Metal Bulletin has closed its one-month consultation on its spot main Japanese ports (MJP) aluminium P1020 cif premium on Thursday July 26 after seeking market feedback on the assessment.
Current specifications:
Description: Aluminium P1020 spot cif main Japanese ports
Price: Aluminium P1020, spot cif main Japanese ports
Type: assessed range
Basis: cif in main Japanese ports at Yokohama, Nagoya and Osaka, premium on top of LME cash prices
Grade: P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max)
Origin: excluding Iran, India, Egypt, Brazil and LME warehouses
Currency: USD
Unit: tonne
Min lot size: 100 tonnes
Payment terms: cash against documents (2 days after bill of lading date)
Delivery: within four weeks
Form: Ingot, T-bar, sow
Publication: twice weekly, Tuesday and Friday by 4pm London time
Notes: assessed by the Metal Bulletin bureau in Singapore
At present, Metal Bulletin excludes aluminium P1020 material originating from India, Iran, Egypt, Brazil and from London Metal Exchange warehouses (warrants) for its spot MJP premium assessment because brands from these locations have typically attracted a discount to the bulk of the imported tonnage into the spot Japanese market. All other origins and brands that comply with our specifications are accepted in the assessment process, including brands from the Middle East, Europe, Canada, Australia, the United States and Russia.
Some market participants had suggested that Metal Bulletin should start accepting more P1020 brands and origins, including some brands from India, to take into account the evolving quality of material and the changes in Japanese consumers’ demands and in global supply flows.
The editorial team is currently reviewing all the feedback that it has received on material origins and will announce the outcome of the review on Friday August 3 instead of Friday July 27, as stated in the original consultation notice.
To see all Metal Bulletin’s pricing methodology and specification documents go to www.metalbulletin.com/prices/pricing-methodology