Reserves Producers Chain Ecosystem Regions Compliance Exports Sanctions News Digest
Atlas
Glossary Calc Roadmaps Careers

The Metal Value Chain

Every metal travels the same arc — from rock in the ground to the part inside a phone, a turbine or a fuel rod, and back again as scrap. TSM organises that arc into five primary-source pillars. Each pillar names the bodies who actually publish the reference numbers — never a press summary, never a re-write. One True Source for All.

5 pillars · 7 stages 61 metals mapped Primary sources only Closed-loop framework
Mining
🪨Concentrate
🔥Smelt
Refine
📐Semis
🏗End-use
Recycle

The same strip appears on every metal page, with the current commercial form highlighted — so a reader on /metals/copper/ instantly sees where copper sits in the chain (LME Grade A cathode, at Refine).

Five primary-source pillars

01
Upstream

Mining & concentrate

Ore extraction, beneficiation, concentrates and treatment / refining charges (TC/RC). The starting point — and the only stage where reserves and country-level production are reported.

⛏ Mining 🪨 Concentrate
Primary sources:
USGS · ICSG · CRU · Fastmarkets CBIX · Platts IODEX
02
Midstream

Smelt & refine

Smelting to crude metal, refining to commercial purity. This is where exchanges quote (LME, COMEX, SHFE) and where the most-watched benchmarks live — LBMA Gold, LME Grade A copper, LPPM platinum, JM PGM Base Prices.

🔥 Smelt ⚗ Refine
Primary sources:
LBMA · LPPM · Fastmarkets · Johnson Matthey · Heraeus
03 📐
Downstream

Semis & fabrication

Sheets, plates, wire, tubes, bars, foils, powders — the half-finished forms that leave a rolling mill or wire plant and enter a factory. Specifications come from standards bodies, not from price reporters.

📐 Semis
Primary sources:
ASTM · EN (CEN) · GB (China) · World Steel
04 🏗
End-use

Application

Where the atom actually does work — automotive, electronics, construction, jewelry, energy, defence, medical. Demand share by application is published by industry councils, not by exchanges.

🏗 End-use
Primary sources:
ICSG · WGC · ICA · WSA · IEA
05
Recycling

Scrap & secondary

End-of-life and process scrap re-enters as secondary metal — often at a fraction of mining's carbon and water footprint. Scrap is its own market with its own grades (ISRI specs), prices and policy frameworks (EPR, EU CRM Act).

♻ Recycle
Primary sources:
BIR · ReMA / ISRI · EuRIC · USGS recycling

See it on a metal page

Open any of the 61 metals in the Hub. A chain-strip under the hero shows exactly where that metal's commercial form sits — copper at Refine (LME Grade A cathode), iron ore at Mining (Fe2O3 lumps / fines), lithium at Refine (battery-grade hydroxide). One click jumps to the relevant block on the page.

Browse all metals →

See it on the map

The Atlas layers the same five pillars geographically — mines, smelters, refineries, ports, recycling plants. Toggle a pillar on/off to see how one stage of the chain is concentrated in a country or region.

Open TrueAtlas

Deep-dive: Steel chain

The world's largest metallurgical chain — 1.89 Gt crude steel a year. Four production routes (BF-BOF, EAF, NG-DRI, H₂-DRI), seven stages from iron ore to recycled scrap, top 10 producers and CO₂ intensities side by side. All numbers from WSA, IEA and USGS MCS.

Open Steel deep-dive →

How the Value Chain stays honest

  1. Primary sources only. Every pillar names the bodies who actually publish the data — exchanges, standards organisations, industry councils, government surveys. TSM does not paraphrase a press release as a fact.
  2. Metal-first, stage-as-attribute. The chain is a lens, not the entry point. The Hub is organised by metal; each metal carries its applicable stages plus its current commercial form. The same data is never duplicated under a different URL.
  3. Closed loop, not linear. Recycling is the fifth pillar with equal weight — not an afterthought. Secondary supply is reported alongside primary production wherever the source data allows.
  4. No invented benchmarks. TSM never publishes a "TSM index of upstream costs" or a "TSM scrap composite". If the figure is on Hub, it traces back to USGS, ICSG, LBMA, Fastmarkets, BIR or an equivalent named body.
  5. Plain English, neutral tone. The pillars use the words the industry actually uses — upstream, midstream, downstream, end-use, recycling. No re-naming for SEO. No promotional language.
  6. Drift watch. When a primary source restructures its publication (new USGS MCS year, LBMA methodology revision), the link and the cited fact are updated; the underlying anchor stays the original publication.