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The assessment was originally published at $86 per tonne on Monday January 16, in line with the Fastmarkets methodology.
It has now been updated to reflect previous transactions at $86 per tonne that were revised by the counterparties to $85 per tonne on Thursday January 19.
Further deals with other counterparties were also concluded at $85 per tonne after January 16, according to sources directly involved in the negotiations.
Fastmarkets current methodology states the following:Should the MJP benchmark fail to be concluded by the 15th of the first month of the said quarter, Fastmarkets will publish an assessed benchmark on that day based on the following principle: If less than 30,000 tonnes of transacted volumes have been reported, Fastmarkets will publish an assessed benchmark based on deals reported as well as bids and offers, giving a weighted preference to reported transactions.
On occasions where the 15th of the first month of the quarter falls on a weekend or England and Wales public holiday, Fastmarkets will publish the assessed benchmark on the next working day.
Due to the exceptional circumstances of this quarter and the recent trend observed by Fastmarkets of later settlements well into the first month of the contracted quarter compared to previous market practice of settling in the last month prior to the contracted quarter, Fastmarkets has launched a consultation to amend is methodology.
To provide feedback on this, or if you would like to provide price information by becoming a data submitter to the assessment, please contact Chay Chye Leng or Alice Mason by email at pricing@fastmarkets.com. Please add the subject heading “re: Aluminium MJP quarterly correction”
To see all Fastmarkets’ pricing methodology and specification documents, go to: https://www.fastmarkets.com/about-us/methodology.