The incident occurred when Piastri was exiting the pits and impeded Magnussen at the chicane at Turns 2 and 3.
Both drivers and their teams were summoned to the stewards to explain the situation, with Piastri citing poor visibility due to the track layout, a point which Magnussen also recognized.
Despite Piastri's attempt to clear the way quickly, the stewards found that the McLaren team did not provide adequate warning about Magnussen's fast-approaching car.
The team radio revealed that other drivers received earlier warnings of approaching cars, leading the stewards to conclude that Piastri "unnecessarily impeded" Magnussen due to the insufficient alert from his team.
As a result of the penalty, Piastri will drop from his initial second place on the grid to fifth, moving his McLaren teammate Lando Norris up to the front row alongside pole-sitter Max Verstappen.
This penalty also promotes the Ferrari drivers, with Charles Leclerc moving to third and Carlos Sainz to fourth on the grid.
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