Methodology and Price Specifications: Non-Ferrous Metals

Methodology and Price Specifications
NON-FERROUS METALS
September 2018
www.metalbulletin.com/prices | 1
Price specifications
Non-ferrous price specifications
Contents
Introduction 3
Price discovery process and methodology 4
Methodology and price specification review process 6
Price correction policy 6
Calculation of average prices 6
Third party price data 6
Metal Bulletin Indices 6
How to become a contributor to the price discovery process 7
Pricespecifications
Base metals 8
Bulk alloys 28
Noble alloys 32
Ores 34
Minor metals 36
Battery Raw Materials 42
Scrap 43
Metal Bulletin’s Mission Statement

The Metal Bulletin Group aims to provide leading pricing intelligence, including independent industry benchmarks for the metal and
mining industry. The group’s global portfolio of news, analysis, conferences and insight services complement these price
benchmarks.
Introduction
Metal Bulletin Group portfolio includes Metal Bulletin, American Metal Market (AMM), Industrial Minerals and FastMarkets.
Metal Bulletin is the leading global provider of pricing intelligence for the non-ferrous metal, steel, steelmaking raw materials, ferrous
and non-ferrous scrap markets, and has been producing price assessments since 1913.
Metal Bulletin’s reporters are required to abide by a code of conduct and clear pricing procedures during their market reporting and
pricing activities. Metal Bulletin is completely independent and has no vested commercial interest in any of the markets it prices.
We are the world’s largest dedicated metals price reporting team with offices in London, New York, Pittsburgh, Shanghai, Hong Kong,
Sao Paulo, Melbourne, Singapore, Mumbai, CIS, Istanbul, and five other US locations.
The aim of this document is to provide a clear overview of Metal Bulletin’s methodology and the specification of the prices it assesses.
If you have any questions, please contact Metal Bulletin’s editorial director Alex Harrison, at aharrison@metalbulletin.com.
Price discovery process and Data is collected from market participants directly involved in
spot business primarily by telephone, but also by email, digital
methodology messaging or direct submission. All input data received is kept
confidential and stored in our secure online pricing database
Methodology Rationale system, MInD (Metals Information Database).
Metal Bulletin produces independent, fair and representative
price assessments and indices of non-ferrous metals and scrap Metal Bulletin encourages organisations to submit all their
prices on a daily, bi-weekly, weekly or monthly basis. pricing data, especially all the concluded transactions.
Depending on market liquidity Metal Bulletin reserves the right
Metal Bulletin’s rationale is to adopt and develop the price to also base its prices on bids, offers, deals heard and market
discovery process and the methodology described in the participants’ assessment or indication of prevailing values.
present guide to produce assessments that are a consistent
and representative indicator of value of the market which they Metal Bulletin welcomes organisations to submit transaction
relate for the trading period they measure. data from authorised back office functions. Metal Bulletin may
sign Non-Disclosure Agreements (NDA) with any data provider,
During the price discovery process, the price reporters’ goal is if requested to do so, in order to maximise the number of data
to discover at what representative level market participants points collected for inclusion in the assessment or index
have concluded business, made offers or received bids over a calculation.
certain defined trading period – generally the period since the
conclusion of the previous price quotation (if, for instance, the Price specifications and reference units
last price assessment published by Metal Bulletin was on Friday Metal Bulletin has clear specifications for all the price points
at 3pm London time and our next assessment is due on that it covers. All the reference units, such as currency and
Wednesday between 2- 3pm London time, we will accept price volume, are in line with recognised metals markets trading
data for business conducted and reported to Metal Bulletin conventions.
between Friday 3pm and Wednesday 2pm).
Metal Bulletin’s specifications detail the material’s
For Metal Bulletin’s weekly or monthly base metals premiums, characteristics or quality, location, incoterm, payment terms
the pricing reporter will give more weight to recent data than and the minimum volume accepted. These specifications are
older data in its discovery process, if sufficient trading volume determined in consultation with market participants and
has been collected, to reflect the fast-moving nature of the following industry convention. Reporters ensure that the
underlying base metals markets and the greater spot liquidity information they receive matches these specifications.
of the sector compared with other markets.
Guidelines that control the exercise of judgment by
The time period, or window, identified to assess a market (eg, price reporters during the assessment process
daily, bi-weekly, weekly) is determined by Metal Bulletin after To produce the price assessment greater weighting is generally
considering the number of data points that Metal Bulletin can given to actual concluded transaction data; bids/offers are
reasonably expect to collect on a consistent basis over the second in order of importance, followed by data sources’ own
selected period to support the price assessment process, assessment of the market when they have no business to
ensuring that the assessments produced is a reliable indicator report. However, other considerations might also intervene
for the physical market they relate to. such as, the trustworthiness of a data source based on past
data submissions, or their willingness to provide data on a
Data collection criteria consistent basis.
Metal Bulletin reporters aim to talk to a broad sample of
market participants specifically involved in the buying and All Metal Bulletin price specifications define the minimum lot
selling of the metal of interest, with a good representation of size accepted. When volume information is available, this is
both sides of the market, including producers and consumers, also taken into consideration in the assessment process. For
as well as traders. instance, typically a deal with a bigger volume will carry more
weight in the price reporter judgement than a smaller volume Procedure to ensure consistency in the price discovery
transaction. However, price reporters will also consider, for procedures
instance, to normalise or discard a price reported for a deal All Metal Bulletin price assessments are set by a first reporter
with an abnormally large or small volume. who covers that specific market, peer reviewed by a second
reporter, and always signed-off and approved by a senior
As commodity markets differ in liquidity level at different reporter or editor prior to publication. This peer review process
periods, the methodology does not set any minimum number, is in place to make sure that pricing procedures and
or threshold, of transactions to be gathered on which to base methodologies are correctly and consistently applied and to
the assessment. ensure integrity and quality of the published prices.
A pricing session typically includes bids/offers, contributors’ Price reporters are formally trained in the price discovery
assessments as well as concluded transactions. This means process and must abide by a written Code of Conduct and
that several separate sources will typically contribute to market pricing procedures.
data and that there is no key submitter dependency. However,
should a significant proportion of the data (defined as more Publication of the price assessment
than 50% of the data points) be provided by a single source, the At the end of the pricing session, Metal Bulletin reviews the
reporter, peer reviewer and the senior editorial person pricing information it receives to set a price range to reflect the
signing-off the price prior to publication will analyse the data representative spread of prices at which business has been
and consider whether to publish an assessment based on the transacted, offered or bid. Base metals premiums are generally
data collected or roll it over from the previous session. reported as a single price and as high and low.
Data normalisation In order to enhance market transparency and to provide

Occasionally, Metal Bulletin might receive price data for evidence of data inputs that support the price discovery
material with specifications to ours – for instance, different process, Metal Bulletin also publishes trade logs for several of
material quality, delivery terms or delivery location, different its key prices, while maintaining full counterparty
cargo size or payment terms. In such cases, when appropriate, confidentiality, pricing data and volume received from data
Metal Bulletin normalises data to our typical specification. contributors.
A typical example would be a price that is either net-back or

net-forward due to delivery terms different from Metal
Bulletin’s specification.
Criteria to discard pricing data

Metal Bulletin will use its expert judgment to exclude outlying
or unrepresentative numbers, and discount or discard prices
that it believes may otherwise be questionable and unreliable.
When required, for instance when a transaction appears

questionable or outside the range reported by other market
participants, Metal Bulletin may seek to confirm information
on deals either by requesting a signed copy of the contract or
other materials as evidence of claimed deals, or by checking
the deal information with the counterparty. If no evidence of
the deal is provided, Metal Bulletin may discard the data.
Methodology and price Calculation of average prices
specification review process Metal Bulletin publishes monthly averages for a selection of its
prices; prices from the London Metal Exchange; gold, silver,
platinum and palladium prices; and average exchange rates. The
Metal Bulletin continually develops and revises its
Metal Bulletin monthly averages are calculated by dividing the
methodologies in consultation with industry participants,
sum of the price quotations by the number of quotations
aiming to adopt product specifications and trading terms and
published during the calendar month.
conditions that actually reflect and are representative of
typical working practices in the industry.
There is a Metal Bulletin monthly average high price and average
low price. The LME monthly averages are calculated by dividing
Changes to the methodology and/or price specification are
the sum of the daily bid/ask mean by the number of trading days
implemented following a consultation process which starts
during the month. The monthly prices for gold, silver, platinum
with Metal Bulletin posting on its website an advance pricing
and palladium and exchange rates are calculated by dividing the
notice providing clear details and a timeframe for the change
sum of the daily prices by the number of trading days during the
proposed. The objective of the consultation process is to give
month.
market participants sufficient time and opportunity to provide
feedback and views about the change proposed.
For more details on the formal review of the methodology and

the consultation process to propose changes to the Third-party price data
methodology, refer to Metal Bulletin’s Methodology Review Metal Bulletin also publishes prices from external sources
and Change Consultation Process available on Metal Bulletin’s including:
website .
Exchange prices - London Metal Exchange, Comex and the
Shanghai Futures Exchange
For contract specifications and pricing information on these

Price Correction policy prices please refer to the individual company’ website.
Publication of price errors can occasionally happen for reasons
that may include technical, input errors or incorrect application
of the methodology.
To minimise the inconvenience to our subscribers, Metal

Metal Bulletin Indices
Bulletin aims to investigate each error as soon as it becomes
aware of it and to publish a correction promptly on its website Metal Bulletin’s prices also include the following non-ferrous
through a pricing notice with an explanation of the reason for indices:
the correction.
• Metal Bulletin Alumina Index
Metal Bulletin will publish a correction of a price only where it • Metal Bulletin Charge Chrome 50% Cr Index
has established undeniably that there has been an error. Metal • Metal Bulletin Manganese Ore Indices
Bulletin price assessments are produced based on the best • Metal Bulletin Copper Concentrates Index
data available at the time of the assessment. It will not
retroactively change a price based on new information or The methodologies are available on the Metal Bulletin website.
additional submission of data received after a respective
pricing session has closed.
How to become a contributor to
the price discovery process
Metal Bulletin continually seeks to increase the number of
market sources willing to take part in the price discovery
process. The main condition Metal Bulletin requires from
contributors is for them to be active participants in the spot
market.
Metal Bulletin’s Data Submitter Policy provides guidelines

defining the high level of data quality and integrity that Metal
Bulletin expects from contributing organisation providing
pricing data. Market participants that wish to provide pricing
data and be part of the price discovery process should first read
the Data Submitter Policy available on the Metal Bulletin’s
website.
All data sources are subject to review before their data

submitted is fully taken into account in the pricing process. The
aim is to make sure that submitters are trustworthy and have
sufficient visibility and understanding of the market to be able
to provide viable price data.
If you want to become a contributor to Metal Bulletin pricing,

or have questions or comments about the methodology and
price specifications, please contact Metal Bulletin’s Risk &
Compliance Manager, Prahashini Kunapalan, at
prahashini.kunapalan@metalbulletin.com.
Base metals Aluminium
Price: Aluminium P1020A quarterly cif main
Japanese ports (MJP)
Type: Reported single number or range
Basis: Cif main Japanese ports (Yokohama, Nagoya
Bauxite and Osaka), premium on top of LME cash
Please see ores section. prices
Grade: P1020A or 99.7 % Minimum Al purity (Si
0.10% max, Fe 0.20% max)
Currency: USD
Alumina Unit: Tonne
Price: Alumina metallurgical grade DDP China Min lot size: 500 tonnes
Type: Assessed range Payment terms: Cash against documents (2 days after Bill of
Basis: delivered duty paid China lading date)
Currency: RMB Delivery window: Within the quarter
Unit: Metric tonne Form: Ingot, T-bar, sow
Min lot size: 1,000 tonnes Publication: Quarterly
Payment terms: Cash, within one week Notes: Full methodology available here
Publication: Weekly. Thursday between 2pm and 3pm
London time
Price: Aluminium P1020A, spot cif main
Japanese ports (MJP)
Price: Alumina fob Bunbury, Australia Type: Assessed range
Type: Indexed single figure Basis: cif in main Japanese ports at Yokohama,
Units: USD/dry metric tonne Nagoya and Osaka, premium on top of LME
Basis: Fob Bunbury, Australia cash prices
Grade: Smelter grade alumina, minimum purity of Grade: P1020A or 99.7 % Minimum Al purity (Si
98.5% Al2O3 0.10% max, Fe 0.20% max) in line with LME
Min lot size: 10,000 tonnes specifications
Payment Terms: 30 days after loading Origin: Excluding metal from LME warehouses and
Loading Port: Bunbury/Kwinana; other ports normalised metal subject to international sanctions
Loading window: Within 2 months Currency: USD
Delivery Method: Bulk carrier Unit: Tonne
Publication: Daily. Thursday at 4pm London time Min lot size: 100 tonnes
Notes: Full methodology available here: Payment terms: Cash against documents (2 days after Bill of
lading date)
Delivery window: Within 4 weeks
Form: Ingot, T-bar, sow
Price: Alumina fob Vila do Conde, Brazil Publication: Twice weekly. Tuesday and Friday by 4pm
(Adjustment) London time
Type: Indexed single figure Note: Assessed by Metal Bulletin’s Singapore office
Units: USD/dry metric tonne
Basis: Fob Vila do Conde, Brazil
Grade: Smelter grade alumina, minimum purity of Price: Aluminium P1020A cif South Korea
98.5% Al203 Type: Assessed single number and range
Min lot size: 10,000 tonnes Basis: Cif in main South Korean ports (Gwangyang,
Payment terms: 30 days after loading Busan or Incheon), premium on top of LME
Loading port: Vila do Conde; other ports normalised cash prices
Loading window: Within 2 months Grade: P1020A or 99.7 % Minimum Al purity (Si
Delivery Method: Bulk carrier 0.10% max, Fe 0.20% max)
Publication: Fortnightly. Thursdays at 3pm Currency: USD
Notes: Full methodology available here Unit: Tonne
Min lot size: 100 tonnes
Payment terms: Cash against documents (2 days after Bill of
lading date)
Form: Ingot, T-bar, sow
Publication: Weekly. Tuesday between 3pm and 4pm
London time
Price: Aluminium P1020A fca South Korea Price: Aluminium P1020A cif Taiwan
Type: Assessed range Type: Assessed range
Basis: Free-carrier South Korea (Gwangyang, Busan Basis: Cif main Taiwanese ports (Taipei, Kaohsiung
or Incheon), premium on top of LME cash or Keelung), premium on top of LME cash
prices prices
Grade: P1020A or 99.7 % Minimum Al purity Grade: P1020A or 99.7 % Minimum Al purity
(Si 0.10% max, Fe 0.20% max) (Si 0.10% max, Fe 0.20% max)
Currency: USD Currency: USD
Unit: Tonne Unit: Tonne
Min lot size: 100 tonnes Min lot size: 100 tonnes
Payment terms: Cash against documents (2 days after Bill of Payment terms: Letter of Credit or Telegraphic Transfer, other
lading date) payment terms normalised
Delivery window: Within 4 weeks Form: Ingot
Form: Ingot, T-bar, sow Publication: Weekly. Tuesday between 3pm and 4pm
Publication: Weekly. Tuesday between 3pm and 4pm London time
London time
Price: Aluminium P1020A fob Singapore

Price: Aluminium P1020A cif Shanghai Type: Assessed range
Type: Assessed single number and range Basis: Fob Singapore, premium on top of LME cash
Basis: Cif Shanghai, premium on top of LME cash prices
prices Grade: P1020A or 99.7 % Minimum Al purity
Grade: P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max)
(Si 0.10% max, Fe 0.20% max) Currency: USD
Currency: USD Unit: Tonne
Unit: Tonne Min lot size: 100 tonnes
Min lot size: 100 tonnes Payment terms: cash against documents (2 days after bill of
Payment terms: Letter of Credit or Telegraphic Transfer, other lading date); other terms normalised
payment terms normalised Delivery window: Within 4 weeks
Form: Ingot Publication: Weekly. Tuesday between 3pm and 4pm
London time
Price: Aluminium P1020A fob Malaysia

