Commercial Pricing Formulas

Invoice_Co(OH)2 = %Co_contained × Fastmarkets Cobalt Standard Grade in-warehouse Rotterdam × Payable_% − TC − freight

Coverage

MOQ-scale cobalt intermediate from DRC hydrometallurgical circuits (Kamoto, Mutanda, Kisanfu) and Indonesian MHP-to-Co(OH)₂ conversion. Feeds refineries in China, Finland (Kokkola) and Zhejiang before turning into CoSO₄ for pCAM.

Reference Price

Fastmarkets MB-CO-0005 Cobalt Standard Grade, in-warehouse Rotterdam, US$/lb. Twice-weekly (Wednesday, Friday) low-high range.

Payable Structure

Typical 65–72% Payable_Co on contained cobalt. Long-term offtake (5-year Glencore-style) can reach 75–78%; spot arbitrage cargoes trade 60–65%. Treatment charge (TC) US$3.0–6.5/lb of contained Co netted at invoice.

Commercial Mechanics

Quotational period usually M+1 monthly average of Fastmarkets low. Provisional invoice at shipment on assay declaration → final invoice after umpire assay + independent lab sample (SGS / Alfred H Knight). Standard Rotterdam-warehouse basis, refiner absorbs onward freight.

Invoice_NiSO4·6H2O = (LME Nickel cash × 0.2229) + Fastmarkets Battery-Grade NiSO₄ premium (delivered basis) − impurity penalties

Coverage

Battery-grade nickel sulfate hexahydrate — the direct pCAM feed for NCM, NCMA, NCA cathodes. Sold FCA/EXW producer gate in Europe, CIF Shanghai/Ningbo for Chinese pCAM makers, and JIS-grade delivered Ulsan/Onsan for Korea's CAM plants.

Reference Price

LME nickel cash settlement (Class-1, primary reference), multiplied by the stoichiometric Ni content of NiSO₄·6H₂O = 58.69 / 262.85 ≈ 0.2229. Battery premium: Fastmarkets MB-NI-0250 (CIF China) or MB-NI-0248 (EXW Europe).

Payable Structure

Effectively 100% payable on contained Ni — this is a manufactured chemical, not an ore concentrate. The commercial variable is the battery premium, which ranged US$1,500–5,000/tonne (contained Ni basis) over LME cash in 2024–2026 depending on qualification, Class-1 spread, and Indonesian MHP substitution pressure.

Commercial Mechanics

Standard M+1 quotational period on LME cash + monthly Fastmarkets premium. Impurity spec typically Ni ≥ 22.0%, Co ≤ 0.005%, Ca ≤ 0.001%, Fe ≤ 0.001% (JIS K 1478 / battery-grade). Below-spec penalties are written into the technical schedule of the offtake.

Invoice_MHP = [ %Ni × LME Nickel cash × Payable_Ni% ] + [ %Co × Fastmarkets Cobalt Std Grade × Payable_Co% ] − tolling / TC − freight to refinery

Coverage

Ni-Co intermediate from HPAL circuits (High-Pressure Acid Leach) on Indonesian limonite ore — Sulawesi (PT Halmahera Persada Lygend, Huayue, QMB, Weda Bay). Typical assay 35–42% Ni, 3–5% Co, ships as filter cake in super-sacks to Chinese, Korean and European refineries where it is dissolved and split into NiSO₄ + CoSO₄.

Reference Price

Dual-index — LME Nickel cash for the nickel leg + Fastmarkets Cobalt Standard Grade Rotterdam for the cobalt leg. Monthly average of the low-high range is the usual settlement window.

Payable Structure

Ni payable: 65–75%, Co payable: 55–65%. Newer Indonesian projects with long-term Chinese pCAM offtake reach the top of each range; short-tenor spot cargoes closer to the floor. TC ranges US$400–900/tonne of MHP delivered.

Commercial Mechanics

M+1 or M+3 quotational period on both legs — the buyer hedges via LME nickel forwards and either OTC cobalt paper or the LME Cobalt contract. Assay reconciliation on Ni, Co, Mn, Zn, Cu impurity content; moisture ≤ 45% typical.

Invoice_SC6 = Fastmarkets Spodumene 6.0% Li₂O CIF China × [ 1 + Li₂O grade escalator × (%Li₂O_actual − 6.0) ] × (1 − impurity penalties) − freight adjustments

Coverage

Hard-rock lithium concentrate — the dominant Western supply of feed to converters. Origins: Greenbushes, Pilgangoora, Mt Cattlin, Wodgina (Australia); Sigma, Nemaska, Whabouchi (Canada / Brazil); Ganfeng's Cauchari-Olaroz brine is a separate track. Sold CIF China to Yahua, Ganfeng, Sinomine converter fleet.

Reference Price

Fastmarkets MB-LI-0036 Spodumene 6% Li₂O, min 5%, CIF China, US$/tonne. Weekly assessment. Also cross-checked against Benchmark Mineral Intelligence Lithium Price Assessments and the S&P Global Platts Lithium and Battery Metals assessments.

Payable Structure

Effectively 100% payable on the concentrate itself — this is a priced product, not a payable formula in the smelter sense. Instead the commercial machinery is grade escalators (up/down per 0.1% Li₂O), impurity penalties (Fe, Na, K), and moisture adjustments. Legacy Greenbushes / Pilbara contracts sometimes fix a percentage of LiOH price instead (~5.5–6.5% of LiOH per tonne of SC6).

Commercial Mechanics

Monthly or quarterly Q.P. depending on offtake vintage — early hard-rock contracts locked in fixed prices, mid-2020s contracts moved to spot-linked with lag. Standard shipment: 20–25 kt bulk in geared bulkers, CIF Ningbo / Lianyungang. Independent SGS or Bureau Veritas moisture and chemistry on both ends.

Invoice_LiOH·H2O = Fastmarkets Battery-Grade LiOH·H₂O CIF North Asia (monthly average) × (1 − <56.5% purity discount) × volume-tier factor − freight / duty

Coverage

The direct precursor to high-nickel NCM 8-series / NCA / NMx cathodes for BEV cells. Produced from either spodumene converter output (Kwinana, Kemerton, Yahua, Sichuan Yahua) or brine-derived Li₂CO₃ conversion (Ganfeng, SQM, Albemarle La Negra).

Reference Price

Fastmarkets MB-LI-0033 LiOH·H₂O 56.5% min, battery-grade, CIF China, Japan & Korea, US$/tonne, weekly. Domestic Chinese contracts often reference the SMM battery-grade LiOH domestic China assessment plus a small delivered premium.

