METHODOLOGY AND SPECIFICATIONS GUIDE

NONFERROUS
Latest update: August 2016

INTRODUCTION 2 PART IV: PLATTS EDITORIAL STANDARDS 7

HOW THIS METHODOLOGY STATEMENT IS ORGANIZED 2
PART V: CORRECTIONS 7
PART I: DATA QUALITY AND DATA ACQUISITION 2
WHAT TO REPORT 2 PART VI: REQUESTS FOR CLARIFICATIONS
HOW TO REPORT 3 OF DATA AND COMPLAINTS 7
MOC DATA PUBLISHING PRINCIPLES 3

PART VII: DEFINITIONS OF THE TRADING LOCATIONS FOR

PART II: SECURITY AND CONFIDENTIALITY 4
WHICH PLATTS PUBLISHES INDEXES OR ASSESSMENTS 8
BASE METALS 20
PART III: CALCULATING INDEXES PRECIOUS 26
AND MAKING ASSESSMENTS 4 LIGHT/MINOR METALS 27
MOC PRICE ASSESSMENT PRINCIPLES 4
NORMALIZATION PRICE ADJUSTMENT TECHNIQUES 4 REVISION HISTORY 30
PRIORITIZING DATA 5
ASSESSMENT CALCULATIONS 5
LOADING/DELIVERY LOCATION 6
FREIGHT DIFFERENTIALS 6
EMBEDDED OPTIONS 6
GENERAL TERMS & CONDITIONS 6
CREDIT/PAYMENT TERMS 7

www.platts.com METALS
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
INTRODUCTION
Platts’ methodologies are designed to produce price assessments
that are representative of market value, and of the particular
markets to which they relate. Methodology documents describe the
specifications for various products reflected by Platts’ assessments
and indexes, the processes and standards Platts adheres to in
collecting data, and the methods by which Platts arrives at final
assessment values for publication. These guides are freely available
on Platts’ website for public review.
Platts discloses publicly the days of publication for its price
assessments and indexes, and the times during each trading day in
which Platts considers transactions in determining its assessments
and index levels. This schedule of publication is available in Platts
methodology guides. Where this schedule is disrupted by public
holidays; a schedule of services/publications affected is available at
the following link: http://www.platts.com/HolidayHome.
The dates of publication and the assessment periods are subject
to change in the event of outside circumstances that affect
Platts’ ability to adhere to its normal publication schedule. Such
circumstances include holidays, network outages, power failures,
acts of terrorism and other situations that result in an interruption
in Platts’ operations at one or more of its worldwide offices. In the
event that any such circumstance occurs, Platts will endeavor,
whenever feasible, to communicate publicly any changes to its
publication schedule and assessment periods, with as much
advance notice as possible.
All Platts methodologies reflect Platts’ commitment to maintaining
best practices in price reporting.
Platts’ methodologies have evolved to reflect changing market
conditions through time, and will continue to evolve as markets
change. A revision history, a cumulative summary of changes to this
and future updates, is included at the end of the methodology.
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
How this methodology statement is organized
This description of methodology for indexes and assessments is
divided into seven major parts (I-VII) that parallel the entire process of
producing price values for the specified market period.
■■ Part I describes what goes into Platts indexes and price values,
including details on what data market participants are expected to
submit, the process for submitting data and criteria for timeliness
of market data submissions.
■■ Part II describes any security and confidentiality practices that
Platts uses in handling and treating data.
■■ Part III is a detailed account of how Platts collects bids, offers,
trades and other market data, and what Platts does with the data
to formulate its indexes and assessments. It includes descriptions
of the methods that Platts uses for reviewing data, and the
methods used to convert raw data into indexes and assessments,
including the procedures used to identify anomalous data. This
section describes how and when judgment is applied in this
process, the basis upon which transaction data may be excluded
from a price assessment, and the relative importance assigned to
each criterion used in forming the price assessment. This section
describes the minimum amount of transaction data required for
a particular price assessment to be published, and the criteria for
determining which values are indexes, and which are assessments,
based on reported transactions and other market information.
Finally, this section describes how Platts addresses assessment
periods where one or more reporting entities submit market data
that constitute a significant proportion of the total data upon which
the assessment is based.
■■ Part IV explains the process for verifying that published prices
comply with Platts’ standards.
■■ Part V lays out the verification and correction process for revising
published prices and the criteria Platts uses to determine when it
publishes a correction.
2
■■ Part VI explains how users of Platts assessments and indexes can
contact Platts for clarification of data that has been published,
or to register a complaint. It also describes how to find out more
about Platts’ complaint policies.
■■ Part VII is a list of detailed specifications for the trading
locations for which Platts publishes indexes or assessments in
this commodity. This section describes why specific units of
measurement are used, and what conversion factors are used to
move between units of measurement, where relevant.
PART I: DATA QUALITY AND DATA ACQUISITION
Platts’ objective is to ensure that the submission of transactional
information and other data inputs that editors use as the basis for
their price assessments is of the highest quality. Ensuring that data
used in Platts assessments is of high quality is crucial to maintaining
the integrity of Platts’ various price assessment processes.
Platts encourages entities that submit any market data for
consideration in its assessment processes to submit all market data
that they have which may be relevant to the assessment being made.
Platts’ aim is to determine the full circumstances surrounding all
reported transactional data, including details of quality, specifications,
order sizes, dimensions, lead times and any locational and loading/
delivery information. Platts uses that information to determine a typical
and repeatable market level for the commodity being assessed.
What to report
■■ Confirmed transactions
■■ Firm bids that are open to the marketplace as a whole, with
standard terms
■■ Firm offers that are open to the marketplace as a whole, with
standard terms
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
■■ Expressions of interest to trade with published bids and offers, Under Platts MOC guidelines for collecting and publishing data, Platts
with standard terms publishes market information including but not limited to firm bids
and offers, expressions of interest to trade and confirmed trades
■■ Indicative values, clearly described as such that are received from market participants throughout the period
being assessed.
■■ Reported transactional activity heard across the market, clearly
described as such Information may be published in real-time on Platts information
service, Platts Metals Alert. Platts publishes information received
■■ Other data that may be relevant to Platts assessments so that it can be fully tested by the market at large. Information
collected and published may include the identities of buyers and
sellers, branded material, confirmed prices, volumes, location, and
How to report stated trading terms.
Platts accepts information provided for publication in real-time Platts’ assessments are designed to reflect repeatable market
across a wide variety of media. The following reporting methods are value at the close of the assessment process. Platts tracks market
accepted by Platts’ metals editorial staff: price evolution during the entire day, and publishes a wide range
of data relating to market value as it does so. All data that has
■■ Telephone been published through the day is analyzed during the assessment
process. Toward the close of the day, Platts focuses its assessment
■■ Email process seeking to publish named firm bids and offers, expressions
of interest to trade and confirmed trades, with all relevant details.
■■ Electronic/instant messages Transparent data is prioritized in the assessment process, because it
is available to the entire market for testing.
■■ Fax
Platts applies a survey assessment methodology where market
For most nonferrous metals reporting, the phone and email are the conditions do not support an MOC assessment environment.
primary methods employed by editorial staff. Platts collects a wide variety of transactional and market
information through a survey of participants, which typically
includes communicating with sources via phone, email, and instant
MOC data publishing principles messaging, among other communication methods. Although the
survey assessment methodology is in many respects similar to the
Platts has progressively adopted its Market on Close (MOC) MOC assessment methodology there are key distinctions between
assessment process to assess the value of nonferrous metals in the assessment approaches.
many markets. The MOC assessment process establishes core
standards for how data is collected and published, how data is In such environments, Platts collects as much data as possible,
prioritized by value, and ultimately how data is analyzed in the course including bids, offers, interest to trade, transactions that have been
of completing Platts assessments. previously concluded, and indications of value from participants in
the market. Platts seeks to collect, confirm and analyse as much
Transparency underpins Platts data publishing processes in markets. information as possible in survey markets, and encourages market
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 3
participants to provide all relevant information. Platts publishes
credible information collected that meets our methodological
standards, typically through real-time information services and with
as much transparency as possible. This information is considered
when determining and completing a final assessment.
All Platts market reporters are trained to analyse the data they
receive and to question sources to establish the fullest set of
information possible around price data. Reporters are trained to seek
a wide variety of information to test reported transactional activity,
including the specific price agreed, the counterparty to the trade, the
point of origin and destination for delivery of the commodity, the size
of the transaction, any physical quality commitments agreed as part
of the trade, the terms and conditions of a trade and when a trade
was agreed.
Survey and MOC environments are linked. Survey assessment
environments are a common ground for future MOC assessment
environments, and Platts regularly reviews its survey environments
to determine which may be suited to an MOC approach. Similarly,
MOC environments are underpinned by data collected by surveying
sources throughout the day, to ensure that Platts is aware of
market values as the MOC process begins, and so that Platts has
data to review when considering information collected through
MOC, particularly if an MOC environment yields little or no data on a
given day.
For analysis of the data, Platts survey methodologies will typically
give priority to data collected that is confirmed and published, and
which is most relevant to closing values in the markets covered.
Bids and offers published by Platts are considered to be firm until
Platts is informed otherwise, or until the close of the assessment
process for the day, whichever comes first. Platts will consider all
firm bids and offers as open to the market at large and executable
unless informed otherwise by the counterparty submitting the
market information. If no communication is made to Platts to
withdraw or change the parameters of the bid or offer, it is assumed
that it is available to the marketplace. Platts seeks verification of any
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
transaction originating from a bid or offer submitted for inclusion in
the Platts MOC process.
Platts editorial guidelines governing its assessment process require
it must consider only those transactions, bids or offers where market
participants perform under typical contractual terms. Platts accepts
that individual companies may have trading limits with counterparties
and that national legislation may prevent companies from dealing in
materials of certain origins. Such counterparty issues are dealt with
on a case-by-case basis. Platts tracks all circumstances surrounding
trades reported during its MOC assessment process, and any
issues regarding performance. Platts cannot make any guarantee in
advance about how and whether market information received and
published but not fully adhering to its defined methodology will be
incorporated in its final assessments.
PART II: SECURITY AND CONFIDENTIALITY
Data is stored in a secure network, in accordance with Platts’ policies
and procedures. Platts nonferrous metals assessments are produced in
accordance with Platts’ Market on Close assessment methodology. This
means that all data for use in Platts assessments may be published by
Platts editorial staff while assessing the value of the markets.
Platts does not have confidentiality agreements for information
provided for use in its nonferrous metals assessments.
PART III: CALCULATING INDEXES
AND MAKING ASSESSMENTS
MOC price assessment principles
As a publisher owned by S&P Global, Platts places independence
and impartiality at the heart of its price assessments. Platts has
no financial interest in the price of the products or commodities on
which it reports. Platts’ overall objective is to reflect the transactable
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
value of the commodity assessed. Platts’ indices and assessments
are based on its own surveys of market participants completed by
Platts market reporters each day. Platts assessments are based
on as broad a cross-section of the market as possible, including
distributors, traders, producers, end-users and brokers.
All transactional data is factored equally for use in a particular
assessment, as long as such transactions are deemed repeatable
and within the established specifications for each product.
Transactions are not evaluated on a weighted basis.
Through the progressive adoption of the MOC assessment process,
Platts seeks to establish and publish the value of nonferrous metals
in various locations that prevails at the close of the assessment
process itself. Platts has aligned the timestamps reflected in its
assessments with what typically is a period of high activity in the
markets that Platts observes. Platts believes that aligning its price
assessments to typical periods of greater market activity and liquidity
provides a robust basis upon which to derive a reliable assessment of
market value.
Platts nonferrous metals price assessments are timestamped; the
time and location are noted below unless otherwise stated in the
specification in Part VII
Asia: Singapore/Shanghai 4:30 pm
US: Washington DC 4:30 pm
Europe: London 4:30 pm
Platts is progressively adopting MOC methodology in order to provide
complete clarity over the precise point in time reflected in its market
assessments. The time of commercial activity is an important
attribute considered in all Platts price assessments. The time that a
bid or offer is shown to the market –or a transaction concluded – is
vitally important in understanding the market value of the respective
commodity.
4
MOC guidelines are designed to avoid distortion of the final price
assessments by eliminating inputs that are not fully verifiable, and
by disregarding one-offs or unrepeatable transactions, or those that
may distort the true market level. Transactions between related
parties are, for instance, not considered in the assessment process.
Platts does not specify a minimum amount of transaction data,
or a transaction data threshold, for the publication of its price
assessments. Physical commodity markets vary in liquidity. Any
particular market analyzed on its own will typically demonstrate
rising and falling levels of transactional activity through time. Platts is
committed to providing an assessment of value for every market that
it covers, equally well in times of heightened or reduced liquidity.
Platts seeks to receive market information from as broad a cross
section of the market as possible. If a very limited number of
market-makers are active in the market, or if a limited number
submit data that constitutes a significant proportion of the total
data upon which the assessment is based, Platts will continue
to seek fully transparent and verifiable data from the market at
large and to apply Platts methodology principles of transparency,
repeatability and time sensitivity. Platts considers data for
assessment of any market where a single company provides
more than half of all available information to be one where
such a company provides a significant proportion of data. For
consideration in the assessment process Platts will seek to verify
that the value reflects broad market value.
Normalization price adjustment techniques
Platts seeks to align the standard specifications for the nonferrous
metals markets it assesses and the timestamps reflected in its
assessments with standard industry practice. However, physical
commodity markets are generally heterogeneous in nature – not
only can time of transactional activity considered for inclusion in the
price assessment process vary through the day, other key attributes
often vary from the base standard reflected in Platts assessments for
nonferrous metals traded in the market.
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
The quality of nonferrous metals, delivery location, and other specific
terms of trade may be varied in the physical commodity markets
assessed by Platts. This is one reason among many why data
collected from these markets may not be simply averaged to produce
a representative value.
Because of the complex nature of the physical markets, data
typically must be aligned with standard definitions to allow for a
fully representative final published assessment. Platts aligns data
collected through an analysis of the physical nonferrous metals with
its standard assessment specifications through a process called
normalization.
Normalization is an essential price adjustment technique applied by
Platts, to align reported market information to reflect the economic
relationship between specific reported activity and the base standard
reflected in Platts price assessments.
By surveying markets and observing the economic impact of variance
from the base standard reflected in Platts assessments, Platts regularly
normalizes disparate information from the diverse physical commodity
markets back to the standard reflected in Platts price assessments.
This is done by analyzing freight rates (for locational differences), quality
differentials (for quality differences), the movements of all markets
through time (for time differences) and other differentials associated
with the size of trades and delivery terms.
Normalization for time may be done by analyzing movement in a
related market observed through time, and that movement may
provide a basis by which to align market value of an earlier reported
bid, offer or transaction to market value at the MOC close. This
alignment for time is essential to ensure that Platts price assessments
reflect the prevailing value of a market at the close of the MOC process.
Prioritizing data
Platts assessment process considers firm bids, firm offers and
transactions that are transparent and open to any counterparty
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
with the proper financial and operational resources. Bids, offers or
transactions that are not transparent may not be considered in the
assessment process. The level of each bid or offer should stand
firm in the marketplace long enough for any counterparty to hit the
bid or lift the offer, otherwise the bid or offer may be deemed non-
executable. Platts may not consider bids, offers or transactions that
are the result of market gapping, i.e. changes that are in excess of
normal market practice.
Transparency underpins Platts assessment process, just as it does
Platts data publishing processes, in the nonferrous metals. When
determining a final market assessment, Platts gives the greatest
priority to fully verifiable and transparent market information. A firm
bid or offer that has been published by Platts in accord with its data
publishing standards, and which still stands open to the marketplace
at the close of the assessment process, will establish clear
parameters for Platts final published assessments. Platts will typically
assess market value somewhere between the best bid, and best
offer, open to the market at the timestamp close . This ensures that
Platts assessments reflect the transactable value of the commodities
it is assessing at the close of the market.
Completed, transparent transactions that are fully published by Platts
are important in helping establish where trading interest prevails in
the market, and may help determine where, in a bid/offer spread,
Platts may assess value for publication.
Firm bids and offers that are available to the entire market take
precedence over trades that have been concluded earlier in the
assessment process when establishing the value of the market,
particularly if bids are available at the close above previously traded
levels, or offers are available to the market below previously traded
levels. Value is a function of time.
Similarly, firms bids and offers that are available to the entire market take
precedence over transactional activity reported to Platts after the fact.
When no bid, offer or transaction data exists, Platts may consider
other verifiable data reported and published through the day,
5
including fully and partially confirmed trades, notional trading values
and other market information as provided for publication. Under such
circumstances, Platts may also be able to observe direct market
activity or the effect of commonly traded commodities on illiquid
markets via spread differentials and/or shipping economics.
Platts also analyzes the relationships between different products,
and factors these relationships into assessments for markets where
transactional data falls to low levels. Finally, Platts normalizes
other available data that may be relevant to the assessment during
periods when low amounts or no transactional data exists, including
transactional data from related markets, in the manner described above.
Platts MOC guidelines are designed to avoid any distortion of the final
price assessment and so inputs that are not verifiable tend to be
eliminated and “one-off” or unrepeatable transaction data may be
disregarded from the price assessment process.
Single transactions may be a reflection of market value. However, single
transactions need to be measured against the broad span of similar
transactions. Platts seeks to verify the repeatability of market value by
determining the level achieved is repeatable in the wider market.
A variant on this action is price “gapping” – when bids are made too
high and offers are made too low through untested levels of price
support or resistance. Platts may not publish such bids and offers
during the MOC process. When transactions are concluded at levels
that have not been fully tested by the market because price changes
have been non incremental, Platts may determine that actual market
value is somewhere between the last incremental bid and the
transaction at the gapped level.
Assessment calculations
Platts publishes its assessments reflecting the currencies and units
of measurement in which the products typically trade.
In certain cases Platts converts its assessments to other currencies
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
or units of measurement to allow for ease of comparison or analysis
in regional markets. Such conversions are done using published
exchange rates and conversion factors.
Platts reporters follow specific methodology when exercising editorial
judgment during their assessment process. Platts editors apply
judgment when determining (1) whether information is suitable for
publication, (2) when normalizing data and (3) where to assess final
value of market.
Judgment may be applied when analyzing transactional data to
determine if it meets Platts standards for publication; judgment may
also be applied when normalizing values to reflect differences in time,
location, and other trading terms when comparing transactional data
to the base standard reflected in Platts assessments.
All such judgment is subject to review by Platts editorial management
for adherence to the standards published in Platts methodologies.
The following section illustrates how these guidelines work when
calculating indexes and making assessments.
To ensure the assessments are as robust as possible, Platts editorial
systems are backed by a strong corporate structure that includes
managerial and compliance oversight. To ensure reporters follow
Platts methodological guidelines in a consistent manner, Platts
ensures that reporters are trained and regularly assessed in their own
and each other’s markets.
Application of professional judgment guidelines promotes
consistency and transparency in judgments and is systematically
applied by Platts. Where professional judgment is exercised, all
information available is critically analysed and synthesised. The
various possibilities are critically analysed and fully evaluated to
reach a judgment. Platts manages and maintains internal training
guides for each of the different products assessed which aim
to assist assessors and ensure Platts’ price assessments are
produced consistently. Platts’ price assessments are reviewed
prior to publication and exercise of professional judgment is further
discussed and verified during this process. Finally, consistent with
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
the concept of proportionality, assessments that are referenced by
derivatives contracts are supported by assessment rational, including
the application of judgment, which is published together with the
price assessment offering full transparency to the market.
Reporters are trained to identify potentially anomalous data. We
define anomalous data as any information, including transactions,
which is inconsistent with or deviates from our methodology or
standard market conventions
Platts focuses primarily on assessing the value of nonferrous metals in
the spot market. A spot price for a physical commodity is the value at
which a standard, repeatable transaction for merchantable material takes
place, or could take place in the open market at arms’ length. Platts spot
price assessments reflect the value at which transactions take place, or
could take place, at the time stamped (close of the MOC process).
Loading/Delivery Location
Platts defines base locations in its price assessments but these act as
a pricing basis point, and differentials may be assessed off these when
deals or bids/offers are reported on a different delivery port basis.
Freight Differentials
Platts may take into account prevailing sea freight and/or logistics
rate levels in establishing ex-works (EXW), FOB and/or CIF/CFR values.
Where a market has become illiquid, Platts may determine the FOB
value from the CIF value and vice versa. Where there is limited local
demand but longer-range arbitrage opportunities emerge, the FOB
value may rise relative to the CIF value and may at times be assessed
at parity or even above the CIF value.
Embedded Options
Platts overall objective is to reflect the transactable value of the
6
commodity assessed. In cases where the apparent value of the
commodity includes extra optionalities, the intrinsic value of the
commodity may be masked.
In such cases, Platts may use its editorial judgement to factor out such
extraneous elements from the value of the commodity, or it may decide
not to use the bid, offer or transaction in its assessment process.
Optionalities that typically mask the value of the commodity include
loading or delivery options held by the buyer or seller, volume option
tolerances exercisable by the buyer or seller or quality specifications
among others.
As an example, typical volume tolerance in nonferrous metals
transactions is plus or minus 5% of the stated order size. If a buyer
or seller requests a wider optionality of say 10% or 20% of the stated
order size, that would need to be factored into the assessment,
depending on which party held the option.
In the above example, the price may be normalized down if the buyer
held the larger-than-usual volume tolerance option and vice-versa if
the seller held that option.
General Terms & Conditions
Platts assessments reflect trades in the nonferrous metals market
concluded INCOTERMS.
Where companies express bids or offers, these are understood to be on
INCOTERMS unless otherwise stated. Platts’ use of terms such as FOB,
CFR, CIF, ex-works and so on are based around definitions provided by the
International Chamber of Commerce which publishes the INCOTERMS.
Definitions of such terminology are available through the following
web link: http://www.iccwbo.org/incoterms/ Please note that the text
of INCOTERMS in whole or in part is subject to ICC’s copyright. Other
related ICC publications, in printed or electronic form, are also subject
to copyright.
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
Credit/Payment Terms
Payment terms are as per standard commercial practice which is
typically prompt payment for ex-mill material and within up to 60
days of delivery for imported material. Unless otherwise stated below.
Payment terms reflected are specified under each individual data
code. Wherever greater credit is given this will be allowed for in the
assessment process. Where a seller is prepared to discount the price
for prompter payment, this will also be factored into the assessment.
Where transactions are reported with non-standard credit terms, Platts
normalizes these based on prevailing commercial interest rates and
typical credit payment terms in the industry at the time of the transaction.
PART IV: PLATTS EDITORIAL STANDARDS
All Platts employees must adhere to the S&P Global Code of Business
Ethics (COBE), which has to be signed annually. The COBE reflects
S&P Global’s commitment to integrity, honesty and acting in good
faith in all its dealings.
In addition, Platts requires that all employees attest annually that
they do not have any personal relationships or personal financial
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
interests that may influence or be perceived to influence or interfere
with their ability to perform their jobs in an objective, impartial and
effective manner.
Market reporters and editors are required to ensure adherence to
published methodologies as well as internal standards that require
accurate records are kept in order to document their work.
Platts has a Quality & Risk Management (QRM) function that is
independent of the editorial group. QRM is responsible for ensuring
the quality and adherence to Platts’ policies, standards, processes
and procedures. The QRM team conducts regular assessments of
editorial operations, including checks for adherence to published
methodologies.
S&P Global’s internal auditor, an independent group that reports
directly to the parent company’s board of directors, reviews the Platts
risk assessment programs.
PART V: CORRECTIONS
Platts is committed to promptly correcting any material errors. When
corrections are made, they are limited to corrections to data that was
available when the index or assessment was calculated.
7
PART VI: REQUESTS FOR CLARIFICATIONS
OF DATA AND COMPLAINTS
Platts strives to provide critical information of the highest standards,
to facilitate greater transparency and efficiency in physical
commodity markets.
Platts customers raise questions about its methodologies and
the approach taken in price assessments, proposed methodology
changes and other editorial decisions in relation to Platts’ price
assessments. Platts strongly values these interactions and
encourages dialogue concerning any questions a customer or market
stakeholder may have.
However, Platts recognizes that occasionally customers may not be
satisfied with responses received or the services provided by Platts
and wish to escalate matters. Full information about how to contact
Platts to request clarification around an assessment, or make a
complaint, is available on the Platts website, at: http://www.platts.
com/ContactUs/Complaints.
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

