The initial consultation, which ended on July 1 and was extended to July 29, invited comments on extending the delivery window to six weeks.
The current methodology reflects cargoes sold on a cif basis for delivery to the main Japanese ports of Yokohama, Nagoya and Osaka within four weeks from the date of the transaction.
Fastmarkets received positive feedback from the market on extending the delivery window and believes the wider delivery window better reflects spot market activity in the main Japanese ports (MJP) market.
The specification is as follows, with the proposed change in bold:
MB-AL-0343 Aluminium P1020A (MJP) spot premium, cif Japan, $/tonne
Quality: P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) in line with LME specifications. Ingot, T-bar, sow
Quantity: Min 100 tonnes
Location: cif in main Japanese ports at Yokohama, Nagoya and Osaka, premium on top of LME cash prices
Timing: Within 6 weeks
Payment terms: Cash against documents (2 days after bill of lading date)
Publication: Twice weekly. Tuesday and Friday by 4pm London time
Notes: Excluding metal from LME warehouses and metal subject to international sanctions, which Fastmarkets’ Singapore office assesses.
There are no other proposed changes to the specifications of the assessment, either on a spot or quarterly basis. The change comes into effect for the Friday July 31 assessment.
To provide feedback on this or if you would like to provide price information by becoming a data submitter to the assessment please contact Karen Ng or Alice Mason by email at email@example.com. Please add the subject heading FAO: Karen Ng / Alice Mason, re: Aluminium P1020A (MJP) delivery window or FAO: Karen Ng/Alice Mason, re: MJP data submission.
To see all of Fastmarkets’ pricing methodology and specification documents, go to https://www.fastmarkets.com/about-us/methodology