Nonferrous

[METALS ]
METHODOLOGY AND SPECIFICATIONS GUIDE
Nonferrous
(Latest update: January 2015)
INTRODUCTION2
HOW THIS METHODOLOGY STATEMENT IS ORGANIZED
2
PART I: DATA QUALITY AND DATA ACQUISITION
2
WHAT TO REPORT
HOW TO REPORT
MOC DATA PUBLISHING PRINCIPLES
2
3
3
PART II: SECURITY AND CONFIDENTIALITY
3
PART III: CALCULATING INDEXES
AND MAKING ASSESSMENTS
3
MOC PRICE ASSESSMENT PRINCIPLES
NORMALIZATION PRICE ADJUSTMENT TECHNIQUES
PRIORITIZING DATA
ASSESSMENT CALCULATIONS
LOADING/DELIVERY LOCATION
FREIGHT DIFFERENTIALS
EMBEDDED OPTIONS
GENERAL TERMS & CONDITIONS
CREDIT/PAYMENT TERMS
3
4
4
5
5
5
5
6
6
PART IV: PLATTS EDITORIAL STANDARDS
6
PART V: CORRECTIONS
6
PART VI: REQUESTS FOR CLARIFICATIONS
OF DATA AND COMPLAINTS
6
PART VII: DEFINITIONS OF THE TRADING LOCATIONS
FOR WHICH PLATTS PUBLISHES INDEXES OR
ASSESSMENTS7
ALUMINUM CHAIN
7
BASE METALS
16
PRECIOUS21
LIGHT/MINOR METALS
22
REVISION HISTORY
26
NONFERROUS: JANUARY 2015
METHODOLOGY AND SPECIFICATIONS GUIDE
INTRODUCTION
Platts’ methodologies are designed to produce price assessments that are
representative of market value, and of the particular markets to which they
relate. Methodology documents describe the specifications for various
products reflected by Platts’ assessments and indexes, the processes and
standards Platts adheres to in collecting data, and the methods by which
Platts arrives at final assessment values for publication. These guides are
freely available on Platts’ website for public review.
■■
Part I describes what goes into Platts indexes and price values,
including details on what data market participants are expected to
submit, the process for submitting data and criteria for timeliness
of market data submissions.
■■
Part II describes any security and confidentiality practices that
Platts uses in handling and treating data.
■■
Part III is a detailed account of how Platts collects bids, offers, trades
and other market data, and what Platts does with the data to formulate
its indexes and assessments. It includes descriptions of the methods
that Platts uses for reviewing data, and the methods used to convert raw
data into indexes and assessments, including the procedures used to
identify anomalous data. This section describes how and when judgment
is applied in this process, the basis upon which transaction data
may be excluded from a price assessment, and the relative importance
assigned to each criterion used in forming the price assessment.
This section describes the minimum amount of transaction data required
for a particular price assessment to be published, and the criteria
for determining which values are indexes, and which are assessments,
based on reported transactions and other market information. Finally, this
section describes how Platts addresses assessment periods where one
or more reporting entities submit market data that constitute a significant
proportion of the total data upon which the assessment is based.
Platts discloses publicly the days of publication for its price assessments
and indexes, and the times during each trading day in which Platts
considers transactions in determining its assessments and index levels.
This schedule of publication is available in Platts methodology guides.
Where this schedule is disrupted by public holidays; a schedule of
services/publications affected is available at the following link: http://
www.platts.com/HolidayHome.
The dates of publication and the assessment periods are subject to
change in the event of outside circumstances that affect Platts’ ability to
adhere to its normal publication schedule. Such circumstances include
holidays, network outages, power failures, acts of terrorism and other
situations that result in an interruption in Platts’ operations at one or
more of its worldwide offices. In the event that any such circumstance
occurs, Platts will endeavor, whenever feasible, to communicate publicly
any changes to its publication schedule and assessment periods, with as
much advance notice as possible.
All Platts methodologies reflect Platts’ commitment to maintaining best
practices in price reporting.
Platts’ methodologies have evolved to reflect changing market conditions
through time, and will continue to evolve as markets change. A revision
history, a cumulative summary of changes to this and future updates, is
included at the end of the methodology.
HOW THIS METHODOLOGY STATEMENT IS ORGANIZED
This description of methodology for indexes and assessments is divided
into seven major parts (I-VII) that parallel the entire process of producing
price values for the specified market period.
■■
■■
■■
■■
PART I: DATA QUALITY AND DATA
ACQUISITION
Platts’ objective is to ensure that the submission of
transactional information and other data inputs that editors
use as the basis for their price assessments is of the highest
quality. Ensuring that data used in Platts assessments is of high
quality is crucial to maintaining the integrity of Platts’ various
price assessment processes.
Platts encourages entities that submit any market data for
consideration in its assessment processes to submit all market
data that they have which may be relevant to the assessment being
made. Platts’ aim is to determine the full circumstances surrounding
all reported transactional data, including details of quality,
specifications, order sizes, dimensions, lead times and any locational
and loading/delivery information. Platts uses that information to
determine a typical and repeatable market level for the commodity
being assessed.
WHAT TO REPORT
■■
Confirmed transactions
■■
Firm bids that are open to the marketplace as a whole, with
standard terms
■■
Firm offers that are open to the marketplace as a whole, with
standard terms
Part VI explains how users of Platts assessments and indexes can
contact Platts for clarification of data that has been published,
or to register a complaint. It also describes how to find out more
about Platts’ complaint policies.
■■
Expressions of interest to trade with published bids and offers,
with standard terms
■■
Indicative values, clearly described as such
Part VII is a list of detailed specifications for the trading locations for
which Platts publishes indexes or assessments in this commodity.
This section describes why specific units of measurement are used,
and what conversion factors are used to move between units of
measurement, where relevant.
■■
Reported transactional activity heard across the market, clearly
described as such
■■
Other data that may be relevant to Platts assessments
Part IV explains the process for verifying that published prices
comply with Platts’ standards.
Part V lays out the verification and correction process for revising
published prices and the criteria Platts uses to determine when it
publishes a correction.
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
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METHODOLOGY AND SPECIFICATIONS GUIDE
HOW TO REPORT
Platts accepts information provided for publication in real-time across a
wide variety of media. The following reporting methods are accepted by
Platts’ metals editorial staff:
■■
Telephone
■■
Email
■■
Electronic/instant messages
■■
Fax
For most nonferrous metals reporting, the phone and email are the
primary methods employed by editorial staff.
MOC DATA PUBLISHING PRINCIPLES
Platts has progressively adopted its Market on Close (MOC)
assessment process to assess the value of nonferrous metals in
many markets. The MOC assessment process establishes core
standards for how data is collected and published, how data is
prioritized by value, and ultimately how data is analyzed in the
course of completing Platts assessments.
Transparency underpins Platts data publishing processes in markets.
Under Platts MOC guidelines for collecting and publishing data,
Platts publishes market information including but not limited to firm
bids and offers, expressions of interest to trade and confirmed trades
that are received from market participants throughout the period
being assessed.
during the entire day, and publishes a wide range of data relating to
market value as it does so. All data that has been published through the
day is analyzed during the assessment process. Toward the close of the
day, Platts focuses its assessment process seeking to publish named firm
bids and offers, expressions of interest to trade and confirmed trades,
with all relevant details. Transparent data is prioritized in the assessment
process, because it is available to the entire market for testing.
Bids and offers published by Platts are considered to be firm until Platts is
informed otherwise, or until the close of the assessment process for the
day, whichever comes first. Platts will consider all firm bids and offers as
open to the market at large and executable unless informed otherwise by
the counterparty submitting the market information. If no communication
is made to Platts to withdraw or change the parameters of the bid or
offer, it is assumed that it is available to the marketplace. Platts seeks
verification of any transaction originating from a bid or offer submitted for
inclusion in the Platts MOC process.
Platts editorial guidelines governing its assessment process require
it must consider only those transactions, bids or offers where market
participants perform under typical contractual terms. Platts accepts
that individual companies may have trading limits with counterparties
and that national legislation may prevent companies from dealing in
materials of certain origins. Such counterparty issues are dealt with
on a case-by-case basis. Platts tracks all circumstances surrounding
trades reported during its MOC assessment process, and any issues
regarding performance. Platts cannot make any guarantee in advance
about how and whether market information received and published but
not fully adhering to its defined methodology will be incorporated in its
final assessments.
PART II: SECURITY AND CONFIDENTIALITY
NONFERROUS: JANUARY 2015
PART III: CALCULATING INDEXES
AND MAKING ASSESSMENTS
MOC PRICE ASSESSMENT PRINCIPLES
As a publisher owned by McGraw Hill Financial, Platts places
independence and impartiality at the heart of its price assessments. Platts
has no financial interest in the price of the products or commodities on
which it reports. Platts’ overall objective is to reflect the transactable
value of the commodity assessed. Platts’ indices and assessments are
based on its own surveys of market participants completed by Platts
market reporters each day. Platts assessments are based on as broad a
cross-section of the market as possible, including distributors, traders,
producers, end-users and brokers.
All transactional data is factored equally for use in a particular
assessment, as long as such transactions are deemed repeatable and
within the established specifications for each product. Transactions are
not evaluated on a weighted basis.
Through the progressive adoption of the MOC assessment process, Platts
seeks to establish and publish the value of nonferrous metals in various
locations that prevails at the close of the assessment process itself.
Platts has aligned the timestamps reflected in its assessments with what
typically is a period of high activity in the markets that Platts observes.
Platts believes that aligning its price assessments to typical periods of
greater market activity and liquidity provides a robust basis upon which to
derive a reliable assessment of market value.
Platts nonferrous metals price assessments are timestamped; the time
and location are noted below unless otherwise stated in the specification
in Part VII
Information may be published in real-time on Platts information service,
Platts Metals Alert. Platts publishes information received so that it can
be fully tested by the market at large. Information collected and published
may include the identities of buyers and sellers, branded material,
confirmed prices, volumes, location, and stated trading terms.
Data is stored in a secure network, in accordance with Platts’ policies
and procedures. Platts nonferrous metals assessments are produced in
accordance with Platts’ Market on Close assessment methodology. This
means that all data for use in Platts assessments may be published by
Platts editorial staff while assessing the value of the markets.
Asia: Singapore/Shanghai 4:30 pm
US: Washington DC 4:30 pm
Europe: London 4:30 pm
Platts’ assessments are designed to reflect repeatable market value at
the close of the assessment process. Platts tracks market price evolution
Platts does not have confidentiality agreements for information provided
for use in its nonferrous metals assessments.
Platts is progressively adopting MOC methodology in order to provide
complete clarity over the precise point in time reflected in its market
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
3
METHODOLOGY AND SPECIFICATIONS GUIDE
assessments.The time of commercial activity is an important attribute
considered in all Platts price assessments. The time that a bid or offer is
shown to the market --or a transaction concluded -- is vitally important in
understanding the market value of the respective commodity.
MOC guidelines are designed to avoid distortion of the final price
assessments by eliminating inputs that are not fully verifiable, and by
disregarding one-offs or unrepeatable transactions, or those that may
distort the true market level. Transactions between related parties are, for
instance, not considered in the assessment process.
Platts does not specify a minimum amount of transaction data, or a
transaction data threshold, for the publication of its price assessments.
Physical commodity markets vary in liquidity. Any particular market
analyzed on its own will typically demonstrate rising and falling levels of
transactional activity through time. Platts is committed to providing an
assessment of value for every market that it covers, equally well in times
of heightened or reduced liquidity.
Platts seeks to receive market information from as broad a cross section
of the market as possible. If a very limited number of market-makers are
active in the market, or if a limited number submit data that constitutes
a significant proportion of the total data upon which the assessment is
based, Platts will continue to seek fully transparent and verifiable data
from the market at large and to apply Platts methodology principles of
transparency, repeatability and time sensitivity. Platts will seek to verify
that the value reflects broad market value.
NORMALIZATION PRICE ADJUSTMENT TECHNIQUES
Platts seeks to align the standard specifications for the nonferrous metals
markets it assesses and the timestamps reflected in its assessments with
standard industry practice. However, physical commodity markets are
generally heterogeneous in nature – not only can time of transactional
activity considered for inclusion in the price assessment process vary
through the day, other key attributes often vary from the base standard
reflected in Platts assessments for nonferrous metals traded in the market.
The quality of nonferrous metals, delivery location, and other specific
terms of trade may be varied in the physical commodity markets assessed
by Platts. This is one reason among many why data collected from these
markets may not be simply averaged to produce a representative value.
Because of the complex nature of the physical markets, data typically
must be aligned with standard definitions to allow for a fully
representative final published assessment. Platts aligns data collected
through an analysis of the physical nonferrous metals with its standard
assessment specifications through a process called normalization.
Normalization is an essential price adjustment technique applied by
Platts, to align reported market information to reflect the economic
relationship between specific reported activity and the base standard
reflected in Platts price assessments.
By surveying markets and observing the economic impact of variance
from the base standard reflected in Platts assessments, Platts regularly
normalizes disparate information from the diverse physical commodity
markets back to the standard reflected in Platts price assessments. This
is done by analyzing freight rates (for locational differences), quality
differentials (for quality differences), the movements of all markets
through time (for time differences) and other differentials associated with
the size of trades and delivery terms.
Normalization for time may be done by analyzing movement in a related
market observed through time, and that movement may provide a basis by
which to align market value of an earlier reported bid, offer or transaction
to market value at the MOC close. This alignment for time is essential
to ensure that Platts price assessments reflect the prevailing value of a
market at the close of the MOC process.
PRIORITIZING DATA
Platts assessment process considers firm bids, firm offers and
transactions that are transparent and open to any counterparty
with the proper financial and operational resources. Bids, offers or
transactions that are not transparent may not be considered in the
assessment process. The level of each bid or offer should stand
firm in the marketplace long enough for any counterparty to hit the
bid or lift the offer, otherwise the bid or offer may be deemed nonexecutable. Platts may not consider bids, offers or transactions that
are the result of market gapping, i.e. changes that are in excess of
normal market practice.