PART VII: DEFINITIONS OF THE TRADING LOCATIONS FOR WHICH PLATTS PUBLISHES INDEXES OR ASSESSMENTS

The following specifications guide contains the primary specifications and methodologies for Platts Nonferrous metals assessments throughout the world/region. The various components of this guide are designed to
give Platts subscribers as much information as possible about a wide range of methodology and specification issues.

This methodology is current at the time of publication. Platts may issue further updates and enhancements to this methodology and will announce these to subscribers through its usual publications of record. Such
updates will be included in the next version of the methodology. Platts editorial staff and managers will usually be ready to provide guidance when assessment issues require clarification.

ALUMINUM CHAIN
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM

Alumina
Alumina FOB MMWAU00 MMWAU03 MMWAU04 MMWAU16 Price assessments reflect sandy calcined Metallurgical / Smelter Grade Loadings of 25,000 mt, 30,000 Cargoes Kwinana, 30-60 days later LC 30 days, BL 30 $/mt
Australia $/Mt Alumina (SGA). SGA produced in Australia meets the following typical quality mt or 35,000 mt are assessed as typically load Bunbury days
Daily parameters: SiO2 % 0.025 Max Fe2O3 % 0.025 Max TiO2 % 0.007 Max Na2O standard. on Handysize,
% 0.550 Max ZnO % 0.015 Max P2O5 % 0.003 Max CaO % 0.050 Max V2O5 % Handymax or
0.005 Max Loss on Ignition (300-1000 degrees C) % 1.00 Max Alpha Phase Supramax class
(Alumina Alpha or Alpha content) % 12 Max Specific surface area m2/g 60-80 vessels.
Min-Max -45 microns % 12.0 Max +45 microns % 88.0 Min ** pls note these
specs apply to Platts FOB Aus, CFR China assessments
Alumina MMXCY00 MMXCY03 MMXCY04 Smelter Grade Alumina, which meets the latest Chinese official industrial Min. 1,000 mt lots. Bags of 1.5 mt Ex-works Immediate loading (after Payment prior to Chinese
ExWorks China standard under code GB/T24487-2009. Aluminum Oxide (Al2O3) content of each. Shanxi payment), for delivery (by truck loading. Yuan/mt
Yuan/mt Daily minimum 98.4%. or rail) within 2-7 days.
Alumina CFR MMACA00 MMACA03 Price assessments reflect sandy calcined Metallurgical / Smelter Grade 25-35 kt Lianyungang 30-60 days later $/mt
China Yuan/mt Alumina (SGA). SGA produced in Australia meets the following typical quality
Daily parameters: SiO2 % 0.025 Max Fe2O3 % 0.025 Max TiO2 % 0.007 Max Na2O
% 0.550 Max ZnO % 0.015 Max P2O5 % 0.003 Max CaO % 0.050 Max V2O5 %
0.005 Max Loss on Ignition (300-1000 degrees C) % 1.00 Max Alpha Phase
(Alumina Alpha or Alpha content) % 12 Max Specific surface area m2/g 60-80
Min-Max -45 microns % 12.0 Max +45 microns % 88.0 Min ** pls note these
specs apply to Platts FOB Aus, CFR China assessments
DBF Aus-China MMACH00 MMACH03 MMACH04 MMACH06 Price assessments reflect sandy calcined Metallurgical / Smelter Grade 25-35 kt Bunbury, 30 days later $/mt
Handysize $/Mt Alumina (SGA). SGA produced in Australia meets the following typical quality Kwinana to
Daily parameters: SiO2 % 0.025 Max Fe2O3 % 0.025 Max TiO2 % 0.007 Max Na2O Lianyungang
% 0.550 Max ZnO % 0.015 Max P2O5 % 0.003 Max CaO % 0.050 Max V2O5 %
0.005 Max Loss on Ignition (300-1000 degrees C) % 1.00 Max Alpha Phase
(Alumina Alpha or Alpha content) % 12 Max Specific surface area m2/g 60-80
Min-Max -45 microns % 12.0 Max +45 microns % 88.0 Min ** pls note these
specs apply to Platts FOB Aus, CFR China assessments

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 8
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

ALUMINUM CHAIN
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM
Alumina CFR MMALZ00 MMALZ03 MMALZ04 MMALZ16 "Price assessments reflect sandy calcined Metallurgical / Smelter Grade 25-35 kt Lianyungang 30-60 days later $/mt
China $/Mt Daily Alumina (SGA). SGA produced in Australia meets the following typical quality
parameters: SiO2 % 0.025 Max Fe2O3 % 0.025 Max TiO2 % 0.007 Max Na2O
% 0.550 Max ZnO % 0.015 Max P2O5 % 0.003 Max CaO % 0.050 Max V2O5 %
0.005 Max Loss on Ignition (300-1000 degrees C) % 1.00 Max Alpha Phase
(Alumina Alpha or Alpha content) % 12 Max Specific surface area m2/g 60-80
Min-Max -45 microns % 12.0 Max +45 microns % 88.0 Min ** pls note these
specs apply to Platts FOB Aus, CFR China assessments"

Calcined Petcoke
Calcined Pet MMXEV00 Anode-grade calcined petroleum coke, suitable for aluminum smelters, with Standard loadings of 10,000 mt NA FOB US Gulf Monthly assessment for loading "0-30 days’ credit US dollars
Coke FOB US the following specification: Sulfur 2.5 – 2.7%, Vanadium max 300 ppm, Nickel to 15,000 mt. Larger loadings ports within 30-60 days of publication at standard. per
Gulf Coast $/MT max 250 ppm, Fe max 300 ppm, Silicon max 250 ppm, Calcium max 150 ppm, of up to last business day of month Assessments are metric
Monthly Sodium max 120 ppm, Ash max 0.50%, VBD 0.85-0.87 g/cc (ASTM scale) 25,000-45,000 mt may be price normalized to ton ($/mt)
normalized. Cargoes typically payment 30 days
load on Handymax or after bill of lading
Handysize class vessels. date."

