Methodology and Price Specifications NON-FERROUS METALS. June

Transcription

1 Methodology and Price Specifications NON-FERROUS METALS June

2 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 Base metals 8 Bulk alloys 28 Noble alloys 32 Ores 34 Minor metals 36 Battery Raw Materials 42 Scrap

3 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 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. 3

4 Price discovery process and methodology Methodology Rationale Metal Bulletin produces independent, fair and representative price assessments and indices of non-ferrous metals and scrap prices on a daily, bi-weekly, weekly or monthly basis. Metal Bulletin s rationale is to adopt and develop the price discovery process and the methodology described in the present guide to produce assessments that are a consistent and representative indicator of value of the market which they relate for the trading period they measure. During the price discovery process, the price reporters goal is to discover at what representative level market participants have concluded business, made offers or received bids over a certain defined trading period generally the period since the conclusion of the previous price quotation (if, for instance, the last price assessment published by Metal Bulletin was on Friday at 3pm and our next assessment is due on Wednesday between 2-3pm, we will accept price data for business conducted and reported to Metal Bulletin between Friday 3pm and Wednesday 2pm). For Metal Bulletin s weekly or monthly base metals premiums, the pricing reporter will give more weight to recent data than older data in its discovery process, if sufficient trading volume has been collected, to reflect the fast-moving nature of the underlying base metals markets and the greater spot liquidity of the sector compared with other markets. The time period, or window, identified to assess a market (eg, daily, bi-weekly, weekly) is determined by Metal Bulletin after considering the number of data points that Metal Bulletin can reasonably expect to collect on a consistent basis over the selected period to support the price assessment process, ensuring that the assessments produced is a reliable indicator for the physical market they relate to. Data collection criteria Metal Bulletin reporters aim to talk to a broad sample of market participants specifically involved in the buying and selling of the metal of interest, with a good representation of both sides of the market, including producers and consumers, as well as traders. Data is collected from market participants directly involved in spot business primarily by telephone, but also by , digital messaging or direct submission. All input data received is kept confidential and stored in our secure online pricing database system, MInD (Metals Information Database). Metal Bulletin encourages organisations to submit all their pricing data, especially all the concluded transactions. Depending on market liquidity Metal Bulletin reserves the right to also base its prices on bids, offers, deals heard and market participants assessment or indication of prevailing values. Metal Bulletin welcomes organisations to submit transaction data from authorised back office functions. Metal Bulletin may sign Non-Disclosure Agreements (NDA) with any data provider, if requested to do so, in order to maximise the number of data points collected for inclusion in the assessment or index calculation. and reference units Metal Bulletin has clear specifications for all the price points that it covers. All the reference units, such as currency and volume, are in line with recognised metals markets trading conventions. Metal Bulletin s specifications detail the material s characteristics or quality, location, incoterm, payment terms and the minimum volume accepted. These specifications are determined in consultation with market participants and following industry convention. Reporters ensure that the information they receive matches these specifications. Guidelines that control the exercise of judgment by price reporters during the assessment process To produce the price assessment greater weighting is generally given to actual concluded transaction data; bids/offers are second in order of importance, followed by data sources own assessment of the market when they have no business to report. However, other considerations might also intervene such as, the trustworthiness of a data source based on past data submissions, or their willingness to provide data on a consistent basis. All Metal Bulletin price specifications define the minimum lot size accepted. When volume information is available, this is also taken into consideration in the assessment process. For instance, typically a deal with a bigger volume will carry more 4

5 weight in the price reporter judgement than a smaller volume transaction. However, price reporters will also consider, for instance, to normalise or discard a price reported for a deal with an abnormally large or small volume. As commodity markets differ in liquidity level at different periods, the methodology does not set any minimum number, or threshold, of transactions to be gathered on which to base the assessment. A pricing session typically includes bids/offers, contributors assessments as well as concluded transactions. This means that several separate sources will typically contribute to market data and that there is no key submitter dependency. However, should a significant proportion of the data (defined as more than 50% of the data points) be provided by a single source, the reporter, peer reviewer and the senior editorial person signing-off the price prior to publication will analyse the data and consider whether to publish an assessment based on the data collected or roll it over from the previous session. Data normalisation Occasionally, Metal Bulletin might receive price data for material with specifications to ours for instance, different material quality, delivery terms or delivery location, different cargo size or payment terms. In such cases, when appropriate, Metal Bulletin normalises data to our typical specification. Procedure to ensure consistency in the price discovery procedures All Metal Bulletin price assessments are set by a first reporter who covers that specific market, peer reviewed by a second reporter, and always signed-off and approved by a senior reporter or editor prior to publication. This peer review process is in place to make sure that pricing procedures and methodologies are correctly and consistently applied and to ensure integrity and quality of the published prices. Price reporters are formally trained in the price discovery process and must abide by a written Code of Conduct and pricing procedures. Publication of the price assessment At the end of the pricing session, Metal Bulletin reviews the pricing information it receives to set a price range to reflect the representative spread of prices at which business has been transacted, offered or bid. Base metals premiums are generally reported as a single price and as high and low. In order to enhance market transparency and to provide evidence of data inputs that support the price discovery process, Metal Bulletin also publishes trade logs for several of its key prices, while maintaining full counterparty confidentiality, pricing data and volume received from data 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. 5