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
NONFERROUS: JANUARY 2015
Transparency underpins Platts assessment process, just as it does
Platts data publishing processes, in the nonferrous metals. When
determining a final market assessment, Platts gives the greatest
priority to fully verifiable and transparent market information. A firm
bid or offer that has been published by Platts in accord with its data
publishing standards, and which still stands open to the marketplace
at the close of the assessment process, will establish clear parameters
for Platts final published assessments. Platts will typically assess
market value somewhere between the best bid, and best offer,
open to the market at the timestamp close . This ensures that Platts
assessments reflect the transactable value of the commodities it is
assessing at the close of the market.
Completed, transparent transactions that are fully published by Platts
are important in helping establish where trading interest prevails in the
market, and may help determine where, in a bid/offer spread, Platts may
assess value for publication.
Firm bids and offers that are available to the entire market take
precedence over trades that have been concluded earlier in the
assessment process when establishing the value of the market,
particularly if bids are available at the close above previously traded
levels, or offers are available to the market below previously traded
levels. Value is a function of time.
Similarly, firms bids and offers that are available to the entire market take
precedence over transactional activity reported to Platts after the fact.
When no bid, offer or transaction data exists, Platts may consider other
verifiable data reported and published through the day, including fully
and partially confirmed trades, notional trading values and other market
information as provided for publication. Under such circumstances,
Platts may also be able to observe direct market activity or the effect of
commonly traded commodities on illiquid markets via spread differentials
and/or shipping economics.
Platts also analyzes the relationships between different products,
and factors these relationships into assessments for markets where
transactional data falls to low levels. Finally, Platts normalizes other
available data that may be relevant to the assessment during periods
when low amounts or no transactional data exists, including transactional
data from related markets, in the manner described above.
4
METHODOLOGY AND SPECIFICATIONS GUIDE
Platts MOC guidelines are designed to avoid any distortion of the
final price assessment and so inputs that are not verifiable tend to
be eliminated and “one-off” or unrepeatable transaction data may be
disregarded from the price assessment process.
All such judgment is subject to review by Platts editorial management
for adherence to the standards published in Platts methodologies. The
following section illustrates how these guidelines work when calculating
indexes and making assessments.
Single transactions may be a reflection of market value. However,
single transactions need to be measured against the broad span
of similar transactions. Platts seeks to verify the repeatability of
market value by determining the level achieved is repeatable in the
wider market.
To ensure the assessments are as robust as possible, Platts editorial
systems are backed by a strong corporate structure that includes managerial
and compliance oversight. To ensure reporters follow Platts methodological
guidelines in a consistent manner, Platts ensures that reporters are trained
and regularly assessed in their own and each other’s markets.
A variant on this action is price “gapping” -- when bids are made
too high and offers are made too low through untested levels of
price support or resistance. Platts may not publish such bids and
offers during the MOC process. When transactions are concluded at
levels that have not been fully tested by the market because price
changes have been non incremental, Platts may determine that actual
market value is somewhere between the last incremental bid and the
transaction at the gapped level.
Application of professional judgment guidelines promotes consistency and
transparency in judgments and is systematically applied by Platts. Where
professional judgment is exercised, all information available is critically
analysed and synthesised. The various possibilities are critically analysed
and fully evaluated to reach a judgment. Platts manages and maintains
internal training guides for each of the different products assessed
which aim to assist assessors and ensure Platts’ price assessments are
produced consistently. Platts’ price assessments are reviewed prior to
publication and exercise of professional judgment is further discussed
and verified during this process. Finally, consistent with the concept of
proportionality, assessments that are referenced by derivatives contracts
are supported by assessment rational, including the application of
judgment, which is published together with the price assessment offering
full transparency to the market.
ASSESSMENT CALCULATIONS
Platts publishes its assessments reflecting the currencies and units of
measurement in which the products typically trade.
In certain cases Platts converts its assessments to other currencies or
units of measurement to allow for ease of comparison or analysis in
regional markets. Such conversions are done using published exchange
rates and conversion factors.
Platts reporters follow specific methodology when exercising editorial
judgment during their assessment process. Platts editors apply judgment
when determining (1) whether information is suitable for publication, (2)
when normalizing data and (3) when determining where to assess final
value of market.
Judgment may be applied when analyzing transactional data to determine
if it meets Platts standards for publication; judgment may also be applied
when normalizing values to reflect differences in time, location, and other
trading terms when comparing transactional data to the base standard
reflected in Platts assessments.
Reporters are trained to identify potentially anomalous data. We define
anomalous data as any information, including transactions, which is inconsistent
with or deviates from our methodology or standard market conventions
Platts focuses primarily on assessing the value of nonferrous metals in
the spot market. A spot price for a physical commodity is the value at
which a standard, repeatable transaction for merchantable material takes
place, or could take place in the open market at arms’ length. Platts spot
price assessments reflect the value at which transactions take place, or
could take place, at the time stamped (close of the MOC process).
LOADING/DELIVERY LOCATION
Platts defines base locations in its price assessments but these
act as a pricing basis point, and differentials may be assessed
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
NONFERROUS: JANUARY 2015
off these when deals or bids/offers are reported on a different
delivery port basis.
FREIGHT DIFFERENTIALS
Platts may take into account prevailing sea freight and/or logistics rate
levels in establishing ex-works (EXW), FOB and/or CIF/CFR values. Where
a market has become illiquid, Platts may determine the FOB value from
the CIF value and vice versa. Where there is limited local demand but
longer-range arbitrage opportunities emerge, the FOB value may rise
relative to the CIF value and may at times be assessed at parity or even
above the CIF value.
EMBEDDED OPTIONS
Platts overall objective is to reflect the transactable value of the
commodity assessed. In cases where the apparent value of the
commodity includes extra optionalities, the intrinsic value of the
commodity may be masked.
In such cases, Platts may use its editorial judgement to factor
out such extraneous elements from the value of the commodity,
or it may decide not to use the bid, offer or transaction in its
assessment process.
Optionalities that typically mask the value of the commodity include
loading or delivery options held by the buyer or seller, volume option
tolerances exercisable by the buyer or seller or quality specifications
among others.
As an example, typical volume tolerance in nonferrous metals
transactions is plus or minus 5% of the stated order size. If a buyer or
seller requests a wider optionality of say 10% or 20% of the stated order
size, that would need to be factored into the assessment, depending on
which party held the option.
In the above example, the price may be normalized down if the buyer held
the larger-than-usual volume tolerance option and vice-versa if the seller
held that option.
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METHODOLOGY AND SPECIFICATIONS GUIDE
GENERAL TERMS & CONDITIONS
Platts assessments reflect trades in the nonferrous metals market
concluded INCOTERMS.
Where companies express bids or offers, these are understood to be on
INCOTERMS unless otherwise stated. Platts’ use of terms such as FOB,
CFR, CIF, ex-works and so on are based around definitions provided by the
International Chamber of Commerce which publishes the INCOTERMS.
Definitions of such terminology are available through the following web
link: http://www.iccwbo.org/incoterms/ Please note that the text of
INCOTERMS in whole or in part is subject to ICC’s copyright. Other related
ICC publications, in printed or electronic form, are also subject to copyright.
CREDIT/PAYMENT TERMS
Payment terms are as per standard commercial practice which is typically
prompt payment for ex-mill material and within up to 60 days of delivery
for imported material. Unless otherwise stated below.
Payment terms reflected are specified under each individual data
code. Wherever greater credit is given this will be allowed for in the
assessment process. Where a seller is prepared to discount the price for
prompter payment, this will also be factored into the assessment.
PART IV: PLATTS EDITORIAL STANDARDS
All Platts employees must adhere to the McGraw Hill Financial Code
of Business Ethics (COBE), which has to be signed annually. The COBE
reflects McGraw Hill Financial’s commitment to integrity, honesty and
acting in good faith in all its dealings.
In addition, Platts requires that all employees attest annually that
they do not have any personal relationships or personal financial
interests that may influence or be perceived to influence or interfere
with their ability to perform their jobs in an objective, impartial and
effective manner.
Market reporters and editors are required to ensure adherence to
published methodologies as well as internal standards that require
accurate records are kept in order to document their work.
Platts has a Quality & Risk Management (QRM) function that is
independent of the editorial group. QRM is responsible for ensuring
the quality and adherence to Platts’ policies, standards, processes
and procedures. The QRM team conducts regular assessments of
editorial operations, including checks for adherence to published
methodologies.
McGraw Hill Financial’s internal auditor, an independent group that
reports directly to the parent company’s board of directors, reviews the
Platts risk assessment programs.
NONFERROUS: JANUARY 2015
PART V: CORRECTIONS
Platts is committed to promptly correcting any material errors. When
corrections are made, they are limited to corrections to data that was
available when the index or assessment was calculated.
PART VI: REQUESTS FOR CLARIFICATIONS
OF DATA AND COMPLAINTS
Platts strives to provide critical information of the highest standards,
to facilitate greater transparency and efficiency in physical commodity
markets.
Platts customers raise questions about its methodologies and the
approach taken in price assessments, proposed methodology changes and
other editorial decisions in relation to Platts’ price assessments. Platts
strongly values these interactions and encourages dialogue concerning
any questions a customer or market stakeholder may have.
However, Platts recognizes that occasionally customers may not be
satisfied with responses received or the services provided by Platts and
wish to escalate matters. Full information about how to contact Platts
to request clarification around an assessment, or make a complaint, is
available on the Platts website, at: http://www.platts.com/ContactUs/
Complaints.
Where transactions are reported with non-standard credit terms, Platts
normalizes these based on prevailing commercial interest rates and
typical credit payment terms in the industry at the time of the transaction.
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
6
METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
PART VII: DEFINITIONS OF THE TRADING LOCATIONS FOR WHICH PLATTS PUBLISHES INDEXES OR ASSESSMENTS
The following specifications guide contains the primary specifications and methodologies for Platts Nonferrous metals assessments throughout the world/region. The various components of this guide are designed to give Platts
subscribers as much information as possible about a wide range of methodology and specification issues.
This methodology is current at the time of publication. Platts may issue further updates and enhancements to this methodology and will announce these to subscribers through its usual publications of record. Such updates will be
included in the next version of the methodology. Platts editorial staff and managers will usually be ready to provide guidance when assessment issues require clarification.
ALUMINUM CHAIN
Assessment
CODE
Mavg
Wavg
Yavg
QUALITY
QUANTITY
Alumina FOB
Australia $/Mt Daily
MMWAU00
"Price assessments reflect sandy calcined Metallurgical / Smelter
Grade Alumina (SGA). SGA produced in Australia meets the
following typical quality parameters: SiO2 % 0.025 Max Fe2O3 %
0.025 Max TiO2 % 0.007 Max Na2O % 0.550 Max ZnO % 0.015
Max P2O5 % 0.003 Max CaO % 0.050 Max
MMWAU03 MMWAU04 MMWAU16
V2O5 % 0.005 Max Loss on Ignition (300-1000 degrees C) % 1.00
Max Alpha Phase (Alumina Alpha or Alpha content) % 12 Max
Specific surface area m2/g 60-80 Min-Max -45 microns % 12.0
Max +45 microns % 88.0 Min ** pls note these specs apply to
Platts FOB Aus, CFR China assessments"
Alumina ExWorks
China Yuan/mt Daily
MMXCY00
MMXCY03 MMXCY04
MMACA03
DIMENSIONS
LOCATION
TIMING
PAYMENT TERMS
UOM
Loadings of 25,000 mt,
Cargoes typically load on
30,000 mt or 35,000 mt
Handysize, Handymax or
are assessed as standard. Supramax class vessels.
Kwinana,
Bunbury
30-60 days later
LC 30 days, BL 30
days
$/mt
Smelter Grade Alumina, which meets the latest Chinese official
industrial standard under code GB/T24487-2009. Aluminum Oxide
(Al2O3) content of minimum 98.4%.
Min. 1,000 mt lots.
Ex-works
Henan
Immediate loading (after
payment), for delivery (by
truck or rail) within 2-7
days.
Payment prior to
loading.
Chinese Yuan/
mt
"Price assessments reflect sandy calcined Metallurgical / Smelter
Grade Alumina (SGA). SGA produced in Australia meets the
following typical quality parameters: SiO2 % 0.025 Max Fe2O3 %
0.025 Max TiO2 % 0.007 Max Na2O % 0.550 Max ZnO % 0.015
Max P2O5 % 0.003 Max CaO % 0.050 Max
V2O5 % 0.005 Max Loss on Ignition (300-1000 degrees C) % 1.00
Max Alpha Phase (Alumina Alpha or Alpha content) % 12 Max
Specific surface area m2/g 60-80 Min-Max -45 microns % 12.0
Max +45 microns % 88.0 Min ** pls note these specs apply to
Platts FOB Aus, CFR China assessments"
25-35 kt
Lianyungang
30-60 days later
$/mt
"Price assessments reflect sandy calcined Metallurgical / Smelter
Grade Alumina (SGA). SGA produced in Australia meets the
following typical quality parameters: SiO2 % 0.025 Max Fe2O3 %
0.025 Max TiO2 % 0.007 Max Na2O % 0.550 Max ZnO % 0.015
Max P2O5 % 0.003 Max CaO % 0.050 Max
MMACH03 MMACH04 MMACH06
V2O5 % 0.005 Max Loss on Ignition (300-1000 degrees C) % 1.00
Max Alpha Phase (Alumina Alpha or Alpha content) % 12 Max
Specific surface area m2/g 60-80 Min-Max -45 microns % 12.0
Max +45 microns % 88.0 Min ** pls note these specs apply to
Platts FOB Aus, CFR China assessments"
25-35 kt
Bunbury,
Kwinana to
Lianyungang
30 days later
$/mt
Alumina
Alumina CFR China
Yuan/mt Daily
MMACA00
DBF Aus-China
MMACH00
Handysize $/Mt Daily
Bags of 1.5 mt each.