Price: Aluminium P1020A bonded Type: Assessed range
in-warehouse Shanghai Basis: Fob main Malaysian ports (Johor, Port
Type: Assessed range Klang), premium on top of LME cash prices
Basis: In-bonded warehouse in Shanghai, premium Grade: P1020A or 99.7 % Minimum Al purity
on top of LME cash prices (Si 0.10% max, Fe 0.20% max)
Grade: P1020A or 99.7 % Minimum Al purity Currency: USD
(Si 0.10% max, Fe 0.20% max) Unit: Tonne
Currency: USD Min lot size: 100 tonnes
Unit: Tonne Payment terms: Cash against documents (7 days after bill of
Min lot size: 100 tonnes lading date); other terms normalised
Payment terms: Letter of Credit or Telegraphic Transfer, other Delivery window: Within 4 weeks
payment terms normalised Form: Ingot
Delivery window: Within 4 weeks Publication: Weekly. Tuesday between 3pm and 4pm
Form: Ingot London time
London time
Price: Aluminium P1020A in-warehouse Price: Aluminium P1020A in-warehouse
Southeast Asian warrants Rotterdam duty-paid
Basis: In any LME-approved warehouse in Basis: In-warehouse Rotterdam duty-paid,
Singapore and in Malaysia (Johor, Port premium on top of LME cash prices
Klang), premium on top of LME cash prices Grade: P1020A or 99.7 % Minimum Al purity
Grade: P1020A or 99.7 % Minimum Al purity ` (Si 0.10% max, Fe 0.20% max)
Min lot size: 25 tonnes Payment terms: Cash against documents (7 days after bill of
Payment terms: cash against documents (7 days after bill of lading date); other terms normalised
lading date); Delivery window: Within 4 weeks
other terms normalised Form: Ingot
Delivery window: Prompt release Publication: Twice weekly. Tuesday and Friday between
Form: Ingot, T-bars, Sow 3pm and 4pm London time
London time
Price: Aluminium P1020A in-warehouse
Antwerp duty-unpaid
Price: Aluminium P1020A in-warehouse East Type: Assessed range
Asian warrants Basis: In-warehouse Antwerp duty-unpaid,
Type: Assessed range premium on top of LME cash prices
Basis: In any LME-approved warehouse in Taiwan Grade: P1020A or 99.7 % Minimum Al purity
(Kaohsiung) and South Korea (Gwangyang, (Si 0.10% max, Fe 0.20% max)
Busan or Incheon), premium on top of LME Currency: USD
cash prices Unit: Tonne
Grade: P1020A or 99.7 % Minimum Al purity Min lot size: 100 tonnes
(Si 0.10% max, Fe 0.20% max) Payment terms: Cash against documents (7 days after bill of
Currency: USD lading date); other terms normalised
Unit: Tonne Delivery window: Within 4 weeks
Min lot size: 25 tonnes Form: Ingot
Payment terms: Cash against documents (7 days after bill of Publication: Weekly. Tuesday between 3pm and 4pm
lading date); other terms normalised London time
Delivery window: Prompt release
Form: Ingot, T-bars, Sow
Publication: Weekly. Tuesday between 3pm and 4pm Price: Aluminium P1020A in-warehouse
London time Antwerp duty-paid
Type: Assessed range
Basis: In-warehouse Antwerp duty-paid, premium
Price: Aluminium P1020A in-warehouse on top of LME cash prices
Rotterdam duty-unpaid Grade: P1020A or 99.7 % Minimum Al purity
Type: Assessed single number and range (Si 0.10% max, Fe 0.20% max)
Basis: In-warehouse Rotterdam duty-unpaid, Currency: USD
premium on top of LME cash prices Unit: Tonne
Grade: P1020A or 99.7 % Minimum Al purity Min lot size: 100 tonnes
(Si 0.10% max, Fe 0.20% max) Payment terms: Cash against documents (7 days after bill of
Currency: USD lading date); other terms normalised
Payment terms: Cash against documents (7 days after bill of Publication: Weekly. Tuesday between 3pm and 4pm
lading date); other terms normalised London time
Form: Ingot
Publication: Daily. Between 3pm and 4pm London time
Price: Aluminium P1020A in-warehouse Price: Aluminium P1020A fca Spain duty-paid
Vlissingen duty-unpaid Type: Assessed range
Type: Assessed range Basis: free-carrier duty-paid Spain, premium on top
Basis: In-warehouse Vlissingen duty-unpaid, of LME cash prices
premium on top of LME cash prices Grade: P1020A or 99.7 % Minimum Al purity
Payment terms: Cash against documents (7 days after bill of lading date); other terms normalised
lading date); other terms normalised Delivery window: Within 4 weeks
London time
Price: Aluminium P1020A cif duty-unpaid

Price: Aluminium P1020A in-warehouse Turkey
Vlissingen duty-paid Type: Assessed range
Type: Assessed range Basis: Cif duty-unpaid Turkey (Marmara region),
Basis: In-warehouse Vlissingen duty-paid, premium premium on top of LME cash prices
on top of LME cash prices Grade: P1020A or 99.7 % Minimum Al purity
Payment terms: Cash against documents (7 days after bill of lading date); other terms normalised
lading date); other terms normalised Delivery window: Within 4 weeks
London time
Price: Aluminium P1020A in-warehouse US

Price: Aluminium P1020A fca Italy duty-paid warrants
Basis: Free-carrier duty-paid Italy (north and south Basis: In any LME-approved warehouse in the USA
of country), premium on top of LME cash (10 delivery points in June 2017), premium
prices on top of LME cash prices
Grade: P1020A or 99.7 % Minimum Al purity Grade: P1020A or 99.7 % Minimum Al purity
(Si 0.10% max, Fe 0.20% max) (Si 0.10% max, Fe 0.20% max)
Payment terms: Cash against documents (7 days after bill of Payment terms: Cash against documents (7 days after bill of
lading date); other terms normalised lading date); other terms normalised
Delivery window: Within 4 weeks Delivery window: Prompt Release
Form: Ingot Form: Ingot, T-bars, Sow
Publication: Weekly. Tuesday between 3pm and 4pm Publication: Weekly. Tuesday between 3pm and 4pm
London time London time
Price: Aluminum P1020A delivered US Aluminium billet
Midwest
Basis: Delivered consumer works Midwest USA, Price: Aluminium 6063 extrusion billet in-
premium on top of LME cash prices warehouse Rotterdam
Grade: P1020A or 99.7 % Minimum Al purity Type: Assessed range
(Si 0.10% max, Fe 0.20% max) Basis: In-warehouse Rotterdam duty-paid premium
Currency: USD on top of LME cash prices
Unit: lb Grade: Aluminium Assn specification AA6063:
Min lot size: 25 tonnes Si 0.2-0.6% max,
Payment terms: 30 days, other payment terms normalised Mg 0.45-0.9% max, Fe 0.35% max, Cu 0.1%
Delivery window: Within 4 weeks max, Cr 0.1% max, Zn 0.1% max, Ti 0.1%
Form: Ingot max, Others each 0.05% max, total 0.15%
Publication: Weekly. Tuesday between 3pm and 4pm max
London time Currency: USD
Unit: Tonne
Price: Aluminium P1020A cif Brazil main ports Payment terms: Cash against documents (7 days after bill of
Type: Assessed range lading date)
Basis: Cif Brazilian ports duty unpaid, VAT not Delivery window: Within 2 months
included, premium on top of LME cash prices Form: Extrusion billet with outside diameter of 6”,
Grade: P1020A or 99.7 % Minimum Al purity 7” and 8”
(Si 0.10% max, Fe 0.20% max) Publication: Weekly. Friday between 3pm and 4pm
Currency: USD London time
Unit: tonne
Payment terms: Cash against documents (7 days after bill of Price: Aluminium 6063 extrusion billet DDP
lading date), other payment terms North Germany
normalised Type: Assessed range
Delivery window: Within 30-60 days Basis: Delivered in North Germany (Ruhr region)
Form: Ingot, T-bar, sow duty-paid premium on top of LME cash price
Origin: Except China Grade: Extrusion billet AA6063: Si 0.2-0.6% max, Mg
Publication: Weekly. Tuesday between 3pm and 4pm 0.45-0.9% max, Fe 0.35% max, Cu 0.1% max,
London time Cr 0.1% max, Zn 0.1% max, Ti 0.1% max,
Others each 0.05% max, total 0.15% max
Currency: USD
Price: Aluminium P1020A DDP Domestic Unit: Tonne
Brazil Min lot size: 100 tonnes
Type: Assessed range Payment terms: 30-day payment terms, other payment
Basis: Delivered in São Paulo region duty-paid, VAT terms normalised
not included, premium on top of LME cash Delivery window: Within 2 months
prices Form: Billet with diameter of 6”, 7” and 8”
Grade: P1020A or 99.7 % Minimum Al purity Publication: Weekly. Friday between 3pm and 4pm
(Si 0.10% max, Fe 0.20% max) London time
Currency: USD
Unit: tonne Price: Aluminium 6063 extrusion billet DDP
Min lot size: 100 tonnes Spain
Payment terms: Cash against documents (7 days after bill of Type: Assessed range
lading date); other payment terms Basis: Delivered in Spain (Bilbao region), duty-paid
normalised premium on top of LME cash prices
Delivery window: Within 4 weeks Grade: Extrusion billet AA6063
Form: Ingot Currency: USD
Publication: Weekly. Tuesday between 3pm and 4pm Unit: Tonne
London time Min lot size: 100 tonnes
Payment terms: 60-day payment, other payments terms
normalised
Delivery window: Within 2 months
Form: Billet with diameter of 6”, 7” and 8”
Publication: Fortnightly. Friday between 3pm and 4pm
London time
Price: Aluminium 6063 extrusion billet DDP Price: Aluminium 6063 extrusion billet cif MJP
Italy Type: Assessed range
Type: Assessed range Basis: cif delivery in Major Japanese Ports (MJP),
Basis: Delivered in Italy (Brescia region) duty-paid duty-paid premium on top of the P1020A
premium on top of LME cash prices ingot MJP premium and LME cash prices
Grade: Extrusion billet AA6063 Grade: Extrusion billet AA6063
Payment terms: 60-day payment, other payments terms Payment terms: Cash against documents (7 days after bill of
normalised lading date), other payments terms
Delivery window: Within 2 months normalised
Form: Billet with diameter of 6”, 7” and 8” Delivery window: Within 2 months
Publication: Weekly. Friday between 3pm and 4pm Form: Billet with diameter of 6”, 7” and 8”
London time Publication: Monthly. 3rd Friday of the month between
3pm and 4pm London time
Price: Aluminium 6063 extrusion billet

delivered US Midwest Price: Aluminium 6063 extrusion billet cif
Type: Assessed range Turkey
Basis: Delivered into US Midwest region, duty- Type: Assessed range
unpaid premium on top of the P1020A ingot Basis: Cif delivery in Turkey (Marmara region),
Midwest premium and LME cash prices duty-paid premium on top of LME cash
Grade: Extrusion billet AA6063 prices
Currency: US cents Grade: Extrusion billet AA6063
Unit: lb Currency: USD
Min lot size: 100 tonnes Unit: Tonne
Payment terms: 30-day payment, other payments terms Min lot size: 100 tonnes
normalised Payment terms: Cash, other payments terms normalised
Delivery window: Within 2 months Delivery window: Within 2 months
Form: Billet with diameter of 6”, 7” and 8” Form: Billet with diameter of 6”, 7” and 8”
Publication: Fortnightly. Friday between 3pm and 4pm Publication: Fortnightly. Friday between 3pm and 4pm
Price: Aluminium 6063 extrusion billet cif Price: Aluminium extrusion billet 6063 and
Thailand 6060 cif Brazilian ports
Basis: Cif delivery into main Thai ports, duty-paid Basis: Cif
premium on top of LME cash prices Grade: Extrusion billet AA6063 and AA6060
Grade: Extrusion billet AA6063 Currency: USD
Payment terms: Cash against documents (7 days after bill of lading date), other payments terms
lading date), other payments terms normalised
normalised Delivery window: Within 2 months
Delivery window: Within 2 months Form: Billet with diameter of 6”, 7” and 8”
Form: Billet with diameter of 6”, 7” and 8” Publication: Fortnightly. Friday between 3pm and 4pm
Publication: Every 28 days. Friday between 3pm and 4pm London time
London time
Aluminium foundry alloy
Price: Aluminium wheel alloy silicon 7
Price: Aluminium wheel alloy silicon 7 DDP delivered US Midwest
Germany Type: Assessed range
Type: Assessed range Basis: Delivered in US Midwest region, duty-unpaid
Basis: Delivered in Germany, duty paid premium on premium on top of P1020A ingot Midwest
top of LME cash prices premium and LME cash prices
Grade: Primary Foundry Alloy silicon 7 Grade: Primary Foundry Alloy silicon 7 A356.2 for
AlSi7Mg0.3-0.6 for wheel production wheel production
Currency: USD Currency: US Cents
Unit: Tonne Unit: lb
Payment terms: 30-day payment terms, other payments Payment terms: 7-30 day payment, other terms normalised
terms normalised Delivery window: Within 2 months
Delivery window: Within 2 months Form: Ingot or T-bar
Form: Ingot Publication: Monthly. 2nd Friday of the month between
Publication: Monthly. 2nd Friday of the month between 3pm and 4pm London time
3pm and 4pm London time
Price: Aluminium wheel alloy silicon 7 DDP

Copper Concentrate
Eastern Europe
Type: Assessed range Price: Copper Concentrate TC/RC Index
Basis: Delivered in Eastern Europe (Poland, Slovakia, Type: Index
Austria, Hungary, Czech Republic), duty-paid Basis: Treatment and refining charge (TC/RC) on cif
premium on top of LME cash prices basis delivery in Asia Pacific region
Grade: Primary Foundry Alloy silicon 7 AlSi7Mg0.3-0.6 Grade: Copper content 28%; Au 1.1g/dmt; Ag 75g/
for wheel production dmt; S 32%; Fe 28%; Pb 0.07%; Zn 2%; As
Currency: USD 0.17%; Sb 0.018%; Hg 2.5ppm; Bi 145ppm
Unit: Tonne Currency: TC in USD, RC in US cents
Min lot size: 100 tonnes Unit: TC in tonne, RC in lb
Payment terms: 30-day payment terms, other payments terms Min lot size: 5,000 tonnes
normalised Payment terms: Letter of Credit, quotation period M+3
Delivery window: Within 2 months Delivery window: Within 13 weeks
Form: Ingot Form: Concentrate
Publication: Monthly. 2nd Friday of the month between Publication: Twice-monthly. Every 15th and last day of
3pm and 4pm London time the month 3pm London time
Notes: Full methodology available here.
Price: Aluminium wheel alloy silicon 7 ingot CIF

Turkey
Type: Assessed range Refined Copper
Basis: Cif in Turkey (Marmara region), duty-unpaid
premium on top of P1020A ingot premium Price: Copper Grade A cathode in-warehouse
and Shanghai
LME cash prices Type: Assessed range and assessed single number
Grade: Primary Foundry Alloy silicon 7 AlSi7Mg0.3-0.6 Basis: In-warehouse Shanghai port, duty-unpaid
for wheel production premium on top of LME cash prices
Currency: USD Grade: Grade A 99.9935% min copper conforming to
Unit: Tonne LME specifications BS EN 1978:1998
Min lot size: 100 tonnes – Cu-CATH-1
Payment terms: Cash, other terms normalised Currency: USD
Delivery window: Within 2 months Unit: tonne
Form: Ingot Min lot size: 25 tonnes
Publication: Monthly. 2nd Friday of the month between Payment terms: Letter of credit, telegraphic transfer or
3pm and 4pm London time documents against payment, other payment
terms normalised
Form: Cathode
Price: Copper Grade A ER cathode Price: Copper Grade A ER cathode Cif Shanghai
in-warehouse Shanghai Type: Assessed range
Type: Assessed range Basis: Cif delivery in Shanghai port, duty-unpaid
Basis: In-warehouse Shanghai port, duty-unpaid premium on top of LME cash prices
premium on top of LME cash prices Grade: Electro-Refined Grade A 99.9935% min
Grade: Electro-Refined Grade A 99.9935% min conforming to LME specifications BS EN
conforming to LME specifications BS EN 1978:1998 (Cu-CATH-1)
1978:1998 (Cu-CATH-1) Currency: USD
Min lot size: 25 tonnes Payment terms: Letter of credit, telegraphic transfer or
Payment terms: Letter of credit, telegraphic transfer or documents against payment, other payment
documents against payment, other payment terms normalised
terms normalised Delivery window: Within 6 weeks
Delivery window: Within 6 weeks Form: Cathode
Form: Cathode Publication: Daily. Between 3pm and 4pm London time
Price: Copper Grade A SX-EW cathode Cif

Price: Copper Grade A SX-EW cathode in- Shanghai
warehouse Shanghai Type: Assessed range
Type: Assessed range Basis: Cif delivery in Shanghai port, duty-unpaid
Basis: In-warehouse Shanghai port, duty-unpaid premium on top of LME cash prices
premium on top of LME cash prices Grade: Solvent Extraction-Electro winning Grade A
Grade: Solvent Extraction-Electro winning Grade A cathode 9.9935% min conforming to LME
cathode 99.9935% min conforming to LME specifications BS EN 1978:1998 (Cu-CATH-1)
specifications BS EN 1978:1998 (Cu-CATH-1) Currency: USD
Currency: USD Unit: tonne
Min lot size: 25 tonnes Payment terms: Letter of credit, telegraphic transfer or
Payment terms: Letter of credit, telegraphic transfer or documents against payment, other payment
documents against payment, other payment terms normalised
terms normalised Delivery window: Within 6 weeks
Delivery window: Within 6 weeks Form: Cathode
Form: Cathode Publication: Daily. Between 3pm and 4pm London time
Price: Copper Grade A Cathode Cif South Korea