Aluminum
Aluminum US MMAAE00 MMAAE03 MMAAE16 99.7% high-grade aluminum P1020A spec min full 45,000 lb truckloads, ingot,low- delivered, duty- within 30 days net-30 days cents/lb
Market Daily typical 100-1,000 mt profile sow or paid Midwest
T-bars consumer works
US Alum MMAKE00 MMAKE03 AADDJ00 MMAKE16 Daily premium or discount to the London Metal Exchange cash price for spot min full 45,000 lb truckloads, ingot, low- delivered, duty- within 7-30 days net-30 days cents/lb
Transaction physical 99.7% high-grade aluminum P1020A, LME spec, 99.7% Al, min, max typical 100-1,000 mt profile sow or paid Midwest
Premium Daily 0.2% Si, 0.1% Fe, 0.03% zinc, 0.04% gallium, 0.03% vanadium T-bars consumer works
US Alum Trans MMATP00 MMATP03 MMATP04 99.7% high-grade P1020 min full 45,000 lb truckloads, ingot, low- delivered, duty- within 7-30 days net-30 days $/mt
Prem $/Mt typical 100-1,000 mt profile sow or paid Midwest conversion
(conversion) T-bars consumer works
Aluminum US MMAAF10 MMAAF02 MMAAF01 MMAAF16 99.7% high-grade P1020 min full 45,000 lb truckloads, ingot, low- delivered, duty- within 7-30 days net-30 days cents/lb
Transaction typical 100-1,000 mt profile sow or paid Midwest
Daily T-bars consumer works
US Aluminum MMACN00 MMACN03 MMACN04 MMACN16 99.7% high-grade P1020 min full 45,000 lb ingot, low- "delivered , duty- within 7-30 days net cash cents/lb
Net-Cash Prem truckloads, typical 100-1,000 profile sow or paid Midwest
Daily mt T-bars consumer
works"
Aluminum 6 MMANJ04 99.7% high-grade P1020 Not specified should be same delivered US 6 months forward NA cents/lb
Month P1020 as for Trans Midwest
Ingot (Premium)
Wkly
Aluminum 6063 MMAKC00 AAMDO00 AAMDO16 US spot upcharge over current P1020 transaction price for primary, North Not specified 6063 billet, delivered US within 7-30 days net-30 days cents/
(Billet) Upcharge American General Purpose 6063 billet, to Aluminum Assn. specifications 7-8" diameter Midwest lb over
Weekly P1020

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 9
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

ALUMINUM CHAIN
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM
Aluminum Brazil MMABS04 MMABS03 MMABS16 99.7% high-grade P1020 25-500 mt, 100 mt typical 99.7% Al purity, Delivered, duty- within 30 days net-7 to net-10 $/mt
Premium DDP standard ingot, paid, Southeast days
SE Weekly sow and T-Bars. Region - VAT
taxes not
included
Aluminum CIF MMABP04 MMABP03 MMABP16 99.7% high-grade P1020 500-2,000 mt, 2,000 mt typical 99.7% Al purity, CIF, duty- within 30-60 days net-30 days $/mt
Brazil premium standard ingot, unpaid, Major
duty-unpaid sow and T-Bars. Brazilian ports
Weekly - VAT taxes not
included
Aluminum MMADB04 MMADB03 MMADB16 99.7% high-grade P1020 25-500 mt, 100 mt typical 99.7% Al purity, Delivered, duty-
Brazil Market, standard ingot, paid, Southeast
delivered SE sow and T-Bars. Region - VAT
Brazil Weekly taxes not
included
Aluminum AALVE00 AALVH00 AALXJ00 AALVH16 min. 99.7% Al Not specified ingot in warehouse Prompt 0-30 days $/mt
Good Western Rotterdam
premium
duty paid in
warehouse
Rotterdam Daily
Aluminum AALVI00 AALVK00 AALXK00 AALVK16 min. 99.7% Al Not specified ingot in warehouse Prompt 0-30 days $/mt
GW premium Rotterdam
duty un-paid
in warehouse
Rotterdam Daily
Russian A7E AALVL00 AALVN00 AALXL00 AALVN16 min. 99.7% Al Not specified ingot in warehouse Prompt 0-30 days $/mt
premium Rotterdam
duty-unpaid
in warehouse
Rotterdam Daily
Aluminum AALVO00 AALVQ00 AALXM00 AALVQ16 min. 99.7% Al Not specified ingot FOB St Prompt 0-30 days $/mt
Russian A7E Petersburg
premium FOB St
Petersburg
CIF Japan Spot MMANA00 AAMDP00 MMANB04 AAMDP16 P1020A LME spec, 99.7% Al min, max 0.1% Si, 0.2% Fe, 0.03% zinc, 0.04% 250 mt or more 25 kg ingot, Yokohama, loading the following month after cash against $/mt
Premium (Daily) gallium, 0.03% vanadium sows, Tbars of Nagoya, Osaka transaction documents
other sizes ports
CIF Japan AAFGA00 AAFGB00 P1020A LME spec, 99.7% Al min, max 0.1% Si, 0.2% Fe, 0.03% zinc, 0.04% 500 mt or more 25 kg ingot, Yokohama, Q1 is January-March, Q2 April- cash against $/mt
Forward Quarter gallium, 0.03% vanadium sows, Tbars of Nagoya, Osaka June, Q3 July-September, Q4 documents
Premium other sizes ports October-December
CIF Korea Spot MMAMX00 MMAMX03 P1020A to meet min LME spec, 99.7% Al min, max 0.1% Si, 0.2% Fe, 0.03% 200 mt to 2,000 mt typical ingot normalized loading in the next 30 days from LC at sight and cash $/mt
Premium Weekly Zn, 0.04% gallium, 0.03% V. Normalized to max iron content of 0.14%. to CIF Busan, the date of transaction against documents
duty-unpaid,
VAT not
included

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METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

ALUMINUM CHAIN
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM
Aluminum CIF MMJAL00 MMJAL03 NA NA NA NA NA NA $/mt
Japan Fxd Prc
Equiv
Aluminum CIF MMJAQ00 MMJAQ03 NA NA NA NA NA NA $/mt
Jpn Qr FxdPrc
Equiv
Aluminum MMAMY00 99.7% (0.1%Si, 0.2% Fe) Not specified Not specified In warehouse Prompt Cargo released $/mt
Premium In- Singapore immediately upon
Warehouse payment
Singapore
Weekly
Alum Spore In MMASW00 MMASW03 99.7% (0.1%Si, 0.2% Fe) Not specified Not specified In warehouse Prompt Cargo released $/mt
Whse FxdPrc Singapore immediately upon
Equiv Weekly payment
Aluminum CFR MMBAA00 MMBAA03 All-in formula price for 99.7% Not specified Not specified CFR China Spot NA Yuan/mt
China All-in and $/mt
Import Price Daily

Scrap
Alum Cans SB01018 Baled used beverage cans, to meet ISRI “taldon” specification Not specified NA delivered 10-20 days Not specified cents/
Scrap Brazil Southeast Real
Dom Prod Dlvd Brazil
Mill Wkly
Alum Castings SB01020 New, clean, uncoated and unpainted, low copper aluminum scrap of two or Not specified NA delivered 10-20 days Not specified cents/
Brazil Dom Prod more alloys. Grease and oil not to total more than 1%. Southeast Real
Dlvd Mill Wkly Brazil
Alum Profile SB01022 New, clean, uncoated aluminum castings, forgings, and extrusions of one Not specified NA delivered 10-20 days Not specified cents/
Extru Brazil Dom specified alloy only and to be free from sawings, stainless steel, zinc, iron, dirt, Southeast Real
Prod Dlvd Mill oil, grease and other non-metallic items. Brazil
Wkly
US Alum Old AAFBJ00 AAFFN00 AAMOU00 AAFFN16 "less than 1% Mg and Zn, low Fe, low contamination; minimum recovery rate Full truckload NA delivered US del within 30 days Not specified cents/lb
Cast Twice 92%" Midwest
Weekly
US Alum Old AAFBL00 AAFBO00 AAMOT00 AAFBO16 "Non-cast aluminum items for consumption by secondary Full truckload NA delivered US del within 30 days Not specified cents/lb
Sheet Twice aluminum smelters to meet ISRI “taint/tabor”" Midwest
Weekly
US Alum Mill- AAFBP00 AAFBR00 AAMOQ00 AAFBR16 "Mixed-low copper clips able to be consumed by aluminum rolling mills, 1000, Full truckload NA delivered US del within 30 days Not specified cents/lb
Grade Mixed 3000, 5000, 6000 series only" Midwest
Low Copper
Clips (MLCCs)
Twice Wkly
US Alum Smlter- AAFBT00 AAFBV00 AAFBU00 AAFBV16 "Mixed-low copper clips for consumption by secondary aluminum smelters, Full truckload NA delivered US del within 30 days Not specified cents/lb
Grade MLCCs loose, bare, new, no contamination, free of 2000 and 7000 series" Midwest
Twice Weekly

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 11
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

ALUMINUM CHAIN
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM
US Alum AAFCA00 AAFCC00 AAMON00 AAFCC16 Machine and tooling scrap for consumption by secondary aluminum smelters; Full truckload NA delivered US del within 30 days Not specified cents/lb
Turnings Twice high grade, clean and dry Midwest
Weekly
US Low Grd AASSO00 AASSO03 AASSO04 AASSO16 "Auto shreds generated through an eddy currentbased Full truckload NA delivered US del within 30 days Not specified cents/lb
Auto Shreds or hand separation process, containing at least 90% metallics and not more Midwest
Twice Weekly than 4% zinc"
US Hi Grd Auto AASSP00 AASSP03 AASSP04 AASSP16 "Auto shreds generated through a heavy mediabased Full truckload NA delivered US del within 30 days Not specified cents/lb
Shreds Twice separation process, containing at least 98% metallics and not more than 1% Midwest
Weekly free zinc, to include material from the following suppliers: Huron Valley, Newell,
Ferrous Processing/SLC Recycling and Fort Wayne OmniSource Corp"
US Alum UBCs AAFCD00 AAMDC00 AAMDC16 Baled used beverage cans, to meet ISRI “taldon” specification Full truckload NA delivered US del within 30 days Not specified cents/lb
Weekly Midwest
US Aluminum AAFCE00 AAMCZ00 NA AAMCZ16 New bare 6063 extrusion scrap Full truckload NA delivered US del within 30 days Net-30 days cents/
6063 New Bare Midwest lb as a
Extrusion Scrap discount
Discount Wkly to P1020
US Aluminum AAFCF00 AAXVZ03 AAXVZ04 New bare 6063 extrusion scrap all-in value daily Full truckload NA delivered US del within 30 days Net-30 days cents/lb
6063 New Bare Midwest
Extrusion Scrap
Daily
US Aluminum AAXVM04 AAXVM03 NA AAXVM16 New bare 6022 aluminum sheet scrap Full truckload Minimum delivered US del within 30 days Net-30 days cents/
6022 New Bare thickness Midwest lb as a
Scrap Discount of 0.050 discount
Weekly inches.Free of to P1020
punchings less
then half-inch in
diameter
US Aluminum AAXVM00 AAXVX03 AAXVX04 New bare 6022 aluminum sheet scrap all-in value Full truckload Minimum delvered US del within 30 days Net-30 days cents/lb
6022 New Bare thickness Midwest
Scrap Daily of 0.050
inches.Free of
punchings less
then half-inch in
diameter
US Aluminum AASNW02 AASNW03 AASNW16 Siding consisting of clean, low-copper aluminum siding Full truckload NA delivered US del within 30 days Not specified cents/lb
Painted Siding scrap, painted one or two sides, free of plastic coating, iron, dirt, corrosion, Midwest
Wkly fiber, foam or fiberglass backing or other non-metallic items
Aluminum old AAXXA04 AAXXA03 AAXXA16 Old cast aluminum scrap with up to 5% contamination, minimal 88% recovery Full truckload, typical volume NA delivered del within 30 days Net-30 days pesos/kg
cast delivered 20 mt Northeast
NE Mexico Mexico
pesos/kg
Aluminum old AAXUA04 AAXUA03 AAXUA16 Old cast aluminum scrap with up to 5% contamination, minimal 88% recovery Full truckload, typical volume NA delivered del within 30 days Net-30 days cents/lb
cast delivered 20 mt Northeast
NE Mexico Mexico
cents/lb
conversion

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 12
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

ALUMINUM CHAIN
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM
Aluminum old AAXXB04 AAXXB03 AAXXB16 Non-cast aluminum scrap items for consumption by secondary aluminum Full truckload, typical volume NA delivered del within 30 days Net-30 days pesos/kg
sheet delivered smelters to meet ISRI “taint/tabor” grade, containing 2-3% Fe 20 mt Northeast
NE Mexico Mexico
pesos/kg
Aluminum AAXUB04 AAXUB03 AAXUB16 Non-cast aluminum scrap items for consumption by secondary aluminum Full truckload, typical volume NA delivered del within 30 days Net-30 days cents/lb
old sheet smelters to meet ISRI “taint/tabor” grade, containing 2-3% Fe 20 mt Northeast
delivered NE Mexico
Mexico cents/lb
conversion
Aluminum UBCs AAXXC04 AAXXC03 AAXXC16 Baled used beverage cans, to meet ISRI “taldon” specification. Full truckload, typical volume NA delivered del within 30 days Net-30 days pesos/kg
delivered NE 20 mt Northeast
Mexico pesos/ Mexico
kg
Aluminum UBCs AAXUC04 AAXUC03 AAXUC16 Baled used beverage cans, to meet ISRI “taldon” specification. Full truckload, typical volume NA delivered del within 30 days Net-30 days cents/lb
delivered NE 20 mt Northeast
Mexico cents/lb Mexico
conversion
Aluminum 6063 AAXXD04 AAXXD03 AAXXD16 6063 new bare scrap, free of paint, may be anodized -- may include press Full truckload, typical volume NA delivered del within 30 days Net-30 days pesos/kg
new bare scrap scrap with butts 20 mt Northeast
delivered NE Mexico
Mexico pesos/
kg
Aluminum AAXUD04 AAXUD03 AAXUD16 6063 new bare scrap, free of paint, may be anodized -- may include press Full truckload, typical volume NA delivered del within 30 days Net-30 days cents/lb
6063 new bare scrap with butts 20 mt Northeast
scrap del NE Mexico
Mexico cents/lb
conversion

Secondary Alloys
Aluminum MMAAD00 MMAAD02 MMAAD01 MMAAD16 8-9.5% Si, 1% Fe, 3-4% Cu, 0.5% Mn, 0.1% Mg, 0.5% Ni, 2.9% Zn, and 0.35% Full truckload NA delivered US Within 30 days net-30 to net-60 cents/lb
A-380 Twice Midwest days
Weekly
Aluminum MMAAC00 MMAAC02 MMAAC01 MMAAC16 5.5-6.5% Si; 0.8% Fe, 3.0-4.0% Cu; 0.50% Mn, 0.10% Mg, Full truckload NA delivered US Within 30 days net-30 to net-60 cents/lb
A-319 alloy 0.35% Ni; 1.0% Zn, 0.25% Ti Midwest days
Twice Weekly
Aluminum 356 MMAAB00 MMAAB02 MMAAB01 MMAAB16 6.5-7.56% Si; 0.50% Fe; 0.25% Cu; 0.35% Mn; 0.25-0.45% Mg; 0.35% Zn; Full truckload NA delivered US Within 30 days net-30 to net-60 cents/lb
alloy Twice 0.25 Ti Midwest days
Weekly
Aluminum F132 MMAAA00 MMAAA02 MMAAA01 MMAAA16 8.5-10.0% Si; 0.6% Fe; 2.0-4.0% Cu; 0.20 Mn; 0.9-1.3% Mg; 0.10% Ni; 0.10% Full truckload NA delivered US Within 30 days net-30 to net-60 cents/lb
alloy Twice Zn; 0.20% Ti Midwest days
Weekly
Aluminum B390 FAALB00 FAALB03 FAALB04 16-18% Si, 1.3% max Fe, 4.0-5.0% Cu, 0.50% Mn, 0.45-0.65% Mg, 0.10% Ni, Full truckload NA delivered US Within 30 days net-30 to net-60 cents/lb
alloy Twice 1.4% Zn and 0.20% Ti Midwest days
Weekly