6 Methodology and price specification review process Metal Bulletin continually develops and revises its methodologies in consultation with industry participants, aiming to adopt product specifications and trading terms and conditions that actually reflect and are representative of typical working practices in the industry. Changes to the methodology and/or price specification are implemented following a consultation process which starts with Metal Bulletin posting on its website an advance pricing notice providing clear details and a timeframe for the change proposed. The objective of the consultation process is to give 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 methodology, refer to Metal Bulletin s Methodology Review and Change Consultation Process available on Metal Bulletin s website. Price Correction policy 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 Bulletin aims to investigate each error as soon as it becomes aware of it and to publish a correction promptly on its website through a pricing notice with an explanation of the reason for the correction. Metal Bulletin will publish a correction of a price only where it has established undeniably that there has been an error. Metal Bulletin price assessments are produced based on the best data available at the time of the assessment. It will not retroactively change a price based on new information or additional submission of data received after a respective pricing session has closed. Calculation of average prices 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 monthly averages are calculated by dividing the sum of the price quotations by the number of quotations published during the calendar month. There is a Metal Bulletin monthly average high price and average low price. The LME monthly averages are calculated by dividing the sum of the daily bid/ask mean by the number of trading days during the month. The monthly prices for gold, silver, platinum and palladium and exchange rates are calculated by dividing the sum of the daily prices by the number of trading days during the month. Third-party price data Metal Bulletin also publishes prices from external sources including: Exchange prices - London Metal Exchange, Comex and the Shanghai Futures Exchange For contract specifications and pricing information on these prices please refer to the individual company website. Metal Bulletin Indices Metal Bulletin s prices also include the following non-ferrous indices: Metal Bulletin Alumina Index Metal Bulletin Charge Chrome 50% Cr Index Metal Bulletin Manganese Ore Indices Metal Bulletin Copper Concentrates Index The methodologies are available on the Metal Bulletin website. 6

7 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 and compliance manager Prahashini Kunapalan at prahashini.kunapalan@metalbulletin.com. 7

8 Base metals Aluminium Bauxite Please see ores section. Alumina Units: Payment Terms: Loading Port: Loading window: Delivery Method: Notes: Alumina metallurgical grade DDP China delivered duty paid China RMB Metric tonne 1,000 tonnes Cash, within one week Weekly. Thursday between 2pm and 3pm Alumina fob Bunbury, Australia Indexed single figure /dry metric tonne Fob Bunbury, Australia Smelter grade alumina, minimum purity of 98.5% Al2O3 10,000 tonnes 30 days after loading Bunbury/Kwinana; other ports normalised Within 2 months Bulk carrier Weekly. Thursday at 3pm Full methodology available here: Notes: Aluminium P1020 quarterly cif main Japanese ports (MJP) Reported single number or range Cif main Japanese ports (Yokohama, Nagoya and Osaka), premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) 500 tonnes Cash against documents (2 days after Bill of lading date) Within the quarter, T-bar, sow Quarterly Full methodology available here Aluminium P1020, spot cif main Japanese ports Assessed single number and range Cif in main Japanese ports at Yokohama, Nagoya and Osaka, premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (2 days after Bill of lading date), T-bar, sow Units: 98.5% Al203 Loading port: Loading window: Delivery Method: Notes: Alumina fob Vila do Conde, Brazil (Adjustment) Indexed single figure /dry metric tonne Fob Vila do Conde, Brazil Smelter grade alumina, minimum purity of 10,000 tonnes 30 days after loading Vila do Conde; other ports normalised Within 2 months Bulk carrier Fortnightly. Thursdays at 3pm Full methodology available here Aluminium P1020 cif South Korea Assessed single number and range Cif in main South Korean ports (Gwangyang, Busan or Incheon), premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (2 days after Bill of lading date), T-bar, sow 8

9 Aluminium P1020 fca South Korea Free-carrier South Korea (Gwangyang, Busan or Incheon), premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (2 days after Bill of lading date), T-bar, sow Aluminium P1020 cif Taiwan Cif main Taiwanese ports (Taipei, Kaohsiung or Keelung), premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Letter of Credit or Telegraphic Transfer, other payment terms normalised Aluminium P1020 cif Shanghai Assessed single number and range Cif Shanghai, premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Letter of Credit or Telegraphic Transfer, other payment terms normalised Aluminium P1020A fob Singapore Fob Singapore, premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) cash against documents (2 days after bill of lading date); other terms normalised Aluminium P1020 bonded in-warehouse Shanghai In-bonded warehouse in Shanghai, premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Letter of Credit or Telegraphic Transfer, other payment terms normalised Aluminium P1020A fob Malaysia Fob main Malaysian ports (Johor, Port Klang), P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (7 days after bill of lading date); other terms normalised 9