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
7
METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
ALUMINUM CHAIN CONTINUED
Assessment
Alumina CFR China
$/Mt Daily
CODE
Mavg
Wavg
Yavg
QUALITY
QUANTITY
MMALZ00
"Price assessments reflect sandy calcined Metallurgical / Smelter
Grade Alumina (SGA). SGA produced in Australia meets the
following typical quality parameters: SiO2 % 0.025 Max Fe2O3 %
0.025 Max TiO2 % 0.007 Max Na2O % 0.550 Max ZnO % 0.015
Max P2O5 % 0.003 Max CaO % 0.050 Max
MMALZ03 MMALZ04 MMALZ16
V2O5 % 0.005 Max Loss on Ignition (300-1000 degrees C) % 1.00
Max Alpha Phase (Alumina Alpha or Alpha content) % 12 Max
Specific surface area m2/g 60-80 Min-Max -45 microns % 12.0
Max +45 microns % 88.0 Min ** pls note these specs apply to
Platts FOB Aus, CFR China assessments"
DIMENSIONS
25-35 kt
LOCATION
TIMING
Lianyungang
PAYMENT TERMS
UOM
30-60 days later
$/mt
Calcined Petcoke
Calcined Pet Coke
FOB US Gulf Coast
$/MT Monthly
Anode-grade calcined petroleum coke, suitable for aluminum
smelters, with the following specification: Sulfur 2.5 – 2.7%,
Vanadium max 300 ppm, Nickel max 250 ppm, Fe max 300 ppm,
Silicon max 250 ppm, Calcium max 150 ppm, Sodium max 120 ppm,
Ash max 0.50%, VBD 0.85-0.87 g/cc (ASTM scale)
MMXEV00
"Standard loadings of
10,000 mt to 15,000 mt.
Larger loadings of up to
25,000-45,000 mt may
be price normalized.
Cargoes typically load on
Handymax or
Handysize class vessels."
NA
FOB US Gulf
ports
"0-30 days’ credit
at standard.
Monthly assessment for
Assessments are
loading within 30-60 days
normalized to
of publication last business
payment 30 days
day of month
after bill of lading
date."
US dollars
per metric ton
($/mt)
delivered,
duty-paid
Midwest
consumer
works
within 30 days
net-30 days
cents/lb
Aluminum
Aluminum US Market
MMAAE00
Wkly
MMAAE03
MMAAE16 99.7% high-grade aluminum P1020A spec
min full 45,000 mt
ingot,low-profile sow or
truckloads, typical100-500
T-bars
mt
US Alum Transaction
MMAKE00
Premium Daily
"Daily premium or discount to the London Metal Exchange cash
price for spot physical 99.7% high-grade aluminum P1020A, LME
MMAKE03 AADDJ00 MMAKE16 spec, 99.7% Al, min, max 0.2% Si, 0.1% Fe, 0.03% zinc, 0.04%
gallium, 0.03% vanadium
"
min full 45,000 mt
ingot, low-profile sow or
truckloads, typical100-500
T-bars
mt
delivered,
duty-paid
Midwest
consumer
works
within 7-30 days
net-30 days
cents/lb
MMATP03 MMATP04
99.7% high-grade P1020
min full 45,000 mt
ingot, low-profile sow or
truckloads, typical100-500
T-bars
mt
delivered,
duty-paid
Midwest
consumer
works
within 7-30 days
net-30 days
$/mt conversion
MMAAF02 MMAAF01 MMAAF16 99.7% high-grade P1020
min full 45,000 mt
ingot, low-profile sow or
truckloads, typical100-500
T-bars
mt
delivered,
duty-paid
Midwest
consumer
works
within 7-30 days
net-30 days
cents/lb
MMACN03 MMACN04 MMACN16 99.7% high-grade P1020
"min full 45,000 mt
ingot, low-profile sow or
truckloads, typical100-500
T-bars
mt"
"delivered
, duty-paid
Midwest
consumer
works"
within 7-30 days
net cash
cents/lb
US Alum Trans Prem
$/Mt (conversion)
Aluminum US
Transaction Daily
US Aluminum NetCash Prem Daily
MMATP00
MMAAF10
MMACN00
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
8
METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
ALUMINUM CHAIN CONTINUED
Assessment
CODE
Aluminum 6
Month P1020 Ingot
(Premium) Wkly
MMANJ04
Aluminum 6063
(Billet) Upcharge
Weekly
MMAKC00
Aluminum Brazil
Premium DDP SE
Weekly
MMABS04
Aluminum CIF Brazil
premium duty-unpaid MMABP04
Weekly
Mavg
AAMDO00
MMABS03
MMABP03
Wavg
Yavg
QUALITY
QUANTITY
DIMENSIONS
LOCATION
TIMING
PAYMENT TERMS
UOM
99.7% high-grade P1020
Not specified
should be same as for
Trans
delivered US
Midwest
6 months forward
NA
cents/lb
6063 billet, 7-8" diameter
delivered US
Midwest
within 7-30 days
net-30 days
cents/lb over
P1020
within 30 days
net-7 to net-10 days
$/mt
net-30 days
$/mt
"US spot upcharge over current P1020 transaction price for primary,
Not specified
AAMDO16 North American General Purpose 6063
billet, to Aluminum Assn. specifications"
MMABS16 99.7% high-grade P1020
25-500 mt, 100 mt typical
99.7% Al purity, standard
ingot, sow and T-Bars.
Delivered,
duty-paid,
Southeast
Region - VAT
taxes not
included
MMABP16 99.7% high-grade P1020
500-2,000 mt, 2,000 mt
typical
99.7% Al purity, standard
ingot, sow and T-Bars.
CIF, dutyunpaid, Major
Brazilian ports within 30-60 days
- VAT taxes
not included
25-500 mt, 100 mt typical
99.7% Al purity, standard
ingot, sow and T-Bars.
Delivered,
duty-paid,
Southeast
Region - VAT
taxes not
included
Aluminum Brazil
Market, delivered SE MMADB04
Brazil Weekly
MMADB03
GdWstn PrmDuty Pd
IW Rdam (Premium
duty paid) Daily
AALVE00
AALVH00 AALXJ00 AALVH16 min. 99.7% Al
Not specified
ingot
in warehouse
Prompt
Rotterdam
0-30 days
$/mt
GdWstn
PrmDutyUnpd IW
Rdam (Premium duty
unpaid)
AALVI00
AALVK00 AALXK00 AALVK16 min. 99.7% Al
Not specified
ingot
in warehouse
Prompt
Rotterdam
0-30 days
$/mt
RussA7E PrmDtyUnpd
AALVL00
IWRdam Daily
AALVN00 AALXL00 AALVN16 min. 99.7% Al
Not specified
ingot
in warehouse
Prompt
Rotterdam
0-30 days
$/mt
RussA7E Prm FOB
StPete
AALVO00
AALVQ00 AALXM00 AALVQ16 min. 99.7% Al
Not specified
ingot
FOB St
Petersburg
Prompt
0-30 days
$/mt
CIF Japan Spot
Premium (Daily)
MMANA00
AAMDP00 MMANB04 AAMDP16
P1020A LME spec, 99.7% Al min, max 0.2% Si, 0.1% Fe, 0.03%
zinc, 0.04% gallium, 0.03% vanadium
250 mt or more
Yokohama,
25 kg ingot, sows, Tbars of
Nagoya,
other sizes
Osaka ports
loading the following
month after transaction
cash against
documents
$/mt
500 mt or more
Yokohama,
25 kg ingot, sows, Tbars of
Nagoya,
other sizes
Osaka ports
Q1 is January-March,
Q2 April-June, Q3 JulySeptember, Q4 OctoberDecember
cash against
documents
$/mt
MMADB16 99.7% high-grade P1020
CIF Japan Forward
Quarter Premium
AAFGA00
AAFGB00
P1020A LME spec, 99.7% Al min, max 0.2% Si, 0.1% Fe, 0.03%
zinc, 0.04% gallium, 0.03% vanadium
Aluminum CIF Japan
Fxd Prc Equiv
MMJAL00
MMJAL03
NA
NA
NA
NA
NA
NA
$/mt
Aluminum CIF Jpn Qr
MMJAQ00
FxdPrc Equiv
MMJAQ03
NA
NA
NA
NA
NA
NA
$/mt
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
9
METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
ALUMINUM CHAIN CONTINUED
Assessment
CODE
AlumPrem InWarehouse S'pore
Daily
MMAMY00
Alum Spore In Whse
FxdPrc Equiv Daily
MMASW00
Aluminum Western
Prem China Daily
Mavg
Wavg
Yavg
MMASW03
MMALQ00
QUALITY
QUANTITY
DIMENSIONS
LOCATION
99.7% (0.1%Si, 0.2% Fe)
Not specified
Not specified
99.7% (0.1%Si, 0.2% Fe)
Not specified
99.7% (0.1% Si, 0.2% Fe) Good Western aluminum
Not specified
TIMING
PAYMENT TERMS
UOM
In warehouse
Prompt
Singapore
Cargo released
immediately upon
payment
$/mt
Not specified
In warehouse
Prompt
Singapore
Cargo released
immediately upon
payment
$/mt
In the form of ingots,
sows, T-bars
Delivered to
main Chinese
ports such
as Huangpu,
Shanghai,
Fuzhou,
Qingdao,
Zhongshan,
Zhuhai, and
Hong Kong.
Cargo leaves port upon
receipt of letter of credits,
usually within one month
following the transaction
Not specified
$/mt
Cargo leaves port upon
receipt of letter of credits,
usually within one month
following the transaction
Not specified
$/mt
99.7% (0.1% Si, 0.2% Fe) Russian aluminum
Not specified
In the form of ingots,
sows, T-bars
Delivered to
main Chinese
ports such
as Huangpu,
Shanghai,
Fuzhou,
Qingdao,
Zhongshan,
Zhuhai, and
Hong Kong.
MMACW03
All-in price for 99.7% Western
Not specified
Not specified
NA
NA
NA
$/mt
MMACR03
All-in price for 99.7% Russian
Not specified
Not specified
NA
NA
NA
$/mt
All-in price for 99.7% including premium
Not specified
Not specified
NA
NA
NA
NA
All-in price for 99.7% including premium (in yuan)
Not specified
Not specified
NA
NA
NA
Yuan/mt
Alum Cans Scrap
Brazil Dom Prod Dlvd SB01018
Mill Wkly
Baled used beverage cans, to meet ISRI “taldon” specification
Not specified
NA
delivered
Southeast
Brazil
10-20 days
Not specified
cents/Real
Alum Castings Brazil
Dom Prod Dlvd Mill
Wkly
New, clean, uncoated and unpainted, low copper aluminum scrap
of two or more alloys. Grease and oil not to total more than 1%.
Not specified
NA
delivered
Southeast
Brazil
10-20 days
Not specified
cents/Real
New, clean, uncoated aluminum castings, forgings, and extrusions
of one specified alloy only and to be free from sawings, stainless
steel, zinc, iron, dirt, oil, grease and other non-metallic items.
Not specified
NA
delivered
Southeast
Brazil
10-20 days
Not specified
cents/Real
"less than 1% Mg and Zn, low Fe, low
contamination; minimum recovery rate 92%"
Full truckload
NA
delivered US
Midwest
del within 30 days
Not specified
cents/lb
Aluminum Russian
Prem China Daily
MMALR00
Alum C+F ChinaWest Fxd Prc Eqv
MMACW00
Alum C+F China-Russ
MMACR00
Fxd Prc Eqv
Aluminum C&F China
MMAML00
Daily
Aluminum C+F China
Spot Yuan/mt
MMACS00
MMACS03
Scrap
SB01020
Alum Profile Extru
Brazil Dom Prod Dlvd SB01022
Mill Wkly
Alum Old Cast Twice
Weekly
AAFBJ00
AAFFN00 AAMOU00 AAFFN16
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
10
METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
ALUMINUM CHAIN CONTINUED
Assessment
CODE
Mavg
Alum Old Sheet
Twice Weekly
AAFBL00
Alum Mill-Grade
Mixed Low Copper
Clips (MLCCs) Twice
Weekly
AAFBP00
QUALITY
QUANTITY
DIMENSIONS
LOCATION
TIMING
PAYMENT TERMS
UOM
AAFBO00 AAMOT00 AAFBO16
"Non-cast aluminum items for consumption by secondary
aluminum smelters to meet ISRI “taint/tabor”"
Full truckload
NA
delivered US
Midwest
del within 30 days
Not specified
cents/lb
AAFBR00 AAMOQ00 AAFBR16
"Mixed-low copper clips able to be consumed by
aluminum rolling mills, 1000, 3000, 5000, 6000 series only"
Full truckload
NA
delivered US
Midwest
del within 30 days
Not specified
cents/lb
Alum Smlter-Grade
AAFBT00
MLCCs Twice Weekly
"Mixed-low copper clips for consumption by
secondary aluminum smelters, loose, bare, new, no contamination,
Full truckload
AAFBV00 AAFBU00 AAFBV16
free of 2000 and
7000 series"
NA
delivered US
Midwest
del within 30 days
Not specified
cents/lb
Alum Turnings Twice
Weekly
AAFCA00
AAFCC00 AAMON00 AAFCC16
Machine and tooling scrap for consumption by secondary aluminum
Full truckload
smelters; high grade, clean and dry
NA
delivered US
Midwest
del within 30 days
Not specified
cents/lb
US Low Grd Auto
AASSO00
Shreds Twice Weekly
AASSO03 AASSO04 AASSO16
"Auto shreds generated through an eddy currentbased
or hand separation process, containing at least 90% metallics and
not more
than 4% zinc"
Full truckload
NA
delivered US
Midwest
del within 30 days
Not specified
cents/lb
US Hi Grd Auto
AASSP00
Shreds Twice Weekly
"Auto shreds generated through a heavy mediabased
separation process, containing at least 98% metallics and not
AASSP03 AASSP04 AASSP16 more than 1% free zinc, to include material from the following
suppliers: Huron Valley, Newell, Ferrous Processing/SLC Recycling
and Fort Wayne OmniSource Corp"
Full truckload
NA
delivered US
Midwest
del within 30 days
Not specified
cents/lb
AAMDC00
Full truckload
NA
delivered US
Midwest
del within 30 days
Not specified
cents/lb
Alum UBCs Weekly
AAFCD00
Wavg
Yavg
AAMDC16 Baled used beverage cans, to meet ISRI “taldon” specification
Aluminum 6063 Press
AAFCE00
Scrap Weekly
AAMCZ00 AAFCE00 AAMCZ16
"New 6063 extrusion press scrap, direct from presses,
billet with butts included"
Full truckload
NA
delivered US
Midwest
del within 30 days
Not specified
cents/lb as a
discount to
P1020
Aluminum Painted
Siding Weekly
AASNW03
AASNW16
"Siding consisting of clean, low-copper aluminum siding
scrap, painted one or two sides, free of plastic coating, iron, dirt,
corrosion, fiber, foam or fiberglass backing or other non-metallic
items"
Full truckload
NA
delivered US
Midwest
del within 30 days
Not specified
cents/lb
AASNW02
Secondary Alloys
Aluminum A-380
Twice Weekly
MMAAD00
MMAAD02 MMAAD01 MMAAD16
8-9.5% Si, 1% Fe, 3-4% Cu, 0.5% Mn, 0.1% Mg, 0.5% Ni, 2.9%
Zn, and 0.35%
Full truckload
NA
delivered US
Midwest
Within 30 days
net-30 to net-60 days cents/lb
Aluminum A-319
alloy Twice Weekly
MMAAC00
MMAAC02 MMAAC01 MMAAC16
"5.5-6.5% Si; 0.8% Fe, 3.0-4.0% Cu; 0.50% Mn, 0.10% Mg,
0.35% Ni; 1.0% Zn, 0.25% Ti"
Full truckload
NA
delivered US
Midwest
Within 30 days
net-30 to net-60 days cents/lb
Aluminum 356 alloy
Twice Weekly
MMAAB00
MMAAB02 MMAAB01 MMAAB16
6.5-7.56% Si; 0.50% Fe; 0.25% Cu; 0.35% Mn; 0.25-0.45% Mg;
0.35% Zn; 0.25 Ti
Full truckload
NA
delivered US
Midwest
Within 30 days
net-30 to net-60 days cents/lb
Aluminum F132 alloy
MMAAA00
Twice Weekly
MMAAA02 MMAAA01 MMAAA16
8.5-10.0% Si; 0.6% Fe; 2.0-4.0% Cu; 0.20 Mn; 0.9-1.3% Mg; 0.10%
Full truckload
Ni; 0.10% Zn; 0.20% Ti
NA
delivered US
Midwest
Within 30 days
net-30 to net-60 days cents/lb
Aluminum B390 alloy
FAALB00
Twice Weekly
FAALB03 FAALB04
16-18% Si, 1.3% max Fe, 4.0-5.0% Cu, 0.50% Mn, 0.45-0.65% Mg,
Full truckload
0.10% Ni, 1.4% Zn and 0.20% Ti
NA
delivered US
Midwest
Within 30 days
net-30 to net-60 days cents/lb
MW US 413 alloy
Twice Weekly
MMWUS03 MMWUS04 MMWUS16
A-413.1--Si 11-13%, Fe 1% max, Cu 0.6% max, Mn 0.35%, Mg
0.1%, Ni 0.5%, Zn 0.5%, and Sn 0.15%.