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 13
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

ALUMINUM CHAIN
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM
MW US 413 alloyMMWUS00 MMWUS03 MMWUS04 MMWUS16 A-413.1–Si 11-13%, Fe 1% max, Cu 0.6% max, Mn 0.35%, Mg 0.1%, Ni 0.5%, Full truckload NA Delivered US Within 30 days net-30 to net-60 cents/lb
Twice Weekly Zn 0.5%, and Sn 0.15%. Midwest buyer days
works
Europe Alum AALVT00 AALVU00 AALVU16 226 LME Grade - DIN standard 1725 Full truckload NA delivered works Not specified 0-30 days Eur/mt
Alloy 226 Dlvd
Wkly
Aluminum AAVSI00 AAVSI03 JIS standard – 9.6-12% Si, 0.9% Fe, 1.5-3.5% Cu, 0.5% Mn, 0.3% Mg, 0.5% Ni, Not specified NA Ex-works China Not specified Not specified $/mt
ADC12 Ex-Wks 1% Zn, and 0.2% Sn.
China $/Mt
Weekly
Alum ADC12 Ex- AAVSI02 AAVSI13 JIS standard – 9.6-12% Si, 0.9% Fe, 1.5-3.5% Cu, 0.5% Mn, 0.3% Mg, 0.5% Ni, Not specified NA Ex-works China Not specified Not specified Yuan/mt
Wks China Yuan/ 1% Zn, and 0.2% Sn.
mt Weekly
Aluminum AAVSJ00 AAVSJ03 JIS standard – 9.6-12% Si, 0.9% Fe, 1.5-3.5% Cu, 0.5% Mn, 0.3% Mg, 0.5% Ni, Not specified NA FOB CHINA Not specified Not specified $/mt
ADC12 FOB 1% Zn, and 0.2% Sn. - SHANGHAI,
China $/Mt TIANJIN
Weekly

Aluminum Chain
Alumina
Alumina FOB Australia: Platts launched on August 16, 2010, daily spot
market price assessments of sandy calcined Metallurgical/Smelter
Grade Alumina (SGA) under the benchmark name Platts Alumina Index
FOB Australia (PAX Australia).Platts publishes the daily spot market
price for alumina (aluminum oxide), reflecting the price at which a cargo
could be traded on an FOB Australia basis daily, for market values
prevailing at the close of Asian markets, typically at 5;30 pm Singapore
time (0930 GMT). These assessed values are based on confirmed spot
cargo transactions, or the tradable price falling between firm cargo bids/
offers, or in the absence of liquidity, where spot market transactions
would have been concluded for the benchmark grade. Spot price bids/
offers or trades basis CFR China, Middle East or Russia may be netted
back to FOB Australia basis using assessed spot freight rates for dry
bulk carriers on the day of assessment, for comparison with spot prices
(bids/offers or trades) basis FOB Australia. For netback calculations
from CFR destinations, the appropriate Handysize, Handymax or
Supramax freight costs are taken into consideration.
Spot price bids/offers or trades basis other FOB origins, such as India,
Brazil or Jamaica, are not taken directly into account when assessing
prices basis FOB Australia. However, they are actively considered
for market consistency with prices discovered or implied basis FOB
Australia.
Platts spot market price assessments also take into account
fundamentals of demand/supply of alumina in Australia and key
consumer markets.
Alumina CFR China: Platts launched on August 16, 2010, daily spot
market price assessments of sandy calcined Metallurgical/Smelter
Grade Alumina (SGA), under the name Platts Alumina Index CFR China
(PAX China Import). Platts has since 2004 published weekly price
assessments for alumina for delivery into China, under the name
Alumina C&F China.
Alumina EXW (ex-works) China: Platts launched on August 16, 2010,
daily spot market price assessments of domestic Chinese Smelter
Grade Alumina under the name Platts Alumina EXW China (PAX China
Domestic). The assessment is for minimum 1,000 mt lots, in bags of
1.5 mt each, assessed basis ex-works Shanxi province, for immediate
loading (after payment), for delivery (by truck or rail) within 2-7 days.
Assessed daily in Chinese yuan/mt with a conversion to dollars/mt.
Platts will normalize all price information gathered from other major
alumina producing Chinese provinces – Henan, Shandong, Guangxi,
and Guizhou – back to an ex-works Shanxi basis. Prior to December 1,
2015, the assessment was basis ex-works Henan province.
Calcined Petcoke
Calcined Petroleum Coke FOB US Gulf Coast: Platts publishes the
monthly price assessment for anode grade calcined petroleum coke
(CPC), suitable for aluminum smelters, reflecting the price at which a
cargo could be traded on an FOB Gulf Coast/Mississippi River region
basis at the close of the assessment period on the day of publishing.
The assessment is based on confirmed spot transactions, firm bids
and offers, or in the absence of liquidity, where spot transactions
would conclude for the benchmark grade. Negotiations on current-
quarter or half-year contracts may be taken into account for trend
purposes. Deals and bids/offers must be deemed to be repeatable
between typical counterparties.