10 Aluminium P1020 in-warehouse Southeast Asian warrants In any LME-approved warehouse in Singapore and in Malaysia (Johor, Port Klang), P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) cash against documents (7 days after bill of lading date); other terms normalised, T-bars, Sow Aluminium P1020 in-warehouse East Asian warrants In any LME-approved warehouse in Taiwan (Kaohsiung) and South Korea (Gwangyang, Busan or Incheon), premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (7 days after bill of lading date); other terms normalised, T-bars, Sow Aluminium P1020 in-warehouse Rotterdam duty-unpaid Assessed single number and range In-warehouse Rotterdam duty-unpaid, P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (7 days after bill of lading date); other terms normalised Daily. Between 3pm and 4pm ` Aluminium P1020 in-warehouse Rotterdam duty-paid In-warehouse Rotterdam duty-paid, P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (7 days after bill of lading date); other terms normalised Twice weekly. Tuesday and Friday between 3pm and 4pm Aluminium P1020 in-warehouse Antwerp duty-unpaid In-warehouse Antwerp duty-unpaid, P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (7 days after bill of lading date); other terms normalised Aluminium P1020 in-warehouse Antwerp duty-paid In-warehouse Antwerp duty-paid, premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (7 days after bill of lading date); other terms normalised 10

11 Aluminium P1020 in-warehouse Vlissingen duty-unpaid In-warehouse Vlissingen duty-unpaid, P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (7 days after bill of lading date); other terms normalised Aluminium P1020 fca Spain duty-paid free-carrier duty-paid Spain, premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (7 days after bill of lading date); other terms normalised Aluminium P1020 in-warehouse Vlissingen duty-paid In-warehouse Vlissingen duty-paid, premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (7 days after bill of lading date); other terms normalised Aluminium P1020 cif duty-unpaid Turkey Cif duty-unpaid Turkey (Marmara region), P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (7 days after bill of lading date); other terms normalised Aluminium P1020 fca Italy duty-paid Free-carrier duty-paid Italy (north and south of country), premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (7 days after bill of lading date); other terms normalised Aluminium P1020 in-warehouse US warrants In any LME-approved warehouse in the USA (10 delivery points in June 2017), premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) Cash against documents (7 days after bill of lading date); other terms normalised Prompt Release, T-bars, Sow 11

12 Origin: Aluminum P1020 delivered US Midwest Delivered consumer works Midwest USA, P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) lb 30 days, other payment terms normalised Aluminium P1020 cif Brazil main ports Cif Brazilian ports duty unpaid, VAT not included, P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) tonne Cash against documents (7 days after bill of lading date), other payment terms normalised Within days, T-bar, sow Except China Aluminium P1020 DDP Domestic Brazil Delivered in São Paulo region duty-paid, VAT not included, premium on top of LME cash prices P1020A or 99.7 % Minimum Al purity (Si 0.10% max, Fe 0.20% max) tonne Cash against documents (7 days after bill of lading date); other payment terms normalised Aluminium billet Aluminium 6063 extrusion billet inwarehouse Rotterdam In-warehouse Rotterdam duty-paid premium on top of LME cash prices Aluminium Assn specification AA6063: Si % max, Mg % max, Fe 0.35% max, Cu 0.1% max, Cr 0.1% max, Zn 0.1% max, Ti 0.1% max, Others each 0.05% max, total 0.15% max Cash against documents (7 days after bill of lading date) Within 2 months Extrusion billet with outside diameter of 6, 7 and 8 Twice-monthly. 1st and 3rd Friday between 3pm and 4pm Note: Price under review for possible suspension on December 31, 2017 Aluminium 6063 extrusion billet DDP North Germany Delivered in North Germany (Ruhr region) duty-paid premium on top of LME cash price Extrusion billet AA6063: Si % max, Mg % max, Fe 0.35% max, Cu 0.1% max, Cr 0.1% max, Zn 0.1% max, Ti 0.1% max, Others each 0.05% max, total 0.15% max 30-day payment terms, other payment terms normalised Within 2 months Billet with diameter of 6, 7 and 8 Twice monthly. 1st and 3rd Friday between 3pm and 4pm Aluminium 6063 extrusion billet DDP Spain Delivered in Spain (Bilbao region), duty-paid Extrusion billet AA day payment, other payments terms normalised Within 2 months Billet with diameter of 6, 7 and 8 Monthly. 3rd Friday of the month between 3pm and 4pm 12