Payable Structure

100% at spec. Discounts kick in below 56.5% LiOH purity (spec used for cathode qualification) and for elevated Na, K, SO₄, Fe. Above 57.0% typically no bonus — buyer treats it as tolerance not upside. Volume-tier factor: qualified strategic supply (multi-year GM/LG Chem/BYD) trades at flat, spot cargoes at −3% to −7% vs Fastmarkets.

Commercial Mechanics

Monthly average Q.P. with 3–5 day settlement window at month-end. Cathode qualification is a 12–18 month process — swapping suppliers mid-contract is very expensive, which is why LiOH is heavily tied up in 5–10 year offtakes with grade lock and audit rights.

Invoice_HPMSM = Fastmarkets High-Purity MnSO₄·H₂O (99.9%, battery-grade, CIF China) × volume factor − off-spec penalties   or   = LME Mn (or Mn metal proxy) × 0.324 + battery premium

Coverage

High-purity manganese sulfate monohydrate — the manganese leg of NCM / NCMA / NMx cathodes and, increasingly, LMFP (lithium manganese iron phosphate) batteries. Dominantly Chinese output today (Guizhou, Hunan) with Element 25 (Australia) and Euro Manganese (Czechia) scaling Western supply for IRA/CBAM eligibility.

Reference Price

Fastmarkets MB-MNO-0004 High-purity MnSO₄ 99.9% CIF China as the primary. Alternative anchor: manganese metal (electrolytic, 99.7% flake) × stoichiometric ratio Mn / MnSO₄·H₂O = 54.94 / 169.02 ≈ 0.325, plus a purification premium to bridge metal-grade → battery-grade.

Payable Structure

Essentially 100% at spec (Mn ≥ 32.34%, Fe ≤ 5 ppm, Ca ≤ 3 ppm, Na ≤ 10 ppm). Off-spec penalties are per-ppm on Fe, Ca, Na, K, Zn — cathode qualification is unforgiving. Volume factor: 5–10% discount for <500 tpm spot; premium for qualified Western supply (Element 25 signed multi-year offtakes at above-market flats through 2028).

Commercial Mechanics

Monthly Q.P. on Fastmarkets. Chinese domestic contracts reference the internal SMM MnSO₄ monthly average. Payment usually LC-30/60/90; western offtakes with cathode-maker end-buyers increasingly on cost-plus (converter margin) rather than pure index-link.

Invoice_{SPG uncoated} = Fastmarkets Natural Flake +100 mesh, 94–95% C, CIF China × yield-loss multiplier (~2.2–2.5×) + spheronization & purification premium   →   SPG coated = SPG uncoated + CVD / pitch-coating fee

Coverage

Anode-grade graphite for lithium-ion cells. Chinese processors (BTR, Shanshan, Kaijin) dominate spheronization + purification today, feeding on Chinese flake (Heilongjiang, Inner Mongolia) and imported Mozambique / Madagascar / Tanzania concentrate. Synthetic graphite (petroleum-coke derived) is a separate market with its own pricing thread.

Reference Price

Fastmarkets Natural Graphite Flake +100 mesh, 94–95% C, CIF China (MB-GR-0001 family) as the base. Benchmark Mineral Intelligence publishes an uncoated SPG assessment separately and a coated SPG premium; both are used by pCAM tenders.

Payable Structure

Yield-loss cascade. Roughly 2.2–2.5 tonnes of flake are consumed to make 1 tonne of uncoated SPG after micronization, shaping, and multi-step acid/thermal purification to >99.95% C. The invoice therefore prices flake × 2.3× as a floor, plus a US$600–1,800/tonne spheronization & purification fee, plus a US$300–1,200/tonne CVD or pitch-coating fee for coated grades.

Commercial Mechanics

Monthly Q.P. + volume-tier discounts. Qualification is similar to LiOH — cathode/anode makers lock in 3–7 year supply. Origin ESG scoring (deforestation, HF acid handling, thermal purification vs HF route) is increasingly a penalty schedule in Western pCAM offtakes.

Invoice_Cu conc = (%Cu − 1.0_unit ded.) × 0.965 × LME_Cu cash − TC − RC + Au_credit + Ag_credit − penalties

Coverage

Blister-feed copper concentrate at 22–30% Cu grade, moved from Chilean, Peruvian, Australian, Congolese, Zambian, Mongolian and Indonesian mines to custom smelters in China (Jiangxi Copper, Tongling, Jinchuan), Japan (Pan Pacific, Sumitomo), Korea (LS-Nikko) and Europe (Aurubis, Boliden Rönnskär, Atlantic Copper). Roughly two-thirds of world mine output moves under this formula.

Reference Price

LME Copper Cash Settlement (US$/tonne), quotational period usually M+1 or M+3 monthly average. Spot TC/RC assessed by Fastmarkets MB-CU-0333 (Cu conc TC low–high).

Payable Structure

Payable Cu = 96.5% of contained, with a 1-unit minimum deduction (industry standard since the 1990s). Au credit typically 95–97% payable above a 1 g/t threshold; Ag credit 90% payable above 30 g/t. TC/RC values published as annual benchmark (Antofagasta ↔ Jiangxi Copper anchor deal, settled Q4 each year) plus a spot index for tonnage above the benchmark contract.

Commercial Mechanics

2024 benchmark US$80.0/dmt TC + 8.0¢/lb RC (Antofagasta ↔ Jiangxi Copper). 2025 benchmark settled at US$21.25/dmt + 2.125¢/lb — the lowest since 2004 — amid concentrate tightness after Cobre Panama's shutdown. Fastmarkets spot TC has spent much of 2025 in negative territory (smelters paying miners to take material). Penalty schedule: arsenic > 0.5%, antimony > 0.1%, bismuth > 0.02%, lead, zinc, fluorine and chlorine each priced per 0.1% over threshold.

Invoice_Zn conc = %Zn × 0.85 × LME_Zn cash − (TC_base ± escalator × Δprice) + Ag_credit − penalties

Coverage

Zinc concentrate at 45–58% Zn grade, shipped from Australian (Century, Dugald River, McArthur River), Peruvian (Antamina, Cerro de Pasco), Mexican (Peñasquito), Bolivian (San Cristóbal) and Canadian (Red Dog via Trafigura) mines to Chinese custom smelters (Zhuzhou, Huludao, Hanjiang), Korea Zinc, Nyrstar Balen/Auby and Boliden Kokkola. Together roughly 55–60% of world zinc concentrate trade.

