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The most urgent issue from the point of view of those that use prices assessed by Metal Bulletin and FastMarkets are premiums for the same metal in the same location that both Metal Bulletin (including sister publication American Metal Market) and FastMarkets produced, or overlapping premiums. (See list below.)
This early notification of our intentions is intended to facilitate the understanding of those companies that use premiums from both companies in their contracts, in order that contracts for Q4 2016 and calendar years 2016 and 2017 are not unduly affected by the rationalisation of the overlapping premiums that Metal Bulletin and FastMarkets hitherto produced as separate companies.
This notice is part of a consultation process, and dates and plans are subject to the comments and questions of those that use the premiums that were produced by Metal Bulletin and FastMarkets individually.
Metal Bulletin plans to continue assessing overlapping FastMarkets and Metal Bulletin premiums in parallel till the end of calendar year 2016.
Over that time, they will be assessed, reviewed and approved by specific individuals from the formerly separate teams under the Metal Bulletin and FastMarkets methodologies.
From the first pricing session of January 2017 onwards, however, Metal Bulletin will cease publishing FastMarkets premiums that overlap with Metal Bulletin premiums.
From that point on, all premiums will be assessed in line with the Metal Bulletin methodology.
The review process started on September 30 and will continue till October 31, which is the deadline for submitting comments to Metal Bulletin.
Metal Bulletin will publish the results of this review in November, and then intends to publish a delisting notice for all the overlapping FastMarkets premiums that we will cease to publish from January.
Metal Bulletin has identified the following prices as overlapping premiums.
Aluminium Singapore in-warehouse South Korea cif Johor in-warehouse Rotterdam DUP in-warehouse Rotterdam DP in-warehouse Japan spot MJP Japan quarterly MJP Shanghai cif US Midwest delivered
Copper Singapore in-warehouse South Korea cif Johor in-warehouse Rotterdam in-warehouse Italy cif Shanghai cif Shanghai bonded US Midwest delivered
Lead Johor 99.97% in-warehouse Rotterdam 99.97% in-warehouse Rotterdam 99.985% in-warehouse (FM prices as 99.99%) US 99.97% delivered MW
Nickel Singapore FP in-warehouse Singapore briquettes in-warehouse Johor FP in-warehouse Johor briquettes in-warehouse Rotterdam full-plate in-warehouse Rotterdam briquettes in-warehouse Rotterdam cut cathode in-warehouse Shanghai full-plate bonded US melting grade (delivered) US plating grade (delivered)
Zinc Singapore in-warehouse (MB 99.995%, FM high lead/low lead) Johor in-warehouse (MB 99.995%, FM high lead/low lead) Rotterdam in-warehouse Rotterdam DP FCA Shanghai bonded US MW delivered
Tin Rotterdam 99.85% in-warehouse Rotterdam 99.9% in-warehouse (FM differentiates standard 3 nines and low-lead) Tin Grade A 99.85% premium delivered USA
To take part in the consultation, please email your comments to pricing@metalbulletin.com.
Find out more about Metal Bulletin’s acquisition of FastMarkets here.