NA
Delivered
US Midwest
buyer works
Within 30 days
net-30 to net-60 days cents/lb
MMWUS00
Full truckload
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
11
METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
ALUMINUM CHAIN CONTINUED
Assessment
CODE
Mavg
Europe Alum Alloy
226 Dlvd Wkly
AALVT00
AALVU00
Aluminum ADC12
Ex-Wks China $/Mt
Weekly
AAVSI00
AAVSI03
Alum ADC12 ExWks China Yuan/mt
Weekly
AAVSI02
Aluminum ADC12
FOB China $/Mt
Weekly
AAVSJ00
Wavg
Yavg
QUALITY
QUANTITY
DIMENSIONS
LOCATION
TIMING
PAYMENT TERMS
UOM
Full truckload
NA
delivered
works
Not specified
0-30 days
Eur/mt
JIS standard – 9.6-12% Si, 0.9% Fe, 1.5-3.5% Cu, 0.5% Mn, 0.3%
Mg, 0.5% Ni, 1% Zn, and 0.2% Sn.
Not specified
NA
Ex-works
China
Not specified
Not specified
$/mt
AAVSI13
JIS standard – 9.6-12% Si, 0.9% Fe, 1.5-3.5% Cu, 0.5% Mn, 0.3%
Mg, 0.5% Ni, 1% Zn, and 0.2% Sn.
Not specified
NA
Ex-works
China
Not specified
Not specified
Yuan/mt
AAVSJ03
JIS standard – 9.6-12% Si, 0.9% Fe, 1.5-3.5% Cu, 0.5% Mn, 0.3%
Mg, 0.5% Ni, 1% Zn, and 0.2% Sn.
Not specified
NA
FOB CHINA SHANGHAI,
TIANJIN
Not specified
Not specified
$/mt
AALVU16 226 LME Grade - DIN standard 1725
ALUMINUM CHAIN
Alumina
Alumina FOB Australia: Platts launched on August 16, 2010, daily spot
market price assessments of sandy calcined Metallurgical/Smelter Grade
Alumina (SGA) under the benchmark name Platts Alumina Index FOB
Australia (PAX Australia).Platts publishes the daily spot market price for
alumina (aluminum oxide), reflecting the price at which a cargo could be
traded on FOB Australia basis at the close of the assessment period on the
day of publishing. These assessed values are based on confirmed spot cargo
transactions, or the tradable price falling between firm cargo bids/offers,
or in the absence of liquidity, where spot market transactions would have
been concluded for the benchmark grade. Spot price bids/offers or trades
basis CFR China, Middle East or Russia may be netted back to FOB Australia
basis using assessed spot freight rates for dry bulk carriers on the day of
assessment, for comparison with spot prices (bids/offers or trades) basis FOB
Australia. For netback calculations from CFR destinations, the appropriate
Handysize, Handymax or Supramax freight costs are taken into consideration.
Spot price bids/offers or trades basis other FOB origins, such as India,
Brazil or Jamaica, are not taken directly into account when assessing
prices basis FOB Australia. However, they are actively considered for
market consistency with prices discovered or implied basis FOB Australia.
Platts spot market price assessments also take into account fundamentals
of demand/supply of alumina in Australia and key consumer markets.
Alumina CFR China: Platts launched on August 16, 2010, daily spot
market price assessments of sandy calcined Metallurgical/Smelter Grade
Alumina (SGA), under the name Platts Alumina Index CFR China (PAX
China Import). Platts has since 2004 published weekly price assessments
for alumina for delivery into China, under the name Alumina C&F China
Alumina EXW (ex-works) China: Alumina EXW (ex-works) China Platts
launched on August 16, 2010, daily spot market price assessments of
domestic Chinese Smelter Grade Alumina under the name Platts Alumina
EXW China (PAX China Domestic).
Calcined Petcoke
Calcined Petroleum Coke FOB US Gulf Coast: Platts publishes the
monthly price assessment for anode grade calcined petroleum coke
(CPC), suitable for aluminum smelters, reflecting the price at which a
cargo could be traded on an FOB Gulf Coast/Mississippi River region
basis at the close of the assessment period on the day of publishing. The
assessment is based on confirmed spot transactions, firm bids and offers,
or in the absence of liquidity, where spot transactions would conclude
for the benchmark grade. Negotiations on current-quarter or half-year
contracts may be taken into account for trend purposes. Deals and bids/
offers must be deemed to be repeatable between typical counterparties.
The price assessment reflects anode-grade calcined petroleum coke
suitable for aluminum smelters, in sponge form, excluding shot coke,
normalized to the following typical parameters reflecting CPC produced
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
in the US Gulf Coast region: Sulfur 2.5 – 2.7%, vanadium max 300 ppm,
nickel max 250 ppm, Fe max 300 ppm, silicon max 250 ppm, calcium max
150 ppm, sodium max 120 ppm, ash max 0.50%, VBD 0.85-0.87 g/cc,
ASTM scale.
The Platts calcined petroleum coke FOB US Gulf assessment is
published monthly on the last business day of the month, in a narrow
price range (high-low and midpoint), reflecting cargo values loading
30-60 days forward.
Platts’ global market analysis will also take into account spot bids/offers
or trades basis CFR Europe, CFR Canada, CFR Middle East, CFR Russia or
FOB US West Coast. These will be analyzed to determine whether netting
back to a US Gulf Coast basis is possible given the specific ports, taking
into consideration the appropriate Handymax or Handysize freight costs.
Platts’ assessments may also take into account demand/supply
fundamentals for green petroleum coke, calcined petroleum coke and
aluminum in key consumer markets. FOB China prices may also be
monitored for trend purposes.
Aluminum
MW US Market: Weekly US free market price assessment for prompt
delivery Midwest of 99.7% purity high-grade, (arrival within 30 days).
Pre-dating the LME, the price reflects an “all-in” end price for the
aluminum, accounting for premiums done over the LME in a given week
12
METHODOLOGY AND SPECIFICATIONS GUIDE
but also enabling for adjustments in times of LME backwardation.
The assessment, published usually every Thursday, includes the LME
prices and daily survey premiums for Monday through Thursday only,
incorporated into a one-cent range to smooth out volatility and reflect
the majority of the week’s business. Monthly average of this price uses
the low end of the range only, so the price tends to be lower than the
Transaction price.
MW US Transaction Premium: Daily premium or discount to the
London Metal Exchange cash price for spot physical 99.7% high-grade
aluminum, delivered, duty-paid US consumer works, arrival within 7-30
days from date of publication, net-30-day terms. Assessment is expressed
in cents per pound but also available on a converted dollars/mt basis.
Premium or discount is determined based on physical spot deals, bids and
offers reported through a daily survey of spot buyers and sellers, using
a representative sample of producers, traders and different types of end
users (sheet mills, remelt billet makers, extruders, rod mills, etc). Includes
business for LME-deliverable, any origin 99.7% P1020 ingot, low-profile
sow or T-bars, basis delivery US Midwest.
Volumes are minimum full 45,000 lb truckloads; typical order quantities
100-500mt. Prices for volumes that are larger or smaller than the typical
order size may be normalized to the standard. The daily assessment
reflects delivery to a typical-freight consumer in a broad US Midwest
region via truck or rail. The typical-freight delivery location is determined
to be 2.0-2.5 cents/lb from multiple suppliers or ports (freight rates
updated January 2015). Deals that are reported as FOB, FCA, for nonMidwest locations or for particularly close or long freights (ie, less than/
greater than the current range of 2.0-2.5 cents/lb) are normalized before
inclusion in the calculations. Platts uses a matrix of typical delivery
locations throughout North America and categorizes these locations as
“average,” “close,” or “extra” freights. The “close” or “extra” freight
locations are normalized to “average” based on assigned differential
values of ranging from plus/minus 0.25 cents to 0.5 cents/lb, which are
adjusted periodically based on market feedback on typical locational
discounts or extras. Assessment reflects net-30-day payment terms
from delivery (net-cash, net-5 and net-10 are normalized using typical
LIBOR-plus rates or prevailing net-cash versus net-30 spreads). Deals
that require a specific shape or chemistry (ie, T-bars only, no lithium)
may be normalized to the stated standard specification. In the absence of
repeatable concluded spot deals where a premium/discount is negotiated,
the assessment takes into account firm bids and offers. Changes in
the spreads on formula deals, or the premiums and discounts for other
grades of aluminum basis Transaction premium, are considered for trend
purposes. “Good until cancel” (GTC) deals reflecting a fixed price with
non-negotiated premiums, or additional orders given as part of a frame
contract, are not considered in the assessment but may be monitored
for trend purposes. The assessment reflects the most widely tradable
and repeatable premium or discount value prevailing at the close of US
markets, typically at 4:30pm US Eastern time. On the last business day of
the month, the assessment closes by 1pm US East Coast time.
MW US Transaction: Daily London Metal Exchange high-grade
aluminum cash settlement price, converted into cents per pound, adjusted
by US free-market premium or discount for prompt delivery Midwest
(arrival within 7-30 days from date of publication). (See specification
for US Transaction Premium). Premium determined based on physical
business reported by a daily survey of major buyers and sellers, using a
representative survey sample of producers, traders and different types
of end users. Includes business for LME-deliverable, any-origin 99.7%
North American P1020 ingot, low-profile sow or T-bars, meeting LME
specifications, basis delivery US Midwest. Volumes are minimum full
45,000 lb truckloads, typical quantities 100-500 mt. MW US Net-cash
premium – Daily premium or discount to the London Metal Exchange cash
price for spot physical 99.7% high-grade aluminum, delivered, duty-paid
US consumer works, arrival within 7-30 days from date of publication,
net-cash payment terms, normalized to a broad Midwest region. The
premium is determined based on a survey of producers, traders and end
users to determine the prevailing spread between net-cash and net-30
terms, on a cents/lb basis. All other specifications are the same as for the
US Transaction Premium (see separate reference).
US Six-Months P1020: Weekly US free-market premium over LME for
North American 99.7% ingot delivered Midwest for a period in time six
months forward, based on a survey of quotes and sales during the current
week for six months from that date. Reflects both physical and financial
swaps business done by producers, traders and consumers.
US Spot 6063 Billet Upcharge: Weekly US spot upcharge assessment
over current P1020 Transaction price for primary or remelt North American
general purpose 6063 billet, to Aluminum Assn. specifications, 7-inch or
8-inch diameter, basis delivery US Midwest, net-30 day payment terms.
The range reflects the majority of spot (non-contract) business based on a
survey of primary and remelt producers, traders and extruders.
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
NONFERROUS: JANUARY 2015
Europe-Good Western Duty-paid Premium Rotterdam: Duty-paid
daily assessed $/mt premium over LME cash for Western-origin 99.7%
ingot meeting LME high grade specifications. In warehouse Rotterdam,
0-30 days terms, prompt delivery. Based on a survey of producers, traders
and consumers (extruders, rolling mills). Began being assessed daily
September 2003.
Europe-Good Western Duty-Unpaid Premium Rotterdam: Daily
assessed $/mt premium over LME cash for 99.7% ingot meeting LME high
grade specifications. In warehouse Rotterdam, 0-30 day terms, prompt
delivery, on a duty-unpaid basis. Based on a survey of producers, traders and
consumers (extruders, rolling mills). Assessed daily as of September 2003.
Europe-Russian A7E Duty-Unpaid Premium Rotterdam: – Daily
assessed $/mt premium over LME cash for 99.7% Russian origin ingot
in warehouse Rotterdam, 0-30 day terms, prompt delivery, on a dutyunpaid basis. Based on a survey of producers, traders and consumers of
aluminum. Assessed daily as of September 2003.