Price: Copper Grade A cathode Cif Shanghai Type: Assessed range and assessed single number
Type: Assessed range and assessed single number Basis: Cif delivery in main South Korean ports
Basis: Cif delivery in Shanghai port, duty-unpaid (Busan, Incheon, Gwangyang, Onsan),
premium on top of LME cash prices duty-unpaid premium on top of LME cash
Grade: Grade A 99.9935% min copper conforming to prices
LME specifications BS EN 1978:1998 – Grade: Grade A 99.9935% min copper conforming to
Cu CATH-1 LME specifications BS EN 1978:1998 – Cu-
Currency: USD CATH-1
Unit: Tonne Currency: USD
Payment terms: Letter of credit, telegraphic transfer or Min lot size: 25 tonnes
documents against payment, other payment Payment terms: Letter of credit or telegraphic transfer, other
terms normalised payment terms normalised
Delivery window: Within 6 weeks Delivery window: Within 6 weeks
Form: Cathode Form: Cathode
Publication: Daily. Between 3pm and 4pm London time Publication: Weekly. Tuesday between 3pm and 4pm
London time
Price: Copper Grade A Cathode Cif Southeast Price: Copper Grade A cathode in-warehouse
Asia Southeast Asian warrants
Basis: Cif delivery in ports of Vietnam (Ho Chi Minh/ Basis: In any LME-approved warehouse in
Haiphong), Thailand (Bangkok, Laem Singapore and in Malaysia (Johor, Port
Chabang), Malaysia (Johor, Port Klang), Klang), premium on top of LME cash prices
Indonesia (Jakarta), duty-unpaid premium on Grade: Grade A 99.9935% min copper conforming to
top of LME cash prices LME specifications BS EN 1978:1998 – Cu-
Grade: Grade A 99.9935% min copper conforming to CATH-1
LME specifications BS EN 1978:1998 – Cu- Currency: USD
CATH-1 Unit: Tonne
Unit: Tonne Payment terms: Cash, other payment terms normalised
Min lot size: 25 tonnes Delivery window: Prompt release
Payment terms: Letter of credit, telegraphic transfer or Form: Cathode
documents against payment, other payment Publication: Weekly. Tuesday between 3pm and 4pm
terms normalised London time
Form: Cathode
Publication: Weekly. Tuesday between 3pm and 4pm Price: Copper Grade A cathode in-warehouse
London time East Asian warrants
Basis: In any LME-approved warehouse in Taiwan
Price: Copper Grade A Cathode Cif Taiwan (Kaohsiung) and South Korea (Gwangyang,
Type: Assessed range Busan or Incheon), premium on top of LME
Basis: Cif delivery in Taiwanese ports, duty-unpaid cash prices
premium on top of LME cash prices Grade: Grade A 99.9935% min copper conforming to
Grade: Grade A 99.9935% min copper conforming to LME specifications BS EN 1978:1998 – Cu-
LME specifications BS EN 1978:1998 – Cu- CATH-1
CATH-1 Currency: USD
Min lot size: 25 tonnes Payment terms: Cash, other payment terms normalised
Payment terms: Letter of credit, telegraphic transfer or Delivery window: Prompt release
documents against payment, other payment Form: Cathode
terms normalised Publication: Weekly. Tuesday between 3pm and 4pm
Delivery window: Within 6 weeks London time
Form: Cathode
London time Price: Copper Grade A cathode Cif Rotterdam
Basis: Cif delivery in Rotterdam, duty unpaid
Price: Copper Grade A Cathode Cif Japan premium on top of LME cash prices
Type: Assessed range Grade: Grade A 99.9935% min copper conforming to
Basis: Cif delivery in main Japanese ports LME specifications BS EN 1978:1998 – Cu-
(Yokohama, Nagoya and Osaka), duty- CATH-1
unpaid premium on top of LME cash prices Currency: USD
Grade: Grade A 99.9935% min copper conforming to Unit: Tonne
LME specifications BS EN 1978:1998 – Cu- Min lot size: 25 tonnes
CATH-1 Payment terms: Cash, other payment terms normalised
Currency: USD Delivery window: Within 4 weeks
Unit: Tonne Form: Cathode
Min lot size: 25 tonnes Publication: Weekly. Tuesday between 3pm and 4pm
Payment terms: Letter of credit or telegraphic transfer, other London time
payment terms normalised
Form: Cathode
London time
Price: Copper Grade A cathode in-warehouse
Price: Copper Grade A cathode Cif Leghorn South European warrants
Type: Assessed range and assessed single number Type: Assessed range
Basis: Cif delivery in Leghorn (Italy), duty unpaid Basis: In any LME-approved warehouse in South
premium on top of LME cash prices European locations (Spain, Italy), premium
Grade: Grade A 99.9935% min copper conforming to on top of LME cash prices
LME specifications BS EN 1978:1998 – Cu- Grade: Grade A 99.9935% min copper conforming to
CATH-1 LME specifications BS EN 1978:1998 – Cu-
Currency: USD CATH-1
Payment terms: Cash, other payment terms normalised Min lot size: 25 tonnes
Delivery window: Within 4 weeks Payment terms: Cash, other payment terms normalised
Form: Cathode Delivery window: Prompt release
Publication: Weekly. Tuesday between 3pm and 4pm Form: Cathode
London time Publication: Weekly. Tuesday between 3pm and 4pm
London time
Price: Copper Grade A cathode delivered

Germany Price: Copper Grade A cathode delivered US
Type: Assessed range Midwest
Basis: Delivered consumer works in Germany, duty Type: Assessed range
unpaid premium on top of LME cash prices Basis: Delivered consumer works Midwest USA
Grade: Grade A 99.9935% min copper conforming to Grade: Grade A 99.9935% min copper conforming to
LME specifications BS EN 1978:1998 – Cu- LME specifications BS EN 1978:1998 – Cu-
CATH-1 CATH-1 or Grade 1 Electrolytic Copper
Currency: USD Cathode ASTM B115-00
Min lot size: 25 tonnes Unit: lb
Delivery window: Within 4 weeks Payment terms: 30 days, other payment terms normalised
Form: Cathode Delivery window: Within 4 weeks
Publication: Weekly. Tuesday between 3pm and 4pm Form: Cathode
London time
Price: Copper Grade A cathode in-warehouse

North European warrants Price: Copper Grade A cathode US warrants
Basis: In any LME-approved warehouse in North Basis: In any LME-approved warehouse in the USA,
European locations (Belgium, Germany, the premium on top of LME cash prices
Netherlands, Sweden and the UK), premium Grade: Grade A 99.9935% min copper conforming to
on top of LME cash prices LME specifications BS EN 1978:1998 – Cu-
Grade: Grade A 99.9935% min copper conforming to CATH-1
LME specifications BS EN 1978:1998 – Cu- Currency: USD
CATH-1 Unit: Tonne
Min lot size: 25 tonnes Delivery window: Prompt release
Payment terms: Cash, other payment terms normalised Form: Cathode
Delivery window: Prompt release Publication: Weekly. Tuesday between 3pm and 4pm
Form: Cathode London time
London time
Copper rod Refined Lead
Price: Annual copper wire rod Cif Nhava Sheva Price: Lead 99.97% ingot Cif India
Basis: Cif delivery in Nhava Sheva (India), premium Basis: Cif delivery in Nhava Sheva (India), premium
on top of LME cash prices on top of LME cash prices
Grade: 8mm copper wire rod conforming to the Grade: Lead of 99.97% to 99.99% purity conforming
ASTM B49-98 / BS-EN 1977-1998 standard to LME specification BS EN 12659:1999, GB/T
chemical specification; copper content min 469/2005 or ASTM B29-03 (2009)
99.9% Currency: USD
Min Lot size: 100 tonnes Payment terms: Letter of credit, telegraphic transfer or cash
Payment terms: Cash against documents or letter of credit, against documents, other terms normalised
quotation period Delivery window: Within 5 weeks
Publication time: Annual, after deals for long-term contracts Publication: Weekly. Tuesday between 3pm and 4pm
completed between Indian buyers and London time
international producers and traders
Price: Lead 99.99% ingot Cif India

Lead Concentrate Basis: Cif delivery in Nhava Sheva (India), duty-
unpaid premium on top of LME cash prices
Price: Lead Concentrate spot TC Low Silver Cif Grade: Lead of 99.99% minimum purity conforming
China to LME specification BS EN 12659:1999, GB/T
Type: Assessed range 469/2005 or ASTM B29-03 (2009)
Basis: Treatment Charge on cif basis delivery to Currency: USD
Chinese ports Unit: Tonne
Grade: 55-65% lead content, high silver 2-4kg, Min lot size: 25 tonnes
arsenic below 0.7%, mercury below 0.05% Payment terms: Letter of credit, telegraphic transfer or cash
Currency: USD against documents, other terms normalised
Min lot size: 2,000 tonnes Form: Ingot
Payment terms: Letter of Credit, quotation period M+3 Publication: Weekly. Tuesday between 3pm and 4pm
Form: Concentrate
Publication: Monthly. Last Friday of every month
Price: Lead 99.97% ingot Cif Southeast Asia
Price: Lead Concentrate spot TC High Silver Cif Basis: Cif delivery in ports of Vietnam (Ho Chi Minh/
China Haiphong), Thailand (Bangkok, Laem
Type: Assessed range Chabang), Malaysia (Johor, Port Klang),
Basis: Treatment Charge on cif basis delivery to Indonesia (Jakarta), duty-unpaid premium
Chinese ports on top of LME cash prices
Grade: 55-65% lead content, low silver below 1kg, Grade: Lead of 99.97% to 99.99% purity conforming
arsenic below 0.7%, mercury below 0.05% to LME specification BS EN 12659:1999, GB/T
Currency: USD 469/2005 or ASTM B29-03 (2009)
Min lot size: 2,000 tonnes Unit: Tonne
Payment terms: Letter of Credit, quotation period M+3 Min lot size: 25 tonnes
Delivery window: Within 13 weeks Payment terms: Letter of credit, telegraphic transfer or cash
Form: Concentrate against documents, other terms normalised
Publication: Monthly. Last Friday of every month Delivery window: Within 5 weeks
Form: Ingot
London time
Price: Lead 99.99% ingot Cif Southeast Asia Price: Lead 99.97% ingot in-warehouse
Type: Assessed range Southeast Asian warrants
Basis: Cif delivery in ports of Vietnam (Ho Chi Minh/ Type: Assessed range
Haiphong), Thailand (Bangkok, Laem Basis: In any LME-approved warehouse in Singapore
Chabang), Malaysia (Johor, Port Klang), and in Malaysia (Johor, Port Klang), premium
Indonesia (Jakarta), duty-unpaid premium on on top of LME cash prices
top of LME cash prices Grade: Lead of 99.97% to 99.99% purity conforming
Grade: Lead of 99.99% minimum purity conforming to LME specification BS EN 12659:1999, GB/T
to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009)
469/2005 or ASTM B29-03 (2009) Currency: USD
Payment terms: Letter of credit, telegraphic transfer or cash Delivery window: Prompt release
against documents, other terms normalised Form: Ingot
Delivery window: Within 5 weeks Publication: Weekly. Tuesday between 3pm and 4pm
London time
Price: Lead 99.97% ingot in-warehouse East
Asian warrants
Price: Lead 99.97% ingot Cif Taiwan Type: Assessed range
Type: Assessed range Basis: In any LME-approved warehouse in Taiwan
Basis: Cif delivery in main Taiwanese ports (Taipei, (Kaohsiung) and South Korea (Gwangyang,
Kaohsiung or Keelung), duty-unpaid premium Busan or Incheon), premium on top of LME
on top of LME cash prices cash prices
Grade: Lead of 99.97% to 99.99% purity conforming Grade: Lead of 99.97% to 99.99% purity conforming
to LME specification BS EN 12659:1999, GB/T to LME specification BS EN 12659:1999, GB/T
469/2005 or ASTM B29-03 (2009) 469/2005 or ASTM B29-03 (2009)
Payment terms: Letter of credit, telegraphic transfer or cash Payment terms: Cash, other payment terms normalised
against documents, other terms normalised Delivery window: Prompt release
London time
Price: Lead 99.97% ingot Rotterdam FCA DP

Price: Lead 99.99% ingot Cif Taiwan Type: Assessed range
Type: Assessed range Basis: Free-carrier delivery in Rotterdam, duty-paid
Basis: Cif delivery in main Taiwanese ports (Taipei, premium on top of LME cash prices
Kaohsiung or Keelung), duty-unpaid premium Grade: Lead of 99.97% to 99.99% purity conforming
on top of LME cash prices to LME specification BS EN 12659:1999, GB/T
Grade: Lead of 99.99% minimum purity conforming 469/2005 or ASTM B29-03 (2009)
to LME specification BS EN 12659:1999, GB/T Currency: USD
469/2005 or ASTM B29-03 (2009) Unit: Tonne
Min lot size: 25 tonnes Delivery window: Within 5 weeks
Payment terms: Letter of credit, telegraphic transfer or cash Form: Ingot
against documents, other terms normalised Publication: Weekly. Tuesday between 3pm and 4pm
Form: Ingot
London time
Price: Lead 99.99% ingot Rotterdam FCA DP Price: Lead 99.97% ingot in-warehouse South
Type: Assessed range European warrants
Basis: Free-carrier delivery in Rotterdam, duty-paid Type: Assessed range
premium on top of LME cash prices Basis: In any LME-approved warehouse in South
Grade: Lead of 99.99% minimum purity conforming European locations (Spain, Italy), premium
to LME specification BS EN 12659:1999, GB/T on top of LME cash prices
469/2005 or ASTM B29-03 (2009) Grade: Lead of 99.97% to 99.99% purity conforming
Currency: USD to LME specification BS EN 12659:1999, GB/T
Unit: Tonne 469/2005 or ASTM B29-03 (2009)
Min lot size: 25 tonnes Currency: USD
Payment terms: Cash, other payment terms normalised Unit: Tonne
Delivery window: Within 5 weeks Min lot size: 25 tonnes
Form: Ingot Payment terms: Cash, other payment terms normalised
Publication: Weekly. Tuesday between 3pm and 4pm Delivery window: Prompt release
London time Form: Cathode
London time
Price: Lead 99.99% ingot Italy FCA DP
Basis: Free-carrier delivery in Italy, duty-paid Price: Lead 99.97% ingot delivered US
premium on top of LME cash prices Midwest
Grade: Lead of 99.99% minimum purity conforming Type: Assessed range
to LME specification BS EN 12659:1999, GB/T Basis: Delivered consumer works, US Midwest
469/2005 or ASTM B29-03 (2009) Grade: Lead of 99.97% to 99.99% purity conforming
Currency: USD to LME specification BS EN 12659:1999, GB/T
Unit: Tonne 469/2005 or ASTM B29-03 (2009)
Min lot size: 25 tonnes Currency: US cents
Payment terms: Cash, other payment terms normalised Unit: lb
Delivery window: Within 5 weeks Min lot size: 25 tonnes
Form: Ingot Payment terms: 30 days, other payment terms normalised
Publication: Weekly. Tuesday between 3pm and 4pm Delivery window: Within 5 weeks
London time Form: Ingot
London time
Price: Lead 99.97% ingot in-warehouse North
European warrants
Type: Assessed range Price: Lead 99.99% ingot delivered US
Basis: In any LME-approved warehouse in North Midwest
European locations (Belgium, Germany, the Type: Assessed range
Netherlands, Sweden and the UK), premium Basis: Delivered consumer works, US Midwest
on top of LME cash prices Grade: Lead of 99.99% minimum purity conforming
Grade: Lead of 99.97% to 99.99% purity conforming to LME specification BS EN 12659:1999, GB/T
to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009)
469/2005 or ASTM B29-03 (2009) Currency: US cents
Currency: USD Unit: lb
Min lot size: 25 tonnes Payment terms: 30 days, other payment terms normalized
Payment terms: Cash, other payment terms normalised Delivery window: Within 5 weeks
Delivery window: Prompt release Form: Ingot
Form: Cathode Publication: Weekly. Tuesday between 3pm and 4pm
London time
Price: Lead 99.97% ingot US warrants Price: Nickel full plate in-warehouse Southeast
Type: Assessed range Asian warrants
Basis: In any LME-approved warehouse in the USA, Type: Assessed range
premium on top of LME cash prices Basis: In any LME-approved warehouse in Singapore
Grade: Lead of 99.97% to 99.99% purity conforming and in Malaysia (Johor, Port Klang), premium
to LME specification BS EN 12659:1999, GB/T on top of LME cash prices
469/2005 or ASTM B29-03 (2009) Grade: 99.80% min primary nickel conforming to
Currency: USD LME specification: ASTM B39-79 (2013) or
Unit: Tonne GB/T 6516-2010 - Ni9990 grade
Delivery window: Prompt release Min lot size: 6 tonnes
Form: Cathode Payment terms: Cash, other payment terms normalised
London time Form: Full-plate cathode
London time
Nickel ore
Please see ores section. Price: Nickel briquette in-warehouse Southeast
Asian warrants
Basis: In any LME-approved warehouse in Singapore
Nickel and in Malaysia (Johor, Port Klang), premium
on top of LME cash prices
Price: Nickel full plate in-warehouse Shanghai Grade: 99.80% min primary nickel conforming to
Type: Assessed range and assessed single number LME specification: ASTM B39-79 (2013) or
Basis: In-warehouse in Shanghai bonded zone, GB/T 6516-2010 - Ni9990 grade
premium on top of LME cash prices Currency: USD
Grade: 99.80% min primary nickel conforming to Unit: Tonne
LME specification: ASTM B39-79 (2013) or Min lot size: 6 tonnes
GB/T 6516-2010 - Ni9990 grade Payment terms: Cash, other payment terms normalised
Currency: USD Delivery window: Prompt release
Unit: tonne Form: Briquette
Min lot size: 10 tonnes (under consultation to increase to Publication: Weekly. Tuesday between 3pm and 4pm
60 tonnes) London time
Payment terms: Cash against document, Letter of credit,
telegraphic transfer, other terms normalised
Delivery Window: With 2 weeks Price: Nickel full plate in-warehouse East Asian
Form: Full plate warrants
Publication: Weekly. Tuesday between 3pm and 4pm Type: Assessed range
London time Basis: In any LME-approved warehouse in Taiwan
(Kaohsiung) and South Korea (Gwangyang,
Busan or Incheon), premium on top of LME
Price: Nickel full plate CIF Shanghai cash prices
Type: Assessed range and assessed single number Grade: 99.80% min primary nickel conforming to
Basis: Cif delivery basis Shanghai port, premium on LME specification: ASTM B39-79 (2013) or
top of LME cash prices GB/T 6516-2010 - Ni9990 grade
Grade: 99.80% min primary nickel conforming to Currency: USD
LME specification: ASTM B39-79 (2013) or Unit: Tonne
GB/T 6516-2010 - Ni9990 grade Min lot size: 6 tonnes
Currency: USD Payment terms: Cash, other payment terms normalised
Unit: Tonne Delivery window: Prompt release
Min lot size: 10 tonnes (under consultation to increase to Form: Full-plate cathode
60 tonnes) Publication: Weekly. Tuesday between 3pm and 4pm
Payment terms: Cash against document, Letter of credit, London time
telegraphic transfer, and other terms
normalised
Delivery Window: With 6 weeks
Form: full plate
London time
Price: Nickel briquette in-warehouse East Asian Price: Nickel briquette in-warehouse
warrants Rotterdam $/tonne
Basis: In any LME-approved warehouse in Taiwan Basis: In-warehouse Rotterdam, premium on top of
(Kaohsiung) and South Korea (Gwangyang, LME cash prices
Busan or Incheon), premium on top of LME Grade: 99.80% min primary nickel conforming to LME
cash prices specification: ASTM B39-79 (2013) or GB/T
Grade: 99.80% min primary nickel conforming to LME 6516-2010 - Ni9990 grade
specification: ASTM B39-79 (2013) or GB/T Currency: USD
6516-2010 - Ni9990 grade Unit: Tonne
Currency: USD Min lot size: 6 tonnes (under consultation to be raised to
Unit: Tonne 20 tonnes)
Payment terms: Cash, other payment terms normalised Delivery window: Within one week
Delivery window: Prompt release Form: briquette
Form: Briquette Publication: Weekly. Tuesday between 3pm and 4pm
London time
Price: Nickel in-warehouse North European