13 Aluminium 6063 extrusion billet DDP Italy Delivered in Italy (Brescia region) duty-paid Extrusion billet AA day payment, other payments terms normalised Within 2 months Billet with diameter of 6, 7 and 8 Monthly. 3rd Friday of the month between 3pm and 4pm Aluminium 6063 extrusion billet cif MJP cif delivery in Major Japanese Ports (MJP), duty-paid premium on top of the P1020 ingot MJP premium and LME cash prices Extrusion billet AA6063 Cash against documents (7 days after bill of lading date), other payments terms normalised Within 2 months Billet with diameter of 6, 7 and 8 Monthly. 3rd Friday of the month between 3pm and 4pm Aluminium 6063 extrusion billet delivered US Midwest Delivered into US Midwest region, dutyunpaid premium on top of the P1020 ingot Midwest premium and LME cash prices Extrusion billet AA6063 US cents lb 30-day payment, other payments terms normalised Within 2 months Billet with diameter of 6, 7 and 8 Twice monthly. 1st and 3rd Friday between 3pm and 4pm Aluminium 6063 extrusion billet cif Turkey Cif delivery in Turkey (Marmara region), duty-paid premium on top of LME cash prices Extrusion billet AA6063 Cash, other payments terms normalised Within 2 months Billet with diameter of 6, 7 and 8 Monthly. 3rd Friday of the month between 3pm and 4pm Aluminium 6063 extrusion billet cif Thailand Cif delivery into main Thai ports, duty-paid Extrusion billet AA6063 Cash against documents (7 days after bill of lading date), other payments terms normalised Within 2 months Billet with diameter of 6, 7 and 8 Monthly. 3rd Friday of the month between 3pm and 4pm Aluminium extrusion billet 6063 and 6060 cif Brazilian ports Cif Extrusion billet AA6063 and AA6060 Cash against documents (7 days after bill of lading date), other payments terms normalised Within 2 months Billet with diameter of 6, 7 and 8 Monthly. 3rd Friday of the month between 3pm and 4pm 13

14 Aluminium foundry alloy Aluminium wheel alloy silicon 7 DDP Germany Delivered in Germany, duty paid premium on top of LME cash prices Primary Foundry Alloy silicon 7 AlSi7Mg for wheel production 30-day payment terms, other payments terms normalised Within 2 months Monthly. 2nd Friday of the month between 3pm and 4pm Aluminium wheel alloy silicon 7 DDP Eastern Europe Delivered in Eastern Europe (Poland, Slovakia, Austria, Hungary, Czech Republic), duty-paid Primary Foundry Alloy silicon 7 AlSi7Mg for wheel production 30-day payment terms, other payments terms normalised Within 2 months Monthly. 2nd Friday of the month between 3pm and 4pm Aluminium wheel alloy silicon 7 delivered US Midwest Delivered in US Midwest region, duty-unpaid premium on top of P1020 ingot Midwest premium and LME cash prices Primary Foundry Alloy silicon 7 A356.2 for wheel production US Cents lb 7-30 day payment, other terms normalised Within 2 months or T-bar Monthly. 2nd Friday of the month between 3pm and 4pm Copper Concentrate Copper Concentrate TC/RC Index Index Treatment and refining charge (TC/RC) on cif basis delivery in Asia Pacific region Copper content 28%; Au 1.1g/dmt; Ag 75g/ dmt; S 32%; Fe 28%; Pb 0.07%; Zn 2%; As 0.17%; Sb 0.018%; Hg 2.5ppm; Bi 145ppm TC in, RC in US cents TC in tonne, RC in lb 5,000 tonnes Letter of Credit, quotation period M+3 Within 13 weeks Concentrate Twice-monthly. Every 15th and last day of the month 3pm Notes: Full methodology available here. Aluminium wheel alloy silicon 7 ingot CIF Turkey Cif in Turkey (Marmara region), duty-unpaid premium on top of P1020 ingot premium and LME cash prices Primary Foundry Alloy silicon 7 AlSi7Mg for wheel production Cash, other terms normalised Within 2 months Monthly. 2nd Friday of the month between 3pm and 4pm Refined Copper Copper Grade A cathode in-warehouse Shanghai and assessed single number In-warehouse Shanghai port, duty-unpaid Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu-CATH-1 tonne Letter of credit, telegraphic transfer or documents against payment, other payment terms normalised Within 6 weeks Daily. Between 3pm and 4pm 14

15 Copper Grade A ER cathode in-warehouse Shanghai In-warehouse Shanghai port, duty-unpaid Electro-Refined Grade A % min conforming to LME specifications BS EN 1978:1998 (Cu-CATH-1) Letter of credit, telegraphic transfer or documents against payment, other payment terms normalised Within 6 weeks Daily. Between 3pm and 4pm Copper Grade A ER cathode Cif Shanghai Cif delivery in Shanghai port, duty-unpaid Electro-Refined Grade A % min conforming to LME specifications BS EN 1978:1998 (Cu-CATH-1) Letter of credit, telegraphic transfer or documents against payment, other payment terms normalised Within 6 weeks Daily. Between 3pm and 4pm Copper Grade A SX-EW cathode inwarehouse Shanghai In-warehouse Shanghai port, duty-unpaid Solvent Extraction-Electro winning Grade A cathode % min conforming to LME specifications BS EN 1978:1998 (Cu-CATH-1) Letter of credit, telegraphic transfer or documents against payment, other payment terms normalised Within 6 weeks Daily. Between 3pm and 4pm Copper Grade A SX-EW cathode Cif Shanghai Cif delivery in Shanghai port, duty-unpaid Solvent Extraction-Electro winning Grade A cathode % min conforming to LME specifications BS EN 1978:1998 (Cu-CATH-1) tonne Letter of credit, telegraphic transfer or documents against payment, other payment terms normalised Within 6 weeks Daily. Between 3pm and 4pm Copper Grade A cathode Cif Shanghai and assessed single number Cif delivery in Shanghai port, duty-unpaid Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu CATH-1 Letter of credit, telegraphic transfer or documents against payment, other payment terms normalised Within 6 weeks Daily. Between 3pm and 4pm Copper Grade A Cif South Korea and assessed single number Cif delivery in main South Korean ports (Busan, Incheon, Gwangyang, Onsan), duty-unpaid premium on top of LME cash prices Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH-1 Letter of credit or telegraphic transfer, other payment terms normalised Within 6 weeks 15