Europe-Russian A7E FOB Premium St. Petersburg: – Daily assessed
$/mt premium over LME cash for 99.7% Russian origin ingot on a FOB
St. Petersburg basis, 0-30 day terms, prompt delivery. Based on a survey
of producers, traders and consumers of aluminum. Assessed daily as of
September 2003.
CIF Japan Spot Premium: Daily assessment of the spot premium or
discount to the London Metal Exchange cash settlement price for highgrade aluminum. Minimum 99.7% primary aluminum meeting LME P1020A
chemical specifications, CIF main Japanese ports of Yokoyama, Nagoya or
Osaka, all origins, except excluding Iran, India, Egypt and LME warehouses.
The assessment is expressed in a narrow price range reflecting the majority
of business or spot bids/offers for ingot, T-bars and sows, minimum
volumes of 250 mt, cash within 3 days of bill of lading, or cash against
documents. Cargo leaves ports during or following the month of transaction.
Platts surveys market sources, gathering information from a representative
sample of traders, consumers, producers and brokers deemed reliable and
active in the spot market. Platts contacts sources based in Japan, Australia,
Russia, Europe, the Middle East and other Asian countries.
CIF Japan Forward Quarter Premium: Premium or discount to the LME
price at time of shipment for minimum 99.7% primary aluminum meeting
the LME P1020A chemical specifications, CIF main Japanese ports of
13
METHODOLOGY AND SPECIFICATIONS GUIDE
Yokoyama, Nagoya or Osaka, origins excluding Iran, India, Egypt and
LME warehouses. The premium range reflects the majority of concluded
quarterly contracts for minimum 500 mt/month volumes, in ingot, T-bars or
sow form, cash within 3 days of bill of lading, or cash against documents.
Cargo leaves ports during or following the month of transaction. Platts
surveys market sources, gathering information from a representative
sample of traders, consumers, producers and brokers deemed reliable and
active in the market. Platts contacts sources based in Japan, Australia,
Russia, Europe, the Middle East and other Asian countries. The final
quarterly assessment range will be published in advance of the start of
the quarter, usually by the first date of the quarter, or once the majority
of buyers and sellers have concluded negotiations. The number of deals
typically included in the assessment ranges from 10 to 20.
C&F China Western: Daily assessed premium for 99.7% (0.1% Si, 0.2%
Fe) Good Western aluminum in the form of ingots, sows, T-bars, over LME
cash for C&F China aluminum business. Cargo leaves port upon receipt
of letter of credits, usually within one month following the transaction.
Delivered to main Chinese ports such as Huangpu, Shanghai, Fuzhou,
Qingdao, Zhongshan, Zhuhai, and Hong Kong. (Under consideration to be
changed to CIF China.)
C&F China Russian: Daily assessed premium for 99.7% (0.1% Si, 0.2%
Fe) Russian aluminum in the form of ingots, sows, T-bars, over LME cash
for C&F China aluminum business. Cargo leaves port upon receipt of letter
of credits, usually within one month following the transaction. Delivered
o main Chinese ports such as Huangpu, Shanghai, Fuzhou, Qingdao,
Zhongshan, Zhuhai, and Hong Kong. (Under consideration for change to
CIF, Chinese origin only)
In-Warehouse Singapore: Daily assessed premium for 99.7%
(0.1%Si, 0.2% Fe) material of all origin, mainly Indian, Chinese, and
some Russian and Western, in-warehouse Singapore. Cargo released
immediately upon payment.
Aluminum CIF Brazil premium duty unpaid: Weekly assessment of the
premium or discount to the LME cash settlement price for spot physical
high-grade aluminum P1020A, 99.7% Al purity, standard ingot, sow and
T-Bars. Assessed once per week,typically on Friday, in dollars per mt, the
value will reflect the typical transactable value as of week’s end, based
on a weekly survey of producers, traders and consumers of P1020 active
in the spot market. Assessment basis CIF Brazil (to include major ports
Santos/SP, Itajai/SC, Itaguai/RJ and Sao Francisco do Sul/SC),duty unpaid,
VAT not included (ICMS, PIS/Cofins and IPI), delivery within 30-60 days,
typical volumes up to 2,000 mt, payment net-30 days. Prices for volumes,
grade, shape or payment terms that differ from the standard specification
may be normalized to the typical range, FOB values from exporting regions
may also be considered in the assessment process. Platts monitors the
market throughout the week and considers in its assessments all of
the information provided regarding deals, bids and offers in the market,
reflecting in its assessment the tradable value as of Friday.
Aluminum Premium delivered SE Brazil: Weekly assessment of the
premium or discount to the LME cash settlement price for spot physical
high-grade aluminum P1020A, 99.7% Al purity, standard ingot, sow and
T-Bars. Assessed once per week, typically on Friday, in dollars per mt,
the value will reflect the typical transactable value as of week’s end,
based on a weekly survey of producers, traders and consumers of P1020
active in the spot market. Delivery within 30 days to customers’ works
in the Southeast region of Brazil (including Sao Paulo, Rio de Janeiro,
Minas Gerais and Espirito do Santo), duty-paid, VAT not included (ICMS,
PIS/Cofins and IPI). Payment terms net-7 to net-10 days, based on a
typical order size of 100 mt. Other shapes, grades, locations, delivery
periods, volumes and payment terms may be normalized to this standard
specification. Platts monitors the market throughout the week and
considers in its assessments all of the information provided regarding
deals, bids and offers in the market, reflecting in its assessment the
tradable value as of Friday.
Aluminum Brazil Market, delivered SE Brazil: Weekly assessment
of the all-in delivered value of spot physical high-grade aluminum
P1020A, 99.7% Al purity, standard ingot, sow and T-Bars. Assessed
once per week, typically on Friday, in dollars per mt, reflecting the
typical transactable value as of week’s end, based on a weekly survey
of producers, traders and consumers of P1020 active in the spot
market. Delivery within 30 days to customers’ works in the Southeast
region of Brazil (including Sao Paulo, Rio de Janeiro, Minas Gerais and
Espirito do Santo), duty-paid, VAT not included (ICMS, PIS/Cofins and
IPI). Payment terms net-7 to net-10 days, full-truckload, 25 mt. Other
shapes, grades, delivery periods, locations, volumes and payment terms
may be normalized to this standard specification. Platts monitors the
market throughout the week and considers in its assessments all of
the information provided regarding deals, bids and offers in the market,
reflecting in its assessment the tradeable value as of Friday.
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
NONFERROUS: JANUARY 2015
Scrap
US Old Cast: Aluminum castings for consumption by secondary aluminum
smelters, crushed cast, shreddable, less than 1% Mg and Zn, low Fe,
low contamination; minimum recovery rate 92%; cents/lb, within 30-day
delivery US Midwest. Assessed twice per week, usually on Mondays and
Thursdays, through a survey of secondary aluminum smelters and scrap
dealers. Price started in July 2000.
US Old Sheet: Non-cast aluminum items for consumption by secondary
aluminum smelters to meet ISRI “taint/tabor” specification; cents/
lb, 30-day delivery US Midwest. Assessed twice per week, usually
on Mondays and Thursdays, through a survey of secondary aluminum
smelters and scrap dealers. Price started in July 2000.
US Mill-grade MLCCs: Mixed-low copper clips able to be consumed
by aluminum rolling mills, 1000, 3000, 5000, 6000 series only; cents/
lb, 30-day delivery US Midwest: Assessed twice per week, usually
on Mondays and Thursdays, through a survey of secondary aluminum
smelters, scrap dealers and rolling mills. Price started in July 2000.
US Smelter-grade MLCCs: Mixed-low copper clips for consumption by
secondary aluminum smelters, loose, bare, new, no contamination, free
of 2000 and 7000 series; cts/lb, 30-day delivery to US Midwest. Assessed
twice per week, usually on Mondays and Thursdays, through a survey of
secondary aluminum smelters and scrap dealers. Price started in July 2000.
US Turnings: Machine and tooling scrap for consumption by secondary
aluminum smelters; high grade, clean and dry; cts/lb, 30-day delivery US
Midwest. Assessed twice per week, usually on Mondays and Thursdays,
through a survey of secondary aluminum smelters and scrap dealers. Price
started July 2000.
US UBCs: Baled used beverage cans, to meet ISRI “taldon” specification;
cents/lb, delivered US Midwest. Assessed once a week, usually on
Thursdays, reflecting the range of spot business concluded by consumers
and mid-to-large scrap dealer/consolidators/brokers. Business that is
reported as non-Midwest or FOT (picked up) is adjusted to reflect average
US Midwest delivery. Price started July 2000.
US 6063 Press Scrap: New 6063 extrusion press scrap, direct from
presses, billet with butts included. Expressed as a cents/lb discount
14
METHODOLOGY AND SPECIFICATIONS GUIDE
to US Midwest P1020 Transaction price, delivered US Midwest cast
houses. Assessed once a week as the range of discounts most commonly
concluded on a spot basis, via a survey of primary producers, extruders
and scrap dealers. Price started September 2000.
US Painted Siding: Siding consisting of clean, low-copper aluminum
siding scrap, painted one or two sides, free of plastic coating, iron, dirt,
corrosion, fiber, foam or fiberglass backing or other non-metallic items,
for US Midwest delivery within 30 days. Assessed once a week, usually
on Thursdays, through a survey of scrap dealers and rolling mill buyers.
Price started in March 2006.
US High-grade auto shreds: Auto shreds generated through a heavy
mediabased separation process, containing at least 98% metallics
and not more than 1% free zinc, to include material from the following
suppliers: Huron Valley, Newell, Ferrous Processing/SLC Recycling and
Fort Wayne OmniSource Corp., for US Midwest delivery within 30 days.
Assessed twice a week, usually on Mondays and Thursdays, through a
survey of secondary aluminum smelters and scrap dealers/processors.
Price started in May 2006, replacing previous auto shreds/twitch price
effective September 2006.
US Low-grade auto shreds: Auto shreds generated through an eddy
current based or hand separation process, containing at least 90%
metallics and not more than 4% zinc, for US Midwest delivery within
30 days. Assessed twice per week, usually on Mondays and Thursdays,
through a survey of secondary aluminum smelters and scrap dealers. Price
started in May 2006, replacing previous auto shreds/twitch price effective
September 2006.
Secondary Alloys
A-380 Alloy: 8-9.5% Si, 1% Fe, 3-4% Cu, 0.5% Mn, 0.1% Mg, 0.5% Ni,
2.9% Zn, and 0.35% Sn. Twice-weekly (usually Mondays and Thursdays)
spot price assessment for prompt delivery Midwest, customer works,
payment net-30 to net-60 days, 45,000-lb truckload amounts. Price
represents a range of spot transaction prices conducted by a survey of
US secondary aluminum smelters, diecasters, foundries, automotive
companies, traders and brokers. Price started in 1992.
US 319, 356, F132, A-413.1, F-132 and B390: Twice-weekly price
assessment ranges for major secondary aluminum alloys. Delivered
Midwest customer works, payment net-30 to net-60 days, 45,000lb truckload quantities. Assessed twice per week, on Mondays and
Thursdays (except for changes during holidays), through a survey of
US secondary aluminum smelters, diecasters, foundries, automotive
companies, traders and brokers. The assessments reflect the narrow lowhigh price range, in cents/lb, of the majority of concluded deals, bids and
offers. The impurity levels represent the Aluminum Assn. specifications
or typical market specifications for 319.1, 356.1, 332.2, A413 and B390,
respectively, as follows: 319.1 – 5.5-6.5% Si; 0.8% Fe, 3.0-4.0% Cu;
0.50% Mn, 0.10% Mg, 0.35% Ni; 1.0% Zn, 0.25% Ti. 356 – 6.5-7.56% Si;
0.50% Fe; 0.25% Cu; 0.35% Mn; 0.25-0.45% Mg; 0.35% Zn; 0.25 Ti. F-132
– 8.5-10.0% Si; 0.6% Fe; 2.0-4.0% Cu; 0.20 Mn; 0.9-1.3% Mg; 0.10% Ni;
0.10% Zn; 0.20% Ti. A-413.1 -- 11-13% Si; 1% Fe max; 0.6% Cu max;
0.35% Mn; 0.1% Mg; 0.5% Ni; 0.5% Zn; and 0.15% Sn. B390 -- 16-18%
Si, 1.3% max Fe, 4.0-5.0% Cu, 0.50% Mn, 0.45-0.65% Mg, 0.10% Ni,
1.4% Zn and 0.20% Ti. Price assessments for 319, 356, and F132 started
in April 1993; A413 started in 2010 and B390 in 2013.
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
NONFERROUS: JANUARY 2015
European secondary aluminium 226 alloy (Started Sep 1, 2003):
Weekly assessment of the Eur/mt price for secondary aluminum alloy
226 LME grade on a delivered works basis 0-30 day terms, prompt
delivery. The alloy is produced in conformity with GBD-AlSi9Cu3 as
described in DIN standard 1725 (1986). Based on a survey of producers,
traders and consumers of aluminium 226. Price assessed weekly and
published on Fridays.
ADC12 ex-works China: Platts assessment for ADC12 Alloy to
conform to JIS standard – 9.6-12% Si, 0.9% Fe, 1.5-3.5% Cu, 0.5%
Mn, 0.3% Mg, 0.5% Ni, 1% Zn, and 0.2% Sn. Spot prices assessed
weekly on Tuesday or closest working day. The assessment reflects
the domestic market price, on a spot trade basis, in yuan per mt,
ex-plant from a typical supplier. The spot price represents a range of
spot transactions, bids and offers determined by surveying Chinese
secondary aluminum smelters, diecasters, foundries, automotive
companies, traders and brokers.
ADC12 FOB China: Platts assessment for ADC12 Alloy to conform to
JIS standard – 9.6-12% Si, 0.9% Fe, 1.5-3.5% Cu, 0.5% Mn, 0.3% Mg,
0.5% Ni, 1% Zn, and 0.2% Sn. Spot prices assessed weekly on Tuesday
or closest working day. The assessment reflects the export market price,
on a spot trade basis, in $/mt, FOB Chinese ports, mainly Shanghai
and Tianjin. The spot price represents a range of spot transactions,
bids and offers determined by surveying secondary aluminum smelters,
diecasters, foundries, automotive companies, traders and brokers in
China, Hong Kong and Japan.