Price: Nickel full plate in-warehouse Rotterdam warrants
Type: Assessed Range Type: Assessed range
Basis: In-warehouse Rotterdam, premium on top of Basis: In any LME-approved warehouse in North
LME cash prices European locations (Belgium, Germany, the
Grade: 99.80% min primary nickel conforming to LME Netherlands, Sweden and the UK), premium
specification: ASTM B39-79 (2013) or GB/T on top of LME cash prices
6516-2010 - Ni9990 grade Grade: 99.80% min primary nickel conforming to LME
Currency: USD specification: ASTM B39-79 (2013) or GB/T
Unit: Tonne 6516-2010 - Ni9990 grade
Min lot size: 6 tonnes (under consultation to be raised to Currency: USD
20 tonnes) Unit: Tonne
Delivery window: Within one week Payment terms: Cash, other payment terms normalised
Form: Full-plate cathode Delivery window: Prompt release
Publication: Weekly. Tuesday between 3pm and 4pm Form: Cathode (full-plate, cut), pellet or briquette
London time
Price: Nickel 4x4 cathode in-warehouse

Rotterdam Price: Nickel melting-grade delivered US
Type: Assessed Range Midwest
Basis: In-warehouse Rotterdam, premium on top of Type: Assessed Range
LME cash prices Basis: Delivered consumer works Midwest USA
Grade: 99.80% min primary nickel conforming to LME Grade: 99.80% min primary nickel conforming to LME
specification: ASTM B39-79 (2013) or GB/T specification: ASTM B39-79 (2013) or GB/T
6516-2010 - Ni9990 grade 6516-2010 - Ni9990 grade
Currency: USD Currency: US cents
Unit: Tonne Unit: lbs
Min lot size: 6 tonnes (under consultation to be raised to Min lot size: 6 tonnes (under consultation to be raised to
20 tonnes) 20 tonnes)
Payment terms: Cash, other payment terms normalised Payment terms: 30 days, other payment terms normalised
Delivery window: Within one week Delivery window: Within one week
Form: 4x4 cut cathode Form: uncut cathode, 4x4 cathodes, briquette
Price: Nickel plating-grade delivered US Price: Tin 99.9% Low Lead ingot cif Shanghai
Midwest Type: Assessed range
Type: Assessed Range Basis: Cif delivery basis Shanghai port, premium on
Basis: Delivered consumer works Midwest USA top of LME cash prices
Grade: 99.80% min primary nickel conforming to Grade: 99.9% tin purity conforming to LME
LME specification: ASTM B39-79 (2013) or specification: BS EN 610:1996 with less than
GB/T 6516-2010 - Ni9990 grade 100 ppm lead content
Currency: US cents Currency: USD
Unit: lbs Unit: Tonne
Min lot size: 6 tonnes (under consultation to be raised to Min lot size: 5 tonnes
20 tonnes) Payment terms: cash against document, telegraphic transfer,
Payment terms: 30 days, other payment terms normalised other terms normalised
Delivery window: Within one week Delivery Window: Within 2 weeks
Form: cathodes, briquette Form: Ingot
Price: Tin 99.9% ingot cif Taiwan

Tin Type: Assessed range
Price: Tin 99.85% ingot cif Shanghai Basis: Cif delivery basis Taiwanese ports (Taipei,
Type: Assessed range Kaohsiung or Keelung), premium on top of
Basis: Cif delivery basis Shanghai port, premium on LME cash prices
top of LME cash prices Grade: 99.9% tin purity conforming to LME
Grade: 99.85% - 99.9% tin purity conforming to LME specification: BS EN 610:1996 with 100-300
specification: BS EN 610:1996, max 500ppm ppm lead content
lead Currency: USD
Unit: tonne Min lot size: 5 tonnes
Min lot size: 5 tonnes Payment terms: Cash against document, telegraphic transfer,
Payment terms: Cash against document, telegraphic transfer, other terms normalised
other terms normalised Delivery Window: Within 2 weeks
Delivery Window: Within 2 weeks Form: Ingot
Form: ingot Publication: Weekly. Tuesday between 3pm and 4pm
London time
Price: Tin 99.9% ingot in-warehouse Singapore

Price: Tin 99.9% ingot cif Shanghai Type: Assessed range
Type: Assessed range Basis: In-warehouse in Singapore, premium on top
Basis: Cif delivery basis Shanghai port, premium on of LME cash prices
top of LME cash prices Grade: 99.9% tin purity conforming to LME
Grade: 99.9% tin purity conforming to LME specification: BS EN 610:1996 with 100-300
specification: BS EN 610:1996 with 100-300 ppm lead content, in line with Indonesian
ppm lead content brands
Payment terms: cash against document, telegraphic transfer, Payment terms: Cash against conditional release, other
other terms normalised payment terms normalised
Delivery Window: Within 2 weeks Delivery Window: Within 2 weeks
Form: Ingot Form: Ingot
Price: Tin 99.9% Low Lead ingot in-warehouse Price: Tin 99.9% ingot in-warehouse Rotterdam
Singapore Basis: In-warehouse Rotterdam, premium on top of
Type: Assessed range LME cash prices
Basis: In-warehouse in Singapore, premium on top Grade: 99.9% tin purity conforming to LME
of LME cash prices specification: BS EN 610:1996 with 100-300
Grade: 99.9% tin purity conforming to LME ppm lead content
specification: BS EN 610:1996 with less than Currency: USD
100 ppm lead content Unit: tonne
Unit: Tonne Payment terms: Cash against conditional release, other
Min lot size: 20 tonnes payment terms normalised
Payment terms: Cash against conditional release, other Delivery Window: Within 2 weeks
payment terms normalised Form: Ingot
Delivery Window: Within 2 weeks Publication: Weekly. Tuesday between 3pm and 4pm
London time
Price: Tin 99.9% Low Lead ingot in-warehouse
Rotterdam
Price: Tin ingot 99.85% minimum in-warehouse Basis: In-warehouse Rotterdam, premium on top of
Southeast Asian warrants LME cash prices
Type: Assessed range Grade: 99.9% tin purity conforming to LME
Basis: In any LME-approved warehouse in Singapore specification: BS EN 610:1996 with less than
and in Malaysia (Johor, Port Klang), premium 100 ppm lead content
on top of LME cash prices Currency: USD
Grade: Minimum 99.85% tin purity conforming to Unit: Tonne
LME specification: BS EN 610:1996, max Min lot size: 20 tonnes
500ppm lead Payment terms: Cash against conditional release, other
Currency: USD payment terms normalised
Unit: Tonne Delivery Window: Within 2 weeks
Payment terms: Cash, other payment terms normalised Publication: Weekly. Tuesday between 3pm and 4pm
Delivery window: Prompt release London time
Form: Ingot
London time Price: Tin 99.85% delivered US Midwest
Basis: Delivered consumer works USA
Grade: Min 99.85% tin purity conforming to LME
Price: Tin 99.85% ingot in-warehouse specification BS EN 610:1996 and ASTM grade
Rotterdam A, max 500ppm lead
Basis: In-warehouse Rotterdam, premium on top of Currency: USD
LME cash prices Unit: Tonne
Grade: Minimum 99.85% tin purity conforming to Min lot size: 20 tonnes
LME specification: BS EN 610:1996, max Payment terms: 30 days, other payment terms normalised
500ppm lead Delivery Window: Within 2 weeks
Currency: USD Form: Ingot
Unit: Tonne Publication: Weekly. Tuesday between 3pm and 4pm
Min lot size: 20 tonnes London time
Payment terms: Cash against conditional release, other
payment terms normalised Price: Tin 99.85% ingot in-warehouse
Delivery Window: Within 2 weeks Baltimore
Form: Ingot Basis: In-warehouse Baltimore, premium on top of
Publication: Weekly. Tuesday between 3pm and 4pm LME cash prices
London time Grade: Minimum 99.85% tin purity conforming to
LME specification: BS EN 610:1996, max
500ppm lead, total impurities must not
exceed 0.15%
Currency: USD
Unit: Tonne
Payment terms: Cash against documents, other payment
terms normalised
Form: Ingot
Publication: Weekly. Tuesday 3pm to 4pm London time
Zinc Concentrate Refined Zinc
Price: Zinc Concentrate spot TC Cif China Price: Zinc SHG ingot in-warehouse Shanghai
Type: Assessed range Type: Assessed range and assessed single number
Basis: Treatment Charge on cif basis delivery to Basis: In-warehouse in Shanghai bonded zone,
Chinese ports premium on top of LME cash prices
Grade: 45-55% zinc content, low silver (0-170g/t), Grade: Special High Grade zinc of minimum 99.995%
silica 3.5-4.5%, copper below 3% (high copper purity, conforming to LME specifications and
4-5%), lead below 3.5% (total copper, lead, relevant standards: BS EN 1179:2003,
silica at max 6-7%), arsenic below 0.6%, ISO 752:2004 - ZN-1 grade,
cadmium below 0.33% and mercury below ASTM B6-12 - LME grade or GB/T 470-2008
0.06% Currency: USD
Currency: USD Unit: tonne
Min lot size: 2,000 tonnes Payment terms: Letter of credit, telegraphic transfer or
Payment terms: Letter of Credit, quotation period M+3 documents against payment, other payment
Delivery window: Within 13 weeks terms normalised
Form: Concentrate Delivery Window: Within 4 weeks
Publication: Monthly. Last Friday of every month. Form: Ingot
London time
Price: Zinc Concentrate spot TC delivered
North China
Type: Assessed range Price: Zinc SHG ingot Cif Shanghai
Basis: Treatment Charge on delivered basis Type: Assessed range
Grade: Zn content 50%, As <0.4%, Hg <100ppm, Basis: Cif in Shanghai port, premium on top of LME
Si <6%, S >26%, Pb <3%, Fe <8%. cash prices
Currency: CNY Grade: Special High Grade zinc of minimum 99.995%
Unit: Tonne purity, conforming to LME specifications and
Min lot size: 100 tonnes relevant standards: BS EN 1179:2003, ISO
Payment terms: Cash against document or prepayment 752:2004 - ZN-1 grade, ASTM B6-12 - LME
Form: Concentrate grade or GB/T 470-2008
Publication: Monthly. Last Friday of every month. Currency: USD
Unit: Tonne
Price: Zinc Concentrate spot TC delivered Payment terms: Letter of credit, telegraphic transfer or
South China documents against payment, other payment
Type: Assessed range terms normalised
Basis: Treatment Charge on delivered basis Delivery Window: Within 4 weeks
Grade: Zn content 50%, As <0.4%, Hg <100ppm, Form: Ingot
Si <6%, S >26%, Pb <3%, Fe <8%. Publication: Weekly. Tuesday between 3pm and 4pm
Currency: CNY London time
Unit: Tonne
Payment terms: Cash against document or prepayments Price: Zinc SHG ingot Cif Taiwan
Form: Concentrate Type: Assessed range
Publication: Monthly. Last Friday of every month. Basis: Cif delivery in Taiwanese ports, premium on
top of LME cash prices
Grade: Special High Grade zinc of minimum 99.995%
purity, conforming to LME specifications and
relevant standards: BS EN 1179:2003, ISO
752:2004 - ZN-1 grade, ASTM B6-12 - LME
grade or GB/T 470-2008
Currency: USD
Unit: Tonne
Payment terms: Letter of credit, telegraphic transfer or
documents against payment, other payment
terms normalised
Delivery Window: Within 4 weeks
Form: Ingot
London time
Price: Zinc SHG ingot in-warehouse Singapore Price: Zinc SHG ingot FCA Malaysia
Type: Assessed range and assessed single number Type: Assessed range
Basis: In-warehouse in Singapore, premium on top Basis: Free-carrier in main Malaysian ports (Johor,
of LME cash prices Port Klang), premium on top of LME cash
Grade: Special High Grade zinc of minimum 99.995% prices
purity, conforming to LME specifications and Grade: Special High Grade zinc of minimum 99.995%
relevant standards: BS EN 1179:2003, ISO purity, conforming to LME specifications and
752:2004 - ZN-1 grade, ASTM B6-12 - LME relevant standards: BS EN 1179:2003, ISO
grade or GB/T 470-2008 752:2004 - ZN-1 grade, ASTM B6-12 - LME
Currency: USD grade or GB/T 470-2008
Payment terms: Letter of credit or telegraphic transfer, other Min lot size: 25 tonnes
terms normalised Payment terms: Letter of credit or telegraphic transfer, other
Delivery Window: Within 4 weeks terms normalised
Form: Ingot Delivery Window: Within 4 weeks
Publication: Weekly. Tuesday between 3pm and 4pm Form: Ingot
London time
Price: Zinc SHG ingot FCA Singapore