16 Copper Grade A Cif Southeast Asia Cif delivery in ports of Vietnam (Ho Chi Minh/ Haiphong), Thailand (Bangkok, Laem Chabang), Malaysia (Johor, Port Klang), Indonesia (Jakarta), duty-unpaid premium on top of LME cash prices Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH-1 Letter of credit, telegraphic transfer or documents against payment, other payment terms normalised Within 6 weeks Copper Grade A Cif Taiwan Cif delivery in Taiwanese ports, duty-unpaid Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH-1 Letter of credit, telegraphic transfer or documents against payment, other payment terms normalised Within 6 weeks Copper Grade A Cif Japan Cif delivery in main Japanese ports (Yokohama, Nagoya and Osaka), dutyunpaid Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH-1 Letter of credit or telegraphic transfer, other payment terms normalised Within 6 weeks Copper Grade A cathode in-warehouse Southeast Asian warrants In any LME-approved warehouse in Singapore and in Malaysia (Johor, Port Klang), Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH-1 Copper Grade A cathode in-warehouse East Asian warrants In any LME-approved warehouse in Taiwan (Kaohsiung) and South Korea (Gwangyang, Busan or Incheon), premium on top of LME cash prices Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH-1 Copper Grade A cathode Cif Rotterdam Cif delivery in Rotterdam, duty unpaid Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH

17 Copper Grade A cathode Cif Leghorn and assessed single number Cif delivery in Leghorn (Italy), duty unpaid Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH-1 Copper Grade A cathode delivered Germany Delivered consumer works in Germany, duty unpaid Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH-1 Copper Grade A cathode in-warehouse North European warrants In any LME-approved warehouse in North European locations (Belgium, Germany, the Netherlands, Sweden and the UK), premium on top of LME cash prices Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH-1 Copper Grade A cathode in-warehouse South European warrants In any LME-approved warehouse in South European locations (Spain, Italy), premium on top of LME cash prices Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH-1 Copper Grade A cathode delivered US Midwest Delivered consumer works Midwest USA Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH-1 or Grade 1 Electrolytic Copper ASTM B lb 30 days, other payment terms normalised Copper Grade A cathode US warrants In any LME-approved warehouse in the USA, Grade A % min copper conforming to LME specifications BS EN 1978:1998 Cu- CATH

18 Copper rod Min Lot size: Publication time: Annual copper wire rod Cif Nhava Sheva Cif delivery in Nhava Sheva (India), premium on top of LME cash prices 8mm copper wire rod conforming to the ASTM B49-98 / BS-EN standard chemical specification; copper content min 99.9% Cash against documents or letter of credit, quotation period Within 6 weeks Annual, after deals for long-term contracts completed between Indian buyers and international producers and traders Refined Lead Lead 99.97% ingot Cif India Cif delivery in Nhava Sheva (India), premium on top of LME cash prices Lead of 99.97% to 99.99% purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Letter of credit, telegraphic transfer or cash against documents, other terms normalised Within 5 weeks Lead Concentrate Lead Concentrate spot TC Low Silver Cif China Treatment Charge on cif basis delivery to Chinese ports 55-65% lead content, high silver 2-4kg, arsenic below 0.7%, mercury below 0.05% 2,000 tonnes Letter of Credit, quotation period M+3 Within 13 weeks Concentrate Monthly. Last Friday of every month Lead Concentrate spot TC High Silver Cif China Treatment Charge on cif basis delivery to Chinese ports 55-65% lead content, low silver below 1kg, arsenic below 0.7%, mercury below 0.05% 2,000 tonnes Letter of Credit, quotation period M+3 Within 13 weeks Concentrate Monthly. Last Friday of every month Lead 99.99% ingot Cif India Cif delivery in Nhava Sheva (India), dutyunpaid Lead of 99.99% minimum purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Letter of credit, telegraphic transfer or cash against documents, other terms normalised Within 5 weeks Lead 99.97% ingot Cif Southeast Asia Cif delivery in ports of Vietnam (Ho Chi Minh/ Haiphong), Thailand (Bangkok, Laem Chabang), Malaysia (Johor, Port Klang), Indonesia (Jakarta), duty-unpaid premium on top of LME cash prices Lead of 99.97% to 99.99% purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Letter of credit, telegraphic transfer or cash against documents, other terms normalised Within 5 weeks 18