Reference Price

LME Zinc Cash Settlement (US$/tonne), QP typically M+1 monthly average. Spot TC assessed by Fastmarkets MB-ZN-0027 (Zn conc TC spot cif China).

Payable Structure

Payable Zn = 85% of contained (no unit deduction) — the standard fixed-payable form since the 1970s. No RC. Silver credit typically 3 oz/t threshold, 70% payable above. TC uses an escalator/de-escalator tied to LME Zn price: for each US$100/t move in LME Zn above (below) a base price, TC rises (falls) by an agreed cents-per-tonne factor. Benchmark TC is set annually by Teck ↔ Korea Zinc.

Commercial Mechanics

2024 benchmark US$165/dmt TC (base LME price ~US$2,500/t, ±US$3/t per $100 move). 2025 benchmark settled dramatically lower at US$80/dmt, reflecting the 2024–25 concentrate crunch as Century, Aljustrel and Prieska output fell simultaneously. Spot TC in China went negative for the first time in mid-2025 (smelters paying premiums to secure feed). Penalty schedule: Fe > 8% (some smelters > 10%), silica > 3%, cadmium > 0.3%, mercury, arsenic, antimony, fluorine, chlorine.

Invoice_Pb conc = min[(%Pb − 3.0_unit ded.) , %Pb × 0.95] × LME_Pb cash − TC + Ag_credit − penalties

Coverage

Lead concentrate at 45–75% Pb grade, from Peruvian (Cerro de Pasco, Buenaventura), Mexican (Fresnillo, Peñasquito), Australian (Mount Isa, Cannington), Bolivian and Kazakh mines to Chinese custom smelters (Yuguang Gold-Lead, Chihong), Korea Zinc, Boliden Bergsöe and Nyrstar. Roughly 40–45% of world Pb concentrate trade — the rest is captive to integrated miner-smelters or recycled from spent auto batteries.

Reference Price

LME Lead Cash Settlement (US$/tonne), QP typically M+1 monthly average. Spot TC assessed by Fastmarkets MB-PB-0034 (Pb conc TC spot cif China).

Payable Structure

Payable Pb whichever gives smaller value between grade minus 3 units and grade × 95% — the two calculations converge around 60% grade. No RC. Silver credit is the big line item: threshold typically 50 g/t, 95% payable above. Penalties on zinc > 7%, copper, arsenic, antimony, bismuth, tin, mercury, chlorine each per unit over spec.

Commercial Mechanics

2024 benchmark US$165/dmt TC (Boliden ↔ Korea Zinc, settled Q1). 2025 benchmark dropped to US$80/dmt, mirroring the collapse in Cu and Zn TC. Spot TC in Asia has been at or below zero during 2025 for high-silver Mexican and Peruvian material because smelters compete for the Ag credit. Silver at 400 g/t and $30/oz Ag adds roughly $110/dmt of invoice value — often more than the whole TC line.

Landed_Al Japan = LME_Al cash + MJP_quarter  ;  MJP = freight_{producer→Japan} + financing + warehouse handling + market tension

Coverage

Primary aluminium ingot (P1020A, T-bar, sow) delivered to Yokohama, Nagoya and Osaka. The reference contract volume for Japanese fabricators, extruders and rolling mills — anchor for premiums across the whole of Asia (Korea, Taiwan, Southeast Asia typically price at MJP ± a small differential).

Reference Assessment

Two publications: (i) MJP quarterly contract premium — negotiated bilaterally between six producers (Rio Tinto, South32, Alcoa, Rusal, Emirates Global Aluminium, Ma'aden) and Japanese trading houses (Sumitomo, Marubeni, Mitsubishi Corp), settled 4× per year for the following quarter's tonnage. (ii) Fastmarkets MB-AL-0002 and Platts AAWJT spot MJP — weekly assessments of spot cargoes. The quarterly is the headline; the spot is the mark-to-market.

Composition

Ocean freight from producer origin (Australia, UAE, Middle East, Russia via non-sanctioned routes) plus financing carry on the LME cash-to-3-month curve, plus warehouse rent and handling, plus a market-tension component that reflects Japanese fabricator demand vs. producer discipline. When LME warehouse stocks in Japanese-accepted locations are tight, the tension component rises sharply.

Historical Values

Q1 2024 US$145/t, Q4 2024 US$175/t, Q1 2025 US$228/t — the highest since 2015 as post-Rusal-sanction supply anxiety combined with Rotterdam stock outflows. Long-run range 2016–2023 was US$70–140/t. The quarterly negotiations set an anchor for all of Asian ingot pricing; a US$50/t swing at MJP moves the equivalent CIF Korea, Vietnam and Thailand assessments in lockstep.

Landed_Al US MW = LME_Al cash + MWP  ;  MWP = Section 232 duty + freight_port→MW + warrant / financing + local logistics

Coverage

Primary aluminium ingot, T-bar and sow delivered to Midwest US consumer locations — Indiana (auto-sheet plants), Ohio, Illinois, Michigan, Kentucky. Anchor for all US downstream aluminium pricing: auto sheet, can stock, extrusions, cast alloy.

Reference Assessment

Two parallel benchmarks: (i) CME Aluminium Midwest Premium futures (ticker AUP) — daily-cleared financial contract, settled to Platts MW-US Al premium (Platts AAWJT-equivalent) at expiry; the deepest listed premium derivative. (ii) Fastmarkets MB-AL-0343 and Platts AAWMK — spot physical assessments, published daily to weekly.

Composition

Import duty is the dominant component: Section 232 tariff of 10% on primary aluminium (imposed March 2018), raised to 25% in March 2025. On top of duty: ocean freight from producer origin, port handling at New Orleans/Mobile/Baltimore, rail or truck freight to Midwest destinations, LME warrant financing carry, and warehouse rent (Detroit/Toledo/Chicago LME sheds).

Historical Values

2020 pandemic low ~11¢/lb ($245/t). 2021 post-recovery peak 39¢/lb ($860/t). Q3 2024 ~24¢/lb ($530/t). After the March 2025 tariff step-up from 10% to 25% MWP jumped to ~44¢/lb ($970/t) within weeks. As of mid-2026 40–50¢/lb ($880–1,100/t) — the largest single component is now the tariff pass-through, not logistics.

