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See Note 6 of Notes to Interim Consolidated Financial Statements included in this Report for a discussion of our pricing of fabricated aluminum, firm-price arrangements and third-party hedging instruments.
−Removed: During the quarters ended March 31, 2021 and March 31, 2020, settlements of derivative contracts covering 20.3 million pounds and 43.3 million pounds, respectively, hedged shipments sold on pricing terms that created metal price risk for us.
−Removed: At March 31, 2021, we had derivative contracts with respect to approximately 87.4 million pounds, 24.0 million pounds and 1.2 million pounds to hedge sales to be made in the remainder of 2021, 2022 and 2023, respectively, on pricing terms that create metal price risk for us.
−Removed: Based on the aluminum derivative positions held by us to hedge firm-price customer sales agreements, we estimate that a $0.10 per pound decrease in the London Metal Exchange (“LME”) market price of aluminum as of March 31, 2021 and December 31, 2020, with all other variables held constant, would have resulted in an unrealized mark-to-market loss of $11.3 million and $6.7 million, respectively, with corresponding changes to the net fair value of our aluminum derivative positions.
−Removed: Additionally, we estimate that a $0.01 per pound decrease in the Midwest premium for aluminum as of March 31, 2021 and December 31, 2020, with all other variables held constant, would have resulted in an unrealized mark-to-market loss of $0.7 million in both periods, with corresponding changes to the net fair value of our aluminum derivative positions.
+Added: During the quarters ended June 30, 2021 and June 30, 2020, settlements of derivative contracts covering 57.5 million pounds and 82.3 million pounds, respectively, hedged shipments sold on pricing terms that created metal price risk for us.
+Added: At June 30, 2021, we had derivative contracts with respect to approximately 78.1 million pounds, 26.9 million pounds and 1.2 million pounds to hedge sales to be made in the remainder of 2021, 2022 and 2023, respectively, on pricing terms that create metal price risk for us.
+Added: Based on the aluminum derivative positions held by us to hedge firm-price customer sales agreements, we estimate that a $0.10 per pound decrease in the London Metal Exchange (“LME”) market price of aluminum as of June 30, 2021 and December 31, 2020, with all other variables held constant, would have resulted in an unrealized mark-to-market loss of $10.6 million and $6.7 million, respectively, with corresponding changes to the net fair value of our aluminum derivative positions.
+Added: Additionally, we estimate that a $0.05 per pound decrease in the Midwest premium for aluminum as of June 30, 2021 and December 31, 2020, with all other variables held constant, would have resulted in an unrealized mark-to-market loss of $4.0 million and $3.3 million, respectively, with corresponding changes to the net fair value of our aluminum derivative positions.
Alloying Metals
We are exposed to the risk of fluctuating prices of certain alloying metals, especially copper and zinc, to the extent that changes in their prices do not highly correlate with price changes for aluminum.
−Removed: Copper, zinc and certain other metals are used in our remelt operations to cast rolling ingot and extrusion billet with the proper chemistry for our products.
+Added: Copper, zinc, magnesium and certain other metals are used in our remelt operations to cast rolling ingot and extrusion billet with the proper chemistry for our products.
From time to time, we enter into forward contract swaps with third parties to mitigate our risk from fluctuations in the prices of copper and zinc (“Alloying Metals”).
−Removed: As of March 31, 2021, we had forward swap contracts with settlement dates designed to align with the timing of scheduled purchases of Alloying Metals by our manufacturing facilities.
+Added: As of June 30, 2021, we had forward swap contracts with settlement dates designed to align with the timing of scheduled purchases of Alloying Metals by our manufacturing facilities.
See Note 6 of Notes to Interim Consolidated Financial Statements included in this Report for additional information relating to these hedges.
−Removed: We estimate that a $0.10 per pound decrease in the LME market price of zinc as of March 31, 2021 and December 31, 2020, with all other variables held constant, would have resulted in an unrealized mark‑to-market loss of $0.3 million in both periods, with corresponding changes to the net fair value of our Alloying Metals hedges.
−Removed: We estimate that a $0.10 per pound decrease in the COMEX market price of copper, with all other variables held constant, would have resulted in an unrealized mark-to-market loss of $0.3 million in both periods as of March 31, 2021 and December 31, 2020, respectively, with corresponding changes to the net fair value of our Alloying Metals hedges.
+Added: We estimate that a $0.10 per pound decrease in the LME market price of zinc as of June 30, 2021 and December 31, 2020, with all other variables held constant, would have resulted in an unrealized mark‑to‑market loss of $0.5 million and $0.3 million, respectively, with corresponding changes to the net fair value of our Alloying Metals hedges.
+Added: We estimate that a $0.10 per pound decrease in the COMEX market price of copper, with all other variables held constant, would have resulted in an unrealized mark-to-market loss of $0.3 million in both periods as of June 30, 2021 and December 31, 2020, respectively, with corresponding changes to the net fair value of our Alloying Metals hedges.
We are exposed to risk of fluctuating prices for natural gas and electricity.
We, from time to time, in the ordinary course of business, enter into hedging transactions and/or physical delivery commitments with firm prices with third parties to mitigate our risk from fluctuations in natural gas and electricity prices.
−Removed: See Note 6 of Notes to Interim Consolidated Financial Statements included in this Report for information regarding the volume of our derivative and physical delivery commitments with energy companies in place to cover our exposure to fluctuations in natural gas and electricity prices as of March 31, 2021.
−Removed: We estimate that a $1.00 per mmbtu decrease in natural gas prices would have resulted in an unrealized mark-to-market loss of $6.1 million and $6.6 million as of March 31, 2021 and December 31, 2020, respectively, with corresponding changes to the net fair value of our natural gas derivative positions.
−Removed: We estimate that a $5.00 per Mwh decrease in electricity prices as of March 31, 2021 and December 31, 2020 would have resulted in an unrealized mark‑to‑market loss of $2.1 million and $2.4 million, respectively, with corresponding changes to the net fair value of our electricity derivative positions.
+Added: See Note 6 of Notes to Interim Consolidated Financial Statements included in this Report for information regarding the volume of our derivative and physical delivery commitments with energy companies in place to cover our exposure to fluctuations in natural gas and electricity prices as of June 30, 2021 .
+Added: We estimate that a $1.00 per mmbtu decrease in natural gas prices would have resulted in an unrealized mark-to-market loss of $ 5.6 million and $ 6.6 million as of June 30, 2021 and December 31, 2020 , respectively, with corresponding changes to the net fair value of our natural gas derivative positions.
+Added: We estimate that a $5.00 per Mwh decrease in electricity prices as of June 30, 2021 and December 31, 2020 would have resulted in an unrealized mark ‑ to ‑ market loss of $ 1.8 million and $ 2.4 million, respectively , with corresponding changes to the net fair value of our electricity derivative positions.
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