19 Lead 99.99% ingot Cif Southeast Asia Cif delivery in ports of Vietnam (Ho Chi Minh/ Haiphong), Thailand (Bangkok, Laem Chabang), Malaysia (Johor, Port Klang), Indonesia (Jakarta), duty-unpaid premium on top of LME cash prices Lead of 99.99% minimum purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Letter of credit, telegraphic transfer or cash against documents, other terms normalised Within 5 weeks Lead 99.97% ingot Cif Taiwan Cif delivery in main Taiwanese ports (Taipei, Kaohsiung or Keelung), duty-unpaid premium on top of LME cash prices Lead of 99.97% to 99.99% purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Letter of credit, telegraphic transfer or cash against documents, other terms normalised Within 5 weeks Lead 99.97% ingot in-warehouse Southeast Asian warrants In any LME-approved warehouse in Singapore and in Malaysia (Johor, Port Klang), premium on top of LME cash prices Lead of 99.97% to 99.99% purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Lead 99.97% ingot in-warehouse East Asian warrants In any LME-approved warehouse in Taiwan (Kaohsiung) and South Korea (Gwangyang, Busan or Incheon), premium on top of LME cash prices Lead of 99.97% to 99.99% purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Lead 99.99% ingot Cif Taiwan Cif delivery in main Taiwanese ports (Taipei, Kaohsiung or Keelung), duty-unpaid premium on top of LME cash prices Lead of 99.99% minimum purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Letter of credit, telegraphic transfer or cash against documents, other terms normalised Within 5 weeks Lead 99.97% ingot Rotterdam FCA DP Free-carrier delivery in Rotterdam, duty-paid Lead of 99.97% to 99.99% purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Within 5 weeks 19

20 Lead 99.99% ingot Rotterdam FCA DP Free-carrier delivery in Rotterdam, duty-paid Lead of 99.99% minimum purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Within 5 weeks Lead 99.99% ingot Italy FCA DP Free-carrier delivery in Italy, duty-paid Lead of 99.99% minimum purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Within 5 weeks Lead 99.97% ingot in-warehouse North European warrants In any LME-approved warehouse in North European locations (Belgium, Germany, the Netherlands, Sweden and the UK), premium on top of LME cash prices Lead of 99.97% to 99.99% purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Lead 99.97% ingot in-warehouse South European warrants In any LME-approved warehouse in South European locations (Spain, Italy), premium on top of LME cash prices Lead of 99.97% to 99.99% purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Lead 99.97% ingot delivered US Midwest Delivered consumer works, US Midwest Lead of 99.97% to 99.99% purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) US cents lb 30 days, other payment terms normalised Within 5 weeks Lead 99.99% ingot delivered US Midwest Delivered consumer works, US Midwest Lead of 99.99% minimum purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) US cents lb 30 days, other payment terms normalized Within 5 weeks 20

21 Nickel ore Please see ores section. Nickel Lead 99.97% ingot US warrants In any LME-approved warehouse in the USA, Lead of 99.97% to 99.99% purity conforming to LME specification BS EN 12659:1999, GB/T 469/2005 or ASTM B29-03 (2009) Nickel full plate in-warehouse Shanghai and assessed single number In-warehouse in Shanghai bonded zone, 99.80% min primary nickel conforming to LME specification: ASTM B39-79 (2013) or GB/T Ni9990 grade tonne 10 tonnes (under consultation to increase to 60 tonnes) Cash against document, Letter of credit, telegraphic transfer, other terms normalised With 2 weeks Full plate Nickel full plate CIF Shanghai and assessed single number Cif delivery basis Shanghai port, premium on top of LME cash prices 99.80% min primary nickel conforming to LME specification: ASTM B39-79 (2013) or GB/T Ni9990 grade 10 tonnes (under consultation to increase to 60 tonnes) Cash against document, Letter of credit, telegraphic transfer, and other terms normalised With 6 weeks full plate Nickel full plate in-warehouse Southeast Asian warrants In any LME-approved warehouse in Singapore and in Malaysia (Johor, Port Klang), premium on top of LME cash prices 99.80% min primary nickel conforming to LME specification: ASTM B39-79 (2013) or GB/T Ni9990 grade 6 tonnes Full-plate cathode Nickel briquette in-warehouse Southeast Asian warrants In any LME-approved warehouse in Singapore and in Malaysia (Johor, Port Klang), premium on top of LME cash prices 99.80% min primary nickel conforming to LME specification: ASTM B39-79 (2013) or GB/T Ni9990 grade 6 tonnes Briquette Nickel full plate in-warehouse East Asian warrants In any LME-approved warehouse in Taiwan (Kaohsiung) and South Korea (Gwangyang, Busan or Incheon), premium on top of LME cash prices 99.80% min primary nickel conforming to LME specification: ASTM B39-79 (2013) or GB/T Ni9990 grade 6 tonnes Full-plate cathode 21