15
METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
BASE METALS
Assessment
CODE
Mavg
Copper Concentrate CIF Japan
AAFGC00
AAFGD00
Copper NY Dlr Prem Cath Wkly
MMACP00
MMACP03
Copper US Transaction Daily
MMCUT00
MMCUT03
Copper (GrdA) CIF Prem Liv/Sal
Weekly
MMAOM04
MMAOM03
Wavg
Yavg
QUALITY
QUANTITY
DIMENSIONS
LOCATION
TIMING
PAYMENT TERMS
UOM
25-30% copper-in-concentrate,
any origin, lumpy ore
Not specified
Not specified
CIF Japan
Not specified
0-30 day terms
$/mt
MMACP16 Premium or discount to COMEX Not specified
spot for Grade 1 or Grade A
copper cathodes
Not specified
Normalized to delivered
Midwest
Delivery within
30 days
Net-cash
cents/lb
Not specified
MMCUT16 COMEX copper first position
(spot) for Grade 1 or Grade A
copper cathode, (CMAAD10) plus
the mean of the weekly copper
NY Dealer Cathode Premium
(MMACP00)
Not specified
Normalized to delivered
Midwest
Delivery within
30 days
Net-cash
cents/lb
Cathode
CIF Italian port
prompt
max. 30 days
$/mt
Copper
MMCUT04
Premium or discount to LME for Not specified
Grade A
Copper (Grd A) Prem Rot'dam Wkly MMAYR04
LME Grade A
Not specified
Cathode
CIF Rotterdam
prompt
max. 30 days
$/mt
Copper (Grd A) Rotterdam (All-in)
LME Grade A
Not specified
Cathode
CIF Rotterdam
prompt
max. 30 days
$/mt
Copper LME Prem C&F China
Daily
MMAMK00
99.95% minimum cathode,
mostly of Chilean origin
NA
NA
FOB CHINA HUANGPU, SHANGHAI,
GUANGZHOU, HONG
KONG
NA
"upon receipt of letter of
credits, usually within one
month
following the transaction"
$/mt
Copper C&F China (All-in) Daily
MMAMJ00
99.95% minimum cathode,
mostly of Chilean origin
Not specified
Not specified
FOB CHINA HUANGPU, SHANGHAI,
GUANGZHOU, HONG
KONG
Not specified
"upon receipt of letter of
credits, usually within one
month
following the transaction"
$/mt
Copper C+F China Spot Yuan/
mt (All-in)
MMCSC00
MMCSC03
99.95% minimum cathode,
mostly of Chilean origin
NA
NA
FOB CHINA HUANGPU, SHANGHAI,
GUANGZHOU, HONG
KONG
NA
"upon receipt of letter of
credits, usually within one
month
following the transaction"
Yuan/mt
Copper C+F China Fxd Prc Equiv
(All-in)
MMCUC00
MMCUC03
99.95% minimum cathode,
mostly of Chilean origin
NA
NA
FOB CHINA HUANGPU, SHANGHAI,
GUANGZHOU, HONG
KONG
NA
"upon receipt of letter of
credits, usually within one
month
following the transaction"
$/mt
Grade A 99.95% minimum
NA
material of all origin, mainly
Philippines, Indonesia, Chilean,
South Korean, and Australian,
Chinese, and Japanese
NA
IN-WAREHOUSE
SINGAPORE
NA
Cargo released immediately
upon payment
$/mt
Grade A 99.95% minimum
NA
material of all origin, mainly
Philippines, Indonesia, Chilean,
South Korean, and Australian,
Chinese, and Japanese
NA
IN-WAREHOUSE
SINGAPORE
NA
Cargo released immediately
upon payment
$/mt
CopperPrem In-Warehouse S'pore MMAMU00
Daily
MMCUS00
MMCUS03
Copper No1 Burnt Scrap Discount MMACJ10
MMACJ02
MMACJ16 97-98% Cu
Minimum truckload
wire, pipe and tubing
delivered Midwest
Within 30 days
net 30 days
cents/lb
Copper No1 Bare Bright Discount MMACL10
MMACL02
MMACL16 98-99% Cu
Minimum truckload
bricks, blocks
delivered Midwest
Within 30 days
net 30 days
cents/lb
MMACN10
MMACN02
MMACN06 94-96% Cu
20-40 foot containers
wire and miscellaneous scrap
delivered FAS major
US ports
Within 3 months
At time of shipment
cents/lb
Copper Spore InWhse FxdPrc
Equiv Daily
Scrap
Copper No 2 Scrap Discount
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
16
METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
BASE METALS CONTINUED
Assessment
CODE
Mavg
Lead US Premium (Weekly)
cents/lb
MMXCD00
MMXCD03
Lead NA Market (Daily)
MMALF01
AADDN00
Lead 99.985% Prem Rot'dam
MMAYV04
Wavg
Yavg
QUALITY
QUANTITY
"Premium or discount to LME
lead cash price for 99.97% pure
corroding-grade lead, maximum
0.025% bismuth,
max 0.0050% silver, max
0.0010% Cu, max 0.001 Fe"
DIMENSIONS
LOCATION
TIMING
PAYMENT TERMS
UOM
"Minimum quantity
"2,000-lb blocks (sows)
one truckload (42,000-44,000
or 55-100 lb pigs (ingots)"
lb), typical order size one to five
truckloads."
delivered US
30-day delivery
net 30 days
cents/lb
Daily LME cash settlement
price in cents/lb plus weekly
Platts US lead premium for
99.97% pure corroding-grade
lead, maximum 0.025%
bismuth, max 0.0050% silver,
max 0.0010% Cu, max 0.001 Fe
"Minimum quantity
"2,000-lb blocks (sows)
one truckload (42,000-44,000
or 55-100 lb pigs (ingots)"
lb), typical order size one to five
truckloads."
delivered US
30-day delivery
net 30 days
not specified
99.985% Pb
NA
NA
in-warehouse Rotterdam NA
NA
$/mt
50% lead-acid, starter lighter
ignition automotive batteries
"Minimum quantity one
truckload (42,000-44,000 lb),
with typical order size
one to five truckloads"
"packaged in shrink-wrapped
picked-up US Midwest
pallets or skids, pallet size 40”
or 44” by 48”, maximum 3,600
lb per skid, no more than three
battery layers
separated by cardboard sheets."
30-day delivery
net-30-day payment
cents/lb
NA
Normalized to delivered
Midwest
Within 30 days
Net-30 day payment
cents/lb
NA
Normalized to delivered
Midwest
Within 30 days
Net-30 day payment
cents/lb
Normalized to delivered
Midwest
Within 30 days
Net-30 day payment
NA
Normalized to delivered
Midwest
Within 30 days
Net-30 day payment
NA
Normalized to delivered
Midwest
Within 30 days
Net-30 day payment
Lead
MMALF04
Scrap
Lead-acid batteries, used US
(Weekly range)
MMLAA04
MMLAA03
Zinc
Zinc MW SHG Premium (Weekly) MMAYH00
Weekly premium or discount to Truckload minimum, typical
the LME cash price for special 200-400 mt
high grade zinc
Zinc NA SHG Daily
MMABD10
Zinc US Dealer SHG Wkly
MMABF10
All-in weekly price for special
high-grade zinc
Zinc MW SHG Gal Premium
MMAYI00
Premium or discount to the LME Not specified, minimum
for special high-grade zinc for truckload
use by galvanizers
Zinc NA Galvanizer Daily
MMABI10
Zinc (SHG) Prem Rot'dam Weekly MMAYN04
MMABD02
MMABI02
MMABD01
MMABI01
MMABD16 All-in daily price for special
high-grade zinc, LME cash
converted into cents/lb plus
weekly premium
Truckload minimum, typical
200-400 mt
MMABI16 All-in price for special highgrade zinc, LME plus premium
Truckload minimum, typical
200-400 mt
Not specified, minimum
truckload
Premium or discount to the
Not specified, minimum
LME cash price for special high truckload
grade zinc
In-warehouse Rotterdam Prompt delivery
0-60-day terms
$/mt
Europe physical SHG zinc IW
Rotterdam
MMALC00
All-in price for special highgrade zinc, LME plus premium
Not specified
NA
In-warehouse Rotterdam Prompt delivery
0-60-day terms
$/mt
ZincPrem In-Warehouse S'pore
Daily
MMANE00
99.995% minimum material of
mainly Chinese origin
Not specified
NA
in-warehouse Singapore Not specified,
spot
"Cargo released
immediately upon payment.
MAGNESIUM"
$/mt
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
17
METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
BASE METALS CONTINUED
Assessment
CODE
Mavg
Zinc Spore InWhse FxdPrc Equiv
Daily
MMZSW00
MMZSW03
Zinc Alloyer No 3 Daily
MMABH10
MMABH02
Zinc MW Alloy No. 3 Premium
Weekly
MMAYJ00
Wavg
Yavg
QUALITY
QUANTITY
DIMENSIONS
LOCATION
99.995% minimum material of
mainly Chinese origin
Not specified
NA
Truckload minimum, typical
100-250 mt
NA
Truckload minimum, typical
100-250 mt
NA
Not specified, minimum
truckload
NA
Duty paid, ex-dock
TIMING
PAYMENT TERMS
UOM
in-warehouse Singapore Not specified,
spot
"Cargo released
immediately upon payment.
MAGNESIUM"
$/mt
Normalized to delivered
Midwest, 1.5-2.5 cents
avrage freight
Net-30 days
cents/lb
Secondary Alloys
MMABH01
MMABH16 All-in price for US zinc No.
3 Alloy
Premium or discount to LME
cash price for zinc No. 3 Alloy
Within 30 days
cents/lb
Tin
Tin NY Dealer Twice-Weekly
MMAAW10
MMAAW02
MMAAW01
MMAAW16 New York Grade A tin
Spot
Not specified
cents/lb
Tin 99.85% Prem Rot'dam Weekly MMAYM04
99.85% Sn
Not specified
NA
in-warehouse Rotterdam prompt
0-30 days
$/mt
Tin 99.90% Prem Rot'dam Weekly MMAYL04
99.9% Sn
Not specified
NA
in-warehouse Rotterdam prompt
0-30 days
$/mt
Tin Europe 99.85% IW R’dam
(All-in price)
MMANS04
99.85% Sn
Not specified
Tin Europe 99.90% IW R’dam
(All-in price)
MMANT04
99.90% Sn
Not specified
99.8% Ni
Not specified
4x4 cut cathodes
Delivered US
within 30 days
Net-30 days
cents/lb
Nickel
Nickel US Cathode Premium Spot MMAZM04
Weekly
Nickel US Melt Premium Spot
Weekly
MMAZI04
MMAZJ03
99.8% Ni
Not specified
cathode and other forms
Delivered US
within 30 days
Net-30 days
cents/lb
Nickel Plate Prem Spot US
Weekly
MMAZK04
MMAZL03
99.8% Ni
Not specified
full plate uncut cathode
Delivered US
within 30 days
Net-30 days
cents/lb
Nickel NY Dealer Cathode (All-in
price) Weekly
MMAAQ00
MMAAQ03
MMAAQ16 99.8% Ni
Not specified
4x4 cut cathodes
Delivered US
within 30 days
Net-30 days
$/lb
Nickel NY Dealer Melt (All-in
price) Weekly
MMAAS00
MMAAS03
MMAAS16 99.8% Ni
Not specified
cathode and other forms
Delivered US
within 30 days
Net-30 days
$/lb
Nickel NY Dealer Plate (All-in
price) Weekly
MMAAU00
99.8% Ni
Not specified
full plate uncut cathode
Delivered US
within 30 days
Net-30 days
$/lb
Nickel Briq Prem IW Rdam
Weekly
AALWJ00
LME grade min. 99.8% Ni
Not specified
Briquettes
In-warehouse Rotterdam within 30 days
Not specified
$/mt
Nickel Plating Grade Cathode
Prem Rotterdam Wkly
MMAYO04
LME grade min. 99.8% Ni
Not specified
4x4" cut cathodes
In-warehouse Rotterdam within 30 days
Not specified
$/mt
Nickel Prem Russian Rot'dam
Weekly
MMAYP04
LME grade min. 99.8% Ni
Not specified
full plate uncut cathode
In-warehouse Rotterdam within 30 days
Not specified
$/mt
99.8% minimum material of
mainly Brazilian and Russian
origin
Not specified
Not specified
In-warehouse Singapore within 30 days
"Cargo released
immediately upon payment."
$/mt
99.8% minimum material of
mainly Brazilian and Russian
origin
Not specified
Not specified
In-warehouse Singapore within 30 days
"Cargo released
immediately upon payment."
$/mt
AALWK00
NickelPrem In-Warehouse S'pore MMANC00
Daily
Nickel Spore InWhse FxdPrc
Equiv Daily
MMNSW00
MMNSW03
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
18
METHODOLOGY AND SPECIFICATIONS GUIDE
BASE METALS
Copper
Copper Concentrate: Cu 30%, CIF Japan. Daily assessed treatment
and refining charges ($/mt; cts/lb) for 25-30% copper-in-concentrate, any
origin, lumpy ore, 0-30 day terms, Cargo leaves port in month following
that of transaction.
NY Dealer Premium/Cathode: Platts assessment of weekly typical
market premium, expressed in cts/lb above First Position (spot) COMEX
being charged by New York metal merchants on the next to last business
day of the week.
Europe – Grade A CIF Rotterdam: Weekly assessment of the $/mt
premium for Grade A LME copper on a CIF Rotterdam basis, 0-30-day
terms, prompt delivery. Based on a survey of producers, traders and
consumers of copper. Assessed weekly.
Europe – Grade A CIF Italy: Weekly assessment of the $/mt premium
for Grade A LME copper on a CIF Italian port basis, 0-30-day terms,
prompt delivery. Based on a survey of producers, traders and consumers
of copper. Assessed weekly.
Europe – Standard CIF Rotterdam: Weekly assessment of the $/mt
premium for Russian standard grade copper on a CIF Rotterdam basis,
0-30-day terms, prompt delivery. Based on a survey of producers, traders
and consumers of copper. Assessed weekly, usually on Wednesdays –
see above.
