Metals & Mining Theme, Non-Ferrous
December 05, 2025
Platts to reshape US Midwest aluminum implied duty-unpaid premium calculations; launch new net-forward DUP
HIGHLIGHTS
New net-forward duty-unpaid calculation will capture both Canadian, global US imports
New calculation will run in parallel with existing implied duty-unpaid calculation through 2026
Platts, part of S&P Global Energy, will launch 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 (net-forward DUP) will represent a net-forward calculation that captures both Canadian and global duty-unpaid aluminum imports, plus freight to the US Midwest.
The assessment will be published alongside Platts existing Aluminum P1020 MW US Transaction Premium (implied duty-unpaid) delivered Midwest (MMOFU00; Implied DUP) 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.
Net-forward DUP
The US net-forward DUP calculation will reflect 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 67.5% share of overall imports through mid-2025, while New Orleans is a major point of entry for global US aluminum imports, accounting for about 9.6% of domestic imports through the same period, according to US Census data.
Platts existing implied DUP calculation currently reflects material subject to prevailing Canadian aluminum tariffs, based on a calculated P1020 import duty basis FOB Canada.
The alternative calculation will incorporate a new FOB Canada premium assessment that Platts announced it will launch separately on Dec. 8, 2025. More details can be found here .
The net-forward DUP calculation will be a simple average (arithmetic mean), in cents/lb, determined as follows:
[(New Aluminum FOB Canada premium cents/ lb + existing FOB Canada freight factor (AFLSB00)) + (existing Aluminum CIF New Orleans duty-unpaid premium cents/ lb (MMNDU00) + existing New Orleans to US Midwest Aluminum freight cents/ lb (MMQDU00))] / 2 = US Aluminum Net-forward Delivered Duty-Unpaid Midwest Premium
Platts will also publish a new all-in transaction price based on the net-forward DUP calculation.
Full specifications of the net-forward DUP aluminum assessment pricing suite will be as follows:
| Assessments | Symbols | Frequency | Quality | Quantity | Location | Timing | UoM | Payment Terms |
| US Aluminum Net-forward Delivered Duty Unpaid Midwest Premium | AFCPC00(Daily c/lb) AFCPD00 (Daily $/mt) AFCPC03 (Monthlyaverage c/lb) AFCPD03 (Monthly average $/mt) | Daily | 99.7% P1020A | 1,000-10,000 mt | Midwest consumer works | Within 7-30 days | Cents/lb | Net30 days |
| US Aluminum Net-forward Delivered Duty Unpaid Midwest Transaction price | AFCPE00 (Daily c/lb) AFCPF00 (Daily $/mt) AFCPE03 (Monthly average c/lb) AFCPF03 (Monthly average $/mt) | Daily | 99.7% P1020A | 1,000-10,000 mt | Midwest consumer works | Within 7-30 days | Cents/lb | Net30 days |
Update of existing implied DUP formula
An extended period of running the existing Implied DUP calculation alongside the new net-forward DUP calculation throughout 2026 will provide market participants with an opportunity to evaluate how each trends over a full calendar year, in line with previous feedback received.
The changes will affect the following assessments:
| Assessment name | Unit | Symbol | Weekly avg | Monthly avg | Yearly avg |
| Aluminum P1020 MW US Transaction Premium (Implied Duty-Unpaid) delivered US Midwest | cents/lb | MMOFU00 | MMOFU04 | MMOFU03 | MMOFU16 |
| Aluminum P1020 MW US Transaction Premium (Implied Duty-Unpaid) delivered US Midwest $/mt | $/mt | MMOIU00 | MMOIU04 | MMOIU03 | MMOIU16 |
| Aluminum P1020 Transaction Price (Implied Duty-Unpaid) delivered US Midwest | cents/lb | MMOGU00 | MMOGU04 | MMOGU03 | MMOGU16 |
| Aluminum P1020 Transaction Price (Implied Duty-Unpaid) delivered US Midwest $/mt | $/mt | MMOJU00 | MMOJU04 | MMOJU03 | MMOJU16 |
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 series is published in Metals Daily and Metals Week, and on Platts Metals Alert fixed pages PMA413 and MTL413.
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