Type: Assessed range Price: Zinc SHG ingot Cif Southeast Asia
Basis: Free-carrier in Singapore, premium on top of Type: Assessed range
LME cash prices Basis: Cif delivery in ports of Vietnam (Ho Chi Minh/
Grade: Special High Grade zinc of minimum 99.995% Haiphong), Thailand (Bangkok, Laem
purity, conforming to LME specifications and Chabang), Malaysia (Johor, Port Klang),
relevant standards: BS EN 1179:2003, ISO Indonesia (Jakarta), duty-unpaid premium on
752:2004 - ZN-1 grade, ASTM B6-12 - LME top of LME cash prices
grade or GB/T 470-2008 Grade: Special High Grade zinc of minimum 99.995%
Currency: USD purity, conforming to LME specifications and
Unit: Tonne relevant standards: BS EN 1179:2003, ISO
Min lot size: 25 tonnes 752:2004 - ZN-1 grade, ASTM B6-12 - LME
Payment terms: Letter of credit or telegraphic transfer, other grade or GB/T 470-2008
terms normalised Currency: USD
Delivery Window: Within 4 weeks Unit: Tonne
Form: Ingot Min lot size: 25 tonnes
Publication: Weekly. Tuesday between 3pm and 4pm Payment terms: Letter of credit or telegraphic transfer, other
London time terms normalised
Delivery Window: Within 4 weeks
Form: Ingot
Price: Zinc SHG ingot in-warehouse Malaysia Publication: Weekly. Tuesday between 3pm and 4pm
Type: Assessed range London time
Basis: In-warehouse in main Malaysian ports (Johor,
Port Klang), premium on top of LME cash Price: Zinc SHG ingot FCA DUP Rotterdam
prices Type: Assessed range
Grade: Special High Grade zinc of minimum 99.995% Basis: Free-carrier basis delivery in Rotterdam,
purity, conforming to LME specifications and duty-unpaid premium on top of LME cash
relevant standards: prices
BS EN 1179:2003, ISO 752:2004 - ZN-1 grade, Grade: Special High Grade zinc of minimum 99.995%
ASTM B6-12 - LME grade or GB/T 470-2008 purity, conforming to LME specifications and
Currency: USD relevant standards: BS EN 1179:2003, ISO
Unit: Tonne 752:2004 - ZN-1 grade, ASTM B6-12 - LME
Min lot size: 25 tonnes grade or GB/T 470-2008
Payment terms: Letter of credit or telegraphic transfer, other Currency: USD
terms normalised Unit: Tonne
Delivery Window: Within 4 weeks Min lot size: 25 tonnes
Publication: Weekly. Tuesday between 3pm and 4pm Delivery Window: Within 4 weeks
London time
Price: Zinc SHG ingot FCA DP Rotterdam Price: Zinc SHG ingot FCA DP Italy
Basis: Free-carrier basis delivery in Rotterdam, Basis: Free-carrier basis delivery in Italy, duty-paid
duty-paid premium on top of LME cash prices premium on top of LME cash prices
Grade: Special High Grade zinc of minimum 99.995% Grade: Special High Grade zinc of minimum 99.995%
purity, conforming to LME specifications and purity, conforming to LME specifications and
relevant standards: BS EN 1179:2003, ISO relevant standards: BS EN 1179:2003, ISO
752:2004 - ZN-1 grade, ASTM B6-12 - LME 752:2004 - ZN-1 grade, ASTM B6-12 - LME
grade or GB/T 470-2008 grade or GB/T 470-2008
Payment terms: Cash, other payment terms normalised Payment terms: Cash, other payment terms normalised
Delivery Window: Within 4 weeks Delivery Window: Within 4 weeks
Form: Ingot Form: Ingot
Price: Zinc SHG ingot FCA DUP Antwerp Price: Zinc SHG ingot DDP Italy
Basis: Free-carrier basis delivery in Antwerp, Basis: Delivered duty paid consumer works in Italy,
duty-unpaid premium on top of LME cash premium on top of LME cash prices
prices Grade: Special High Grade zinc of minimum 99.995%
Grade: Special High Grade zinc of minimum 99.995% purity, conforming to LME specifications and
purity, conforming to LME specifications and relevant standards: BS EN 1179:2003, ISO
relevant standards: BS EN 1179:2003, ISO 752:2004 - ZN-1 grade, ASTM B6-12 - LME
752:2004 - ZN-1 grade, ASTM B6-12 - LME grade or GB/T 470-2008
grade or GB/T 470-2008 Currency: USD
Payment terms: Cash, other payment terms normalised Delivery Window: Within 4 weeks
Delivery Window: Within 4 weeks Form: Ingot
London time
Price: Zinc SHG ingot in-warehouse North

Price: Zinc SHG ingot FCA DP Antwerp European warrants
Basis: Free-carrier basis delivery in Antwerp, Basis: In any LME-approved warehouse in North
duty-paid premium on top of LME cash prices European locations (Belgium, Germany, the
Grade: Special High Grade zinc of minimum 99.995% Netherlands, Sweden and the UK), premium
purity, conforming to LME specifications and on top of LME cash prices
relevant standards: BS EN 1179:2003, ISO Grade: Special High Grade zinc of minimum 99.995%
752:2004 - ZN-1 grade, ASTM B6-12 - LME purity, conforming to LME specifications and
grade or GB/T 470-2008 relevant standards: BS EN 1179:2003, ISO
Currency: USD 752:2004 - ZN-1 grade, ASTM B6-12 - LME
Unit: tonne grade or GB/T 470-2008
Delivery Window: Within 4 weeks Min lot size: 25 tonnes
London time
Price:

Zinc SHG ingot delivered UK price
Type: Partly-assessed single number
Basis: Delivered customer works basis in the UK;
Bulk alloys
all-in price including average of LME GBP
cash settlements for the last ten days of the
Ferro-chrome
previous month and assessed term premiums Price: Ferro-chrome Index
for UK delivery (either delivered customer Type: Indexed single figure
works or FCA Rotterdam plus transport, Basis: Cif Shanghai, duty unpaid
warehousing, delivery and financing costs) Currency: USD per lb contained Cr
Grade: Special High Grade zinc of minimum 99.995% Chrome: Basis 50% Cr, range 48-52% Cr
purity, conforming to LME specifications and Carbon: Base 7.0%, max 9.0%
relevant standards: BS EN 1179:2003, ISO Silicon: Base 3.0%, max 6.0%
752:2004 - ZN-1 grade, ASTM B6-12 - LME Phosphorous: Max 0.03%
grade or GB/T 470-2008 Sulphur: Max 0.06%
Currency: GBP Material form: Lump
Unit: Tonne Delivered: Port Shanghai. Other delivery ports
Min lot size: 25 tonnes normalised to Shanghai
Payment terms: Cash, other payment terms normalised Material origin: All origins
Form: Ingot Delivered window: Within 6 weeks
Publication: Monthly. 1st working day of the month Delivered method: Seaborne
between 1pm and 2pm London time Payment terms: LC at sight
Note: The price was launched in 2013 as a Publication: Weekly. Friday 3pm London time
replacement to the Thyssenkrupp Metallurgie Data History From: May 2012
UK SHG zinc price, which had been
discontinued.
Price: High carbon ferro-chrome (6-8.5% C
basis 60-70% Cr max 1.5% Si) major
Price: Zinc SHG ingot delivered US Midwest European destinations $/lb Cr
Type: Assessed range Basis: Delivered consumer works Europe
Basis: Delivered consumer works Midwest USA Currency: USD
Grade: Min 99.995% special high grade zinc, Unit: lb of chrome contained
conforming to LME specifications and Min lot size: 24 tonnes
relevant BS EN standards Payment terms: 30 days, other payment terms normalised
Currency: USD Quality: Cr: 60-70%, C: 6-8.5%, Si: 1.5%. High carbon
Unit: Tonne ferro-chrome of the following brands and
Min lot size: 25 tonnes origins: Kazakhstan (Kazchrome); Russia
Payment terms: 30 days, other payment terms normalised (Tikhvin, Chelyabinsk); Turkey (Eti Krom);
Delivery window: Within 4 weeks Sweden (Vargon Alloys); Albania (Albchrome)
Form: Ingot Form: Lump
Publication: Weekly. Tuesday between 3pm and 4pm Publication: Weekly. Friday between 2pm and 3pm
Price: Zinc SHG ingot US warrants

Type: Assessed range Price: Ferro-chrome China Contract 6-8% C,
Basis: In any LME-approved warehouse in the USA, basis 50% Cr delivered duty paid China
premium on top of LME cash prices CNY/tonne
Grade: Special High Grade zinc of minimum 99.995% Type: Assessed range
purity, conforming to LME specifications and Basis: Delivered duty paid China
relevant standards: BS EN 1179:2003, ISO Currency: CNY
752:2004 - ZN-1 grade, ASTM B6-12 - LME Unit: Tonne, normalised to Cr 50%
grade or GB/T 470-2008 Min lot size: 1,000 tonnes
Currency: USD Payment terms: Cash, other payment terms normalised
Unit: Tonne Quality: Cr: 50% min, C: 6-8%, Si: 5% max, P: 0.04%
Min lot size: 25 tonnes max, S: 0.04% max
Payment terms: Cash, other payment terms normalised Form: Lump
Delivery window: Prompt release Publication: Weekly. Friday between 2pm and 3pm
London time
Price: Ferro-chrome China Spot 6-8% C, basis Price: Low carbon ferro-chrome (0.06% C max
50% Cr delivered duty paid China RMB/ - 65% Cr) Delivered consumer works $/
tonne lb Cr, Europe
Basis: Delivered duty paid China Basis: Delivered consumer works Europe
Currency: CNY Currency: USD
Unit: Tonne, normalised to Cr 50% Unit: lb of chrome contained
Min lot size: 1,000 tonnes Min lot size: 25 tonnes
Payment terms: Cash, other payment terms normalised Payment terms: 30 days, other payment terms normalised
Quality: Cr: 50% min, C: 6-8%, Si: 5% max, P: 0.04% Quality: Cr: 65% basis (range 60-70% Cr); C: 0.06%
max, S: 0.04% max max; Si: 1.5% max; P: 0.05% max; S: 0.05%
Form: Lump max
Publication: Weekly. Friday between 2pm and 3pm Form: Lump
London time Publication: Fortnightly. Friday between 2pm and 3pm
London time
Price: High-carbon Ferro-chrome Japan

import 8-9% C, basis 60% Cr, cif Japan, Price: Low carbon ferro-chrome (0.10% C avg
duty-unpaid, $ per lb contained chrome 60-70% Cr) Delivered consumer works
Type: Assessed range Europe $/lb Cr
Basis: Cif Japan Type: Assessed range
Currency: USD Basis: Delivered consumer works Europe
Unit: lb of chrome contained Currency: USD
Min lot size: 100 tonnes Unit: lb of chrome contained
Payment terms: LC at sight and TT Min lot size: 25 tonnes
Quality: Cr: 60% min, C: 8-9% max, Si 3-4% max, P: Payment terms: 30 days, other payment terms normalised
0.04% max, Quality: Cr: 65% basis (range 60-70% Cr); C: 0.10%
S: 0.05% max; size 10-50mm excluding material up to 0.06% C; Si: 1.5%
Form: Lump max; P: 0.05% max; S: 0.05% max
Publication: Weekly. Friday between 2pm and 3pm Form: Lump
London time Publication: Fortnightly. Friday between 2pm and 3pm
London time
Price: High-carbon Ferro-chrome South Korea

import 8-9% C, basis 60% Cr, cif South Price: Ferro-chrome, low carbon, 0.05%C-65%
Korea, duty unpaid, $per lb contained min Cr, US
chrome Type: Assessed range
Type: Assessed range Currency: US cents per pound
Basis: Cif South Korea Basis: Fob Pittsburgh
Currency: USD Quality: Cr min: 65.00%, Ca: 0.05%, Si: max 1.00%
Unit: lb of chrome contained Minimum lot size: 20 tons
Min lot size: 100 tonnes Publication: Weekly. Thursday
Payment terms: LC at sight and TT
Quality: Cr: 60% min, C: 8-9% max, Si 3-4% max, P:
0.04% max, S: 0.06% max; size 10-50mm Price: Ferro-chrome, low carbon, 0.10%C-62%
Form: Lump min Cr, US
Publication: Weekly. Friday between 2pm and 3pm Type: Assessed range
London time Currency: US cents per pound
Basis: Fob Pittsburgh
Quality: Cr min 62.00%, C: 0.10%, Si max: 1.00%
Price: Ferro-chrome, high carbon, US Minimum lot size: 20 tons
Type: Assessed range Publication: Weekly. Thursday
Unit: US cents per pound
Quality: Cr min: 62.00%, si: max. 3.00%, Ca: 6.00- Price: Ferro-chrome, low carbon, 0.15%C-60%
8.00% min Cr, US
Minimum Lot size: 20 tons Type: Assessed range
Publication: Weekly. Thursday Currency: US cents per pound
Quality: Cr: min. 60.00%, C: 0.15%, Si: max. 1.00%
Minimum lot size: 20 tons
Publication: Weekly. Thursday
Price: Low phosphorous ferro-chrome (Cr min Ferro-manganese
65% P max 0.015%) delivered consumer Price: Ferro-manganese 78% Mn max
works Europe $/lb standard 7.5% C Delivered consumer
Type: Assessed range works Europe €/tonne
Basis: Delivered consumer works Europe Type: Assessed range
Currency: USD Basis: Delivered consumer works Europe
Unit: lb of chrome contained Currency: EUR
Min lot size: 25 tonnes Unit: tonne
Payment terms: 30 days, other payment terms normalised Min lot size: 100 tonnes
Quality: Cr: 65% min, Si: 1% max, C: 6-8%, P: 0.015% Payment terms: Cash, other payment terms normalised
max, Ti:0.05% Quality: Mn: 75% min 78% max , Si: 2% max, C: 6%
Form: Lump min 8% max, P: 0.35% max, S: 0.04% max
Publication: Fortnightly. Friday between 2pm and 3pm Form: Lumps in the range of 10-100mm, 90% min
London time Publication: Weekly. Friday between 2pm and 3pm
London time
Price: Ferro-chrome lumpy cr charge basis 52

Cr and high carbon delivered consumer Price: Ferro-manganese min 65% Mn max
works Europe $/Ib Cr quarterly 7.0% C China CNY/tonne
Price type: Industry-settled single figure Type: Assessed range
Basis: Delivered consumer works Europe Basis: China
Currency: US cents Currency: CNY
Unit: lb of chrome contained Unit: tonne, all Mn grades normalised to 65% on
Min lot size: Not specified pro rata basis
Payment terms: Not specified Min lot size: 100 tonnes
Quality: N/A Payment terms: Cash, other payment terms normalised
Form: Lump Quality: Mn: 65-72%, Si: 4.5% max, C: 7.0% max, P:
Publication: Quarterly as per industry announcement to 0.4% max, S: 0.03% max
Johannesburg Stock Exchange Form: Lump
Note: Metal Bulletin does not independently assess Publication: Weekly. Friday between 2pm and 3pm
this price, but publishes it as a reference. The London time
price is settled every quarter by leading
ferro-chrome producers and consumers and
is then announced by a leading producer to Price: Ferro-manganese, high carbon, US
the Johannesburg Stock Exchange. Metal Type: Assessed range
Bulletin obtains the benchmark number Currency: US dollars per long ton
from market participants and/or from the Basis: In-warehouse Pittsburgh
official announcement. Quality: Mn: 78.00%, C: 7.50%
Price Type: Assessment
Price: European ferro-chrome quarterly Frequency: Weekly. Thursday
benchmark indicator
Type: Indicator, single figure
Quality: Ferro-chrome lumpy, basis 52% chrome Price: Ferro-manganese, medium carbon, US
content Type: Assessed range
Currency: US cents per lb of chrome content to major Currency: US cents per pound
European destinations Basis: Fob Pittsburgh
Publication: Weekly. Friday 3pm London time Quality: manganese min. 80.00%, carbon max. 1.50%
Note: The price indicates a representative level for Minimum lot size: 20 tons
the European ferro-chrome benchmark if it Frequency: Weekly. Thursday
were to be settled on that Friday. It does so
by using a proprietary Metal Bulletin formula
based on the historical relationship between
the European ferro-chrome benchmark and
Metal Bulletin market data.
Ferro-silicon Silico-manganese
Price: Ferro-silicon min 75% Si China CNY/ Price: Silico-manganese lumpy 65-75% Mn
tonne basis 15-19% Si Delivered consumer
Type: Assessed range works Europe €/tonne
Basis: China Basis: Delivered consumer works Europe
Currency: CNY Type: Assessed range
Unit: Tonne, price for all Si grades normalised to Currency: EUR
75% on pro rata basis Unit: Tonne
Quality: Si: 75-80%; Mn: 0.4% max; Al: 2.0% max; Cr: Quality: Mn: 65-75% (Scale pro rata), Si: 15-19%, C:
0.3% max; P: 0.035% max; S: 0.02% max; C: 2.0-2.5%, P:0.3%, S:0.03%
0.1% max Form: Lump
Form: Lump Publication: Weekly. Friday between 2pm and 3pm
Publication: Weekly. Friday between 2pm and 3pm London time
London time
Price: Silico-manganese min 65% Mn max 17%

Price: Ferro-silicon export min 75% Si Fob Si, delivered duty paid China CNY/tonne
China main ports $/tonne Type: Assessed range
Type: Assessed range Basis: Delivered duty paid China
Basis: Fob China main ports Currency: CNY
Currency: USD Unit: Tonne, all Mn grades normalised to 65% basis
Unit: tonne, normalised to 75% Si on pro rata basis on pro rata basis
Quality: Si: 75-80%; Mn: 0.4% max; Al: 2.0% max; Cr: Quality: Mn: 65-72%; Si: 17%; C: 1.8% max; P: 0.25%
0.3% max; P: 0.035% max; S: 0.02% max; C: max; S: 0.04% max
0.1% max Form: Lump
Publication: Weekly. Friday between 2pm and 3pm London time
London time
Price: Silico-manganese 65% min Mn 16% min