Landed_Al EU DP = LME_Al cash + DP_Rotterdam  ;  DP = DU + EU import duty (3–6%)

Coverage

Primary aluminium ingot delivered in-warehouse Rotterdam under a duty-paid (DP) title. Rotterdam is the largest LME-approved aluminium warehouse hub in Europe; virtually all EU 27 and UK physical aluminium pricing indexes off Rotterdam DP with a small differential for onward freight to Italy, Germany, Poland etc.

Reference Assessment

Fastmarkets publishes a paired assessment: MB-AL-0004 duty-unpaid (DU) and MB-AL-0343 duty-paid (DP), twice-weekly. Platts equivalents AA10 (DU) and AAX (DP). The DP–DU spread is the effective import duty on the delivered tonne; the DU assessment is used for cargoes moving in bond onward to duty-free zones or export.

Composition

DP = DU + EU import duty of 3.0% on primary from most-favoured-nation origin (or 6.0% on unwrought aluminium under some tariff codes). DU itself is ocean freight from producer origin (Middle East, Southern Africa, Norway) + warrant financing + warehouse rent + local port handling. The main risk factors: energy prices (which drive European smelter closures and thus DU tension), LME stock levels in Rotterdam, and any EU sanctions on Russian metal.

Historical Values

DU: 2021 peak US$340/t, 2023 US$220/t, 2024 US$260/t, mid-2025 US$280–300/t. DP: consistently DU + ~US$80–100/t (the duty pass-through). Since Q1 2025, the EU tightened restrictions on Russian primary aluminium imports, which pushed DU sharply higher; the DP figure moved in parallel.

Landed_Cu cathode = LME_Cu cash + Regional premium  ;  premium components as per aluminium (duty + freight + financing + local handling)

Coverage

Grade-A copper cathode (LME registered brands) delivered in-warehouse at the three global consumption hubs. Anchor for wire-rod mill and cable-plant procurement worldwide.

Reference Assessments

Shanghai bonded — Fastmarkets MB-CU-0303 (Cu grade-A cathode, cif Shanghai bonded), SMM daily. Rotterdam — Fastmarkets MB-CU-0316 (Cu grade-A cathode, in-warehouse Rotterdam). US Midwest — CME HG copper premium indicator + Platts AACAB and Fastmarkets MB-CU-0332.

Composition

Shanghai bonded: ocean freight from producer (Chile, Peru, DRC, Zambia) + LME warrant financing + warehouse rent + Yangshan bonded logistics — no China import VAT (metal held in bonded zone until sold to a domestic mill). Rotterdam: freight + financing + warehouse rent, no EU duty since copper cathode enters duty-free. US Midwest: freight from ports of Baltimore / New Orleans + rail/truck + financing — no Section 232 duty on copper as of mid-2026 (Section 232 investigation opened Feb 2025, no tariff imposed yet).

Historical Values

Shanghai bonded 2024 average ~US$50/t, spiked to US$120/t in mid-2025 during Chinese smelter capacity cuts. Rotterdam 2024 ~US$110/t, 2025 US$180–220/t post-Aurubis smelter fire and European scrap crunch. US Midwest 2024 ~9¢/lb ($200/t), spiked to ~28¢/lb ($620/t) in early 2025 during the Section 232 investigation as the market priced in a potential tariff.

Landed_Ni Class-1 = LME_Ni cash + Form premium (briquette / cathode / plate / pellet) + Regional premium (freight + duty + financing)

Coverage

LME-deliverable Class-1 nickel — full-plate cathode, briquette, pellet, powder — used in stainless steel, plating and (via sulfate) battery cathodes. Class-2 nickel (NPI, ferronickel, MHP, mixed sulfides) is not deliverable to LME and prices off separate assessments. Regional premium reflects where the Class-1 unit is landed, on top of any product-form premium.

Reference Assessments

Briquette in-warehouse Rotterdam — Fastmarkets MB-NI-0106. Full-plate cathode CIF main China ports — Fastmarkets MB-NI-0231, SMM equivalent. Briquette US Midwest — Fastmarkets MB-NI-0104. Product-form premium (briquette over full plate) is quoted separately as Fastmarkets MB-NI-0247.

Composition

Two layers: (i) form premium — briquette trades US$500–2,000/t over LME full-plate because nickel sulfate producers pay for the dissolution advantage; (ii) regional premium — freight + duty + financing + local handling, same components as aluminium. No Section 232 tariff on nickel as of mid-2026. EU has no import duty on Class-1 nickel from most-favoured-nation origins.

Historical Values

Briquette Rotterdam premium over full-plate 2022 ~US$1,200/t, 2024 ~US$400/t, mid-2025 ~US$650/t as battery cathode plants ramped MHP-alternative feedstock. Cathode CIF China 2024 ~US$100/t, mid-2025 ~US$140/t. Regional and form premiums move counter-cyclically: when Class-1 is tight (low LME stocks), regional premiums widen; when battery-grade sulfate is tight, briquette-over-plate widens.

Invoice_Au doré = %Au × LBMA_Au PM fix × 0.9975 + %Ag × LBMA_Ag price × 0.985 − refining − assay/melt loss

Coverage

500–1,000 troy-oz doré bars, typically 80–90% Au + 5–15% Ag with PGM traces. Shipped from primary gold producers (Newmont, Barrick, Agnico Eagle, AngloGold Ashanti, Gold Fields, Kinross) to LBMA-accredited refiners: Rand Refinery, Metalor, PAMP, Argor-Heraeus, Valcambi, Umicore, MKS PAMP, Asahi Refining.

Reference Price

LBMA Gold Price PM auction (US$/troy oz), settled 15:00 London daily via ICE Benchmark Administration. Silver co-product priced against the LBMA Silver Price auction (12:00 London).

Payable Structure

Au: 99.75% of contained (some contracts 99.80% for LBMA Good Delivery output). Ag: 98.0–98.5% above a 5% Ag threshold. PGM traces (Pd, Pt) sometimes credited at 70–80% payable above 100 g/t. Purity determined by fire-assay (ASTM E1335) and ICP-OES.

Commercial Mechanics

Refining charge US$0.75–1.50/oz Au for LBMA Good Delivery output (400 oz bars, 99.5% min). Assay/melt loss 0.03–0.05% of contained Au. Turnaround 5–15 business days from receipt to metal-account credit. Quotational period usually the day of arrival or a 5-day average.

Invoice_Ag doré = %Ag × LBMA_Ag price × 0.98 + %Au × LBMA_Au PM × 0.995 + PGM_credits − refining − freight

Coverage

Silver-primary doré (Ag > 50%) from Mexican polymetallic mines (Fresnillo, Peñoles, First Majestic, Pan American), and copper anode slime from electrolytic refineries (Codelco, KGHM Głogów, Sumitomo Metal Mining Toyo, Aurubis Hamburg, Boliden Rönnskär, JX Nippon Hitachi). Anode slime is the world's most concentrated PGM stream.