Copper C&F China: Daily assessed premium for Grade A 99.95%
minimum cathode, mostly of Chilean origin, over LME cash for C&F China
copper business. Cargo leaves port upon receipt of letter of credits,
usually within one month following the transaction. Delivered to main
Chinese ports such as Huangpu, Shanghai, Guangzhou, and Hong Kong.
(Under consideration to be changed to a CIF basis price)
In-Warehouse Singapore Premium: Daily assessed premium for
Grade A 99.95% minimum material of all origin, mainly Philippines,
Indonesia, Chilean, South Korean, and Australian, Chinese, and Japanese,
in-warehouse Singapore. Cargo released immediately upon payment
NONFERROUS: JANUARY 2015
Scrap
Scrap
MW No. 1 Burnt Scrap: Mid-week price assessment for
US-delivered burnt wire, including wire, pipe and tubing, expressed
as a cts/lb discount spread to the COMEX spot copper (first position).
Normalized to delivered US Midwest basis within 30 days, net-30 day
payment terms.
US Used Lead-Acid Batteries: Weekly assessment for 50% lead-acid,
starter lighter ignition automotive batteries, picked up US Midwest,
assessed in cents/lb, suitable for delivery to secondary smelters within
30 days, net-30 days payment terms. Minimum quantity one truckload
(42,000-44,000 lb), with typical order size one to five truckloads, packaged
in shrink-wrapped pallets or skids, pallet size 40” or 44” by 48”, maximum
3,600 lb per skid, no more than three battery layers separated by
cardboard sheets. Assessed weekly through a survey of secondary lead
smelter buyers, scrap dealers/processors, traders and brokers. Input from
scrap yards will also be considered for trend purposes. The lead prices
will be assessed weekly on Tuesdays (or closest business day in the
event of holidays).
MW No. 1 Bare Bright Scrap: Mid-week price assessment for
US-delivered bare bright scrap, in bricks or blocks, expressed as a
cents/lb discount spread to COMEX spot copper price (first position).
Normalized to delivered US Midwest basis within 30 days, net-30 day
payment terms.
MW No. 2 Scrap: Mid-week price assessment for US-delivered clean
No. 2 scrap (94-96% Cu), including wire and miscellaneous scrap,
expressed as a cts/lb discount spread to the COMEX active month.
Normalized to delivered FAS major US ports, for delivery within 3 months,
payment at time of shipment.
Lead
US Lead Premium: US premium to the LME settlement price for
99.97% pure corroding grade lead, in 2,000-lb blocks (sows) or
55-100 lb pigs (ingots), maximum 0.025% bismuth, max 0.0050%
silver, max 0.0010% Cu, max 0.001 Fe, delivered US within 30 days,
normalized to a delivered Midwest basis, net-30 days payment
terms. Minimum quantity one truckload (42,000-44,000 lb), typical
order size one to five truckloads. Assessed weekly on Tuesday or
closest business day in the event of holidays, through a survey of
primary and secondary lead producers, traders and consumers of
refined lead.
North American Lead Market Price: Daily formula assessment
reflecting the current day’s LME lead cash settlement price in cents per
pound plus the weekly US premium.
Europe 99.985% Rotterdam: Weekly assessed $/mt premium over LME
cash for 99.985% lead on an in-warehouse Rotterdam basis, duty paid.
Based on a survey of producers, traders and consumers of lead. Assessed
every other week.
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
Zinc
US MW SHG premium: Weekly assessment of the spot premium or
discount to the London Metal Exchange cash settlement price for specialhigh-grade zinc, normalized to a delivered US Midwest basis within 30
days, net-30 day payment terms. Minimum full truckload; normalized to
typical quantity 200-400 mt.
US MW North American SHG (MW NA SHG): All-in price based
on LME base price plus premiums or discounts, depending on market
conditions.
US MW Galv premium: Weekly assessment of the spot premium or
discount to the London Metal Exchange cash settlement price for specialhigh-grade zinc sold to galvanizers.
US MW North American Gal (MW NA GAL): All-in formula-based quote
aimed at zinc users in the galvanized and steel markets. Factors considered
are the LME cash price plus premiums or discounts, financing by the
consumer, and other market related conditions. Varies on a daily basis.
US MW Alloy No. 3 premium: Weekly assessment of the premium or
discount to the London Metal Exchange cash settlement price for No. 3
zinc alloy, normalized to a delivered Midwest basis within 30 days, net30 days payment terms. Minimum full truckload; normalized to a typical
quantity of 100-250 mt.
19
METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
US MW Alloy No. 3: US alloyer quote for No. 3 die casting alloy,
30,000-lb lots and over, delivered, based on LME cash price plus
premiums for alloying. Varies on a daily basis.
prompt delivery. Based on a survey of producers, traders and consumers
of tin. Assessed weekly.
tonne basis. The assessment is based on a survey of producers, traders
and consumers of nickel. Nickel cut cathode is assessed every week on
Fridays or closest prior business day.
Europe – SHG Rotterdam: Weekly assessment of the $/mt premium
over LME cash for Special High Grade zinc on an inwarehouse
Rotterdam basis, 0-60-day terms, prompt delivery. Based on a survey of
producers, traders and consumers of zinc. Assessed every other week,
usually on Thursdays.
Nickel
Nickel European Briquette premium: A weekly assessment of
the spot premium or discount to LME cash for nickel briquettes, LME
grade minimum 99.8% nickel, on an in-warehouse Rotterdam basis.
The premium is assessed on US dollar per metric tonne basis. The
assessment is based on a survey of producers, traders and consumers of
nickel. Nickel briquetes are assessed every week on Fridays or closest
prior business day.
In-Warehouse Singapore Premium: Daily assessment of the premium
for 99.995% minimum material of mainly Chinese origin, in-warehouse
Singapore. Cargo released immediately upon payment.
Nickel US Cathode Premium Spot: Weekly assessment of the
premium or discount to LME nickel cash settlement price for 99.8% Ni,
4”X4” cathode, to include US and Canada business, DDP US within 30
days,net-30-day payment terms.
Nickel US melt premium spot: Weekly assessment of the premium
or discount to LME nickel cash settlement price for melting grade
99.8% Ni, in cathodes or other forms, basis DDP US within 30 days,
net-30-day payment.
Nickel plate premium spot US: Weekly assessment of the premium or
discount to LME nickel cash settlement price for 99.8% Ni full-plate uncut
cathodes, DDP US within 30 days, net-30 day payment.
Europe — Russian Full Plate: A weekly assessment of the spot
premium or discount to LME cash for Russian full plate uncut cathode,
LME grade minimum 99.8% nickel, on an in-warehouse Rotterdam basis.
The premium is assessed on a US dollar per metric tonne basis. The
assessment is based on a survey of producers, traders and consumers
of nickel. Russian full plate is assessed every week on Fridays or closest
prior business day.
Nickel European Cut Cathode (plating grade) premium: A weekly
assessment for the spot premium or discount to LME cash for nickel 4x4
inch cut cathodes, LME grade minimum 99.8% nickel, on an in-warehouse
Rotterdam basis. The premium is assessed on US dollar per metric
In-Warehouse Singapore Premium: Daily premium assessment for
99.8% minimum Ni of mainly Brazilian and Russian origin, in-warehouse
Singapore. Cargo sold in the form of squares, full plates, or briquettes.
Cargo released immediately upon payment.
Tin
Europe – 99.85% Malay origin: Weekly assessed $/mt premium for
Malay origin 99.85% tin on a CIF Rotterdam basis, 0-30-day terms, prompt
delivery. Based on a survey of producers, traders and consumers of tin.
Assessed weekly.
Europe – 99.9% Chinese origin: Weekly assessed $/mt premium
for Chinese origin 99.9% tin on a CIF Rotterdam basis, 0-30-day terms,
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
20
METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
Yavg
QUALITY
QUANTITY
DIMENSIONS
LOCATION
TIMING
PAYMENT
TERMS
PRECIOUS
Assessment
CODE
Mavg
Palladium NY Dealer Wk
MMABV00
MMABV03
MMABV06,
MMABV16
99.95%
Not specified
Ingot or sponge
DDP US
Within 30 days
Net-10 days or less $/oz
Platinum NY Dealer Wk
MMAHX00
MMAHX03
MMAHX06,
MMAHX16
99.95%
Not specified
Ingot or sponge
DDP US
Within 30 days
Net-10 days or less $/oz
Rhodium NY Dealer Wk
MMAID00
MMAID03
MMAID06,
MMAID16
99.90%
Not specified
DDP US
Within 30 days
Net-10 days or less $/oz
Ruthenium NY Dealer Wk
MMAIH00
99.90%
Not specified
DDP US
Within 30 days
Net-10 days or less $/oz
Iridium NY Dealer Wk
MMAIJ00
99%
Not specified
DDP US
Within 30 days
Net-10 days or less $/oz
PRECIOUS
Gold (Expected launched on or before January 28, 2015)
Indian Gold Premium: Daily assessment of the physical spot market
premium over international spot rates for 99.5% Gold, in kilo bar form,
DDP India city secure vault within 2 days, $/troy oz. Based on a survey of
traders, banks, refiners, importers and producers.
Iridium
Wavg
UOM
Osmium
Platinum
MW New York Dealer: FOB New York, spot market price assessment
for min 99.5% purity osmium. (Slated for discontinuation in 2015)
MW New York Dealer: Weekly assessment of the physical spot market
price for 99.95% platinum metal, in ingot or sponge form, DDP US within
30 days, max net-10 day payment, $/oz. Based on a survey of traders,
refiners, recyclers and producers.
Palladium
MW New York Dealer: Weekly assessment of the physical spot market
price for 99.95% purity palladium, in ingot or sponge form, DDP US within
30 days, max net-10 day payment, $/oz. Based on a survey of traders,
refiners, recyclers and producers.
Rhodium
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
21
MW NY Dealer: Weekly assessment of the US spot market price for min.
99% Ir purity, DDP US within 30 days, max net-10 day payment terms, in $/oz.
MW New York Dealer: Weekly assessment of the physical spot
market price for 99.9% purity rhodium, DDP US within 30 days, max net10 day payment, $/oz. Based on a survey of traders, refiners, recyclers
and producers.
METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
LIGHT/MINOR METALS
Assessment
CODE
Mavg
MMAHR00
Wavg
Yavg
QUALITY
QUANTITY
DIMENSIONS
LOCATION
TIMING
PAYMENT TERMS
UOM
MMAHR03
MMAHR16
AZ91D, AM50 or AM60
on-spec diecast alloys
full 40,000 lb truckload
Ingots, sow or T-bars
Delivered US customer
works
Shipment within 30 days
net-30 or net-60 days
cents/lb
Magnesium US Spot Western Wk MMAHM00
MMAHM03
MMAHM16
99.8% pure, ASTM Grade
9980A
full 40,000 lb truckload
Ingots, sow or T-bars
Delivered US customer
works
Shipment within 30 days
net-30 days
cents/lb
Magnesium US Dealer Import Wk MMAHQ00
MMAHQ03
MMAHQ16
99.8%-99.9% pure, nonoxidized
full 40,000 lb truckload
Ingots, sow or T-bars
Delivered US customer
works
Shipment within 30 days
net-30 days
cents/lb
Ingots, sow or T-bars
in-warehouse Rotterdam,
duty unpaid
NA
$/mt
Light metals
Magnesium US Die Cast Alloy
Wkly
Magnesium Eur Free Mkt Wkly
MMAIZ00
Magnesium 99.8% FOB China $/
Mt Weekly
AAVSK00
Magnesium Die Cast Alloy FOB
China $/MT Wkly
MMDCH04
Silicon 553 grade delivered US
Midwest Weekly
MMAJM00
MMAJM03
Silicon 553 grade in-warehouse
EU Weekly
AAIUT00
MMAZH03
99.9% pure, unoxidized
AAVSK03
AAVSK16
Not specified
Ingots, sow or T-bars
FOB China- Tianjin
for shipment within 30
days
Not specified
$/mt
MMDCH16
Not specified
Ingots, sow or T-bars
FOB China
Shipment within 30 days
Not specified
$/mt
MMAJM16
98.5% Si, max 0.5% iron,
Four truckload minimum
max 0.3% Ca, 0.2-0.5% Al
4-inch lumps, in bulk or
delivered Midwest
2,000-3,000 lb supersacks
30 days from transaction
date
Net 30 days
Cents/lb Si contained
99.5% Si, max 0.5% Fe,
Three truckload minimum
max 0.3% Ca, 0.2-0.5% Al
lumps size 50-100 mm, in
bulk 1 mt big bags
Delivery within 60 days
Net-30 days
Eur/mt
$/mt
in-warehouse EU, dutypaid
Silicon 553 grade FOB China
Weekly
MMAJF00
MMAJF03
MMAJF16
99.5% Si, max 0.5% Fe,
Min 20mt
max 0.3% Ca, 0.2-0.5% Al
Lumps 50-100mm
FOB main Chinese ports
Within 30 days of date of
transaction
Telegraphic transfer,
cash against documents,
including original bill of
lading and irrevocable
letter of credit drawn
against approved bank at
site or equivalent.