22 Nickel briquette in-warehouse East Asian warrants In any LME-approved warehouse in Taiwan (Kaohsiung) and South Korea (Gwangyang, Busan or Incheon), premium on top of LME cash prices 99.80% min primary nickel conforming to LME specification: ASTM B39-79 (2013) or GB/T Ni9990 grade 6 tonnes Briquette Nickel briquette in-warehouse Rotterdam $/tonne In-warehouse Rotterdam, premium on top of LME cash prices 99.80% min primary nickel conforming to LME specification: ASTM B39-79 (2013) or GB/T Ni9990 grade 6 tonnes (under consultation to be raised to 20 tonnes) Within one week briquette Nickel full plate in-warehouse Rotterdam Assessed Range In-warehouse Rotterdam, premium on top of LME cash prices 99.80% min primary nickel conforming to LME specification: ASTM B39-79 (2013) or GB/T Ni9990 grade 6 tonnes (under consultation to be raised to 20 tonnes) Within one week Full-plate cathode Nickel in-warehouse North European warrants In any LME-approved warehouse in North European locations (Belgium, Germany, the Netherlands, Sweden and the UK), premium on top of LME cash prices 99.80% min primary nickel conforming to LME specification: ASTM B39-79 (2013) or GB/T Ni9990 grade 6 tonnes (full-plate, cut), pellet or briquette Nickel 4x4 cathode in-warehouse Rotterdam Assessed Range In-warehouse Rotterdam, premium on top of LME cash prices 99.80% min primary nickel conforming to LME specification: ASTM B39-79 (2013) or GB/T Ni9990 grade 6 tonnes (under consultation to be raised to 20 tonnes) Within one week 4x4 cut cathode Nickel melting-grade delivered US Midwest Assessed Range Delivered consumer works Midwest USA 99.80% min primary nickel conforming to LME specification: ASTM B39-79 (2013) or GB/T Ni9990 grade US cents lbs 6 tonnes (under consultation to be raised to 20 tonnes) 30 days, other payment terms normalised Within one week uncut cathode, 4x4 cathodes, briquette 22

23 Nickel plating-grade delivered US Midwest Assessed Range Delivered consumer works Midwest USA 99.80% min primary nickel conforming to LME specification: ASTM B39-79 (2013) or GB/T Ni9990 grade US cents lbs 6 tonnes (under consultation to be raised to 20 tonnes) 30 days, other payment terms normalised Within one week cathodes, briquette Tin 99.9% Low Lead ingot Cif Shanghai Cif delivery basis Shanghai port, premium on top of LME cash prices 99.9% tin purity conforming to LME specification: BS EN 610:1996 with less than 100 ppm lead content 5 tonnes cash against document, telegraphic transfer, other terms normalised Within 2 weeks Tin Tin 99.85% ingot Cif Shanghai Cif delivery basis Shanghai port, premium on top of LME cash prices 99.85% % tin purity conforming to LME specification: BS EN 610:1996, max 500ppm lead tonne 5 tonnes Cash against document, telegraphic transfer, other terms normalised Within 2 weeks ingot Tin 99.9% ingot Cif Taiwan Cif delivery basis Taiwanese ports (Taipei, Kaohsiung or Keelung), premium on top of LME cash prices 99.9% tin purity conforming to LME specification: BS EN 610:1996 with ppm lead content 5 tonnes Cash against document, telegraphic transfer, other terms normalised Within 2 weeks Tin 99.9% ingot Cif Shanghai Cif delivery basis Shanghai port, premium on top of LME cash prices 99.9% tin purity conforming to LME specification: BS EN 610:1996 with ppm lead content 5 tonnes cash against document, telegraphic transfer, other terms normalised Within 2 weeks Tin 99.9% ingot in-warehouse Singapore In-warehouse in Singapore, premium on top of LME cash prices 99.9% tin purity conforming to LME specification: BS EN 610:1996 with ppm lead content, in line with Indonesian brands 20 tonnes Cash against conditional release, other payment terms normalised Within 2 weeks 23

24 Tin 99.9% Low Lead ingot in-warehouse Singapore In-warehouse in Singapore, premium on top of LME cash prices 99.9% tin purity conforming to LME specification: BS EN 610:1996 with less than 100 ppm lead content 20 tonnes Cash against conditional release, other payment terms normalised Within 2 weeks Tin ingot 99.85% minimum in-warehouse Southeast Asian warrants In any LME-approved warehouse in Singapore and in Malaysia (Johor, Port Klang), premium on top of LME cash prices Minimum 99.85% tin purity conforming to LME specification: BS EN 610:1996, max 500ppm lead 5 tonnes Tin 99.85% ingot in-warehouse Rotterdam In-warehouse Rotterdam, premium on top of LME cash prices Minimum 99.85% tin purity conforming to LME specification: BS EN 610:1996, max 500ppm lead 20 tonnes Cash against conditional release, other payment terms normalised Within 2 weeks Tin 99.9% ingot in-warehouse Rotterdam In-warehouse Rotterdam, premium on top of LME cash prices 99.9% tin purity conforming to LME specification: BS EN 610:1996 with ppm lead content tonne 20 tonnes Cash against conditional release, other payment terms normalised Within 2 weeks Tin 99.9% Low Lead ingot in-warehouse Rotterdam In-warehouse Rotterdam, premium on top of LME cash prices 99.9% tin purity conforming to LME specification: BS EN 610:1996 with less than 100 ppm lead content 20 tonnes Cash against conditional release, other payment terms normalised Within 2 weeks Tin 99.85% delivered US Midwest Delivered consumer works USA Min 99.85% tin purity conforming to LME specification BS EN 610:1996 and ASTM grade A, max 500ppm lead 20 tonnes 30 days, other payment terms normalised Within 2 weeks Tin 99.85% ingot in-warehouse Baltimore In-warehouse Baltimore, premium on top of LME cash prices Minimum 99.85% tin purity conforming to LME specification: BS EN 610:1996, max 500ppm lead, total impurities must not exceed 0.15% 20 tonnes Cash against documents, other payment terms normalised Weekly. Tuesday 3pm to 4pm 24