Price: Ferro-silicon lumpy basis 75% Si (Scale Si Fob India $/tonne
pro-rata) Delivered consumer works Type: Assessed range
Europe €/tonne Basis: Fob India
Basis: Delivered consumer works Europe Currency: USD
Type: Assessed range Unit: Tonne
Currency: EUR Min lot size: 100 tonnes
Unit: Tonne Payment terms: Letter of Credit
Min lot size: 100 tonnes Quality: Mn: 65% Si: 16% C: 2% P:0.35% S:0.03%
Payment terms: Cash, other payment terms normalised Form: Lump
Quality: Si: 75% basis (scale pro rata); Al: 1.5% max; C: Publication: Weekly. Friday between 2pm and 3pm
0.10-0.15% max, Ca: 0.6% max; Ti: 0.15% London time
max; P: 0.02% max; S: 0.025% max
Form: Lump
Publication: Weekly. Friday between 2pm and 3pm Price: Silico-manganese, US
London time Currency: US cents per pound
Basis: In-warehouse Pittsburgh
Price: Ferro-silicon, US Quality: Manganese min. 65.00%; silicon min. 16.00%
Type: Assessed range Minimum lot size: 20 tons
Currency: US cents per pound Publication: Weekly. Thursday
Basis: In-warehouse Pittsburgh
Quality: Silicon 75.00%
Frequency: Weekly. Thursday
Ferro-nickel

China
Price: Ferro-nickel 26-32% nickel content cif Noble alloys
Basis: Cif China
Currency: USD Molybdenum
Unit: Tonne Price: Molybdenum drummed molybdic oxide
Quality: Ni typical 30% (range 26%-32%), P 0.0045% Rotterdam $/lb Mo
max, S 0.060% max Type: Assessed range
Calculation: Ferro-nickel price = (LME Ni price + premium/ Basis: Rotterdam
discount) x nickel content Currency: USD
Min lot size: At least 100 nickel metal tonnes per lot Unit: per lb Mo
Payment terms: Cash, other payment terms normalised Min lot size: 10 tonnes (+/- 2%)
Publication: Last Monday of each month between 2pm to Payment terms: Cash; other payment terms normalised
3pm London time Quality: Mo: 57% min. Cu: 0.5% max. S: 0.1% max. P:
0.05% max. Pb: 0.05% max. C: 0.1% max. All
other elements should each be 0.10% max,
Nickel pig iron with the exception of Si, which should be 6%
max.
Price: High-grade NPI Ni content 10-15% Form: Sandy powder (0-4 mm)
Contract price delivered duty paid China Publication: Twice weekly. Wednesday and Friday
CNY/tonne between 2pm and 3pm London time
Price type: Assessed range
Basis: Delivered duty paid China
Currency: CNY Price: Molybdenum canned molybdic oxide,
Unit: Tonne US
Quality: Ni10-15%, Fe 80%, P 0.04% max, S 0.03% Currency: USD per pound
max, Si 4.5% max, C 4% max Type: Assessed range
Form: Lump Basis: In-warehouse
Packaging: Big bag of 1 tonne Quality: Mo min. 57.00%, copper max. 0.50%;
Min lot size: 1,000 tonnes phosphorus 0.05%; lead 0.05%; sulphur
Payment terms: Cash 0.10%; carbon 0.10%; moisture 0.10%
Publication: Weekly. Tuesday between 2pm and 3pm UK Minimum lot size: 10 tons
time Publication: Weekly. Thursday
Price: High-grade NPI Ni content 10-15% Spot Price: Molybdenum concentrate 45% Mo in-
price delivered duty paid China CNY/ warehouse China CNY/mtu
tonne Basis: China
Price type: Assessed range Currency: CNY
Basis: Delivered duty paid China Unit: mtu
Currency: Yuan Min lot size: 50 tonnes
Unit: tonne Payment terms: Cash, other payment terms normalised
Quality: Ni10-15%, Fe 80%,P 0.04% max, S 0.03% Quality: Mo: 45% min; SiO2 9% max; As 0.01% max;
max, Si 4.5% max, C 4% max Sn 0.02% max; P 0.02% max; Cu 0.25% max;
Form: Lump Pb 0.15 max; CaO 2.7% max; Bi 0.05% max
Packaging: Big bag of 1 tonne Form: Powder
Min lot size: 500 tonnes Publication: Weekly. Wednesday between 2pm and 3pm
Payment terms: Cash London time
Publication: Weekly. Tuesday between 2pm and 3pm UK
time
Price: Ferro-molybdenum 65% min Rotterdam Tungsten
$/kg Mo
Type: Assessed range Price: Tungsten APT Europe min 88.5 WO3 cif
Basis: Rotterdam Rotterdam duty free $/mtu WO3
Currency: USD Type: Assessed range
Unit: Per kg Mo Basis: Cif Rotterdam, duty free
Min lot size: 10 tonnes (+/- 2%) Currency: USD
Payment terms: Cash; other payment terms normalised Unit: per mtu WO3
Quality: Mo: 65% min Si: 1.50% max Cu: 0.50% max C: Min lot size: 20 tonnes (+/- 2%)
0.10% max S: 0.10% max P: 0.05% max All Payment terms: Cash; Delivered up to three months in
other elements should be each 0.10% max, advance considered spot business
with the exception of Fe Quality: WO3: 88.5% min; Al: 0.001% max; As:
Form: lumps in range from 5-50mm, 90% minimum 0.0005% max; Bi: 0.0005% max; Ca: 0.001%
Publication: Twice weekly. Wednesday and Friday max; Cd: 0.0005% max; Co: 0.0005% max; Cr:
between 2pm and 3pm London time 0.0005% max; Cu: 0.0005% max; Fe: 0.001%
max; K: 0.001% max; Mn: 0.001% max; Mg:
0.001% max; Mo: 0.002% max; Na: 0.001%
Price: Ferro-molybdenum, US max; Ni: 0.0005% max; P: 0.001% max; Pb:
Type: Assessed range 0.0005% max; S:0.001% max; Sb: 0.0005%
Currency: USD per pound max; Si: 0.001% max; Sn: 0.0005% max; Ti:
Basis: In-warehouse Pittsburgh 0.0005% max; V:0.0005% max
Quality: Mo: 65.00-70.00% Form: White finely divided free flowing crystals
Minimum lot size: 10 tons Publication: Weekly. Friday between 2pm and 3pm
Publication: Weekly. Thursday London time
Price: Tungsten APT China min 88.5% WO 3

Titanium Fob China main ports $/mtu WO3
Price: Ferro-titanium min 70% Ti (max 4.5% Al) Basis: Fob China main ports
Delivered duty paid Europe $/kg Ti Currency: USD
Type: Assessed range Unit: mtu WO3
Basis: Delivered duty paid Europe Min lot size: 17 tonnes
Currency: USD Payment terms: Cash or 30 days
Unit: Per kg Ti Quality: WO3 88.5% min, Al 0.0005% max, As 0.001%
Min lot size: 10-tonne lots (+/- 2%) max, Bi 0.0001% max, Ca 0.001% max, Cd
Payment terms: Cash; other payment terms normalised 0.001% max, Co 0.005% max, Cr 0.001% max,
Quality: Ti: 70%; Al: 4.5%; V: 3%; O2: 2%; C: 0.2%; S: Cu 0.0005% max, Fe 0.001% max, K 0.001%
0.05%; P: 0.05%; Si: 0.5%; N:0.5%; Sn: 0.5%; max, Mn 0.0005% max, Mg 0.0005% max, Mo
Ni:0.05%; Cr: 0.5%; Pb: 0.01%; Bi: 0.01% 0.002% max, Na 0.001% max, Ni 0.0005%
Form: Lump max, P 0.0007% max, Pb 0.0001% max, S
Publication: Weekly. Wednesday between 2pm and 3pm 0.0008% max, Sb 0.0002% max, Si 0.001%
London time max, Sn 0.0002% max, Ti 0.0005% max, V
0.001% max
Form: White finely divided free-flowing crystals
Publication: Weekly. Wednesday between 2pm and 3pm
London time
Price: Tungsten concentrate 65% W03 China

CNY/tonne
Basis: China
Currency: CNY
Unit: tonne
Payment terms: Cash or 30 days
Quality: WO3 65% min, S 0.8% max, P 0.10% max, As
0.15% max, Mo 0.05% max, Ca 5% max, Mn
1.5% max, Cu 0.25% max, Sn 0.25% max,
SiO2 7.0% max
Form: Powder
Publication: Weekly. Wednesday 2pm to 3pm London time
Price: Ferro-tungsten basis 75% W Rotterdam Price: Vanadium pentoxide min 98%
duty unpaid $/kg W Rotterdam $/lb V2O5
Basis: Rotterdam duty unpaid Basis: In-warehouse Rotterdam
Unit: per kg W Unit: Per lb V2O5
Min lot size: Minimum 5-tonne lots Min lot size: 5 tonnes (+/- 5%)
Quality: W: 75.00% min. C: 0.40% max. S: 0.08% max. Quality: 98.00 % min Si: 0.25 % max. Fe: 0.30 % max.
Mn: 0.50% max. As: 0.10% max. Sn: 0.08% S: 0.03 % max. P: 0.05 % max. As: 0.02 % max.
max. P: 0.05% max. Si: 0.70% max. Cu: 0.15% Na2+K2O: 1.50 % max
max. Sb: 0.05% max. Form: Brown flake
Publication: Twice weekly. Wednesday and Friday London time
between 2pm and 3pm London time
Price: Ferro-tungsten basis 75% W Fob China

Type:
Basis:
Currency:
$/kg W
Assessed range
Fob China main port
USD
s Ores
Unit: Per kg W
Min lot size:
Payment terms:
5 tonnes
Cash, other payment terms normalised
Bauxite
Quality: W: 75.00% min. C: 0.40% max. S: 0.08% max. Price: Bauxite Fob Kamsar, Guinea
Mn: 0.50% max. As: 0.10% max. Sn: 0.08% Type: Assessed single figure
max. P: 0.05% max. Si: 0.70% max. Cu: 0.15% Units: USD per tonne per dmtu
max. Sb: 0.05% max. Basis: Fob Guinea (other delivered terms
Form: Lump normalised)
Publication: Weekly. Wednesday between 2pm and 3pm Chemical spec: Total alumina: 48.5% min, 53% max; total
London time silica 1.20% min, 2.10% max; reactive silica
3.2% max; Fe 22% max; Ti 4% max; organic
carbon 0.15% max; moisture content 5.5%
min, 7.5% max
Vanadium Trade size: Minimum 20,000 tonnes
Price: Ferro-vanadium 78% min delivered Payment terms: 30 days after loading (other payment terms
consumer works Europe duty paid normalised)
$/kg V Loading port: Kamsar (other ports normalised)
Type: Assessed range Loading window: Within two months
Basis: Delivered consumer works Europe Delivered method: Bulk carrier
Currency: USD Publication: Fortnightly. Thursdays between 2pm and
Unit: Per kg V 3pm London time
Min lot size: Minimum 5-tonne lots
Payment terms: Cash; other payment terms normalised
Quality: V: 78%; Al: 1.5%; Si: 1.5%; C: 0.25%; S: 0.05%; Price: Bauxite Fob Trombetas, Brazil
P: 0.06%; Mn: 0.5%. Other elements: trace Type: Assessed single figure
only, with the exception of Fe Units: USD per tonne per dmtu
Form: Lumps Basis: Fob Brazil (other Delivered terms normalised)
Publication: Twice weekly. Wednesday and Friday Chemical spec: Total alumina 50.5% min, 55% max; total
between 2pm and 3pm London time silica 4.3% min; 5.6% max; reactive silica 4%
min, 5% max; Fe 12 % max; Ti 1.5% max;
moisture content 9% min; 10% max
Price: Ferro-vanadium, US $/lb Trade size: Minimum 20,000 tonnes
Type: Assessed range Payment terms: 30 days after loading (other payment terms
Currency: USD normalised)
Pricing Point: In-warehouse Pittsburgh Loading port: Trombetas (other ports normalised)
Quality: V: 70.00-80.00% Loading window: Within two months
Minimum Lot size: 10 tons Delivered method: Bulk carrier
Publication: Weekly. Thursday Publication: Fortnightly. Thursdays between 2pm and
3pm London time
Chrome ore Price: Manganese ore index, 37% manganese,
fob Port Elizabeth
Price: South African UG2 Chrome Ore Price type: Indexed single figure
Concentrates Manganese: Base 37%, Range 35-39%
Type: Indexed single figure Iron: Base 5%, Maximum 16%
Basis: USD per dry metric tonne unit, CIF China Silica: Base 6%, Maximum 12%
Chrome: Base 42%, range 40% to 43% Phosphorous: Base 0.04%, Maximum 0.16%
Silica: Maximum 6% Alumina: Base 1%, Maximum 8%
Alumina: Maximum 18% Moisture: Base 4%, Maximum 12%
Magnesium oxide: Maximum 0.15% Others: (sulphur, calcium, magnesia)
Phosphorous: Maximum 0.01% Loading port: Port Elizabeth (South Africa)
Sulphur: Maximum 0.01% Unit: USD per dry metric tonne unit, fob Port
Chrome: Iron ratio: 1.2:1 minimum Elizabeth, South Africa
Form: Sizing up to 1mm (95% min) Granularity: 5.5-75mm
Packaging Bulk (Container deals normalised Form: Lumps
to bulk prices) Publication: Weekly. Friday at 3pm London time
Trade Size: Minimum 2,000 tonnes Trade Size: 5,000 tonnes
Payment terms: Payment at sight Payment method: Cash or equivalent
Publication: Weekly. Friday 3pm London time Loading window: Six weeks
Price: Chrome ore Turkish lumpy 40-42% cfr

main Chinese ports $/tonne Manganese ore stocks
Basis: Cif China main ports Price: Manganese ore inventories at the main
Currency: USD Chinese ports of Tianjin and Qinzhou
Unit: tonne Type: Range based on survey
Min lot size: 1,000 tonnes Unit: Million tonnes
Payment terms: Payment at sight Assessed by: Metal Bulletin’s ores & alloys team in
Quality: Cr: 40-42;, Si02: 15% max; Al203: 16% max; Singapore
MgO: 26% max; S: 0.02%; P: 0.01%, Cr:Fe: Publication time: Fortnightly. Wednesday between 2pm and
2.6:1 basis, 2.5:1 min 3pm London time
Form: Lump
Publication: Weekly. Friday Between 2pm and 3pm
London time
Nickel ore
Price: Laterite nickel ore 1.8% cif China $/
Manganese ore tonne
Basis: Cif China
Price: Manganese ore index, 44% Mn, cif Currency: USD
Tianjin Unit: tonne
Type: Indexed single figure Quality: 1.8% Ni, 15-20% Fe, Water content 30-35%,
Manganese: Base 44%, Range 42-48% Si:Mg ratio <2
Iron: Base 5%, Maximum 16% Lot size: 50,000 tonnes
Silica: Base 4%, Maximum 12% Payment terms: Letter of Credit
Phosphorous: Base 0.10%, Maximum 0.16% Publication: Weekly. Tuesday between 2pm and 3pm UK
Alumina: Base 6%, Maximum 12% time
Moisture: Base 4%, Maximum 12%
Others: (sulphur, calcium, magnesia)
Delivered: Port Tianjin (China) Price: Laterite nickel ore with 1.5% nickel
Unit: USD per dry metric tonne unit, cif China content cif China $/tonne
Granularity: 5.5mm-75mm Basis: Cif China
Form: Lumps Currency: USD
Publication: Weekly. Friday at 3pm London time Unit: Tonne
Trade Size: 5,000mt Quality: Nickel ore: 1.5% Ni, 15-20% Fe, Water content
Payment method: Cash or equivalent 30-35%
Delivered window: Eight weeks Lot size: 50,000 tonnes
Payment terms: Cash, other payment terms normalised
Publication: Weekly. Tuesday between 2pm and 3pm UK
time
Minor metals
tonne