Reference Price

LBMA Silver Price fixed daily 12:00 London (US$/troy oz). Gold co-product priced at LBMA Gold PM. PGM by-products (Pd, Pt, Rh, Se, Te) priced against the LBMA Platinum/Palladium Prices or bilateral references (see rhodium card below).

Payable Structure

Ag: 97.5–98.5% depending on refiner. Au: 99.0–99.5% (lower than primary-Au doré because refinery focus is silver). PGM credits — 90–95% payable for Pd and Pt; Rh at 85–92%; Se and Te at contract-specific %.

Commercial Mechanics

Refining US$0.15–0.35/oz Ag for LBMA Good Delivery bars (1,000 oz). Anode-slime toll refining fees are structured per-container and per-metal-recovered rather than per-oz. PGM content of Cu anode slime typically 100–500 g/t Pd, 50–200 g/t Pt, plus Rh/Ru/Ir at trace — often larger than the primary silver credit.

Invoice_Pt = %Pt × LBMA_Pt Price × 0.995 − refining;  Invoice_Pd = %Pd × LBMA_Pd Price × 0.995 − refining

Coverage

PGM concentrates from Anglo American Platinum, Impala Platinum, Sibanye-Stillwater (Bushveld Complex), Norilsk Nickel (Talnakh), Stillwater Mining (Montana Beartooth), Zimplats and Mimosa (Zimbabwe). Refined by Johnson Matthey (Royston), Heraeus (Hanau), BASF (Seneca SC), Umicore (Hoboken), Anglo Precious Metals, Impala Refining Services.

Reference Price

LBMA Platinum Price and LBMA Palladium Price — electronic auctions administered by ICE Benchmark Administration (IBA) since 1 July 2026 (previously LME 2014-2026, LPPFCL before), held twice daily at 09:45 and 14:00 London. US$/troy oz benchmarks. LBMA owns the brand; LPPM maintains the Good Delivery List of accredited refiners. NYMEX Pt (PL) and Pd (PA) futures for hedging.

Payable Structure

99.5% for LPPM Good Delivery ingots (min 99.95% purity). PGM concentrates carry Rh (~10% of Pt content), Ru, Ir, Au and Ag credits — priced at Metals Focus or SFA (Oxford) assessments or bilateral references. The 4E basket (Pt+Pd+Rh+Au) is the industry standard for South African concentrate valuation.

Commercial Mechanics

Refining US$6–10/oz for Pt/Pd separately. Full extract-and-refine cycle takes 6–12 weeks; producers typically pre-hedge at time of shipment via NYMEX futures or OTC forwards. Terms usually include an advance (60–80% of assay value on receipt) and final settlement on refined-metal credit.

Invoice_Rh = %Rh × average(JM_base price, Heraeus_quotation) × 0.90–0.95 − refining charge

Coverage

Rhodium in PGM concentrates from Bushveld (Anglo Platinum, Impala, Sibanye-Stillwater) and Norilsk, and in autocat recycling feed from spent catalytic converters (BASF Catalysts, Umicore Precious Metals Refining, Sumitomo Metal Mining, Heraeus Precious Metals). Primary market is roughly 1 Moz/yr; secondary (recycling) close to 0.4 Moz/yr.

Reference Price

No exchange or fixing. Standard references: (i) Johnson Matthey Base Price — published every London business day, (ii) Heraeus daily precious-metal quotation, (iii) Metals Focus assessment, (iv) SFA (Oxford) assessment. Invoice typically references the average of two published sources over the quotational period.

Payable Structure

90–95% for concentrate feed. 92–96% for autocat feed (higher because Rh is more concentrated in spent converters, and the recycling route has lower separation cost). Rh content of PGM concentrate typically 8–12% of contained Pt; Rh in a spent 3-way autocat can be 200–1,200 ppm.

Commercial Mechanics

Notoriously volatile: 2019 low ~US$2,500/oz, 2021 peak ~US$29,000/oz, 2024–25 ~US$4,000–5,000/oz. Refining charge US$200–600/oz — a substantial dollar figure but small relative to metal value. Turnaround from receipt of PGM concentrate to Rh credit is 4–9 months. Traded OTC via listed streaming companies (Wheaton, Franco-Nevada, Triple Flag) and specialist merchants (Cookson, MMTC-PAMP, Metalor precious, ProGold).

Invoice_Fe fines = IODEX_62% Fe + ((%Fe − 62) × VIU_Fe) − ((%SiO₂ − 4) × VIU_SiO2) − ((%Al₂O₃ − 2) × VIU_Al2O3) − ((%P − 0.09) × VIU_P) − freight

Coverage

Blast-furnace steelmaking feed from Vale (Carajás/Serra Sul S11D, Brazil), Rio Tinto (Pilbara, WA), BHP (Pilbara, WA), FMG (Pilbara), Anglo American Minas Rio (Brazil), CSN Mineração, Kumba Iron Ore (South Africa). Volume >1.5 billion tonnes/yr — the largest seaborne dry-bulk commodity trade.

Reference Price

Platts IODEX 62% Fe CFR North China (US$/dmt), assessed daily. Fastmarkets MB-IRO-0009 62% Fe CFR Qingdao. Hedging via SGX TSI 62% Fe swap futures and DCE (Dalian Commodity Exchange) — both settle to Platts IODEX monthly average.

Payable Structure

100% Fe content with grade-and-impurity adjustments. VIU (value-in-use) coefficients published quarterly by Platts — typical values: VIU_Fe US$2–4 per 1% deviation from 62%, VIU_SiO2 US$0.5–1.5 per 1% penalty above 4%, VIU_Al2O3 US$1–3 per 1% penalty above 2%, VIU_P US$50–100 per 0.01% above 0.09%.

Commercial Mechanics

Freight to China (Capesize, Pilbara–Qingdao): US$8–12/dmt in mid-cycle; peaks US$25+/dmt. Quality premiums: 65% Fe (IOCJ, MAC Fines from Carajás) trades US$10–30/dmt over 62%; low-grade 58% Fe trades US$10–25/dmt discount. Sinter feed vs pellet feed particle-size specs create separate sub-benchmarks.