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 14
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
The price assessment reflects anode-grade calcined petroleum
coke suitable for aluminum smelters, in sponge form, excluding shot
coke, normalized to the following typical parameters reflecting CPC
produced in the US Gulf Coast region: Sulfur 2.5 – 2.7%, vanadium
max 300 ppm, nickel max 250 ppm, Fe max 300 ppm, silicon max 250
ppm, calcium max 150 ppm, sodium max 120 ppm, ash max 0.50%,
VBD 0.85-0.87 g/cc, ASTM scale.
The Platts calcined petroleum coke FOB US Gulf assessment is
published monthly on the last business day of the month, in a narrow
price range (high-low and midpoint), reflecting cargo values loading
30-60 days forward.
Platts’ global market analysis will also take into account spot bids/
offers or trades basis CFR Europe, CFR Canada, CFR Middle East, CFR
Russia or FOB US West Coast. These will be analyzed to determine
whether netting back to a US Gulf Coast basis is possible given the
specific ports, taking into consideration the appropriate Handymax or
Handysize freight costs.
Platts’ assessments may also take into account demand/supply
fundamentals for green petroleum coke, calcined petroleum coke
and aluminum in key consumer markets. FOB China prices may also
be monitored for trend purposes.
Aluminum
MW US Market: Daily all-inclusive or “all-in” price for spot physical
99.7% high-grade P1020A aluminum, delivered US consumer works,
arrival within 7-30 days from date of publication, net-30-day payment
terms. Expressed in cents/lb, the price assessment began in 1972
and pre-dates the LME. The assessment takes into account all
P1020 trading data obtained through the Platts daily survey of P1020
activity, giving priority to any spot physical all-in transactions, bids
or offers. In the absence of all-in market information, Platts collects
a wide range of other relevant market data, including, but not limited
to, prevailing exchange-traded values plus applicable premiums for
delivery to a typical-freight US Midwest aluminum user. These values
take into account exchange prices at 2 pm US EST, to capture values
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
more closely aligning with the timing of US deals. The assessment
is normalized to delivery in the middle of the Platts typical window
of 7-30 days using the prevailing Cash to M3 or month-to-month
structure. The assessment includes business for any origin 99.7%
P1020 ingot, low-profile sow or T-bars, basis delivery US Midwest.
Volumes must be a minimum full 45,000 lb (20 mt) truckload or
multiples thereof to be included in the assessment. The typical
order size for price normalization is 100-1,000 mt, and price data for
volumes that are smaller or larger than the typical order size may be
normalized to the standard. The daily assessment reflects delivery
to a typical-freight consumer in a broad US Midwest region via truck
or rail. The typical-freight delivery location is determined to be 2.0-
2.5 cents/lb from multiple suppliers or ports (freight rates updated
January 2015). Deals that are reported as FOB, FCA, for non-Midwest
locations or for particularly close or long freights (ie, less than/greater
than the current range of 2.0-2.5 cents/lb) are normalized before
inclusion in the calculations. Prior to May 1, 2015, the assessment was
a weekly range, and the monthly average was calculated using the
low end of the weekly ranges.
MW US Transaction Premium: Daily premium or discount to the
London Metal Exchange cash price for spot physical 99.7% high-
grade aluminum, delivered, duty-paid US consumer works, arrival
within 7-30 days from date of publication, net-30-day terms.
Assessment is expressed in cents per pound but also available on
a converted dollars/mt basis. Premium or discount is determined
based on physical spot deals, bids and offers reported through a
daily survey of spot buyers and sellers, using a representative sample
of producers, traders and different types of end users (sheet mills,
remelt billet makers, extruders, rod mills, etc). Includes business
for LME-deliverable, any origin 99.7% P1020 ingot, low-profile sow
or T-bars, basis delivery US Midwest. Volumes must be a minimum
full 45,000 lb (20 mt) truckload or multiples thereof to be included
in the assessment. The typical order size for price normalization is
100-1,000 mt, and price data for volumes that are smaller or larger
than the typical order size may be normalized to the standard. The
daily assessment reflects delivery to a typical-freight consumer in a
broad US Midwest region via truck or rail. The typical-freight delivery
location is determined to be 2.0-2.5 cents/lb from multiple suppliers
15
or ports (freight rates updated January 2015). Deals that are reported
as FOB, FCA, for non-Midwest locations or for particularly close or
long freights (ie, less than/greater than the current range of 2.0-2.5
cents/lb) are normalized before inclusion in the calculations. Platts
uses a matrix of typical delivery locations throughout North America
and categorizes these locations as “average,” “close,” or “extra”
freights. The “close” or “extra” freight locations are normalized to
“average” based on assigned differential values ranging from plus/
minus 0.25 cents to 0.5 cents/lb, which are adjusted periodically
based on market feedback on typical locational discounts or extras.
As of 2015, the average – or basis – locations include: Lafayette, IN;
Anderson, IN; Warrick, IN; Berea, KY; Lewisport, KY; Shelbyville, KY;
Russellville, KY; St. Louis, MO; Carthage, TN; New Johnsonville, TN;
and Manitowoc, WI. Assessment reflects net-30-day payment terms
from delivery (net-cash, net-5 and net-10 are normalized using typical
LIBOR-plus rates or prevailing net-cash versus net-30 spreads, based
on a survey). Deals that require a specific shape or chemistry (ie,
T-bars only, no lithium) may be normalized to the stated standard
specification. In the absence of repeatable concluded spot deals
where a premium/discount is negotiated, the assessment takes into
account firm bids and offers. Changes in the spreads on formula
deals, or the premiums and discounts for other grades of aluminum
basis Transaction premium, are considered for trend purposes. “Good
until cancel” (GTC) deals reflecting a fixed price with non-negotiated
premiums, or additional orders given as part of a frame contract, are
not considered in the assessment but may be monitored for trend
purposes. The assessment reflects the most widely tradable and
repeatable premium or discount value prevailing at the close of US
markets, typically at 4:30pm US Eastern time. On the last business
day of the month, the assessment closes at 1pm US East Coast time.
The assessment follows the London holiday schedule.
MW US Transaction: Daily London Metal Exchange high-grade
aluminum cash settlement price, converted into cents per pound,
adjusted by US free-market premium or discount for prompt delivery
Midwest (arrival within 7-30 days from date of publication). (See
specification for US Transaction Premium). Premium determined
based on physical business reported by a daily survey of major buyers
and sellers, using a representative survey sample of producers,
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
traders and different types of end users. Includes business for
LME-deliverable, any-origin 99.7% North American P1020 ingot, low-
profile sow or T-bars, meeting LME specifications, basis delivery
US Midwest. Volumes are minimum full 45,000 lb truckloads,
typical quantities 100-1,000 mt. MW US Net-cash premium – Daily
premium or discount to the London Metal Exchange cash price for
spot physical 99.7% high-grade aluminum, delivered, duty-paid US
consumer works, arrival within 7-30 days from date of publication,
net-cash payment terms, normalized to a broad Midwest region. The
premium is determined based on a survey of producers, traders and
end users to determine the prevailing spread between net-cash and
net-30 terms, on a cents/lb basis. All other specifications are the
same as for the US Transaction Premium (see separate reference).
US Six-Months P1020: Weekly US free-market premium over LME
for North American 99.7% ingot delivered Midwest for a period in
time six months forward, based on a survey of quotes and sales
during the current week for six months from that date. Reflects both
physical and financial swaps business done by producers, traders and
consumers.
US Spot 6063 Billet Upcharge: Weekly US spot upcharge assessment
over current P1020 Transaction price for primary or remelt
North American general purpose 6063 billet, to Aluminum Assn.
specifications, 7-inch or 8-inch diameter, basis delivery US Midwest,
net-30 day payment terms. The range reflects the majority of spot
(non-contract) business based on a survey of primary and remelt
producers, traders and extruders.
Europe-Good Western Duty-paid Premium Rotterdam: Duty-paid
daily assessed $/mt premium over LME cash for Western-origin
99.7% ingot meeting LME high grade specifications. In warehouse
Rotterdam, 0-30 days terms, prompt delivery. Based on a survey of
producers, traders and consumers (extruders, rolling mills). Began
being assessed daily September 2003.
Europe-Good Western Duty-Unpaid Premium Rotterdam: Daily
assessed $/mt premium over LME cash for 99.7% ingot meeting
LME high grade specifications. In warehouse Rotterdam, 0-30 day
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
terms, prompt delivery, on a duty-unpaid basis. Based on a survey of
producers, traders and consumers (extruders, rolling mills). Assessed
daily as of September 2003.
Europe-Russian A7E Duty-Unpaid Premium Rotterdam: – Daily
assessed $/mt premium over LME cash for 99.7% Russian origin ingot
in warehouse Rotterdam, 0-30 day terms, prompt delivery, on a duty-
unpaid basis. Based on a survey of producers, traders and consumers
of aluminum. Assessed daily as of September 2003.
Europe-Russian A7E FOB Premium St. Petersburg: – Daily assessed
$/mt premium over LME cash for 99.7% Russian origin ingot on a FOB
St. Petersburg basis, 0-30 day terms, prompt delivery. Based on a
survey of producers, traders and consumers of aluminum. Assessed
daily as of September 2003.
CIF Japan Spot Premium: Daily assessment of the spot premium or
discount to the London Metal Exchange cash settlement price for
high-grade aluminum. Minimum 99.7% primary aluminum meeting
LME P1020A chemical specifications, CIF main Japanese ports of
Yokoyama, Nagoya or Osaka, all origins, except excluding Iran, India,
Egypt and LME warehouses. The assessment is expressed in a narrow
price range reflecting the majority of business or spot bids/offers for
ingot, T-bars and sows, minimum volumes of 250 mt, cash within
3 days of bill of lading, or cash against documents. Cargo leaves
ports during or following the month of transaction. Platts surveys
market sources, gathering information from a representative sample
of traders, consumers, producers and brokers deemed reliable and
active in the spot market. Platts contacts sources based in Japan,
Australia, Russia, Europe, the Middle East and other Asian countries.
CIF Japan Forward Quarter Premium: Premium or discount to
the LME price at time of shipment for minimum 99.7% primary
aluminum meeting the LME P1020A chemical specifications, CIF main
Japanese ports of Yokoyama, Nagoya or Osaka, origins excluding
Iran, India, Egypt and LME warehouses. The premium range reflects
the majority of concluded quarterly contracts for minimum 500 mt/
month volumes, in ingot, T-bars or sow form, cash within 3 days of
bill of lading, or cash against documents. Cargo leaves ports during
16
or following the month of transaction. Platts surveys market sources,
gathering information from a representative sample of traders,
consumers, producers and brokers deemed reliable and active in the
market. Platts contacts sources based in Japan, Australia, Russia,
Europe, the Middle East and other Asian countries. The final quarterly
assessment range will be published in advance of the start of the
quarter, usually by the first date of the quarter, or once the majority of
buyers and sellers have concluded negotiations. The number of deals
typically included in the assessment ranges from 10 to 20.
CIF Korea Spot Premium: Weekly premium or discount to the
LME cash price for P1020A ingots basis CIF Busan, duty-unpaid,
for P1020 of any origin, with a typical trade volume of 200 mt to
2,000 mt. The specifications are P1020A ingots to meet minimum
LME specification, 99.7% Al min, max 0.1% Si, 0.2% Fe, 0.03% zinc,
0.04% gallium, 0.03% vanadium. The assessment will be normalized
to reflect metal with a maximum iron content of 0.14%, based on
dominant trading patterns in Korea. The assessment is basis CIF
Busan, duty-unpaid, VAT not included, loading in the next 30 days
from date of transaction, payment terms LC at sight and cash against
documents. Trades CIF Incheon will be normalized to CIF Busan,
and other domestic and regional transactions may be considered
for trend purposes. The premium will be assessed once per week,
on Wednesdays or the closest business day in the event of public
holidays, through a survey of producers, traders and consumers
of P1020A active in the spot market. Platts will monitor the market
throughout the week and consider in its assessments all of the
information provided regarding deals, bids and offers in the market,
but the value reflected in the assessment will be the tradable value
at the close of market Singapore time, expressed in a narrow range
reflecting the majority of bids, offers and transactions.
In-Warehouse Singapore Premium: Weekly assessed premium for
99.7% (0.1%Si, 0.2% Fe) P1020 of all origins, mainly Indian, Chinese,
and some Russian and Western, in-warehouse Singapore. Cargo
released immediately upon payment.
CFR China All-in Import Price: Automated daily formula price
reflecting the theoretical import value for importing P1020 aluminum
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
into China. The calculation is the current LME cash settlment price
plus current midpoint of the Platts CIF South Korean Spot Premium x
Yuan exchange rate x 17% Value Added Tax + China port charges. This
assessment enables comparison with the China domestic Shanghai
Futures Exchange current front month price,as well as the various
domestic spot prices for the reference spread.
Aluminum CIF Brazil premium duty unpaid: Weekly assessment of
the premium or discount to the LME cash settlement price for spot
physical high-grade aluminum P1020A, 99.7% Al purity, standard
ingot, sow and T-Bars. Assessed once per week,typically on Friday,
in dollars per mt, the value will reflect the typical transactable value
as of week’s end, based on a weekly survey of producers, traders and
consumers of P1020 active in the spot market. Assessment basis CIF
Brazil (to include major ports Santos/SP, Itajai/SC, Itaguai/RJ and Sao
Francisco do Sul/SC),duty unpaid, VAT not included (ICMS, PIS/Cofins
and IPI), delivery within 30-60 days, typical volumes up to 2,000 mt,
payment net-30 days. Prices for volumes, grade, shape or payment
terms that differ from the standard specification may be normalized
to the typical range, FOB values from exporting regions may also be
considered in the assessment process. Platts monitors the market
throughout the week and considers in its assessments all of the
information provided regarding deals, bids and offers in the market,
reflecting in its assessment the tradable value as of Friday.
Aluminum Premium delivered SE Brazil: Weekly assessment of
the premium or discount to the LME cash settlement price for spot
physical high-grade aluminum P1020A, 99.7% Al purity, standard
ingot, sow and T-Bars. Assessed once per week, typically on Friday,
in dollars per mt, the value will reflect the typical transactable value
as of week’s end, based on a weekly survey of producers, traders and
consumers of P1020 active in the spot market. Delivery within 30 days
to customers’ works in the Southeast region of Brazil (including Sao
Paulo, Rio de Janeiro, Minas Gerais and Espirito do Santo), duty-paid,
VAT not included (ICMS, PIS/Cofins and IPI). Payment terms net-7 to
net-10 days, based on a typical order size of 100 mt. Other shapes,
grades, locations, delivery periods, volumes and payment terms
may be normalized to this standard specification. Platts monitors
the market throughout the week and considers in its assessments
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
all of the information provided regarding deals, bids and offers in the
market, reflecting in its assessment the tradable value as of Friday.
Aluminum Brazil Market, delivered SE Brazil: Weekly assessment of
the all-in delivered value of spot physical high-grade aluminum P1020A,
99.7% Al purity, standard ingot, sow and T-Bars. Assessed once
per week, typically on Friday, in dollars per mt, reflecting the typical
transactable value as of week’s end, based on a weekly survey of
producers, traders and consumers of P1020 active in the spot market.
Delivery within 30 days to customers’ works in the Southeast region of
Brazil (including Sao Paulo, Rio de Janeiro, Minas Gerais and Espirito do
Santo), duty-paid, VAT not included (ICMS, PIS/Cofins and IPI). Payment
terms net-7 to net-10 days, full-truckload, 25 mt. Other shapes, grades,
delivery periods, locations, volumes and payment terms may be
normalized to this standard specification. Platts monitors the market
throughout the week and considers in its assessments all of the
information provided regarding deals, bids and offers in the market,
reflecting in its assessment the tradeable value as of Friday.
Scrap
US Old Cast: Aluminum castings for consumption by secondary
aluminum smelters, crushed cast, shreddable, less than 1% Mg and
Zn, low Fe, low contamination; minimum recovery rate 92%; cents/lb,
within 30-day delivery US Midwest. Assessed twice per week, usually
on Mondays and Thursdays, through a survey of secondary aluminum
smelters and scrap dealers. Price started in July 2000.
US Old Sheet: Non-cast aluminum items for consumption by
secondary aluminum smelters to meet ISRI “taint/tabor” specification;
cents/lb, 30-day delivery US Midwest. Assessed twice per week,
usually on Mondays and Thursdays, through a survey of secondary
aluminum smelters and scrap dealers. Price started in July 2000.
US Mill-grade MLCCs: Mixed-low copper clips able to be consumed
by aluminum rolling mills, 1000, 3000, 5000, 6000 series only; cents/
lb, 30-day delivery US Midwest: Assessed twice per week, usually on
Mondays and Thursdays, through a survey of secondary aluminum
smelters, scrap dealers and rolling mills. Price started in July 2000.
17
US Smelter-grade MLCCs: Mixed-low copper clips for consumption
by secondary aluminum smelters, loose, bare, new, no
contamination, free of 2000 and 7000 series; cts/lb, 30-day delivery
to US Midwest. Assessed twice per week, usually on Mondays and
Thursdays, through a survey of secondary aluminum smelters and
scrap dealers. Price started in July 2000.
US Turnings: Machine and tooling scrap for consumption by
secondary aluminum smelters; high grade, clean and dry; cts/lb,
30-day delivery US Midwest. Assessed twice per week, usually on
Mondays and Thursdays, through a survey of secondary aluminum
smelters and scrap dealers. Price started July 2000.
US UBCs: Baled used beverage cans, to meet ISRI “taldon”
specification; cents/lb, delivered US Midwest. Assessed once
a week, usually on Thursdays, reflecting the range of spot
business concluded by consumers and mid-to-large scrap dealer/
consolidators/brokers. Business that is reported as non-Midwest or
FOT (picked up) is adjusted to reflect average US Midwest delivery.
Price started July 2000.
US 6063 New Bare Extrusion Scrap: Weekly price assessment for
aluminum scrap consisting of one alloy (typically 6063). Material
may contain “butt ends” from the extrusion process but must be
free of any foreign contamination. Anodized material is acceptable,
but free of oil, film, coating or paint, and free of stainless, iron or
other metallics. Price data for straight 6063 press scrap or 6063
scrap containing another alloy, paint or oil may be normalized to the
stated specification. Price assessment normalized to basis delivered
US Midwest, within 30 days, net-30 day payment terms, assessed
in cents/lb as a discount to that day’s Platts Transaction price
assessment and also published as a daily calculated outright value
using the last-updated weekly spread. Assessed once per week on
Thursdays or closest business day through a survey of scrap dealers,
aluminum producers, aluminum mills, remelt billet makers, extruders,
secondary smelters and others active in 6063 spot trading, taking
into account reported bids, offers and deals reported as discount
spreads or outright “all-in” price values. Prior to January 7, 2016, the
assessment was for new 6063 press scrap with butts included.
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
6022 New Bare Scrap: Weekly assessment of the price for new, bare
aluminum sheet scrap meeting 6022 specification, to be assessed
weekly as a discount to Platts Aluminum Transaction price on the
day of assessment, and also published as a calculated outright value,
weekly on Thursdays or closest business day in the event of holidays.
The assessment will be for 6022 sheet scrap with a minimum
thickness of 0.050 inches. Material to be free of hair wire, wire screen,
dirt and other non-metallic items, free of punchings less then half-
inch in diameter. Grease and oil not to total more than 1%. Assessed
in cents per pound, taking into account spreads and outright values,
normalized to spot business shipping within 30 days, delivered
Midwest basis, net-30 day payment terms. Based on a survey of scrap
dealers, aluminum mills, remelt billet makers, extruders, stampers,
automotive companies and others active in spot 6022 trading.
US Painted Siding: Siding consisting of clean, low-copper aluminum
siding scrap, painted one or two sides, free of plastic coating, iron,
dirt, corrosion, fiber, foam or fiberglass backing or other non-metallic
items, for US Midwest delivery within 30 days. Assessed once a week,
usually on Thursdays, through a survey of scrap dealers and rolling
mill buyers. Price started in March 2006.
US High-grade auto shreds: Auto shreds generated through a heavy
mediabased separation process, containing at least 98% metallics
and not more than 1% free zinc, to include material from the following
suppliers: Huron Valley, Newell, Ferrous Processing/SLC Recycling
and Fort Wayne OmniSource Corp., for US Midwest delivery within 30
days. Assessed twice a week, usually on Mondays and Thursdays,
through a survey of secondary aluminum smelters and scrap dealers/
processors. Price started in May 2006, replacing previous auto
shreds/twitch price effective September 2006.
US Low-grade auto shreds: Auto shreds generated through an
eddy current based or hand separation process, containing at least
90% metallics and not more than 4% zinc, for US Midwest delivery
within 30 days. Assessed twice per week, usually on Mondays and
Thursdays, through a survey of secondary aluminum smelters and
scrap dealers. Price started in May 2006, replacing previous auto
shreds/twitch price effective September 2006.
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Old cast delivered NE Mexico: Weekly assessment of the price for old
cast aluminum scrap, to be assessed in pesos/kg (and also published
the same day in US dollars or cents/pound equivalent), on Thursdays
or closest business day in the event of holidays. The assessment will
be for old cast aluminum scrap with up to 5% contamination, minimal
88% recovery. Prices will be normalized to spot business shipping
within 30 days, delivered in the Northeastern region (Nuevo Leon and
Coahuila states), free of VAT (IVA) tax, net-30 day payment terms
for typical volumes of 20 mt. Based on a survey of scrap dealers,
secondary smelters and others active in spot old cast trading.
Old sheet, delivered NE Mexico: Weekly price assessment for non-cast
aluminum items for consumption by secondary aluminum smelters
to meet ISRI “taint/tabor” grade, containing 2-3% Fe. Assessed once
per week on Thursdays, or closest business day, through a survey of
scrap dealers, aluminum mills, secondary smelters and others active
in old sheet spot trading. Assessed in pesos/kg (and also published the
same day in US dollar or cents/pound equivalent), normalized to spot
business shipping within 30 days, delivered in the Northeastern region
(Nuevo Leon and Coahuila states) free of VAT (IVA) tax, net-30 day
payment terms for typical volumes of 20 mt.
UBCs delivered NE Mexico: Weekly price assessment for baled used
beverage cans, to meet ISRI “taldon” specification. Assessed once
per week on Thursdays, or closest business day, through a survey
of scrap dealers, aluminum mills, secondary smelters and others
active in UBC trading. Assessed in pesos/kg (and also published
the same day in US dollar or cents/pound equivalent), normalized to
spot business shipping within 30 days, delivered in the Northeastern
region (Nuevo Leon and Coahuila states) free of VAT (IVA) tax, net-30
day payment terms for typical volumes of 20 mt.
6063 new bare delivered NE Mexico: Weekly price assessment for
6063 new bare scrap to be assessed in pesos/kg (and also published
the same day in US dollar or cents/pound equivalent) on Thursdays
or closest business day in the event of holidays. The assessment
will be for 6063 new bare scrap, free of paint, may be anodized
-- may include press scrap with butts. Prices will be normalized to
spot business shipping within 30 days, delivered in the Northeastern
18
region (Nuevo Leon or Coahuila states) free of VAT (IVA) tax, net-30
day payment terms for typical volumes of 20 mt. Based on a survey
of scrap dealers, secondary smelters, extruders, cable makers and
others active in spot 6063 extrusion scrap trading.
Secondary Alloys
US A380 Alloy: Twice-weekly price assessment for A380 secondary
aluminum alloy that reflects the following chemistry and terms:
8-9.5% Si, 1% Fe, 3-4% Cu, 0.5% Mn, 0.1% Mg, 0.5% Ni, 2.9% Zn, and
0.35% Sn, for spot delivery to US Midwest customer works, payment
net-30 to net-60 days, minimum 45,000-lb truckload amounts. The
price assessment is for new A380 specification alloy produced by
smelters with reverberatory furnaces, not warehoused LME North
American Special Aluminium Alloy Contract (NASAAC) material. The
assessment represents the spot market tradeable value of delivered
prices. It is derived from a survey of US secondary aluminum
smelters, diecasters, foundries, automotive companies, traders and
brokers. The assessment is carried out twice-weekly on Mondays
and Thursdays, closing at 4:30 pm US East Coast time, except in the
case of national holidays, where it may be assessed on the next-
closest business day. During certain holiday weeks where market
activity is more limited, the assessment is carried out once per week.
More information on when the holiday schedule affects the price
assessment frequency can be found here: http://www.platts.com/
holiday. Price assessment started in 1992.
US 319, 356, F132, A-413.1, F-132 and B390: Twice-weekly price
assessment ranges for major secondary aluminum alloys. Delivered
Midwest customer works, payment net-30 to net-60 days, 45,000-
lb truckload quantities. Assessed twice per week, on Mondays
and Thursdays (except for changes during holidays), through a
survey of US secondary aluminum smelters, diecasters, foundries,
automotive companies, traders and brokers. The assessments
reflect the narrow low-high price range, in cents/lb, of the majority
of concluded deals, bids and offers. The impurity levels represent
the Aluminum Assn. specifications or typical market specifications
for 319.1, 356.1, 332.2, A413 and B390, respectively, as follows: 319.1
– 5.5-6.5% Si; 0.8% Fe, 3.0-4.0% Cu; 0.50% Mn, 0.10% Mg, 0.35% Ni;
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
1.0% Zn, 0.25% Ti. 356 – 6.5-7.56% Si; 0.50% Fe; 0.25% Cu; 0.35%
Mn; 0.25-0.45% Mg; 0.35% Zn; 0.25 Ti. F-132 – 8.5-10.0% Si; 0.6%
Fe; 2.0-4.0% Cu; 0.20 Mn; 0.9-1.3% Mg; 0.10% Ni; 0.10% Zn; 0.20%
Ti. A-413.1 – 11-13% Si; 1% Fe max; 0.6% Cu max; 0.35% Mn; 0.1% Mg;
0.5% Ni; 0.5% Zn; and 0.15% Sn. B390 – 16-18% Si, 1.3% max Fe, 4.0-
5.0% Cu, 0.50% Mn, 0.45-0.65% Mg, 0.10% Ni, 1.4% Zn and 0.20% Ti.
Price assessments for 319, 356, and F132 started in April 1993; A413
started in 2010 and B390 in 2013.
European secondary aluminium 226 alloy (Started Sep 1, 2003):
Weekly assessment of the Eur/mt price for secondary aluminum alloy
226 LME grade on a delivered works basis 0-30 day terms, prompt
delivery. The alloy is produced in conformity with GBD-AlSi9Cu3
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
as described in DIN standard 1725 (1986). Based on a survey of
producers, traders and consumers of aluminium 226. Price assessed
weekly and published on Fridays.
ADC12 ex-works China: Platts assessment for ADC12 Alloy to
conform to JIS standard – 9.6-12% Si, 0.9% Fe, 1.5-3.5% Cu, 0.5%
Mn, 0.3% Mg, 0.5% Ni, 1% Zn, and 0.2% Sn. Spot prices assessed
weekly on Tuesday or closest working day. The assessment reflects
the domestic market price, on a spot trade basis, in yuan per mt,
ex-plant from a typical supplier. The spot price represents a range of
spot transactions, bids and offers determined by surveying Chinese
secondary aluminum smelters, diecasters, foundries, automotive
companies, traders and brokers.
19
ADC12 FOB China: Platts assessment for ADC12 Alloy to conform
to JIS standard – 9.6-12% Si, 0.9% Fe, 1.5-3.5% Cu, 0.5% Mn,
0.3% Mg, 0.5% Ni, 1% Zn, and 0.2% Sn. Spot prices assessed
weekly on Tuesday or closest working day. The assessment
reflects the export market price, on a spot trade basis, in $/
mt, FOB Chinese ports, mainly Shanghai and Tianjin. The spot
price represents a range of spot transactions, bids and offers
determined by surveying secondary aluminum smelters,
diecasters, foundries, automotive companies, traders and
brokers in China, Hong Kong and Japan.
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