Price: Antimony max 100 ppm Bi Rotterdam $/

Basis: Rotterdam
Currency: USD
Antimony Unit: Tonne
Price: Antimony metal MMTA Standard Min lot size: 10 tonnes (+/-2%)
Grade II Rotterdam $/tonne Payment terms: Cash, other payment terms normalised
Type: Assessed range Quality: Sb: Min 99.65% Bi: Max 100ppm Se: Max
Basis: Rotterdam 50ppm Cu: Max 200ppm Fe: Max 200ppm Pb:
Currency: USD Max 0.2%
Unit: Tonne Form: Ingot
Min lot size: 10 tonnes (+/-2%) Publication: Twice weekly. Wednesday and Friday
Payment terms: Cash, other payment terms normalised between 2pm and 3pm London time
Quality: Sb: Min 99.65% As: Max 0.15% Se: Max Packaging: Original producer’s packing, on pallets or in
50ppm wooden cases
Form: Ingot Delivery time: Prompt, within ten calendar days
Publication: Twice weekly. Wednesday and Friday Notes: Metal Bulletin’s antimony prices are
between 2pm and 3pm London time produced in line with the specifications
Packaging: Original producer’s packing, on pallets or in published by the Minor Metals Trade
wooden cases Association
Delivery time: Prompt, within ten calendar days
Notes: Metal Bulletin’s antimony prices are
produced in line with the specifications
published by the Minor Metals Trade Arsenic
Association
Price: Arsenic 99% min Rotterdam $/lb
Price: Antimony metal MMTA Standard Grade Basis: Rotterdam
II delivered duty paid China CNY/tonne Currency: USD
Type: Assessed range Unit: lb
Basis: Delivered duty paid China Min lot size: 1 tonne (+/-2%)
Currency: CNY Payment terms: Cash, other payment terms normalised
Unit: Tonne Quality: As: 99% min, no other elements specified
Min lot size: 1 tonne Form: Lumpy, fist-sized and downwards
Payment terms: Cash Publication: Twice weekly. Wednesday and Friday
Quality: MMTA standard Grade II. Sb: 99.65% min, As: between 2pm and 3pm London time
0.1% max, Pb: 0.2% max, Se: 0.002% max, Packaging: Original producer’s poly-lined steel drums,
Cd: 0.002% max, Sn: 0.005% max, Te: 0.005% each 50kg net, in accordance with the IMDG
max, Bi: 0.01% max, Cu: 0.02% max, Fe: code and RID & ADR Rules
0.02% max Delivered time: Prompt release
Form: Ingot Notes: Metal Bulletin’s arsenic prices are produced in
Publication: Weekly. Wednesday between 2pm and 3pm line with the specifications published by the
London time Minor Metals Trade Association
Bismuth Price: Cadmium 99.99% min cif global ports
US cents/lb
Price: Bismuth 99.99% min Rotterdam $/lb Type: Assessed range
Type: Assessed range Basis: Cif global port basis
Basis: Rotterdam Currency: US cents
Unit: lb Min lot size: 10 tonnes
Min lot size: 1 tonne Payment terms: Cash, other payment terms normalised
Payment terms: Cash, other payment terms normalised Quality: Cd: 99.99%, no other elements specified
Quality: Bi: 99.99%, no other elements specified Form: Sticks or ingots
Form: Ingot Publication: Twice weekly. Wednesday and Friday
Publication: Twice weekly. Wednesday and Friday between 2pm and 3pm London time
between 2pm and 3pm London time Delivery time: Prompt release
Packaging: Original producers’ packaging Notes: Metal Bulletin’s cadmium prices are
Delivery time: Prompt release Notes: Metal Bulletin’s produced in line with the specifications
bismuth prices are produced in line with the published by the Minor Metals Trade
specifications published by the Minor Metals Association
Trade Association
Price: Bismuth 99.99% min China CNY/tonne Chromium

Type: Assessed range Price: Chromium alumino-thermic 99% min
Basis: China Rotterdam $/tonne
Currency: CNY Type: Assessed range
Unit: Tonne Basis: Rotterdam
Min lot size: 1 tonne Currency: USD
Quality: Bi: 99.99% min, no other elements specified Min lot size: 10 tonnes (+/-2%)
Publication: Weekly. Friday between 2pm and 3pm Quality: Conforming to MMTA Russian X99H4
London time specification. Cr: 99.0 min % Fe: 0.5 max %
Al: 0.2 max % Si: 0.2 max % C: 0.03 max % S:
0.02 max % Pb: 0.0008 max % Cu: 0.01 max
% P: 0.02 max % Zn: 0.006 max % Sb: 0.008
Cadmium max % Sn: 0.004 max % Bi: 0.0005 max % As:
0.01 max % Co: 0.005 max % N: 0.04 max %
Price: Cadmium 99.95% min cif global ports Form: Lump
US cents/lb Publication: Weekly. Friday between 2pm and 3pm
Type: Assessed range London time
Basis: Cif global port basis Packaging: In steel drums of uniform net weight, usually
Currency: US cents 300kg
Unit: lb Delivery time: Prompt release
Min lot size: 10 tonnes Notes: Metal Bulletin’s chromium prices are
Payment terms: Cash, other payment terms normalised produced in line with the specifications
Quality: Cd: 99.95%, no other elements specified published by the Minor Metals Trade
Form: Sticks or ingots Association
Publication: Twice weekly. Wednesday and Friday
between 2pm and 3pm London
Delivery time: Prompt release Price: Chromium alumino-thermic, min 99%
Notes: Metal Bulletin’s cadmium prices are ex-warehouse United States, US$/
produced in line with the specifications pound
published by the Minor Metals Trade Type: Assessed range
Association Basis: Ex-warehouse, US
Currency: US$
Unit: Pounds
Quality: Min 99% chromium
Form Lump, packaged in drums
Publication: Once a week every Thursday
Cobalt Price: Cobalt low grade Rotterdam $/lb
Price: Cobalt tetroxide min 72.6% Co Basis: Rotterdam
delivered China CNY/tonne Currency: USD
Type: Assessed range Unit: Tonne
Basis: Delivered China Min lot size: 1 tonne
Currency: CNY Max lot size: 100 tonnes
Unit: Tonne Payment terms: Cash; other terms normalised
Min lot size: 1 tonne Quality: Low-grade cobalt metal, 99.3% minimum
Payment terms: Cash cobalt content. Katanga cathodes,
Quality: Min 72.6% Co Chambishi broken cathodes, CTT
Publication: Twice weekly. Wednesday and Friday broken cathodes, Norilsk ingots (K1A and
between 2pm and 3pm London time K1AY), Tocantins broken cathodes,
Minara briquettes, Ambatovy
briquettes
Price: Cobalt metal min 99.8% domestic China Form: Broken cathodes, ingots, briquettes
CNY/tonne Publication: Twice weekly. Wednesday and Friday
Type: Assessed range at 3pm London time
Basis: Ex-works China Packaging: Original packaging
Currency: CNY Delivery time: Within 30 days, other terms normalised
Unit: Tonne
Min lot size: 1 tonne
Payment terms: Cash Cobalt sulfate
Quality: Cobalt metal, Co 99.8% min Please see Battery Raw Materials section.
Form: Cathode
between 2pm and 3pm London time Gallium
Price: Gallium min 99.99% Ga Rotterdam $/kg
Price: Cobalt high grade Rotterdam $/lb Basis: Rotterdam
Type: Assessed range Currency: USD
Basis: Rotterdam Unit: kg
Currency: USD Min lot size: 50 kg (+/- 2%)
Min lot size: 1 tonne Quality: Ga: 99.99% min, no other elements specified
Max lot size: 100 tonnes Form: Ingot
Payment terms: Cash; other terms normalised Publication: Twice weekly. Wednesday and Friday
Quality: High-grade cobalt metal, 99.8% minimum between 2pm and 3pm London time
cobalt content. Falconbridge (Xstrata Nickel) Packaging: Packed in plastic sleeves, original producers’
cut cathodes, Vale Inco rounds, SMM cut cases
cathode, Jinchuan cut cathode, Jiangsu Delivery time: Prompt release
(KLK) broken cathodes, Sherritt briquettes Notes: Metal Bulletin’s gallium prices are produced
Form: Cut cathodes, rounds, broken cathodes, in line with the specifications published by
briquettes the Minor Metals Trade Association
at 3pm London time
Packaging: Original packaging Price: Gallium min 99.99% Ga China CNY/kg
Delivery timeframe: Within 30 days, other terms normalised Type: Assessed range
Basis: China
Currency: CNY
Unit: kg
Min lot size: 50kg
Quality: Ga: 99.99% min, no other elements specified
Form: Ingot
Form: Weekly. Wednesday by 3pm London time.
Germanium Hafnium
Price: Germanium 99.99% Ge China CNY/kg Price: Hafnium, 1% Zr max, global locations,
Type: Assessed range $/kg
Basis: China Type: Assessed range
Currency: CNY Basis: global locations
Unit: kg Currency: USD
Min lot size: 50 kg Unit: per kg
Payment terms: Cash, other payment terms normalised Min lot size: 50kg
Quality: Ge: 99.99% min, 50ohm/cm; no other Payment terms: Cash, other payment terms normalised
elements specified Quality: Hf+Zr 99.8% min; Zr 1%
Form: Ingots with no specific dimension or weight Form: Uniform lots of 5kg max cut ingot, plate,
Publication: Weekly. Wednesday by 3pm London time sheet or bar
London time
Price: Germanium 99.99% Ge Rotterdam $/kg Notes: Hafnium is classed as a “dual use” metal
Type: Assessed range under the Non-proliferation of Nuclear
Basis: Rotterdam Weapons Treaty and may require end-user
Currency: USD statements and import/export licences
Unit: kg
Min lot size: 50 kg (+/- 2%)
Quality: Ga: 99.999%, no other elements specified Indium
Form: Ingot Price: Indium 99.99% Rotterdam $/kg
Publication: Twice-weekly. Wednesday and Friday Type: Assessed range
between 2pm and 3pm London time Basis: Rotterdam
Packaging: Packed in plastic sleeves, original producers’ Currency: USD
cases Unit: kg
Delivery: Prompt release Min lot size: 50 kg
Notes: Metal Bulletin’s germanium prices are Payment terms: Cash, other payment terms normalised
produced in line with the specifications Quality: In: 99.99%, no other elements specified
published by the Minor Metals Trade Form: Ingots, usually between 0.5kg and 3.5 kg;
Association also 10 kg ingots
Publication: Twice-weekly. Wednesday and Friday
between 2pm and 3pm London time
Price: Germanium Dioxide Rotterdam $/kg Packaging: Original producers’ wooden cases
Type: Assessed range Delivery time: Prompt release Notes: Metal Bulletin’s indium
Basis: Rotterdam prices are produced in line with the
Currency: USD specifications published by the Minor Metals
Unit: kg Trade Association
Min lot size: 50 kg (+/- 2%)
Quality: GeO2 99.99 % min, Ge 69 % approx Price: Indium 99.99% ex-works China CNY/kg
Form: White powder Type: Assessed range
Publication: Twice-weekly. Wednesday and Friday Basis: Ex-works China
between 2pm and 3pm London time Currency: CNY
Packaging: Original producer cases, normally 25kg each Unit: kg
Delivery time: Prompt release Min lot size: 1kg
Notes: Metal Bulletin’s germanium prices are Payment terms: Cash on spot
produced in line with the specifications Quality: In: 99.995% min, Cu: 0.0005% max, Pb:
published by the Minor Metals Trade 0.0005% max, Zn: 0.0005% max, Cd:
Association 0.0005% max, Fe: 0.0005% max,Tl: 0.0005%
max, Sn: 0.0010% max, As: 0.0005% max, Al:
0.0005% max
Form: Ingot of 500g
Publication: Weekly. Wednesday between 2pm and 3pm
London time
Magnesium Delivery time: Prompt, within ten calendar days
Notes: Metal Bulletin’s manganese flake prices are
Price: Magnesium 99.9% Rotterdam $/tonne produced in line with the specifications
Type: Assessed range published by the Minor Metals Trade
Basis: Rotterdam Association
Currency: USD
Unit: Tonne
Min lot size: 20 tonnes (+/- 2%) Price: Manganese 99.7% electrolytic
Payment terms: Cash, other payment terms normalised cents per pound, ex-warehouse, US
Quality: Mg 99.9% min, Fe 0.04% max, Si 0.02% max, Type: Assessed range
Ni 0.002% max, Cu 0.01% max, AL 0.02% Basis: Ex-warehouse, US
max, Mo 0.03% max, Cl 0.05% max, others Unit: US cents per pound
0.1% max Min lot size: 10 tonnes
Form: Ingots, free from oxidation, of uniform size Payment terms: Cash, other payment terms normalised
and weight Quality: Min 99.7% manganese
Publication: Weekly. Friday between 2pm and 3pm Form: Flake
London time Packaging: Bulk
Publication: Once a week, every Thursday
Price: Magnesium 99% ex-works China RMB/

tonne
Type: Assessed range Mercury
Basis: Ex-works China Price: Mercury 99.99% Hg global locations
Currency: Yuan $/flask
Unit: Tonne Type: Assessed range
Min lot size: 20 tonnes (+/- 2%) Basis: Global locations
Payment terms: Cash on spot Currency: USD
Quality: Mg 99.9% min Unit: Per flask
Form: Ingot Min lot size: 50 flasks with zero tolerance
Publication: Weekly. Friday between 2pm and 3pm Payment terms: Cash, other payment terms normalised
London time Quality: Hg: 99.99%, no other elements specified
Form: Free-flowing liquid
Price: Magnesium 99.8% Fob China main London time
ports $/tonne Packaging: 34.5kg UN-approved steel flasks
Type: Assessed range Delivery time: Within one calendar month
Basis: Fob China main ports Notes: Metal Bulletin’s mercury prices are produced
Currency: USD in line with the specifications published by
Unit: Tonne the Minor Metals Trade Association
Min lot size: 10 tonnes (+/-2%)
Payment terms: LC or TT
Quality: Mg 99.8% min Rhenium
Form: Ingot
Publication: Weekly. Friday between 2pm and 3pm Price: Rhenium APR Catalytic grade
London time Rotterdam duty unpaid $/kg
Basis: Rotterdam, duty unpaid
Currency: USD
Manganese Unit: kg
Price: Manganese 99.7% electrolytic Min lot size: 20 kg (+/-2%)
manganese flake $/tonne Rotterdam Payment terms: Cash, other payment terms normalised
Type: Assessed range Quality: Ammonium perrhenate, Re 68.5 - 69.8% min.
Basis: Rotterdam Form: White, free flowing powder/crystals
Currency: USD Publication: Fortnightly. Friday 2pm to 3pm London time
Unit: Tonne Packaging: In uniform IMDG approved containers,
Min lot size: 25 tonnes (+/-2%) individually sealed and numbered
Payment terms: Cash, other payment terms normalised Delivery time: Within one calendar month
Quality: Mn: 99.7% S: 500 ppm max P: 50 ppm max C: Notes: Metal Bulletin’s rhenium prices are produced
400 ppm max Fe+Se+Si: 0.205% max in line with the specifications published by
Form: Flakes the Minor Metals Trade Association
Publication: Twice-weekly. Wednesday and Friday
by 3pm London time
Packaging: Big bags or steel drums
Price: Rhenium metal pellets min 99.9% Silicon
Rotterdam duty unpaid $/Ib Price: Silicon grade 4-4-1, min 99% Si
Type: Assessed range Rotterdam €/tonne
Basis: Rotterdam, duty unpaid Type: Assessed range
Currency: USD Basis: Rotterdam
Unit: lb Currency: EUR
Min lot size: 10 kg (+/-2%) Unit: Tonne
Payment terms: Cash, other payment terms normalised Min lot size: 25 tonnes (+/- 2%)
Quality: Rhenium pellets, Re 99.9% min. Payment terms: Cash, other payment terms normalised
Form: White, free flowing powder/crystals Quality: Si 99% min, Fe 0.4% max, Al 0.4% max, Ca
Publication: Fortnightly. Friday by 3pm London time 0.1% max
Packaging: In uniform IMDG approved containers, Form: 10-100mm lumps 90% min
individually sealed and numbered Publication: Weekly. Friday between 2pm and 3pm
Delivery time: Within one calendar month London time
Notes: Metal Bulletin’s rhenium prices are produced Packaging: 1MT big bag
in line with the specifications published by
the Minor Metals Trade Association
Price: Silicon grade 5-5-3, min 98.5% Si
Rotterdam €/tonne
Selenium Type: Assessed range
Price: Selenium min 99.5 Se Rotterdam $/lb Basis: Rotterdam
Type: Assessed range Currency: EUR
Basis: Rotterdam Unit: Tonne
Currency: USD Min lot size: 25 tonnes (+/- 2%)
Unit: lb Payment terms: Cash, other payment terms normalised
Min lot size: 250kg (+/-2%) Delivery time: Prompt
Payment terms: Cash, other payment terms normalised Quality: Silicon 98.50%, iron 0.50% max, aluminium
Quality: Se: 99.5% min, no other elements specified 0.50% max, calcium 0.30% max
Form: Powder of minus 200 mesh or granules sizing Form: Lumps, between 10 mm and 100 mm
1-5 mm Publication: Once a week. Friday between 2pm and 3pm
Publication: Twice-weekly. Wednesday and Friday London time
between 2pm and 3pm London time Packaging: 1MT big bag
Packaging: Original producers’ packaging, normally
25kg net
Delivery time: Prompt release
Notes: Metal Bulletin’s selenium prices are produced Price: Silicon export China min 98.5% Si Fob
in line with the specifications published by China main ports $/tonne
the Minor Metals Trade Association Type: Assessed range
Basis: Fob China main ports
Currency: USD
Price: Selenium min 99.9% Se China RMB/kg Unit: Tonne
Type: Assessed range Min lot size: 20 tonnes
Basis: China Payment terms: TT
Currency: Yuan Quality: Si: 98.5% Min, Fe: 0.5% Max, Al: 0.5% Max,
Unit: kg Ca: 0.3% Max
Min lot size: 100 kg Form: Lump
Payment terms: Cash, other payment terms normalised Publication: Weekly. Friday between 2pm and 3pm
Quality: Se: 99.9% min, no other elements specified London time
Form: Powder of minus 200 mesh or granules size Price: Silicon metal, US
1-5 mm Type: Assessed range
Publication: Weekly. Friday by 3pm London time Basis: Delivered US
Currency: US cents per pound
Unit: lb
Price: Selenium dioxide min 98% China CNY/kg Quality: Si: 98.50%, Fe: 0.50%, Al: 0.50%, Ca: 0.30%
Type: Assessed range Price Type: Assessment
Basis: China Minimum Lot size: 20 tons
Currency: Yuan Publication: Monthly
Unit: kg
Min lot size: 100 kg
Quality: Selenium dioxide: 98% min, no other
elements specified
Form: Powder
Publication: Weekly. Friday by 3pm London time
Tellurium Price: China cobalt sulfate, Co 20.5% min,
ex-works, adjustment to low-grade
Price: Tellurium, min 99.9-99.99% Rotterdam cobalt low-end price at Co 20.5% basis,
$/kg $/lb
Type: Assessed range Type: assessed range
Basis: Rotterdam Currency: USD
Unit: Per kg Quality/shape: crystal; feed from cobalt ores & concentrates,
Min lot size: 100 kg (+/-2%) cobalt intermediates, such as crude cobalt
Payment terms: Cash, other payment terms normalised hydroxide (materials produced from cobalt
Quality: Te: 99.9-99.99%, no other elements specified scrap are excluded)
Form: Ingots, sticks or powder Chemical
Publication: Twice-weekly. Wednesday and Friday specification: Co: 20.5% min, Ni: 0.001% max, Cu: 0.001%
between 2pm and 3pm London time max, Fe: 0.001% max, Zn: 0.001% max
Packaging: Original producers’ packaging Lot size: one tonne
Delivery time: Prompt Payment terms: on bank acceptance (other payment
normalized)
Price: Tellurium min 99.99% China CNY/kg Delivery window: within 30 days
Basis: China Publication: twice a week on Wednesday and Friday,
Currency: CNY between 2pm and 3pm London time
Unit: kg
Min lot size: 500kg
Quality: Te 99.99% min, no other elements specified Lithium
Form: Ingots, sticks or powder
Frequency: Weekly. Friday between 2pm and 3pm Price: Lithium carbonate min 99.5% Li2CO3
London time battery grade spot price US$ per kg CIF
China, Japan & South Korea
Basis: CIF main Chinese Japanese & South Korean
Battery raw