Invoice_Lump = IODEX_62% Fe + Platts_{Lump Premium};  Invoice_Pellet = IODEX_65% Fe + Platts_{Pellet Premium}

Coverage

Lump ore — sized fines 10–40mm, charged directly to blast furnace without sintering. Pellets — 8–16mm fired iron-ore agglomerates; blast-furnace-grade (BF) and direct-reduction-grade (DR). Suppliers: Vale (largest global pellet producer), Rio Tinto, BHP, LKAB (Sweden), Ferrexpo (Ukraine), Metinvest, Metalloinvest (Russia), Kumba, Samarco (Brazil).

Reference Price

Platts Lump Premium assessed weekly, CFR China, US$/dmtu Fe content. Platts Pellet Premium assessed weekly, monthly settlement. Fastmarkets equivalents (MB-IRO-0009 family for lump, MB-IRO-0010 family for pellet).

Payable Structure

100% Fe basis, grade adjustments per IODEX VIU. Additional pellet-premium tier for DR-grade (67% Fe minimum, low silica, low sulfur — used in shaft furnaces for HBI/DRI production). BF-grade pellets carry a lower premium tier.

Commercial Mechanics

Lump premium averaged US$6–13/dmtu Fe in 2024–25. BF-grade pellet premium US$30–60/dmt; DR-grade pellet premium US$60–100+/dmt over 65% fines. Volatile — driven by scrap/DRI economics, natural-gas prices (for DR-EAF steelmakers in MENA and North America), and Chinese sinter environmental restrictions.

Payable_Mo oxide = (Mo % × Weight kg × 2.2046) × Platts Mo Oxide US$/lb × Payable factor − Roasting & conversion charge

Coverage

Roasted molybdenum concentrate (technical-grade MoO₃, 57% Mo minimum) delivered to a converter or steel mill. Feed for ferro-molybdenum, chemical-grade oxide and molybdenum metal powder. Global market ~250,000 t contained Mo/year, dominated by Codelco/Freeport/Antofagasta by-product plus Chinese primary mines.

Reference Price

Platts Molybdenum Oxide Metals Week (dealer oxide, ex-warehouse Rotterdam or Pittsburgh) — assessed twice weekly, quoted US$/lb of contained Mo. This is the number that every long-term concentrate offtake references. Fastmarkets publishes a parallel assessment (MB-MO-0002) used as a cross-check.

Payable Structure

Payable factor typically 95–98% of the Platts assessment for a clean 57%+ Mo concentrate meeting Cu, Pb, Bi and Sn deleterious-element limits. Conversion charge (roasting + logistics) US$0.60–1.20/lb Mo depending on route and roaster utilisation. Deleterious-element penalties bite hard: Cu > 0.5% and Pb > 0.05% trigger step penalties that can strip 10–20% off payable.

Commercial Mechanics

Quotational period is normally M+1 average (calendar-month average following month of arrival). Rhenium credit (Re, US$1,000–2,500/kg) is often carved out and paid separately when concentrate carries measurable Re, especially from porphyry sources. Contracts settle net-30 after final assay by an independent umpire (Alfred H. Knight, SGS, Bureau Veritas).

Payable_{W concentrate} = (WO₃ % × Weight MTU) × Fastmarkets APT European US$/mtu × Payable factor − Conversion charge (concentrate → APT)

Coverage

Tungsten concentrate (scheelite CaWO₄ or wolframite (Fe,Mn)WO₄, typically 65–75% WO₃) sold to a converter for downstream production of APT — the standard tungsten intermediate feeding tungsten carbide, tool steel and heavy-alloy plants. Global mine output ~85,000 t W/year, ~82% from China (Ganzhou region), with Vietnam (Nui Phao), Portugal (Panasqueira) and Rwanda/DRC filling the balance.

Reference Price

Fastmarkets Ammonium Paratungstate (APT) European free market — twice-weekly assessment, US$/mtu (metric tonne unit, 10 kg WO₃), in-warehouse Rotterdam. This is the anchor for the entire Western tungsten chain. Separate Fastmarkets APT China domestic assessment tracks the intra-China market and typically trades at a US$20–60/mtu discount to the European free-market price.

Payable Structure

Payable factor 60–72% of the APT reference — much wider gap than base metals because the concentrate-to-APT conversion is chemically intensive (soda-ash roast, ion-exchange, crystallisation). Deleterious elements matter: Sn, Bi, As, Mo, Cu step penalties can shave 5–15% additional. Chinese domestic sales use the China APT assessment; ex-China sales use the European free-market APT.

Commercial Mechanics

Quotational period M+1 to M+3 average. Tungsten was placed on the EU Critical Raw Materials list in 2020 and elevated to Strategic Raw Material status in 2024 — Chinese export licence policy since Feb 2025 has been the dominant pricing variable. Contracts settle net-45 to net-60 after final APT dispatch, with LC or documentary collection standard.

Landed_Sb 99.65% = Fastmarkets Sb 99.65% Rotterdam US$/t + Regional premium (freight + duty + financing)  ;  Concentrate payable = Sb % × Weight × Reference × Payable factor − Conversion

Coverage

Refined antimony metal ingot 99.65% minimum purity, standard 25 kg or 30 kg ingots stacked in 1-tonne bundles, delivered in-warehouse Rotterdam. Feed for flame-retardant additive (Sb₂O₃), lead-acid battery alloy, ammunition primer and, since 2024, PV solar cell manufacturing (Sb-doped glass). Global mine output ~130,000 t/year, ~48% China, ~19% Tajikistan, ~14% Russia, ~7% Bolivia — the most concentrated critical-metal supply in the world.

Reference Price

Fastmarkets Antimony 99.65% min, in-warehouse Rotterdam (MB-SB-0001) — twice-weekly assessment, US$/tonne. Argus and Platts publish parallel benchmarks; Fastmarkets is the industry default. A separate Fastmarkets China domestic Sb assessment (ex-works Guizhou/Hunan) is used inside China; the gap between the two doubled in 2024–2025 after Chinese export controls.

Payable Structure

For refined metal — no payable factor; price is the landed number plus regional premium (freight from Guangzhou or Vladivostok, EU import duty 0% MFN, financing, warehouse rent, typically US$300–500/t). For concentrate (Sb₂S₃ stibnite, 20–60% Sb) — payable factor 60–75% against the refined Rotterdam price, conversion charge US$1,200–2,500/t contained Sb. Deleterious limits: As > 0.15%, Bi > 0.05%, Pb > 0.10% trigger penalties.

