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
Due to a system error, the market price for June 2 was used twice in the calculation of the weekly average for AG-FML-0008 Feathermeal, fob US Delmarva Peninsula, $/short ton, resulting in an error. Fastmarkets’ pricing database has been updated to reflect this change. Incorrect weekly average for May 31-June 6: $185-270 per short tonCorrect weekly average […]
Following preliminary discussions with the market and interrogation of data collected by Fastmarkets over recent months, Fastmarkets now proposes to assess and publish the price for ferro-niobium, 63-67%, delivered consumer works, dp Europe, on Wednesdays and Fridays, from the current basis of once weekly on Wednesdays. This more frequent price assessment will enable Fastmarkets to […]
No feedback was received during the consultation period and therefore no changes will be made to the methodologies at this stage. This consultation sought to ensure that our methodologies continue to reflect the physical market under indexation, in compliance with the International Organization of Securities Commissions (IOSCO) principles for Price Reporting Agencies (PRAs). This includes […]
Following the consultation, which closed on Thursday June 12, Fastmarkets will amend the frequency of Taiwan base metals premium and delivery timing for tin 99.99% ingot premium, with the first publication on a monthly frequency taking place on Tuesday July 1. The change in frequency will help to better reflect the dynamics in the Taiwan […]
Following an initial consultation with the market, Fastmarkets is proposing to:  The new specifications would be as follows, with amendments in italics: MB-CU-0002 Copper grade 1 cathode premium, ddp Midwest US, US cents/lb Quality: Grade A 99.9935% min copper cathode conforming to LME specifications BS EN 1978:2022 – Cu-CATH-1 or Grade 1 Electrolytic Copper Cathode ATSM B1115-10 Quantity: Min […]
The proposed price will expand Fastmarkets’ coverage of the flat stainless steel market in Europe by complementing the price assessment for MB-STS-0281 stainless steel cold-rolled sheet, 2mm, grade 304, transaction domestic, delivered North Europe. The proposal follows preliminary discussions with the market and coincides with a proposal to discontinue the assessment of the base price for […]