SYDNEY and BUSAN, South Korea, July 8, 2015 /PRNewswire/ -- Platts, a leading global energy, petrochemicals and metals information provider and a premier source of benchmark price references, this month launched a weekly primary aluminum assessment for aluminum spot cargoes delivered to South Korea.

The new price reference, known as Platts CIF Korea Spot Premium Weekly, is Platts' first price assessment for South Korean metals products and augments Platts' existing suite of metals price references serving regional and global markets.

It reflects the transactable value of physically-traded aluminum as a premium or discount to the London Metal Exchange (LME) cash price for P1020A ingots on a cost, insurance & freight (CIF) Busan basis.

The assessment reflects the cost of physically delivering primary aluminum to Korean users, expressed as a differential to the exchange futures price.

"Until now, there was no clear price reference for the aluminum spot market in Asia," said Yuen Cheng Mok, Platts senior managing editor for Asia metals. "With South Korea being the most active spot market for the metal in Asia, Platts has responded to market calls to create a new index. The new assessment will introduce transparency into the South Korean aluminum spot market, and could also serve as a reference for market players in other regions."

Platts developed this assessment following industry feedback that South Korea has become the leading spot market for aluminum in Asia. Primary aluminum P1020 grade is used in making products such as beverage cans, automobile parts and packaging, as well as a feedstock for other aluminum alloys.

The premium will be assessed every Wednesday, adhering to published, structured methodology that is publicly available on the Platts website at this link (on page 15).

The latest Platts CIF Korea Spot Premium Weekly was Wednesday assessed at $100-$110 per metric ton (/mt), up $2.50/mt week over week from July 1.

The Platts CIF Korea Spot Premium Weekly assessment is published in Platts Metals Daily and in real-time news, data and information services Platts Metals Alert and Platts Market Center.

For more information on Platts, visit www.platts.com.

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Global, Americas: Kathleen Tanzy, + 1 917 331 4607, kathleen.tanzy@platts.com

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SOURCE Platts

SOURCE: Platts