Commercial Mechanics

Refined-metal quotational period typically M–1 or M average (calendar-month average of shipment or preceding month). Contract volumes small — 20 to 200 tonnes per lot — but pricing has become extremely volatile: Fastmarkets Rotterdam moved from US$11,500/t in Jan 2024 to US$36,000/t in Feb 2025 after China imposed export licences effective 15 Sep 2024. Payment usually LC at sight or T/T against B/L copies.

Landed_V2O5 98% = Fastmarkets V₂O₅ Europe US$/lb V₂O₅ × Weight lb + Regional premium  ;  Ferrovanadium 80% = FeV assessment US$/kg V  ;  VRFB electrolyte = V₂O₅ × Conversion factor

Coverage

Vanadium pentoxide flake or powder, 98% V₂O₅ minimum, drum-packed and delivered in-warehouse Rotterdam. Feed for ferrovanadium (steel alloying — 92% of demand), vanadium chemicals, and — increasingly — vanadium redox-flow battery (VRFB) electrolyte for grid-scale energy storage. Global output ~110,000 t contained V/year, ~62% China, ~19% Russia, ~9% South Africa, ~4% Brazil.

Reference Price

Fastmarkets V₂O₅ Europe min 98%, in-warehouse Rotterdam (MB-V-0004) — twice-weekly, US$/lb V₂O₅. Ferrovanadium (80% V) uses a separate Fastmarkets FeV European assessment (MB-FEV-0001), quoted US$/kg V. The two prices track each other with a stable US$3–5/kg V conversion premium.

Payable Structure

For refined pentoxide — no payable factor; landed price is the reference plus regional premium (freight + duty + financing, US$0.15–0.35/lb V₂O₅). For vanadium-bearing slag or magnetite concentrate — payable factor 50–70%, conversion charge US$3.50–6.00/lb V contained. VRFB electrolyte producers pay a premium of US$1.50–3.00/lb V₂O₅ for 99.9%+ battery-grade material.

Commercial Mechanics

Quotational period typically M+1 average. Vanadium was classified an EU Critical Raw Material in 2020 and placed on the US DoE Critical Materials list in 2023. Fastmarkets Europe V₂O₅ traded US$4.50/lb in Q1 2024, rose to US$7.20/lb by Q3 2025 on VRFB grid-storage demand and Chinese domestic tightness. Contracts settle net-30 to net-60 against LC.

Landed_Bi 99.99% = Fastmarkets Bi 99.99% Rotterdam US$/lb × Weight lb + Regional premium  ;  By-product credit in Pb/Cu concentrate = Bi % × Weight × Reference × Payable factor

Coverage

Refined bismuth metal 99.99% minimum, ingot or shot form, delivered in-warehouse Rotterdam. Almost entirely a by-product of lead and copper refining (bismuth-rich slimes from electrolytic Cu refineries; bismuth removal from lead as a bullion refining step). Global output ~19,000 t/year, ~78% China, ~9% Laos, ~5% South Korea, ~4% Japan. Used in pharmaceutical excipients (Pepto-Bismol), lead-free solders, pigments, fusible alloys and fire-safety devices.

Reference Price

Fastmarkets Bismuth 99.99% min, in-warehouse Rotterdam (MB-BI-0001) — weekly assessment, US$/lb. Argus publishes a parallel Rotterdam quote; Chinese domestic Bi (Fastmarkets ex-works Hunan) trades separately and diverged sharply from Rotterdam in 2025 after China's Aug 2024 export controls on Bi + Sb + Ge + In.

Payable Structure

For refined metal — no payable factor; landed = reference + regional premium (US$0.20–0.40/lb). For lead concentrate carrying Bi > 0.05% or copper slimes with Bi > 0.5%, Bi becomes a credit in the concentrate contract — payable factor 50–65% against Rotterdam refined price, with a de-minimis threshold below which no credit is paid. Deleterious limits at refined level: Pb < 30 ppm, Cu < 20 ppm, Ag < 20 ppm.

Commercial Mechanics

Quotational period typically M+1 average for refined; concentrate credits normally settle on the QP of the primary metal (Pb or Cu). Weekly Fastmarkets Bi moved from US$4.00/lb in Aug 2024 to US$34.00/lb in Feb 2025 — an 8× move — after Chinese export controls, before easing to US$14–18/lb range through 2026. Payment normally T/T against B/L for spot lots (5–50 t), LC for annual frame contracts.

Payable_Cu scrap = LME_Cu cash × Cu % × Payable factor − Refining charge (RC)  ;  where Payable factor: Barley 97–99% · Berry 95–97% · Birch/Cliff 88–92%

Coverage

Four ISRI grades cover the copper scrap universe. Barley — clean, bare, uncoated, unalloyed copper wire, min 99% Cu, no burnt wire. Berry — clean, bare, no. 1 heavy copper, min 96% Cu. Birch — no. 2 copper wire, tinned/coated wire OK, ~92–94% Cu. Cliff — no. 2 heavy copper (piping, radiator), ~88–92% Cu. Global secondary copper output ~5 Mt/year, ~30% of refined production.

Reference Price

LME Copper cash settlement (LME OFFICIAL COPPER CASH SETTLEMENT) — the single anchor for every copper scrap contract worldwide. Platts and Fastmarkets publish scrap-specific assessments (Fastmarkets MB-CU-0271 for no. 1 copper scrap ex-warehouse New York, MB-CU-0273 for no. 2 copper scrap Rotterdam) that trade at a US$0.05–0.20/lb discount to LME cash times the applicable payable factor.

Payable Structure

Payable factor scales with cleanliness and Cu content. Barley: 97–99% of LME cash × wet-weight Cu %. Berry: 95–97%. Birch/Cliff: 88–92%. Refining charge (RC) — US$0.03–0.10/lb of contained Cu — covers secondary smelter conversion cost plus contamination allowance. For dirty scrap (paint, PVC coating, wet), buyer may impose a moisture/deduction adjustment.

Commercial Mechanics

Quotational period varies by contract: spot lots often price at date of loading; frame contracts use M–1 or M+1 monthly average. Assay: XRF handheld for spot verification + full lab assay (Bureau Veritas / SGS) for large lots. Payment normally T/T within 7 days of receipt for spot; LC for containerised frame contracts. Since China's 2019 "Foreign Waste" ban and 2025 EU Waste Shipment Regulation reforms, higher-grade scrap (Barley, Berry) flows preferentially to India, South Korea, Thailand, Malaysia.

