forward Delivered Duty-Unpaid Midwest Premium

Platts also launched a new all-in transaction price based on the Net-forward DUP calculation.

Full specifications of the new Net -forward DUP aluminum assessment pricing suite are as follows:

Platts existing Implied DUP assessments will continue to be published at a minimum through the end of 2026. This applies to the following symbols:

The Implied DUP and related calculations were launched in 2018 to complement the Platts benchmark Midwest US Transaction Premium and the US Midwest Transaction Price (all-in) assessments for P1020 aluminum, which are assessed on a duty-paid basis. Platts US P1020A assessments for Midwest delivery, including the US Midwest Premium (MWP), reflect the delivered Midwest price of P1020 from all origins and will not be impacted by the changes to the implied DUP calculation.

Since 2018, Platts has also launched a number of regional price assessments, including country-specific premiums in Brazil and Mexico. Full details of Platts US aluminum assessments are available in the global nonferrous specifications guide, available here.

Platts Implied DUP and new Net-forward DUP series are published in Metals Daily and Metals Week, and on Platts Metals Alert fixed pages PMA413 and MTL413.

Platts previously proposed the new assessments in a subscriber note published Oct. 14 , and announced its decision in a subscriber note published Dec. 14, available here.

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