BASE METALS
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM

Copper
Copper Concentrate CIF JapanAAFGC00 AAFGD00 25-30% copper-in-concentrate, any Not specified Not specified CIF Japan Not specified 0-30 day terms $/mt
origin, lumpy ore
Copper NY Dlr Prem Cath Wkly MMACP00 MMACP03 MMACP16 Premium or discount to COMEX spot for Not specified Not specified Normalized to Delivery within Net-cash cents/lb
Grade 1 or Grade A copper cathodes delivered Midwest 30 days
Copper US Transaction Daily MMCUT00 MMCUT03 MMCUT04 MMCUT16 COMEX copper first position (spot) for Not specified Not specified Normalized to Delivery within Net-cash cents/lb
Grade 1 or Grade A copper cathode, delivered Midwest 30 days
(CMAAD10) plus the mean of the weekly
copper NY Dealer Cathode Premium
(MMACP00)
Copper (GrdA) CIF Prem Liv/ MMAOM04 MMAOM03 Premium or discount to LME for Grade A Not specified Cathode CIF Italian port prompt max. 30 days $/mt
Sal Weekly
Copper (Grd A) Prem Rot'dam MMAYR04 LME Grade A Not specified Cathode CIF Rotterdam prompt max. 30 days $/mt
Wkly
Copper (Grd A) Rotterdam LME Grade A Not specified Cathode CIF Rotterdam prompt max. 30 days $/mt
(All-in)
Copper LME Prem C&F China MMAMK00 99.95% minimum cathode, mostly of NA NA Fob China - Huangpu, NA upon receipt of letter of credits, $/mt
Daily Chilean origin Shanghai, Guangzhou, usually within one month
Hong Kong following the transaction
Copper C&F China (All-in) DailyMMAMJ00 99.95% minimum cathode, mostly of Not specified Not specified Fob China - Huangpu, Not specified upon receipt of letter of credits, $/mt
Chilean origin Shanghai, Guangzhou, usually within one month
Hong Kong following the transaction
Copper C+F China Spot Yuan/ MMCSC00 MMCSC03 99.95% minimum cathode, mostly of NA NA Fob China - Huangpu, NA upon receipt of letter of credits, Yuan/mt
mt (All-in) Chilean origin Shanghai, Guangzhou, usually within one month
Hong Kong following the transaction
Copper C+F China Fxd Prc MMCUC00 MMCUC03 99.95% minimum cathode, mostly of NA NA Fob China - Huangpu, NA upon receipt of letter of credits, $/mt
Equiv (All-in) Chilean origin Shanghai, Guangzhou, usually within one month
Hong Kong following the transaction
CopperPrem In-Warehouse MMAMU00 Grade A 99.95% minimum material of NA NA In-warehouse NA Cargo released immediately upon $/mt
S’pore Weekly all origin, mainly Philippines, Indonesia, singapore payment
Chilean, South Korean, and Australian,
Chinese, and Japanese
Copper Spore InWhse FxdPrc MMCUS00 MMCUS03 Grade A 99.95% minimum material of NA NA In-warehouse NA Cargo released immediately upon $/mt
Equiv Daily all origin, mainly Philippines, Indonesia, singapore payment
Chilean, South Korean, and Australian,
Chinese, and Japanese

Scrap
Copper No1 Burnt Scrap MMACJ10 MMACJ02 MMACJ16 97-98% Cu Minimum truckload wire, pipe and tubing delivered Midwest Within 30 days net 30 days cents/lb
Discount
Copper No1 Bare Bright MMACL10 MMACL02 MMACL16 98-99% Cu Minimum truckload bricks, blocks delivered Midwest Within 30 days net 30 days cents/lb
Discount

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 20
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

BASE METALS
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM

Copper No 2 Scrap Discount MMACN10 MMACN02 MMACN06 94-96% Cu 20-40 foot containers wire and miscellaneous delivered FAS major Within 3 months At time of shipment cents/lb
scrap US ports

Lead
Lead US Premium (Weekly) MMXCD00 MMXCD03 Premium or discount to LME lead cash Minimum quantity 2,000-lb blocks (sows) delivered US 30-day delivery net 30 days cents/lb
cents/lb price for 99.97% pure corroding-grade one truckload (42,000- or 55-100 lb pigs (ingots)
lead, maximum 0.025% bismuth, 44,000 lb), typical order size
max 0.0050% silver, max 0.0010% Cu, one to five truckloads.
max 0.001 Fe
Lead NA Market (Daily) MMALF01 AADDN00 MMALF04 Daily LME cash settlement price in Minimum quantity 2,000-lb blocks (sows) delivered US 30-day delivery net 30 days not
cents/lb plus weekly Platts US lead one truckload (42,000- or 55-100 lb pigs (ingots) specified
premium for 99.97% pure corroding- 44,000 lb), typical order size
grade lead, maximum 0.025% bismuth, one to five truckloads.
max 0.0050% silver, max 0.0010% Cu,
max 0.001 Fe
Lead 99.985% Prem Rot'dam MMAYV04 Premium or discount to the LME for Not specified NA in-warehouse Prompt delivery 0-60 day terms $/mt
Monthly 99.985% Pb Rotterdam
Lead 99.985% Rot'dam MMAMS00 All-in price for 99.985% Pb, LME plus Not specified NA in-warehouse Prompt delivery 0-60 day terms $/mt
premium Rotterdam

Scrap
Lead-acid batteries, used US MMLAA04 MMLAA03 50% lead-acid, starter lighter ignition Minimum quantity one packaged in shrink-wrapped picked-up US 30-day delivery net-30-day payment cents/lb
Midwest (Weekly range) automotive batteries truckload (42,000-44,000 pallets or skids, pallet size Midwest, normalized
lb), with typical order size 40 or 44 by 48, maximum to a Midwest region
one to five truckloads 3,600 lb per skid, no more including Ohio,
than three battery layers Michigan, Wisconsin,
separated by cardboard Minnesota, Indiana,
sheets. Illinois, Kansas,
Nebraska, Missouri,
Iowa and Kentucky.
Lead-acid batteries, used US MMLAB04 MMLAB03 50% lead-acid, starter lighter ignition Minimum quantity one packaged in shrink-wrapped picked up US 30-day delivery net-30-day payment cents/lb
Northeast (Weekly range) automotive batteries truckload (42,000-44,000 pallets or skids, pallet size Northeast, normalized
lb), with typical order size 40 or 44 by 48, maximum to include New
one to five truckloads 3,600 lb per skid, no more York, New Jersey,
than three battery layers Pennsylvania,
separated by cardboard Delaware, Maryland,
sheets. Connecticut,
Massachusetts,
Vermont, New
Hampshire, Rhode
Island and Maine.

Zinc
Zinc MW SHG Premium MMAYH00 Weekly premium or discount to the LME Truckload minimum, typical NA Normalized to Within 30 days Net-30 day payment cents/lb
(Weekly) cash price for special high grade zinc 200-400 mt delivered Midwest

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 21
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

BASE METALS
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM

Zinc NA SHG Daily MMABD10 MMABD02 MMABD01 MMABD16 All-in daily price for special high-grade Truckload minimum, typical NA Normalized to Within 30 days Net-30 day payment cents/lb
zinc, LME cash converted into cents/lb 200-400 mt delivered Midwest
plus weekly premium
Zinc US Dealer SHG Wkly MMABF10 All-in weekly price for special high-gradeTruckload minimum, typical Normalized to Within 30 days Net-30 day payment
zinc 200-400 mt delivered Midwest
Zinc MW SHG Gal Premium MMAYI00 Premium or discount to the LME for Not specified, minimum NA Normalized to Within 30 days Net-30 day payment
special high-grade zinc for use by truckload delivered Midwest
galvanizers
Zinc NA Galvanizer Daily MMABI10 MMABI02 MMABI01 MMABI16 All-in price for special high-grade zinc, Not specified, minimum NA Normalized to Within 30 days Net-30 day payment
LME plus premium truckload delivered Midwest
Zinc (SHG) Prem Rot'dam MMAYN04 Premium or discount to the LME cash Not specified, minimum In-warehouse Prompt delivery 0-60-day terms $/mt
Monthly price for special high grade zinc truckload Rotterdam
Europe physical SHG zinc IW MMALC00 All-in price for special high-grade zinc, Not specified NA In-warehouse Prompt delivery 0-60-day terms $/mt
Rotterdam LME plus premium Rotterdam
ZincPrem In-Warehouse S’pore MMANE00 99.995% minimum material of mainly Not specified NA in-warehouse Not specified, Cargo released immediately upon $/mt
Weekly Chinese origin Singapore spot payment. Magnesium
Zinc Spore InWhse FxdPrc MMZSW00 MMZSW03 99.995% minimum material of mainly Not specified NA in-warehouse Not specified, Cargo released immediately upon $/mt
Equiv Daily Chinese origin Singapore spot payment. Magnesium

Secondary Alloys
Zinc Alloyer No 3 Daily MMABH10 MMABH02 MMABH01 MMABH16 All-in price for US zinc No. 3 Alloy Truckload minimum, typical NA Normalized to Within 30 days Net-30 days cents/lb
100-250 mt delivered Midwest,
1.5-2.5 cents avrage
freight
Zinc MW Alloy No. 3 Premium MMAYJ00 Premium or discount to LME cash price Truckload minimum, typical NA cents/lb
Weekly for zinc No. 3 Alloy 100-250 mt

Tin
Tin NY Dealer Twice-Weekly MMAAW10 MMAAW02 MMAAW01 MMAAW16 New York Grade A tin Not specified, minimum NA Duty paid, ex-dock Spot Not specified cents/lb
truckload
Tin 99.85% Prem Rot'dam MMAYM04 99.85% Sn Not specified NA in-warehouse prompt 0-30 days $/mt
Monthly Rotterdam
Tin 99.90% Prem Rot'dam MMAYL04 99.9% Sn Not specified NA in-warehouse prompt 0-30 days $/mt
Monthly Rotterdam
Tin Europe 99.85% IW R’dam MMANS04 99.85% Sn Not specified
(All-in price)
Tin Europe 99.90% IW R’dam MMANT04 99.90% Sn Not specified
(All-in price)

Nickel
Nickel US Cathode Premium MMAZM04 99.8% Ni Not specified 4x4 cut cathodes Delivered US within 30 days Net-30 days cents/lb
Spot Weekly

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 22
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

BASE METALS
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM

Nickel US Melt Premium Spot MMAZI04 MMAZJ03 99.8% Ni Not specified cathode and other forms Delivered US within 30 days Net-30 days cents/lb
Weekly
Nickel Plate Prem Spot US MMAZK04 MMAZL03 99.8% Ni Not specified full plate uncut cathode Delivered US within 30 days Net-30 days cents/lb
Weekly
Nickel NY Dealer Cathode (All- MMAAQ00 MMAAQ03 MMAAQ16 99.8% Ni Not specified 4x4 cut cathodes Delivered US within 30 days Net-30 days $/lb
in price) Weekly
Nickel NY Dealer Melt (All-in MMAAS00 MMAAS03 MMAAS16 99.8% Ni Not specified cathode and other forms Delivered US within 30 days Net-30 days $/lb
price) Weekly
Nickel NY Dealer Plate (All-in MMAAU00 99.8% Ni Not specified full plate uncut cathode Delivered US within 30 days Net-30 days $/lb
price) Weekly
Nickel Briq Prem IW Rdam AALWJ00 AALWK00 LME grade min. 99.8% Ni Not specified Briquettes In-warehouse within 30 days Not specified $/mt
Weekly Rotterdam
Nickel Plating Grade Cathode MMAYO04 LME grade min. 99.8% Ni Not specified 4x4 cut cathodes In-warehouse within 30 days Not specified $/mt
Prem Rotterdam Wkly Rotterdam
Nickel Prem Russian Rot'dam MMAYP04 LME grade min. 99.8% Ni Not specified full plate uncut cathode In-warehouse within 30 days Not specified $/mt
Weekly Rotterdam
NickelPrem In-Warehouse MMANC00 99.8% minimum material of mainly Not specified Not specified In-warehouse within 30 days Cargo released $/mt
S'pore Weekly Brazilian and Russian origin Singapore immediately upon payment.
Nickel Spore InWhse FxdPrc MMNSW00 MMNSW03 99.8% minimum material of mainly Not specified Not specified In-warehouse within 30 days Cargo released $/mt
Equiv Daily Brazilian and Russian origin Singapore immediately upon payment.

