American Metal Market has increased the frequency of its US P1020 spot premium assessment to twice weekly - on Tuesdays and Fridays - effective immediately.
The frequency of the assessment was increased based on positive feedback from market participants looking to capture increased volatility of the premium. American Metal Market is closing out its four-week consultation of the market today.
The change will allow American Metal Market to present and report occasions in which the premium moves multiple times in a week. The volatility that was previously not represented by American Metal Market’s assessment will be included going forward, improving readers' understanding of the market.
The price assessments will continue to be published between 3pm and 4pm London time on Tuesdays and Fridays - 10am and 11am Eastern Standard Time.
American Metal Market’s current nonferrous metals methodology is available by clicking here. The methodology will represent a twice-weekly pricing schedule going forward, with prices produced every Tuesday and Friday. All historical data relating to this premium assessment prior to the amendment will remain available in the pricing section of the American Metal Market website.
The specification of our P1020 premium assessment will continue to be the following:
Aluminium P1020 delivered US Midwest
Type: Assessed range
Basis: Delivered consumer works Midwest US, premium on top of LME cash prices
Grade: P1020A or 99.7 % minimum aluminium purity
(silicon 0.10% maximum, iron 0.20% maximum)
Currency: US dollars
Unit: per lb
Minimum lot size: 100 tonnes
Payment terms: 30 days, other payment terms normalized
Delivery window: Within four weeks
If you have any queries or feedback concerning the details of the Midwest premium assessment or would like to become a data submitter for this price, please contact aluminium reporter Kirk Maltais at email@example.com. Please add the subject heading FAO: Kirk Maltais, re: US P1020 spot premium assessment.