Payable_Al scrap = LME_Al cash × Payable factor − Processing charge − Alloy value (if wrought/cast mix)  ;  Payable factor: Taint-Tabor 72–80% · Twitch 74–82% · Zorba 60–72% · Tense 82–88%

Coverage

ISRI aluminium scrap grades. Taint-Tabor — mixed low-copper aluminium clippings and solids, wrought grade. Twitch — floated aluminium from a Zorba stream, 95%+ Al. Zorba — shredded mixed non-ferrous fraction, ~40–70% Al with balance Cu, brass, stainless. Tense — new aluminium clippings, high-grade wrought. Global secondary aluminium ~35 Mt/year, ~40% of total refined output.

Reference Price

LME Aluminium cash — anchor for wrought-grade scrap. Platts P1020 Midwest premium and CME Midwest aluminium premium — used for US Midwest scrap contracts. Fastmarkets publishes scrap-specific assessments (MB-AL-0002 Taint-Tabor Rotterdam, MB-AL-0219 Twitch US, MB-AL-0181 Zorba shredded auto scrap) that trade at discounts to LME cash.

Payable Structure

Payable factor tracks alloy quality. Taint-Tabor: 72–80% of LME cash. Twitch: 74–82%. Zorba: 60–72% — wider band because Zorba's density-sorted output varies with feedstock (ELV shredding, WEEE). Tense (new production clippings): 82–88%. Processing charge for secondary smelter US$100–250/t. For cast-grade scrap (engine blocks, turnings), pricing shifts to a separate alloy value ladder — typically referenced to A356 or LM24 secondary billet.

Commercial Mechanics

Quotational period varies: spot at date of loading; frame contracts M–1 average. Zorba density fluctuates 2.5–3.0 g/cm³; contracts often specify a target density with tolerance ±0.1 g/cm³ and price adjustment beyond that. China's Foreign Waste ban plus 2025 EU export controls on Zorba have made Zorba flows to South-East Asia (Malaysia, Vietnam, India) the swing variable in secondary aluminium supply.

Price_{ferrous grade} = Platts TSI HMS 80:20 CFR Turkey US$/t + Grade spread (shredded +US$15–30/t · busheling +US$30–70/t · HMS 1 alone +US$10–20/t) − Freight to destination

Coverage

Four ferrous scrap grades feed the global electric-arc-furnace (EAF) steel market. HMS 1 (Heavy Melting Steel no. 1) — clean plate/structural, min 6mm thickness, low residuals. HMS 2 — mixed heavy melt including sheet, coated OK. HMS 80:20 — 80% HMS 1 + 20% HMS 2 export blend, the global tradable benchmark. Shredded — auto/appliance shredder output, ~1200 kg/m³ density, low residuals. Busheling — new production factory scrap, cleanest and premium-priced. Global ferrous scrap trade ~110 Mt/year, EAF share of steel production 28% globally and ~70% in US/EU.

Reference Price

Platts TSI HMS 80:20 CFR Turkey — the single global export scrap benchmark, daily assessment, US$/tonne. Turkey is the world's largest ferrous scrap importer (~22 Mt/year) and its CFR-price prints the number everyone else references. Argus HMS 80:20 CFR Turkey and Fastmarkets MB-STE-0417 publish parallel assessments. Domestic US uses Argus No.1 HMS Chicago and AMM Detroit shredded; India/SEA imports use CFR Nhava Sheva or CFR Bangkok deltas to the Turkey number.

Payable Structure

No payable factor — ferrous scrap trades on a grade-spread ladder against HMS 80:20. Typical 2025 spreads: HMS 1 alone +US$10–20/t vs 80:20; Shredded +US$15–30/t; Busheling (US #1 factory bundles) +US$30–70/t. Freight to destination netted out (Rotterdam-Turkey ~US$18–25/t; US East Coast-Turkey ~US$32–45/t). Chemistry premiums/discounts for Cu residual (>0.25% Cu triggers penalty because EAF steel product spec limits Cu ≤ 0.20% for automotive sheet).

Commercial Mechanics

Quotational period typically at date of B/L or laycan average; frame contracts use monthly TSI HMS 80:20 average. Contracts settle net-30 after final weight and chemistry at discharge port. Since 2024, CME Ferrous scrap futures (Turkey HMS 80:20 CFR contract) allow paper hedging — first ferrous scrap contract with real liquidity. LME Steel Scrap Turkey futures track the same TSI reference. Cargo sizes 25,000–45,000 t Panamax.

Payable_{stainless scrap} = (Ni % × LME_Ni cash × Ni payable) + (Cr % × Cr equivalent value × Cr payable) + (Mo % × Mo oxide × Mo payable for 316) + Iron unit value − Processing charge

Coverage

304 solids — austenitic 18% Cr / 8% Ni (18/8 stainless), the workhorse alloy for kitchenware, food-processing, architectural. 316 solids — austenitic 18% Cr / 10% Ni / 2–3% Mo, corrosion-resistant grade for marine, chemical, medical. Also 430 (ferritic 17% Cr, no Ni) and 400-series family. Global stainless steel ~60 Mt/year, ~35% from scrap-based mills, dominated by China + Indonesia + India.

Reference Price

Multi-component reference basket. LME Nickel cash for the Ni fraction. Fastmarkets FeCr charge chrome US$/lb Cr — European benchmark for the Cr fraction. Platts Molybdenum oxide for the Mo fraction in 316. Iron unit value normally tied to shredded/HMS spread. Some contracts use a single Fastmarkets stainless scrap 304 solids CIF Asia (MB-STA-0034) or CIF Europe (MB-STA-0032) index that bundles the alloy components into one number.

Payable Structure

Ni payable factor 85–92% of LME Ni cash × wet-weight Ni %. Cr payable 65–75% (lower because Cr recovery from stainless scrap into the EAF melt is less than 100%). Mo payable (for 316) 75–85% of Platts Mo oxide. Processing charge US$60–150/t covers cleaning, cutting, magnetic-separation of any ferrous contamination. Delivered specification typically requires < 0.5% surface contamination and < 3% mixed grades.

Commercial Mechanics

Quotational period typically M+1 monthly average for all three metal components. Assay by melt-house X-ray fluorescence + wet-chemistry lab confirmation. Payment net-30 to net-60 after final assay. China's 2024 stainless capacity expansion (Tsingshan, Delong, POSCO Zhangjiagang) plus Indonesia's Sulawesi HPAL/RKEF nickel + stainless integration have restructured global stainless scrap flows: 304 solids that previously went to Turkey/EU are now increasingly bid by Chinese/Indonesian mills at premium payables.