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Price Assessment

Platts Aluminum GW duty-paid in-warehouse Rotterdam Premium Assessment

  • What is the Platts Aluminum GW duty-paid IW Rotterdam Premium?
  • How do we assess Platts Aluminum GW duty-paid IW Rotterdam premium?
  • Evolution of Platts Secondary Aluminum Coverage

What is the Platts Aluminum GW duty-paid IW Rotterdam Premium?

The Aluminum GW duty-paid IW Rotterdam premium is one of Platts' four Primary Aluminum assessments in Europe, and is a part of Platts' suite of price references across the global aluminum chain.

It reflects the transactable value of physically-traded aluminum as a premium or discount to the London Metal Exchange [LME] cash price for 99.7% ingots, on an In-Warehouse Rotterdam basis with European duty paid.

Platts also publishes a duty unpaid assessment.

How do we assess Platts Aluminum GW duty-paid IW Rotterdam premium?

Platts started assessing Aluminum GW premium duty-paid IW Rotterdam as of September 2003.

The premium is assessed on a daily basis through a survey of market participants including producers, consumers and traders of primary aluminum in Europe and across the world.

Platts' assessment follows the Market-on-Close [MOC] methodology, and reflects the daily tradable value at 4:30 pm London time. This value is determined through incorporating the majority of bids, offers and transactions heard in the market on each day.

The assessment is a premium over the LME cash price [$/mt] for Western-origin 99.7% ingot which meets LME high grade expectations, basis In-Warehouse Rotterdam, 0-30 days payment terms and prompt delivery.

Evolution of Platts Secondary Aluminum Coverage

After Platts began assessing the US A380 price in 1992, the industry requested price assessments for additional US secondary alloys.

Platts began assessing 319, 356 and F132 on the same twice-weekly schedule in April 1993. The specifications for these alloys follow Aluminum Association parameters for chemistry and are for truckload quantities, delivered Midwest customers within 30 days, payment net-30 to net-60 days.

The price assessments quickly were adopted as a basis for pricing metal supplies between smelters and diecasters and the supply of diecast parts from diecasters to automakers and other end users.

Some traders and brokers also began offering over-the-counter derivatives settling against the Platts A380 assessment, as US A380 physical pricing has not been well correlated with LME prices.

Platts continued to expand its coverage of the secondary aluminum market in the years that followed, adding 8 assessments for US aluminum scrap in July 2000 ¿ for old cast, old sheet, mill-grade mixed low copper clips, dealer grade mixed low copper clips, high-grade turnings,auto shreds,used beverage cans and 6063 press scrap.

These assessments were updated in 2006 with the splitting of auto shreds into two assessments for high and low grades (twitch and tweak) and the addition of a painted siding assessment.

That decade also saw the expansion of Platts' secondary aluminum coverage into other regions with the addition of a weekly price assessment for the European alloy closest in specification to A380 '226 alloy' in September 2003, and price assessments for the closest Japanese equivalent -- ADC12 -- on both an FOB China and ex-works China basis in January 2008.

Platts continues to round out its secondary aluminum alloys coverage in response to industry requests, having added a US assessment for A413 in 2010 and for B390 in 2013.

Platts further expanded its aluminum scrap price assessments in early 2016 and continues to research additional secondary alloy and scrap assessments globally.


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