Base metals
Copper
Copper Concentrate: Cu 30%, CIF Japan. Daily assessed treatment
and refining charges ($/mt; cts/lb) for 25-30% copper-in-concentrate,
any origin, lumpy ore, 0-30 day terms, Cargo leaves port in month
following that of transaction.
NY Dealer Premium/Cathode: Platts assessment of weekly typical
market premium, expressed in cts/lb above First Position (spot)
COMEX being charged by New York metal merchants on the next to
last business day of the week.
Europe – Grade A CIF Rotterdam: Weekly assessment
of the $/mt premium for Grade A LME copper on a CIF
Rotterdam basis, 0-30-day terms, prompt delivery. Based
on a survey of producers, traders and consumers of
copper. Assessed weekly.
Europe – Grade A CIF Italy: Weekly assessment of the $/mt premium
for Grade A LME copper on a CIF Italian port basis, 0-30-day terms,
prompt delivery. Based on a survey of producers, traders and
consumers of copper. Assessed weekly.
Europe – Standard CIF Rotterdam: Weekly assessment of the $/
mt premium for Russian standard grade copper on a CIF Rotterdam
basis, 0-30-day terms, prompt delivery. Based on a survey of
producers, traders and consumers of copper. Assessed weekly,
usually on Wednesdays – see above.
Copper C&F China: Daily assessed premium for Grade A 99.95%
minimum cathode, mostly of Chilean origin, over LME cash for C&F
China copper business. Cargo leaves port upon receipt of letter of
credits, usually within one month following the transaction. Delivered
to main Chinese ports such as Huangpu, Shanghai, Guangzhou, and
Hong Kong. (Under consideration to be changed to a CIF basis price)
In-Warehouse Singapore Premium: Weekly assessed premium for
Grade A 99.95% minimum material of all origin, mainly Philippines,
Indonesia, Chilean, South Korean, and Australian, Chinese, and
Japanese, in-warehouse Singapore. Cargo released immediately
upon payment.
Scrap
MW No. 1 Burnt Scrap: Mid-week price assessment for US-delivered
burnt wire, including wire, pipe and tubing, expressed as a cts/
lb discount spread to the COMEX spot copper (first position).
Normalized to delivered US Midwest basis within 30 days, net-30 day
payment terms.

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 23
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
MW No. 1 Bare Bright Scrap: Mid-week price assessment for
US-delivered bare bright scrap, in bricks or blocks, expressed as a
cents/lb discount spread to COMEX spot copper price (first position).
Normalized to delivered US Midwest basis within 30 days, net-30 day
payment terms.
MW No. 2 Scrap: Mid-week price assessment for US-delivered clean
No. 2 scrap (94-96% Cu), including wire and miscellaneous scrap,
expressed as a cts/lb discount spread to the COMEX active month.
Normalized to delivered FAS major US ports, for delivery within 3
months, payment at time of shipment.
Lead
US Lead Premium: US premium to the LME settlement price for
99.97% pure corroding grade lead, in 2,000-lb blocks (sows) or 55-100
lb pigs (ingots), maximum 0.025% bismuth, max 0.0050% silver, max
0.0010% Cu, max 0.001 Fe, delivered US within 30 days, normalized
to a delivered Midwest basis, net-30 days payment terms. Minimum
quantity one truckload (42,000-44,000 lb), typical order size one to
five truckloads. Assessed weekly on Tuesday or closest business day
in the event of holidays, through a survey of primary and secondary
lead producers, traders and consumers of refined lead.
North American Lead Market Price: Daily formula assessment
reflecting the current day’s LME lead cash settlement price in cents
per pound plus the weekly US premium.
Europe 99.985% Rotterdam: Monthly assessed $/mt premium over
LME cash for 99.985% lead on an in-warehouse Rotterdam basis, duty
paid. Based on a survey of producers, traders and consumers of lead.
Assessed on the third Wednesday of every month except in the case of
holidays, in $/mt, for prompt delivery, payment terms 0-60 days. Platts
also publishes the all-in price reflecting the LME cash settlement price
for the third Wednesday of each month plus the premium range.
Scrap
US Used Lead-Acid Batteries picked up US Midwest: Weekly
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
assessment for 50% lead-acid, starter lighter ignition automotive
batteries, picked up US Midwest, normalized to a Midwest region
including Ohio, Michigan, Wisconsin, Minnesota, Indiana, Illinois,
Kansas, Nebraska, Missouri, Iowa and Kentucky. Assessed in cents/
lb, suitable for delivery to secondary smelters within 30 days, net-30
days payment terms. Minimum quantity one truckload (42,000-
44,000 lb), with typical order size one to five truckloads, packaged
in shrink-wrapped pallets or skids, pallet size 40” or 44” by 48”,
maximum 3,600 lb per skid, no more than three battery layers
separated by cardboard sheets. Assessed weekly through a survey
of secondary lead smelter buyers, scrap dealers/processors, traders
and brokers. Input from scrap yards will also be considered for trend
purposes. The lead prices are assessed weekly on Tuesdays (or
closest business day in the event of holidays).
US Used Lead-Acid Batteries picked up US Northeast: Weekly
assessment for used 50% lead-acid, starter lighter ignition
automotive batteries, picked up US Northeast. The Northeast
region for price normalization will include New York, New Jersey,
Pennsylvania, Delaware, Maryland, Connecticut, Massachusetts,
Vermont, New Hampshire, Rhode Island and Maine. Assessed in
cents/lb, suitable for delivery to secondary smelters within 30
days, net-30 days payment terms. Minimum quantity one truckload
(42,000-44,000 lb), with typical order size one to five truckloads,
packaged in shrink-wrapped pallets or skids, pallet size 40” or 44” by
48”, maximum 3,600 lb per skid, no more than three battery layers
separated by cardboard sheets. Assessed weekly through a survey
of secondary lead smelter buyers, scrap dealers/processors, traders
and brokers. Input from scrap yards will also be considered for trend
purposes. The lead prices are assessed weekly on Tuesdays (or
closest business day in the event of holidays).
Zinc
US MW SHG premium: Weekly assessment of the spot premium or
discount to the London Metal Exchange cash settlement price for
special-high-grade zinc, normalized to a delivered US Midwest basis
within 30 days, net-30 day payment terms. Minimum full truckload;
normalized to typical quantity 200-400 mt.
24
US MW North American SHG (MW NA SHG): All-in price based on LME
base price plus premiums or discounts, depending on market conditions.
US MW Galv premium: Weekly assessment of the spot premium or
discount to the London Metal Exchange cash settlement price for
special-high-grade zinc sold to galvanizers.
US MW North American Gal (MW NA GAL): All-in formula-based
quote aimed at zinc users in the galvanized and steel markets.
Factors considered are the LME cash price plus premiums or
discounts, financing by the consumer, and other market related
conditions. Varies on a daily basis.
US MW Alloy No. 3 premium: Weekly assessment of the premium or
discount to the London Metal Exchange cash settlement price for No.
3 zinc alloy, normalized to a delivered Midwest basis within 30 days,
net-30 days payment terms. Minimum full truckload; normalized to a
typical quantity of 100-250 mt.
US MW Alloy No. 3: US alloyer quote for No. 3 die casting alloy,
30,000-lb lots and over, delivered, based on LME cash price plus
premiums for alloying. Varies on a daily basis.
Europe – SHG Rotterdam: Monthly assessment of the $/mt premium
over LME cash for Special High Grade zinc on an in-warehouse
Rotterdam basis, 0-60-day terms, prompt delivery. Based on a survey
of producers, traders and consumers of zinc. Assessed on the third
Wednesday of each month, except in the case of holidays. . Platts
also publishes the all-in price reflecting the LME cash settlement
price for the third Wednesday of each month plus the premium range.
In-Warehouse Singapore Premium: Weekly assessment of the
premium for 99.995% minimum material of mainly Chinese origin,
in-warehouse Singapore. Cargo released immediately upon payment.
Tin
Europe – 99.85%: Monthly assessed $/mt premium for 99.85% tin on
a CIF Rotterdam basis, 0-30-day terms, prompt delivery. Based on a
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
survey of producers, traders and consumers of tin. Assessed on the
third Wednesday of each month except in the case of holidays. Platts
also publishes the all-in price reflecting the LME cash settlement
price for the third Wednesday of each month plus the premium range.
Europe – 99.9% origin: Monthly assessed $/mt premium for 99.9%
tin on a CIF Rotterdam basis, 0-30-day terms, prompt delivery.
Based on a survey of producers, traders and consumers of tin.
Assessed on the third Wednesday of each month except in the case
of holidays. Platts also publishes the all-in price reflecting the LME
cash settlement price for the third Wednesday of each month plus
the premium range.
Nickel
Nickel US Cathode Premium Spot: Weekly assessment of the
premium or discount to LME nickel cash settlement price for 99.8%
Ni, 4”X4” cathode, to include US and Canada business, DDP US within
30 days,net-30-day payment terms.
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
Nickel US melt premium spot: Weekly assessment of the premium or
discount to LME nickel cash settlement price for melting grade 99.8%
Ni, in cathodes or other forms, basis DDP US within 30 days, net-30-
day payment.
Nickel plate premium spot US: Weekly assessment of the premium
or discount to LME nickel cash settlement price for 99.8% Ni full-plate
uncut cathodes, DDP US within 30 days, net-30 day payment.
Nickel European Cut Cathode (plating grade) premium: A weekly
assessment for the spot premium or discount to LME cash for nickel
4x4 inch cut cathodes, LME grade minimum 99.8% nickel, on an
in-warehouse Rotterdam basis. The premium is assessed on US
dollar per metric tonne basis. The assessment is based on a survey
of producers, traders and consumers of nickel. Nickel cut cathode is
assessed every week on Fridays or closest prior business day.
Nickel European Briquette premium: A weekly assessment of
the spot premium or discount to LME cash for nickel briquettes,
LME grade minimum 99.8% nickel, on an in-warehouse Rotterdam
25
basis. The premium is assessed on US dollar per metric tonne basis.
The assessment is based on a survey of producers, traders and
consumers of nickel. Nickel briquetes are assessed every week on
Fridays or closest prior business day.
Europe — Russian Full Plate: A weekly assessment of the spot
premium or discount to LME cash for Russian full plate uncut
cathode, LME grade minimum 99.8% nickel, on an in-warehouse
Rotterdam basis. The premium is assessed on a US dollar per metric
tonne basis. The assessment is based on a survey of producers,
traders and consumers of nickel. Russian full plate is assessed every
week on Fridays or closest prior business day.
In-Warehouse Singapore Premium: Weekly premium
assessment for 99.8% minimum Ni of mainly Brazilian and
Russian origin, in-warehouse Singapore. Cargo sold in the
form of squares, full plates, or briquettes. Cargo released
immediately upon payment.
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

PRECIOUS
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM
Palladium NY Dealer Wk MMABV00 MMABV03 MMABV06, MMABV16 99.95% Not specified Ingot or sponge DDP US Within 30 days Net-10 days or less $/oz
Platinum NY Dealer Wk MMAHX00 MMAHX03 MAHX06, MMAHX16 99.95% Not specified Ingot or sponge DDP US Within 30 days Net-10 days or less $/oz
Rhodium NY Dealer Wk MMAID00 MMAID03 MMAID06, MMAID16 99.90% Not specified DDP US Within 30 days Net-10 days or less $/oz
Ruthenium NY Dealer Wk MMAIH00 99.90% Not specified DDP US Within 30 days Net-10 days or less $/oz
Iridium NY Dealer Wk MMAIJ00 99% Not specified DDP US Within 30 days Net-10 days or less $/oz
Platts Gold Premium 995 India PMIGP00 PMIGP03 99.5% [995] 10-100 kg Kilo bar DDP Ahmedabad Within 2 business days At sight $/tr oz

PRECIOUS
Palladium Rhodium
MW New York Dealer: Weekly assessment of the physical spot MW New York Dealer: Weekly assessment of the physical spot
Gold
market price for 99.95% purity palladium, in ingot or sponge form, market price for 99.9% purity rhodium, DDP US within 30 days, max
Platts Gold Premium 995 India: Daily assessment reflecting the India DDP US within 30 days, max net-10 day payment, $/oz. Based on a net-10 day payment, $/oz. Based on a survey of traders, refiners,
physical spot market premium/discount to the international spot survey of traders, refiners, recyclers and producers. recyclers and producers.
rates for 99.5% Gold, in kilo bar form, DDP Ahmadabad secure vault
within 2 days, $/troy oz. Based on a survey of traders, banks, refiners,
Platinum Ruthenium
importers and producers. Reflects the prevailing value at 1700 Indian
Standard Time (IST). MW New York Dealer: Weekly assessment of the physical spot MW New York Dealer: Weekly assessment of the physical spot
market price for 99.95% platinum metal, in ingot or sponge form, DDP market prices for 99.95% ruthenium metal, in ingot or sponge form,
US within 30 days, max net-10 day payment, $/oz. Based on a survey DDP US within 30 days, max net-10 day payment terms, $/oz. Based
Iridium
of traders, refiners, recyclers and producers. on a survey of traders, refiners, recyclers and producers.
MW NY Dealer: Weekly assessment of the US spot market price for
min. 99% Ir purity, DDP US within 30 days, max net-10 day payment
terms, in $/oz.

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 26
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

LIGHT/MINOR METALS
Assessment CODE Mavg Wavg Yavg QUALITY QUANTITY DIMENSIONS LOCATION TIMING PAYMENT TERMS UOM

Light metals
Magnesium US Die Cast Alloy MMAHR00 MMAHR03 MMAHR16 AZ91D, AM50 or AM60 full 40,000 lb truckload Ingots, sow or T-bars Delivered US customer Shipment within 30 net-30 or net-60 days cents/lb
Wkly on-spec diecast alloys works days
Magnesium US Spot Western MMAHM00 MMAHM03 MMAHM16 99.8% pure, ASTM full 40,000 lb truckload Ingots, sow or T-bars Delivered US customer Shipment within 30 net-30 days cents/lb
Wk Grade 9980A works days
Magnesium US Dealer Import MMAHQ00 MMAHQ03 MMAHQ16 99.8%-99.9% pure, full 40,000 lb truckload Ingots, sow or T-bars Delivered US customer Shipment within 30 net-30 days cents/lb
Wk non-oxidized works days
Magnesium Eur Free Mkt Wkly MMAIZ00 99.9% pure, unoxidized Ingots, sow or T-bars in-warehouse NA $/mt
Rotterdam, duty unpaid
Magnesium 99.8% FOB China AAVSK00 AAVSK03 AAVSK16 Not specified Ingots, sow or T-bars FOB China- Tianjin for shipment within 30 Not specified $/mt
$/Mt Weekly days
Magnesium Die Cast Alloy FOB MMDCH04 MMDCH16 Not specified Ingots, sow or T-bars FOB China Shipment within 30 Not specified $/mt
China $/MT Wkly days
Silicon 553 grade delivered US MMAJM00 MMAJM03 MMAJM16 98.5% Si, max 0.5% Four truckload minimum4-inch lumps, in bulk delivered Midwest 30 days from Net 30 days Cents/lb Si contained
Midwest Weekly iron, max 0.3% Ca, 0.2- or 2,000-3,000 lb transaction date
0.5% Al supersacks
Silicon 553 grade in- AAIUT00 MMAZH03 98.5% Si, max 0.5% Three truckload lumps size 50-100 mm, in-warehouse EU, duty- Delivery within 60 days Net-30 days Eur/mt
warehouse EU Weekly Fe, max 0.3% Ca, 0.2- minimum in bulk 1 mt big bags paid
0.5% Al
Silicon 553 grade FOB China MMAJF00 MMAJF03 MMAJF16 98.5% Si, max 0.5% Min 20mt Lumps 50-100mm FOB main Chinese ports Within 30 days of date Telegraphic transfer, cash against $/mt
Weekly Fe, max 0.3% Ca, 0.2- of transaction documents, including original bill of lading
0.5% Al and irrevocable letter of credit drawn
against approved bank at site or equivalent.
Silicon 553 grade CIF Japan MMAJL00 MMAJL03 MMAJL16 98.5% Si, max 0.5% 20 mt or greater 10-100 mm main ports Japan loading within 60 days cash against documents, irrevocable letter $/mt
Weekly Fe, max 0.3% Ca, 0.2- of transaction of credit
0.5% Al
Titanium .5% US Turning Wk MMAJZ00 MMAJZ03 MMAJZ16 90% Ti, 6% Al, 4% V, Full truckload 40,000 lb DDP US Within 30 days of date Not specified $/lb
0.5% tin of transaction
Titanium .5% Euro Turning Wk MMAJY00 90% Ti, 6% Al, 4% V, Full container load - 20 DDP EU Within 30 days of date Not specified $/lb
0.5% tin mt of transaction