25 Zinc Concentrate Zinc Concentrate spot TC Cif China Treatment Charge on cif basis delivery to Chinese ports 45-55% zinc content, low silver (0-170g/t), silica %, copper below 3% (high copper 4-5%), lead below 3.5% (total copper, lead, silica at max 6-7%), arsenic below 0.6%, cadmium below 0.33% and mercury below 0.06% 2,000 tonnes Letter of Credit, quotation period M+3 Within 13 weeks Concentrate Monthly. Last Friday of every month. Zinc Concentrate spot TC delivered North China Treatment Charge on delivered basis Zn content 50%, As <0.4%, Hg <100ppm, Si <6%, S >26%, Pb <3%, Fe <8%. CNY Cash against document or prepayment Concentrate Monthly. Last Friday of every month. Zinc Concentrate spot TC delivered South China Treatment Charge on delivered basis Zn content 50%, As <0.4%, Hg <100ppm, Si <6%, S >26%, Pb <3%, Fe <8%. CNY Cash against document or prepayments Concentrate Monthly. Last Friday of every month. Refined Zinc Zinc SHG ingot in-warehouse Shanghai and assessed single number In-warehouse in Shanghai bonded zone, Special High Grade zinc of minimum % purity, conforming to LME specifications and relevant standards: BS EN 1179:2003, ISO 752: ZN-1 grade, ASTM B LME grade or GB/T tonne Letter of credit, telegraphic transfer or documents against payment, other payment terms normalised Zinc SHG ingot Cif Shanghai Cif in Shanghai port, premium on top of LME cash prices Special High Grade zinc of minimum % purity, conforming to LME specifications and relevant standards: BS EN 1179:2003, ISO 752: ZN-1 grade, ASTM B LME grade or GB/T Letter of credit, telegraphic transfer or documents against payment, other payment terms normalised Zinc SHG ingot Cif Taiwan Cif delivery in Taiwanese ports, premium on top of LME cash prices Special High Grade zinc of minimum % purity, conforming to LME specifications and relevant standards: BS EN 1179:2003, ISO 752: ZN-1 grade, ASTM B LME grade or GB/T Letter of credit, telegraphic transfer or documents against payment, other payment terms normalised 25

26 Zinc SHG ingot in-warehouse Singapore and assessed single number In-warehouse in Singapore, premium on top of LME cash prices Special High Grade zinc of minimum % purity, conforming to LME specifications and relevant standards: BS EN 1179:2003, ISO 752: ZN-1 grade, ASTM B LME grade or GB/T Letter of credit or telegraphic transfer, other terms normalised Zinc SHG ingot FCA Malaysia Free-carrier in main Malaysian ports (Johor, Port Klang), premium on top of LME cash prices Special High Grade zinc of minimum % purity, conforming to LME specifications and relevant standards: BS EN 1179:2003, ISO 752: ZN-1 grade, ASTM B LME grade or GB/T Letter of credit or telegraphic transfer, other terms normalised Zinc SHG ingot FCA Singapore Free-carrier in Singapore, premium on top of LME cash prices Special High Grade zinc of minimum % purity, conforming to LME specifications and relevant standards: BS EN 1179:2003, ISO 752: ZN-1 grade, ASTM B LME grade or GB/T Letter of credit or telegraphic transfer, other terms normalised Zinc SHG ingot in-warehouse Malaysia In-warehouse in main Malaysian ports (Johor, Port Klang), premium on top of LME cash prices Special High Grade zinc of minimum % purity, conforming to LME specifications and relevant standards: BS EN 1179:2003, ISO 752: ZN-1 grade, ASTM B LME grade or GB/T Letter of credit or telegraphic transfer, other terms normalised Zinc SHG ingot Cif Southeast Asia Cif delivery in ports of Vietnam (Ho Chi Minh/ Haiphong), Thailand (Bangkok, Laem Chabang), Malaysia (Johor, Port Klang), Indonesia (Jakarta), duty-unpaid premium on top of LME cash prices Special High Grade zinc of minimum % purity, conforming to LME specifications and relevant standards: BS EN 1179:2003, ISO 752: ZN-1 grade, ASTM B LME grade or GB/T Letter of credit or telegraphic transfer, other terms normalised Zinc SHG ingot FCA DUP Rotterdam Free-carrier basis delivery in Rotterdam, duty-unpaid premium on top of LME cash prices Special High Grade zinc of minimum % purity, conforming to LME specifications and relevant standards: BS EN 1179:2003, ISO 752: ZN-1 grade, ASTM B LME grade or GB/T