S&P Global Platts wishes is clarifying that the CIF Japan spot aluminum premium (MMANA00) is assessed in a range and also adding details on the base month normalization for the assessment.
The CIF Japan spot aluminum premium, assessed as a range, reflects all origins except Iran, India, Egypt, in line with the market definition of Good Western material, and excludes material from LME warehouses.
To ensure the underlying futures structure is accounted for when assessing the CIF Japan Spot Premium, Platts normalizes all indications to a base month.
The base month is the calendar month plus one (M+1).
For example, if Platts is assessing during the month of November, then the assessment will reflect December as the base month.
Normalization is not required for trades reported with December QP and December laycan and fall within the 15-60 days loading window.
Trades reported outside the base month will be normalized using the most current futures exchange inter-month spread.
For example, a trade reported in November, with December QP and January laycan, and falls within the 15-60 days loading period, will be normalized using the December-January inter-month spread at the time of the trade.
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