Minor Metals
Antimony NY Dealer Wkly MMACY00 MMACY03 MMACY16 99.65% min, 0.15% 5-mt lots Ingot DDP US buyer's works Within 30 days Net 30 days $/lb
max arsenic
Bismuth NY Dealer Wkly MMADA00 MMADA03 Min 99.99% 1 mt minimum Not specified DDP US buyer's works Within 30 days Net 30 days cts/lb
Cobalt 99.8% European Wkly MMAIK00 99.8% Co 1-5 mt 1"x1" cut cathodes DDP European buyer's Within 30 days Net 30 days $/lb
works, or in-warehouse
transfer
Cobalt US Spot Cathode Wkly MMAEO00 MMAEO03 MMAEO16 99.8% Co 1-5 mt 1 inch cathodes and/or DDP US buyer's works, Within 30 days Net 30 days $/lb
roundelles or in-warehouse
transfer

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 27
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

Cobalt Russian Wkly MMANL04 99.3% Co 1-5 mt 15 kg ingots DDP US buyer's works, Within 30 days Net 30 days $/lb
or in-warehouse
transfer
Cobalt Zambian Wkly MMAKF00 99.6% Co 1-5 mt broken cathodes DDP US buyer's works, Within 30 days Net 30 days $/lb
or in-warehouse
transfer
Indium NY Dealer Wkly MMAKI00 MMAKI03 99.99% min Min lots 50 kg Not specified DDP US buyer's works, Within 30 days Net 30 days $/kg
or in-warehouse
transfer
Indium US Prod Indium Corp AALXS00 99.70% NA Within 30 days Net 30 days NA
Wkly
MW Dealer Rhenium Weekly AAGTD00 AAGTE00 69.4% Re contained NA DDP US buyer's works Within 30 days Net 30 days $/kg
(ammonium perrhenate)
Selenium MW Dealer Wkly MMADL00 MMADL03 MMADL16 99.50% NA DDP US buyer's works Within 30 days Net 30 days $/kg
Tungsten US Spot Ore Wk MMAHA00 65% WO3 Not specified NA DDP US buyer's works Within 30 days Net 30 days $/lb W contained
Tungsten APT US Wk MMAHC00 88.5% WO3 Not specified NA DDP US buyer's works Within 30 days Net 30 days $/STU

LIGHT/MINOR METALS
Magnesium
US Die Cast Alloy/Tran: Western specification, automotive-qualified
AZ91D, AM50 or AM60 diecast alloy, 40,000-lb (truckload), net 30-60
day payment terms, delivered, duty paid US diecasters. Includes
primary or secondary specification diecast alloys, assessed weekly in
a range reflecting the majority of business or where a transaction is
most likely to occur on a spot basis, based on a survey of producers,
traders and diecasters. Started July 1,1993.
MW US Spot Western – Western-origin pure 99.8% Mg ingot, ASTM
Grade 9980A, sold directly by primary producers. Minimum full
truckload (40,000 lb) lots, net 30 days payment terms, duty paid,
prompt delivery to US customer plant (Al alloying, chemical, and Mg
ferrosilicon segments). Started July 1, 993.
MW US Dealer Import: Non-oxidized, pure 99.8-99.9% Mg ingot,
sold by traders, typically from Russia, Kazakhstan or other origins.
Minimum full truckload (40,000 lb) lots, net 30 days payment
terms, duty paid, prompt delivery to US customer plant (Al alloying,
chemical, and Mg ferrosilicon segments). Started July 1, 1993.
European Free Market: Weekly assessment of the dealer traded price
for 99.9% pure, mostly Chinese or Russian origin, unoxidized Mg, in
warehouse Rotterdam, duty unpaid.
Magnesium Ingot 99.8% FOB China: Weekly spot assessment range for
99.8% minimum pure magnesium ingots from China, in $/mt, FOB Tianjin,
for shipment within 30 days. The assessment is based on a survey of
China-based and Western traders, Chinese producers, Western consumers
and analysts, assessed weekly on Friday or closest working day.
Magnesium Diecast Alloy FOB China: Magnesium diecast alloy, to
include AZ91D, AM50 and AM60 specifications qualified by automotive
companies, FOB Tianjin port destined for export within 30 days.
Assessed from Hong Kong or Singapore in dollars per metric ton on a
weekly basis, on Friday or closest business day, through a survey of
Chinese producers, Asian traders and worldwide diecasters buying
on an FOB China basis. Prices which are reported on a delivered
China or CIF basis to other countries will be normalized to meet the
specification. Includes export tax.
Silicon
Silicon 553 Grade, Delivered US Midwest: Weekly assessment of
the repeatable, tradeable, spot price for US and imported 553 grade
silicon metal with minimum 98.50% silicon; maximum 0.50% iron;
maximum 0.30% calcium and 0.2-0.5% aluminum; lumps size 4
inches; cents/lb, in bulk or 2,000-3,000 lb supersacks, duty-paid,
delivered Midwest, delivery within 30 days from date of transaction;
net-30 days payment terms from date of delivery. Reported
in-warehouse, or picked-up, transactions normalized to delivered
US Midwest. Fines normalized to stated lump specifications. Special
packaging and payment terms to be normalized to meet stated
specifications. Assessment quantities are three truckloads and
upward. Smaller quantities to be normalized to stated quantity.
Assessment made Wednesdays or closest business day, based on
a survey of producers, traders and consumers, closing at 4pm New
York time. Assessment started October 22, 1975.
Silicon, 553 grade, in-warehouse EU: Weekly assessment of the
repeatable, tradeable, spot price for EU origin and imported 553 grade
silicon metal with minimum 98.50% silicon; maximum 0.50% iron;
maximum 0.30% calcium and 0.2-0.5% aluminum; lumps size 50-100
mm; euros/mt, in bulk/1 mt big bags in-warehouse, duty-paid, EU main
ports, producer plants and major EU warehousing hubs; delivery within
60 days from date of transaction; net-30 days payment terms from
date of delivery. Reported delivered transactions normalized back toin-

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METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016

warehouse basis. Special packaging and payment terms to be normalized
to meet stated specifications. Transaction quantities are three truckloads
and greater. Smaller quantities to be normalized to stated quantity.
Assessment made Thursdays or closest business day from a survey of
producers, traders and consumers. Assessment started March 7, 2002.
Silicon 553 grade, FOB China: Weekly assessment of the repeatable,
tradeable, spot price for Chinese origin and imported 553 grade
silicon metal with minimum 98.50% silicon; maximum 0.50% iron;
maximum 0.30% calcium and 0.2-0.5% aluminum; lumps size
50-100 mm; $/mt, FOB main Chinese sea ports, in bulk/1 mt big
bags loaded on oceangoing vessel or packed in seagoing 20ft or
40 ft containers and customs sealed, export tariff-paid, within 30
days of date of transaction. Payment by telegraphic transfer, cash
against documents, including original bill of lading and irrevocable
letter of credit drawn against approved bank at site or equivalent.
Assessment quantities are 20 mt and greater, with smaller volumes
normalized tostated quantity. Special packaging and payment terms
to be normalized to meet stated specifications. Assessment made
Thursdays or closest business day from a survey of producers,
traders and consumers. Assessment started June 27, 1991.
Silicon 553 grade, CIF Japan: Weekly assessment of the repeatable,
tradeable,spot price for any origin silicon metal with minimum 98.50%
silicon; maximum 0.50% iron; maximum 0.30% calcium and 0.2-0.5%
aluminum; lumps size 50-100 mm; $/mt, CIF main Japan sea ports,
loaded in bulk or 1 mt big bags on oceangoing vessel or packed in
seagoing 20ft or 40 ft containers and customs sealed at point of origin.
Payment by telegraphic transfer, cash against documents, including
original bill of lading and irrevocable letter of credit drawn against
approved bank at site or equivalent. Assessment quantities are 20
mt and greater, with smaller volumes normalized to stated quantity.
Assessment made Thursdays or closest business day from a survey of
producers, traders and consumers. Assessment started July 1, 1993.
Titanium
MW US Turning 0.5% – Free market price for US unprocessed
turnings, 90% Ti, 6% Al, 4% V, 0.5% tin, delivered, duty paid.
European Turning 0.5% – Spot price for US- or European-generated
turnings, 90% Ti, 6% Al, 4% V, 0.5% tin, delivered, duty paid.
Antimony
MW NY Dealer: 99.65% min. antimony ingot, 0.15% max. arsenic,
5-mt lots, DDP US buyer’s works.
Bismuth
MW NY Dealer: Weekly assessment for 99.99% min. purity, prompt
delivery DDP US buyer within 30 days, net-30 terms. Min. one ton, $/
lb.
Cobalt
Europe - Cobalt 99.8%: Weekly estimated $/lb price for minimum
99.8% cobalt.The price is assessed on a free market in warehouse
Europe basis. Based on a survey of producers, traders and
consumers of cobalt. Assessed weekly, usually on Thursdays.
MW, 99.8% US Spot Cathode: US free market cobalt, 99.8%,
Falconbridge (Xstrata Nickel) or equivalent, 1”x1” cut, electrolytic,
cobalt cathodes, minimum 99.8% Co, packed in 250 kg steel drums,
four drums per wooden pallet, strapped to pallet. Assessed in $/
lb, delivered, duty-paid US, delivery within 30 days, payment net-30
days. All Cuban origin material excluded from UScobalt assessments.
Based on surveys of producers, merchants and consumers, assessed
Thursdays or closest business day.
MW, 99.3% Russian: US free market cobalt, 99.3%, Russian K1A/K1Ay
electrolytic ingot/granules, minimum 99.30% Co and 99.35% Co, K1A
and K1Ay respectively, ingot sizes 370x110x60 mm or 270x150x50 mm
for K1A, typical ingot weight 12-14 kg, or granules 5-50 mm for K1Ay,
certified suitable for use in aerospace, packed in 250 kg steel drums,
or packedin metal containers up to 4,500 kg net. Basis delivered,
duty-paid, US, delivery within 30 days, payment net-30 days.
Note: Russian K1 (99.25% Co) and K2 (98.30% Co) excluded from
this assessment. Based on surveys of producers, merchants and
consumers. Assessed on Thursdays or closest business day.
MW, 99.6% Zambian: US free market cobalt, 99.6%, Zambian, thin/
broken, electrolytic cathode, minimum 99.6% Co, packed in 250
kg steel drums. Assessed in $/lb, delivered, duty-paid US, delivery
within 30 days, payment net-30 days. Based on surveys of producers,
merchants and consumers. Assessed Thursdays or closest business
day.
Indium
US Producer Indium Corp: Indium Corp.’s price for 99.97% purity
metal; 1 kilo bar in lots of 10,000 tr oz, FOB Utica, NY, published in $/
kg.
MW NY Dealer Indium: Price is based on 99.99% minimum purity
indium DDP US buyers, in minimum lots of 50kg, for delivery within 30
days, net-30 day payment terms.
Rhenium
MW NY Dealer: Free market price based on 69.4% Re contained
(ammonium perrhenate), delivered to US customer works, quoted in
$/kg, basis shipment and payment within 30 days. Based on a weekly
survey of merchants, producers and consumers. Assessed Thursdays
or closest business day.
Selenium
MW NY Dealer: Selenium metal powder, minus 200 mesh, min. Se
99.5% DDP US buyer, 5-mt lots. Assessed in $/lb, basis shipment and
payment within 30 days. Assessed on Thursdays or closest business
day based on a survey of merchants and producers.

© 2016 S&P Global Platts, a division of S&P Global. All rights reserved. 29
METHODOLOGY AND SPECIFICATIONS GUIDE NONFERROUS: AUGUST 2016
REVISION HISTORY
August 2016: Updated to reflect change in frequency of European
lead, zinc and tin assessments to monthly.
July 2016: Updated to show change of publishing day for weekly
China magnesium ingot and magnesium alloy assessments to
Fridays from Tuesdays.
June 2016: Updated the description for US A380 aluminum alloy to
clarify standard practice with regard to assessment timings, changes
during holiday weeks and A380 specifications.
February 2016: Updated to add new Mexican aluminum scrap price
assessments for old cast, old sheet, UBCs and 6063 new bare
extrusion scrap delivered Northeast Mexico.
January 2016: Discontinued US arsenic, cadmium and mercury
assessments after the last price assessments on December 30, 2015.
Added new price assessments for 6022 new bare aluminum scrap
delivered US Midwest. Amended the specification for US 6063 scrap
to new bare extrusion scrap, plus added daily calculated all-in value.
December 2015: Updated ex-works China alumina price assessment
specification to basis ex-works Shanxi instead of ex-works Henan.
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
November 2015: Updated to remove the discontinued C&F China
Western and C&F China Russian aluminum price assessments and to
add the new CFR China All-in Import Price. Changed time stamp on
the India 995 Gold Premium to 1700 IST.
September 2015: Methodology guide updated to correct the
omission of Ruthenium from the detailed specifications and other
typographical errors such as frequency of in-warehouse Singapore
premiums and lack of timestamp on Australian alumina.
August 2015: Methdology guide was updated to add new assessment
for US used lead-acid batteries picked up US Northeast, and to
clarify the Midwest region for the US Midwest lead-acid batteries
assessment.
July 2015: Updated to add CIF Korea spot aluminum premium
assessment and to clarify that the In-warehouse Singapore aluminum
premium is assessed weekly.
May 2015: This methodology guide was updated to show changes
to the frequency and methodology for US Aluminum Market price
assessment.
April 2015: This methodology guide was updated to show change
in methodology for US Aluminum Transaction P1020 premium and
30
discontinuation of the US osmium price assessment.
February 2015: This methodology guide was updated to include
further description of Platts’ processes and practices in survey
assessment environments.
February 2015: Launch of Platts Gold Premium 995 India – PGPI995
– with corresponding methodology included in this document. This
daily assessment reflects the India physical spot market premium/
discount to the international spot rates for 99.5% Gold, in kilo bar
form, DDP Ahmadabad secure vault within 2 days, $/troy oz.
January 2015: Platts updated the Metals Methodology and
Specifications guide to remove some Asian price assessments that
were discontinued as of December 31, 2014 and to update the US
Aluminum Transaction premium typical freight range.
July 2014: Platts revamped all Metals Methodology and Specification
guides, including its Nonferrous guide, in July 2014. This revamp was
completed to enhance the clarity and usefulness of all guides, and
to introduce greater consistency of layout and structure across all
published methodology guides. Methodologies for market coverage
were not changed through this revamp, unless specifically noted in
the methodology guide itself.