Correction to aluminium P1020A MJP quarterly premium assessment

Fastmarkets has corrected its aluminium P1020A main Japanese ports (MJP) quarterly premium assessment to $85 per tonne from $86 per tonne for the first quarter of 2023.

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.

What to read next
Fastmarkets has corrected its MB-BMS-0015 Black mass, NCM/NCA, payable indicator, nickel, exw USA, % payable LME Nickel cash official price, which was published incorrectly on Wednesday, July 16.
Fastmarkets confirms its decision to discontinue its two domestic European stainless steel base price assessments.
This strategic launch is designed to better delineate the relationship between these two competing steelmaking materials. The differentials offer the market a single reference price denoting the spread between Turkey import billet and No1 and No2 heavy melting scrap (80:20) and between Turkey import billet and shredded scrap exported from the US East Coast respectively. […]
The publication of Fastmarkets’ assessments for nickel 4x4 cathode, nickel briquette and nickel uncut cathode premiums in-whs Rotterdam was delayed on Tuesday July 16 because of a reporter error.
Fastmarkets has corrected its alumina index inferred prices, which were published incorrectly on Tuesday July 15.
After an initial one-and-a-half-month consultation, followed by a further three-month consultation period on the proposed inclusion of a powder brand, and following market feedback and data analysis, Fastmarkets has determined that current market circumstances do not make the proposed amendment to the cobalt standard grade, in-whs Rotterdam, daily price assessment viable. This decision is not a judgement on the […]