ports (other ports normalized)
Currency: US$
Unit: kg
materials
Quality: Min 99.2-99.5% Li2CO3 (delivery of Min
99.2% Li2CO3 also accepted, qualified for use
in battery applications)
Form: Powder
Publication: Weekly. Thursday by 4pm London
Cobalt sulfate
Price: Battery grade lithium carbonate min
Price: China cobalt sulfate, Co 20.5% min, 99.5% Li2CO3, ex-works China
ex-works Type: Assessement and Index (to run concurrently
Type: Assessed range from August 2018)
Currency: yuan Basis: China ex-works, VAT included
Unit: tonne Currency: CNY
Quality/shape: crystal; feed from cobalt ores & concentrates, Unit: Tonne
cobalt intermediates, such as crude cobalt Delivery window: 30 days
hydroxide (materials produced from cobalt Min lot size: 5 tonnes
scrap are excluded) Quality: Min 99.5% Li2CO3 (delivery of Min 99.2%
Chemical Li2CO3 also accepted, qualified for use in
specification: Co: 20.5% min, Ni: 0.001% max, Cu: 0.001% battery applications)
max, Fe: 0.001% max, Zn: 0.001% max Form: Powder
Minimum Lot size: one tonne Publication: Weekly. Thursday by 4pm London
Payment terms: on bank acceptance (other payments Notes: It is intended that the new index will run in
normalized) parallel with the existing assessment until at
Delivery window: within 30 days least January 2019. Metal Bulletin intends to
Publication: twice a week on Wednesday and Friday, review the continued utility of the
between 2pm and 3pm London time assessment and its publication, in
consultation with the lithium market, and
will notify the market of its decision in
October 2018.

Price: Lithium hydroxide monohydrate min
56.5% LiOH.H2O battery grade spot
price CIF China, Japan & South Korea
Scrap
Basis: CIF main Chinese Japanese & South Korean
ports (other ports normalized) Copper Scrap
Currency: CNY
Unit: Tonne Price: No. 2 copper (Birch/Cliff) imported into
Min lot size: 5 tonnes China
Quality: Min 56.5% LiOH.H2O (qualified for use in Type: Assessed range
battery applications) Basis: Cif in China ports (Shanghai, Guangdong,
Form: Powder Zhejiang, Tianjin and Shandong)
Publication: Weekly. Thursday by 4pm London Grade: 94-96% copper content, US or European
origin; discount to LME or COMEX
Price: Lithium hydroxide monohydrate min Currency: US cents
56.5% LiOH.H2O battery grade spot Unit: lb
price CNY per tonne, ex works China Min Lot size: 25 tonnes
Type: Assessed range Payment: Cash against documents, letter of credit,
Basis: China ex-works, VAT included telegraphic transfer; other terms normalised
Currency: CNY Delivery window: Within 5 weeks
Unit: Tonne Publication: Monthly. Last Monday of each month
Min lot size: 5 tonnes between 2pm and 3pm London time
Quality: Min 56.5% LiOH.H2O (qualified for use in
battery applications)
Form: Powder Aluminium Scrap
Publication: Weekly. Thursday by 4pm London
Price: Aluminium scrap baled old rolled UK
Graphite Basis: Delivered consumer works, UK
Grade: Wrought scrap of alloyed and unalloyed
Price: Graphite spherical 99.95% C, 15 microns aluminium. Maximum 2% calcareous and
uncoated other non-metallic substances
Type: Assessed range Currency: GBP
Basis: FOB China Unit: Tonne
Currency: US$ Min lot size: 5 tonnes
Unit: Tonne Payment terms: Net monthly account
Quality: 99.95% C, 15 microns, uncoated Publication: Weekly. Wednesday between 2pm and 3pm
Publication: Weekly. Thursday by 4pm London London time
Price: Aluminium scrap cast wheels UK
Price: Graphite flake 94-97% C, -100 Mesh, Type: Assessed range
FCL, FOB Qingdao, China Basis: Delivered consumer works, UK
Type: Assessed range Grade: Cast aluminium wheels
Basis: FOB China Currency: GBP
Currency: US$ Unit: Tonne
Min lot size: 20 tonnes Payment terms: Net monthly account
Quality: 94-97% C, -100 Mesh Delivery window: Within 4 weeks
Publication: Weekly. Thursday by 4pm London Publication: Weekly. Wednesday between 2pm and 3pm
London time
Price: Aluminium scrap clean HE9 extrusions
Nickel Sulfate UK
Price: China nickel sulfate, ex-works Basis: Delivered consumer works, UK
Grade: Nickel content min 21%, max: 22.5%; cobalt Grade: Clean HE9 extrusion scrap. Cu 0.1% max, Zn
10ppm max 0.1% max, free from deleterious materials,
Type: Assessed range oil, grease, non-metallic coatings max 1%
Currency: CNY Currency: GBP
Min Lot size: 1 tonne Min lot size: 5 tonnes
Payment terms: Bank acceptance (other payments Payment terms: Net monthly account
normalized) Delivery window: Within 4 weeks
Publication: Weekly. Tuesdays by 4pm London time Publication: Weekly. Wednesday between 2pm and 3pm
London time
Price: Aluminium scrap commercial cast UK £/ Price: Aluminium scrap group 7 turnings UK
tonne Type: Assessed range
Type: Assessed range Basis: Delivered consumer works, UK
Basis: Delivered consumer works, UK Grade: Clean, uncorroded aluminium borings,
Grade: Whole or broken aluminium castings of all millings and turnings of two or more
kinds specified alloys. Zn 7.5% max, Fe fines 3%
Currency: GBP max, oil/moisture/free iron 10% max
Unit: Tonne Currency: GBP
Payment terms: Net monthly account Min lot size: 5 tonnes
Delivery window: Within 4 weeks Payment terms: Net monthly account
Publication: Weekly. Wednesday between 2pm and 3pm Delivery window: Within 4 weeks
London time Publication: Weekly. Wednesday between 2pm and 3pm
London time
Price: Aluminium scrap commercial pure
cuttings UK
Type: Assessed range Price: Aluminium scrap group 1 pure 99% &
Basis: Delivered consumer works, UK litho UK
Grade: New, uncoated, mixed alloys, pure sheet Type: Assessed range
scrap. May contain proportion of one of more Basis: Delivered consumer works, UK
aluminium alloys, none of which shall Grade: New, uncoated, unalloyed aluminium sheet,
contain more than 0.1% Cu and 0.1% each wire and cable scrap, not burnt or corroded,
of Pb, Zn, Sn, antimony, bismuth. Mg 0.5% baled. Al content minimum 99.9% (oil,
max. No 2000 or 7000 series metal grease, non-metallic coatings max 1%)
Currency: GBP Currency: GBP
Payment terms: Net monthly account Payment terms: Net monthly account
Publication: Weekly. Wednesday between 2pm and 3pm Publication: Weekly. Wednesday between 2pm and 3pm
Price: Aluminium scrap commercial turnings UK Price: Aluminium scrap loose old rolled
Type: Assessed range cuttings UK
Basis: Delivered consumer works, UK Type: Assessed range
Grade: Clean, uncorroded aluminium borings, Basis: Delivered consumer works, UK
millings and turnings of two or more Grade: Wrought scrap of alloyed and unalloyed
specified alloys. Zn 2% max, Fe fines 3% max, aluminium. Maximum 2% calcarious and
oil/moisture/free iron 10% max other non-metallic substances
Currency: GBP Currency: GBP
Payment terms: Net monthly account Payment terms: Net monthly account
Publication: Weekly. Wednesday 2-3pm London time Publication: Weekly. Wednesday 2-3pm London time
Price: Aluminium Scrap Floated Frag delivered Price: Aluminium scrap mixed turnings Europe
consumer works Europe Type: Assessed range
Type: Assessed range Basis: Delivered consumer works, Europe
Basis: Delivered consumer works, Europe Grade: Clean, uncorroded aluminium borings,
Grade: Twitch floated fragmentiser aluminium scrap millings and turnings of two or more specified
(from automobile shredders). Free Zn 1% alloys. Zn 2% max. Fines 3% max, oil/
max, free Mg 1% max, analytical Fe 1% max. moisture/free iron 10% max
Non-metallics 2% max (of which rubber & Currency: EUR
plastics 1% max) Unit: Tonne
Currency: EUR Min lot size: 25 tonnes
Unit: Tonne Payment terms: 30 days, other payment terms normalised
Payment terms: 30 days, other payment terms normalised Publication: Weekly. Wednesday by 3pm London time
Publication: Weekly. Friday between 2pm and 3pm
London time
Price: Aluminium scrap tense mixed Price: Aluminium pressure diecasting ingot
aluminium castings (Cast) Europe DIN226/A380 DDP Europe
Basis: Delivered consumer works, Europe Basis: Delivered consumer works in Europe, most
Grade: Whole or broken aluminium castings of all consumers in Northern Europe, in particular
kinds. Oil and grease not to total more than 2% Germany
Currency: EUR Grade: Cu 2-4%, Mg 0.15-0.55%, Si 8-11%, Fe
Unit: Tonne 0.6-1.1%, Mn 0.55% max, Ni 0.55% max, Zn
Min lot size: 25 tonnes 1.2% max, Cr 0.15% max, others each 0.05%
Payment terms: 30 days, other payment terms normalised max/total 0.25% max
Delivery window: Within 4 weeks Currency: EUR
Publication: Weekly. Friday between by 3pm London time Unit: Tonne
Payment terms: 30 days, other payment terms normalised
Delivery window: Within 2 months
Secondary aluminium Form: Ingot
Publication: Weekly. Friday between 2pm and 3pm
Price: Aluminium LM24 pressure diecasting London time
ingot UK
Type: Assessed range Titanium
Basis: Delivered consumer works, UK
Grade: Cu 3-4%, Mg 0.1% max, Si 7.5-9.5%, Fe 2% Price: Titanium scrap turnings unprocessed
max, Mn 0.5% max, Ni 0.5% max, Zn 3% max. (90/6/4) (0.5% Sn) cif major European
Currency: GBP ports $/lb
Unit: Tonne Basis: Cif major European ports
Payment terms: Net monthly account Unit: per lb Ti
Delivery window: Within 2 months Min lot size: 18-22 tonne lots
Form: Ingot Payment terms: Cash; other payment terms normalised
Publication: Weekly. Wednesday by 3pm London time Quality: Ti: 90% Al: 6%V: 4% Sn: 0.5%
Form: Turnings
Price: Aluminium LM6/LM25 gravity diecasting Publication: Weekly. Wednesday between 2pm and 3pm
ingot UK London time
Basis: Delivered consumer works, UK Price: Titanium scrap turnings unprocessed
Grade: LM6 - Cu 0.1%, Mg 0.1% max, Si 10-13%, Fe (90/6/4) (0.5%-2% Sn) cif major European
0.06% max, Mn 0.5% max, Ni 0.1% max, Zn ports $/lb
0.1% max, Pb 0.1% max, Tin 0.05% max, Ti Type: Assessed range
0.2% max. LM25 - Cu 0.2%, Mg 0.2-0.4%, Si Basis: Cif major European ports
6.5-7.5% max, Fe 0.2% max, Mn 0.1% max, Zn Currency: USD
0.1% max Unit: Per lb Ti
Currency: GBP Min lot size: 18-22 tonne lots
Unit: Tonne Payment terms: Cash; other payment terms normalised
Min lot size: 5 tonnes Quality: Titanium: 90% Al: 6%V: 4% Sn: 0.5-2%
Payment terms: Net monthly account Form: Turnings
Delivery window: Within 2 months Publication: Weekly. Wednesday between 2pm and 3pm
Publication: Weekly. Wednesday by 3pm London time
DISCLAIMER - IMPORTANT PLEASE READ commodities in which a formal futures market howsoever arising, including but not limited to
CAREFULLY exists. any direct, indirect, consequential, punitive,
Evaluations or calculations of prices and incidental, special or similar damage, losses or
This Disclaimer is in addition to our Terms and price indices by us are based upon certain expenses.
Conditions as available on our website and market assumptions and evaluation We are not an investment adviser, a financial
shall not supersede or otherwise affect these methodologies, and may not conform to prices advisor or a securities broker. The information
Terms and Conditions. or information available from third parties. published has been prepared solely for
Prices and other information contained in There may be errors or defects in such informational and educational purposes and
this publication have been obtained by us from assumptions or methodologies that cause is not intended for trading purposes or to
various sources believed to be reliable. This resultant evaluations to be inappropriate for address your particular requirements. The
information has not been independently use. information provided is not an offer to buy or
verified by us. Those prices and price indices Your use or reliance on any prices or other sell or a solicitation of an offer to buy or sell
that are evaluated or calculated by us information published by us is at your sole risk. any security, commodity, financial product,
represent an approximate evaluation of Neither we nor any of our providers of instrument or other investment or to
current levels based upon dealings (if any) that information make any representations or participate in any particular trading strategy.
may have been disclosed prior to publication warranties, express or implied as to the Such information is intended to be available
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contact with producers, traders, dealers, advice, opinion, statement or other intended to be relied upon by users in making
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market segments may be contacted prior to information or its fitness or suitability for a investment or other decisions.
the evaluation, calculation, or publication of particular purpose or use. Neither we, nor any Your investment actions should be solely
any specific price or index. Actual transaction of our officers, employees or representatives based upon your own decisions and research
prices will reflect quantities, grades and shall be liable to any person for any losses or and appropriate independent advice should be
qualities, credit terms, and many other damages incurred, suffered or arising as a obtained from a suitably qualified
parameters. The prices are in no sense result of use or reliance on the prices or other independent adviser before any such decision
comparable to the quoted prices of information contained in this publication, is made.

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Methodology and Price Specifications

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Price: Aluminium P1020A fob Singapore

Price: Aluminium P1020A fob Malaysia

Price: Aluminium P1020A cif duty-unpaid

Price: Aluminium P1020A in-warehouse US

Price: Aluminium 6063 extrusion billet

Price: Aluminium wheel alloy silicon 7 DDP

Price: Aluminium wheel alloy silicon 7 ingot CIF

Price: Copper Grade A SX-EW cathode Cif

Price: Copper Grade A Cathode Cif South Korea

Price: Copper Grade A cathode delivered

Price: Copper Grade A cathode in-warehouse

Price: Lead 99.99% ingot Cif India

Price: Lead 99.97% ingot Rotterdam FCA DP

Price: Nickel in-warehouse North European

Price: Nickel 4x4 cathode in-warehouse

Price: Tin 99.9% ingot cif Taiwan

Price: Tin 99.9% ingot in-warehouse Singapore

Price: Zinc SHG ingot FCA Singapore

Price: Zinc SHG ingot in-warehouse North

Price: Zinc SHG ingot US warrants

Price: High-carbon Ferro-chrome Japan

Price: High-carbon Ferro-chrome South Korea

Price: Ferro-chrome lumpy cr charge basis 52

Price: Silico-manganese min 65% Mn max 17%

Price: Silico-manganese 65% min Mn 16% min

Price: Tungsten APT China min 88.5% WO 3

Price: Tungsten concentrate 65% W03 China

Price: Ferro-tungsten basis 75% W Fob China

Price: Chrome ore Turkish lumpy 40-42% cfr

Type: Assessed range

Price: Bismuth 99.99% min China CNY/tonne Chromium

Price: Magnesium 99% ex-works China RMB/

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