Silicon 553 grade CIF Japan
Weekly
MMAJL00
MMAJL03
MMAJL16
99.5% Si, max 0.5% Fe,
20 mt or greater
max 0.3% Ca, 0.2-0.5% Al
10-100 mm
main ports Japan
loading within 60 days of
transaction
cash against documents,
$/mt
irrevocable letter of credit
Titanium .5% US Turning Wk
MMAJZ00
MMAJZ03
MMAJZ16
90% Ti, 6% Al, 4% V,
0.5% tin
Full truckload 40,000 lb
DDP US
Within 30 days of date of
transaction
Not specified
$/lb
Titanium .5% Euro Turning Wk
MMAJY00
90% Ti, 6% Al, 4% V,
0.5% tin
Full container load - 20 mt
DDP EU
Within 30 days of date of
transaction
Not specified
$/lb
AALXR03
min 99% As
5-mt lots
Lumps (fist size)
In warehouse US
Within 30 days
Net 30 days
cents/lb
5-mt lots
Ingot
DDP US buyer's works
Within 30 days
Net 30 days
$/lb
1 mt minimum
Not specified
DDP US buyer's works
Within 30 days
Net 30 days
cts/lb
MMADC16 99.95% min
5-mt lots
Not specified
DDP US buyer's works
Within 30 days
Net 30 days
cts/lb
99.99% min
5 mt lots
Not specified
DDP US buyer's works
Within 30 days
Net 30 days
cents/ln
Within 30 days
Net 30 days
$/lb
Minor Metals
Arsenic MW Dealer Weekly
AALXR00
Antimony NY Dealer Wkly
MMACY00
MMACY03
99.65% min, 0.15% max
MMACY16
arsenic
Bismuth NY Dealer Wkly
MMADA00
MMADA03
Min 99.99%
Cadmium NY Dealer Wkly
MMADC00
MMADC03
Cadmium Free Market HG Weekly AALXQ00
Cobalt 99.8% European Wkly
MMAIK00
Cobalt US Spot Cathode Wkly
MMAEO00
Cobalt Russian Wkly
AALXT00
MMAEO03
MMANL04
99.8% Co
1-5 mt
1"x1" cut cathodes
DDP European buyer's
works, or in-warehouse
transfer
MMAEO16 99.8% Co
1-5 mt
1 inch cathodes and/or
roundelles
DDP US buyer's works, or
in-warehouse transfer
Within 30 days
Net 30 days
$/lb
99.3% Co
1-5 mt
15 kg ingots
DDP US buyer's works, or
in-warehouse transfer
Within 30 days
Net 30 days
$/lb
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
22
NONFERROUS: JANUARY 2015
METHODOLOGY AND SPECIFICATIONS GUIDE
LIGHT/MINOR METALS CONTINUED
Assessment
CODE
Cobalt Zambian Wkly
MMAKF00
Indium NY Dealer Wkly
MMAKI00
Mavg
Wavg
Yavg
MMAKI03
Indium US Prod Indium Corp Wkly AALXS00
QUALITY
QUANTITY
DIMENSIONS
LOCATION
TIMING
PAYMENT TERMS
UOM
99.6% Co
1-5 mt
broken cathodes
DDP US buyer's works, or
in-warehouse transfer
Within 30 days
Net 30 days
$/lb
99.99% min
Min lots 50 kg
Not specified
DDP US buyer's works, or
in-warehouse transfer
Within 30 days
Net 30 days
$/kg
Within 30 days
Net 30 days
NA
Mercury US Domestic Weekly
MMAKK00
MMAKK03
MMAKK16 99.99%
99.70%
Min 50 flasks
NA
in flasks
DDP US buyer's works
Within 30 days
Net 30 days
$/fl
Mercury Free Mkt Intl Weekly
MMADJ00
MMADJ03
MMADJ16 99.99%
Not specified
in flasks
CIF Rotterdam
Within 30 days
Net 30 days
$/fl
NA
DDP US buyer's works
Within 30 days
Net 30 days
$/kg
NA
DDP US buyer's works
Within 30 days
Net 30 days
$/kg
69.4% Re contained
(ammonium perrhenate)
MW Dealer Rhenium Weekly
AAGTD00
AAGTE00
Selenium MW Dealer Wkly
MMADL00
MMADL03
Tungsten US Spot Ore Wk
MMAHA00
65% W03
Not specified
NA
DDP US buyer's works
Within 30 days
Net 30 days
$/lb W contained
Tungsten APT US Wk
MMAHC00
88.5% WO3
Not specified
NA
DDP US buyer's works
Within 30 days
Net 30 days
$/STU
MMADL16 99.50%
LIGHT/MINOR METALS
Magnesium
US Die Cast Alloy/Tran: Western specification, automotive-qualified
AZ91D, AM50 or AM60 diecast alloy, 40,000-lb (truckload), net 30-60
day payment terms, delivered, duty paid US diecasters. Includes primary
or secondary specification diecast alloys, assessed weekly in a range
reflecting the majority of business or where a transaction is most likely
to occur on a spot basis, based on a survey of producers, traders and
diecasters. Started July 1,1993.
MW US Spot Western – Western-origin pure 99.8% Mg ingot, ASTM
Grade 9980A, sold directly by primary producers. Minimum full truckload
(40,000 lb) lots, net 30 days payment terms, duty paid, prompt delivery to
US customer plant (Al alloying, chemical, and Mg ferrosilicon segments).
Started July 1, 993.
MW US Dealer Import: Non-oxidized, pure 99.8-99.9% Mg
ingot, sold by traders, typically from Russia, Kazakhstan or other
origins. Minimum full truckload (40,000 lb) lots, net 30 days
payment terms, duty paid, prompt delivery to US customer plant
(Al alloying, chemical, and Mg ferrosilicon segments). Started
July 1, 1993.
European Free Market: Weekly assessment of the dealer traded price
for 99.9% pure, mostly Chinese or Russian origin, unoxidized Mg, in
warehouse Rotterdam, duty unpaid.
99.8% FOB China: Weekly spot assessment range for 99.8% minimum
pure magnesium ingots from China, in $/mt, FOB Tianjin, for shipment
within 30 days. The assessment is based on a survey of China-based and
Western traders, Chinese producers, Western consumers and analysts,
assessed weekly on Tuesday or closest working day.
Magnesium Diecast Alloy FOB China: Magnesium diecast alloy, to
include AZ91D, AM50 and AM60 specifications qualified by automotive
companies, FOB Tianjin port destined for export within 30 days. Assessed
from Hong Kong or Singapore in dollars per metric ton on a weekly
basis, on Tuesday or closest business day, through a survey of Chinese
producers, Asian traders and worldwide diecasters buying on an FOB China
basis. Prices which are reported on a delivered China or CIF basis to other
countries will be normalized to meet the specification. Includes export tax.
metal with minimum 98.50% silicon; maximum 0.50% iron; maximum
0.30% calcium and 0.2-0.5% aluminum; lumps size 4 inches; cents/lb, in
bulk or 2,000-3,000 lb supersacks, duty-paid, delivered Midwest, delivery
within 30 days from date of transaction; net-30 days payment terms
from date of delivery. Reported in-warehouse, or picked-up, transactions
normalized to delivered US Midwest. Fines normalized to stated lump
specifications. Special packaging and payment terms to be normalized to
meet stated specifications. Assessment quantities are three truckloads
and upward. Smaller quantities to be normalized to stated quantity.
Assessment made Wednesdays or closest business day, based on a
survey of producers, traders and consumers, closing at 4pm New York
time. Assessment started October 22, 1975.
Silicon
Silicon, 553 grade, in-warehouse EU: Weekly assessment of the
repeatable, tradeable, spot price for EU origin and imported 553 grade
silicon metal with minimum 98.50% silicon; maximum 0.50% iron;
maximum 0.30% calcium and 0.2-0.5% aluminum; lumps size 50-100
mm; euros/mt, in bulk/1 mt big bags in-warehouse, duty-paid, EU main
ports, producer plants and major EU warehousing hubs; delivery within 60
days from date of transaction; net-30 days payment terms from date of
delivery. Reported delivered transactions normalized back to
Silicon 553 Grade, Delivered US Midwest: Weekly assessment of the
repeatable, tradeable, spot price for US and imported 553 grade silicon
in-warehouse basis. Special packaging and payment terms to be
normalized to meet stated specifications. Transaction quantities are
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
23
METHODOLOGY AND SPECIFICATIONS GUIDE
three truckloads and greater. Smaller quantities to be normalized to
stated quantity. Assessment made Thursdays or closest business day
from a survey of producers, traders and consumers. Assessment started
March 7, 2002.
Silicon 553 grade, FOB China: Weekly assessment of the repeatable,
tradeable, spot price for Chinese origin and imported 553 grade silicon
metal with minimum 98.50% silicon; maximum 0.50% iron; maximum
0.30% calcium and 0.2-0.5% aluminum; lumps size 50-100 mm; $/
mt, FOB main Chinese sea ports, in bulk/1 mt big bags loaded on
oceangoing vessel or packed in seagoing 20ft or 40 ft containers and
customs sealed, export tariff-paid, within 30 days of date of transaction.
Payment by telegraphic transfer, cash against documents, including
original bill of lading and irrevocable letter of credit drawn against
approved bank at site or equivalent. Assessment quantities are 20
mt and greater, with smaller volumes normalized tostated quantity.
Special packaging and payment terms to be normalized to meet stated
specifications. Assessment made Thursdays or closest business day
from a survey of producers, traders and consumers. Assessment started
June 27, 1991.
Silicon 553 grade, CIF Japan: Weekly assessment of the repeatable,
tradeable,spot price for any origin silicon metal with minimum 98.50%
silicon; maximum 0.50% iron; maximum 0.30% calcium and 0.2-0.5%
aluminum; lumps size 50-100 mm; $/mt, CIF main Japan sea ports, loaded
in bulk or 1 mt big bags on oceangoing vessel or packed in seagoing 20ft
or 40 ft containers and customs sealed at point of origin. Payment by
telegraphic transfer, cash against documents, including original bill of
lading and irrevocable letter of credit drawn against approved bank at site
or equivalent. Assessment quantities are 20 mt and greater, with smaller
volumes normalized to stated quantity. Assessment made Thursdays or
closest business day from a survey of producers, traders and consumers.
Assessment started July 1, 1993.
Titanium
MW US Turning 0.5% – Free market price for US unprocessed turnings,
90% Ti, 6% Al, 4% V, 0.5% tin, delivered, duty paid.
European Turning 0.5% – Spot price for US- or European-generated
turnings, 90% Ti, 6% Al, 4% V, 0.5% tin, delivered, duty paid.
Arsenic
MW Dealer: Free market price for arsenic metal lumps (fist size),
minimum 99% As, 5mt lots, DDP US buyer’s works, $/lb. Started
September 2003.
Antimony
MW NY Dealer: 99.65% min. antimony ingot, 0.15% max. arsenic, 5-mt
lots, DDP US buyer’s works.
Bismuth
MW NY Dealer: Weekly assessment for 99.99% min. purity, prompt
delivery DDP US buyer within 30 days, net-30 terms. Min. one ton, $/lb.
Cadmium
MW NY Dealer: Weekly US assessment for 99.95% min. purity, prompt
delivery,DDP US buyer’s works within 30 days, net-30 day payment terms.
Min 5-mt lots.
NONFERROUS: JANUARY 2015
All Cuban origin material excluded from UScobalt assessments. Based
on surveys of producers, merchants and consumers, assessed Thursdays
or closest business day.
MW, 99.3% Russian: US free market cobalt, 99.3%, Russian
K1A/K1Ay electrolytic ingot/granules, minimum 99.30% Co and
99.35% Co, K1A and K1Ay respectively, ingot sizes 370x110x60
mm or 270x150x50 mm for K1A, typical ingot weight 12-14 kg, or
granules 5-50 mm for K1Ay, certified suitable for use in aerospace,
packed in 250 kg steel drums, or packedin metal containers up to
4,500 kg net. Basis delivered, duty-paid, US, delivery within 30
days, payment net-30 days. Note: Russian K1 (99.25% Co) and K2
(98.30% Co) excluded from this assessment. Based on surveys of
producers, merchants and consumers. Assessed on Thursdays or
closest business day.
MW, 99.6% Zambian: US free market cobalt, 99.6%, Zambian,
thin/broken, electrolytic cathode, minimum 99.6% Co, packed in
250 kg steel drums. Assessed in $/lb, delivered, duty-paid US,
delivery within 30 days, payment net-30 days. Based on surveys
of producers, merchants and consumers. Assessed Thursdays or
closest business day.
Indium
MW Free Market High Grade: Weekly US assessment for 99.99%
minimum purity metal, prompt delivery, minimum 5-mt lots, $/lb. Started
October 2003.
Cobalt
Europe - Cobalt 99.8%: Weekly estimated $/lb price for minimum
99.8% cobalt.The price is assessed on a free market in warehouse Europe
basis. Based on a survey of producers, traders and consumers of cobalt.
Assessed weekly, usually on Thursdays.
MW, 99.8% US Spot Cathode: US free market cobalt, 99.8%,
Falconbridge (Xstrata Nickel) or equivalent, 1”x1” cut, electrolytic,
cobalt cathodes, minimum 99.8% Co, packed in 250 kg steel drums,
four drums per wooden pallet, strapped to pallet. Assessed in $/lb,
delivered, duty-paid US, delivery within 30 days, payment net-30 days.
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
US Producer Indium Corp: Indium Corp.’s price for 99.97% purity
metal; 1 kilo bar in lots of 10,000 tr oz, FOB Utica, NY, published in
$/kg.
MW NY Dealer Indium: Price is based on 99.99% minimum purity
indium DDP US buyers, in minimum lots of 50kg, for delivery within 30
days, net-30 day payment terms.
Mercury
Free Market International: Price based on 99.99% minimum purity HG,
Prime Virgin, CIF Rotterdam, $/fl.
US Domestic: Price based on 99.99% minimum purity Hg, Prime Virgin,
DDP US buyer’s works, in minimum quantity of 50fl, $/fl.
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METHODOLOGY AND SPECIFICATIONS GUIDE
Rhenium
Selenium
MW NY Dealer: Free market price based on 69.4% Re contained
(ammonium perrhenate), delivered to US customer works, quoted in $/kg,
basis shipment and payment within 30 days. Based on a weekly survey
of merchants, producers and consumers. Assessed Thursdays or closest
business day.
MW NY Dealer: Selenium metal powder, minus 200 mesh, min. Se
99.5% DDP US buyer, 5-mt lots. Assessed in $/lb, basis shipment and
payment within 30 days. Assessed on Thursdays or closest business day
based on a survey of merchants and producers.
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
NONFERROUS: JANUARY 2015
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METHODOLOGY AND SPECIFICATIONS GUIDE
NONFERROUS: JANUARY 2015
REVISION HISTORY
January 2015: Platts updated the Metals Methodology and
Specifications guide to remove some Asian price assessments that were
discontinued as of December 31, 2014 and to update the US Aluminum
Transaction premium typical freight range.
July 2014: Platts revamped all Metals Methodology and Specification
guides, including its Nonferrous guide, in July 2014. This revamp was
completed to enhance the clarity and usefulness of all guides, and
to introduce greater consistency of layout and structure across all
published methodology guides. Methodologies for market coverage
were not changed through this revamp, unless specifically noted in the
methodology guide itself.
COPYRIGHT © 2015 BY PLATTS, McGRAW HILL FINANCIAL
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