METHODOLOGY AND SPECIFICATIONS GUIDE

Introduction 2How this methodology statement is organized 2

Part I: Data quality and data acquisition 2What to report 2How to report 3MOC data publishing principles 3

Part II: Security and confidentiality 4

Part III: Calculating indexes and making assessments 4MOC price assessment principles 4Normalization price adjustment techniques 5Prioritizing data 5Assessment calculations 6Loading/delivery location 6Freight differentials 6Embedded options 6General terms and conditions 7Credit/payment terms 7

Part IV: Platts editorial standards 7

Part V: Corrections 7

Part VI: Requests for clarifications of data and complaints 7

Part VII: Definitions of the trading locations for which Platts publishes indexes or assessments 8Base metals 20Precious 26Light/Minor Metals 27

Revision history 30

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Methodology and specifications guideNonferrousLatest update: February 2018

Methodology and specifications guide Nonferrous: February 2018

2© 2018 S&P Global Platts, a division of S&P Global Inc. All rights reserved.

INTRODUCTION

S&P Global 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.

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.

■■ 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

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■■ Firm offers that are open to the marketplace as a whole, with standard terms

■■ Expressions of interest to trade with published bids and offers, with standard terms

■■ Indicative values, clearly described as such

■■ Reported transactional activity heard across the market, clearly described as such

■■ Other data that may be relevant to Platts assessments

How to report

Platts accepts information provided for publication in real-time across a wide variety of media. The following reporting methods are accepted by Platts’ metals editorial staff:

■■ Telephone

■■ Email

■■ Electronic/instant messages

■■ Fax

For most nonferrous metals reporting, the phone and email are the primary methods employed by editorial staff.

MOC data publishing principles

Platts has progressively adopted its Market on Close (MOC) assessment process to assess the value of nonferrous metals in many markets. The MOC assessment process establishes core standards for how data is collected and published, how data is prioritized by value, and ultimately how data is analyzed in the course of completing Platts assessments.

Transparency underpins Platts data-publishing processes in markets. Under Platts MOC guidelines for collecting and publishing data, Platts publishes market information including, but not limited to, firm bids and offers, expressions of interest to trade, and confirmed trades that are received from market participants throughout the period being assessed.

Information may be published in real-time on Platts information service, Platts Metals Alert. Platts publishes information received 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 stated trading terms.

Platts’ assessments are designed to reflect repeatable market value at the close of the assessment process. Platts tracks market 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 been published through the day is analyzed during the assessment process. Toward the close of the day, Platts focuses its assessment process seeking to publish named firm bids and offers, expressions of interest to trade and confirmed trades, with all relevant details. Transparent data is prioritized in the assessment process, because it is available to the entire market for testing.

Platts applies a survey assessment methodology where market conditions do not support an MOC assessment environment. 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 messaging, among other communication methods. Although the survey assessment methodology is in many respects similar to the MOC assessment methodology there are key distinctions between the assessment approaches.

In such environments, Platts collects as much data as possible, including bids, offers, interest to trade, transactions that have been previously concluded, and indications of value from

participants in the market. Platts seeks to collect, confirm and analyse as much information as possible in survey markets, and encourages market 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 analyze 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 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 content 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 value of the commodity assessed. Platts’ indices and assessments are based on its own surveys of market participants. 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.

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.

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

The Platts assessment process considers firm bids, firm offers and transactions that are transparent and open to any counterparty 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, firm 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, 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 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 the final value of the 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 content 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 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 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 and conditions

Platts assessments reflect trades in the nonferrous metals market concluded on 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, EXW 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.

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 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 Compliance function that is independent of the editorial group. Compliance is responsible for ensuring the quality and adherence to Platts’ policies, standards, processes and procedures. The Compliance 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.

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 content 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.

http://www.iccwbo.org/incoterms

http://www.platts.com/ContactUs/Complaints



PART VII: DEFINITIONS OF THE TRADING LOCATIONS FOR WHICH S&P GLOBAL 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 content staff and managers will usually be ready to provide guidance when assessment issues require clarification.

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

Alumina

Alumina FOB Australia $/mt Daily

MMWAU00 MMWAU03 MMWAU04 MMWAU16 Price assessments reflect sandy calcined Metallurgical / Smelter Grade 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

Loadings of 25,000 mt, 30,000 mt or 35,000 mt are assessed as standard.

Cargoes typically load on Handysize, Handymax or Supramax class vessels in bulk.

Kwinana, Bunbury

30-60 days later LC 30 days, BL 30 days

$/mt

Alumina ExWorks China Yuan/mt Daily

MMXCY00 MMXCY03 MMXCY04 Smelter Grade Alumina, which meets the latest Chinese official industrial standard under code GB/T24487-2009. Aluminum Oxide (Al2O3) content of minimum 98.4%.

Min. 1,000 mt lots. Bags of 1.5 mt each.

Ex-works Shanxi

Immediate loading (after payment), for delivery (by truck or rail) within 2-7 days.

Payment prior to loading.

Chinese Yuan/mt

Alumina CFR China $/ mt Daily

MMALZ00 MMALZ03 MMALZ04 MMALZ16 Price assessments reflect sandy calcined Metallurgical / Smelter Grade 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

25,000-35,000 mt Cargoes typically delivered on Handysize, Handymax or Supramax class vessels in bulk.

Lianyungang 30-60 days later 30 days credit $/mt

Alumina CFR China Yuan/mt Daily

MMACA00 MMACA03 Price assessments reflect sandy calcined Metallurgical / Smelter Grade 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

25,000-35,000 mt Cargoes typically delivered on Handysize, Handymax or Supramax class vessels in bulk.

Lianyungang 30-60 days later 30 days credit Chinese Yuan/mt




Calcined Petcoke

Calcined Pet Coke FOB US Gulf Coast $/mt Monthly

MMXEV00 Anode-grade calcined petroleum coke, suitable for aluminum smelters, with the following specification: 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)

Standard loadings of 10,000 mt to 15,000 mt. Larger loadings of up to 25,000-45,000 mt may be price normalized. Cargoes typically load on Handymax or Handysize class vessels.

NA FOB US Gulf ports

Monthly assessment for loading within 30-60 days of publication last business day of month

"0-30 days’ credit at standard. Assessments are normalized to payment 30 days after bill of lading date."

US dollars per metric ton ($/mt)

Aluminum

Aluminum US Market Daily

MMAAE00 MMAAE03 MMAAE16 99.7% high-grade aluminum P1020A spec min full 45,000 lb truckloads, typical 100-1,000 mt

ingot,low-profile sow or T-bars

delivered, duty-paid Midwest consumer works

within 30 days net-30 days cents/lb

US Alum Transaction Premium Daily

MMAKE00 MMAKE03 AADDJ00 MMAKE16 Daily premium or discount to the London Metal Exchange cash price for spot physical 99.7% high-grade aluminum P1020A, LME spec, 99.7% Al, min, max 0.2% Si, 0.1% Fe, 0.03% zinc, 0.04% gallium, 0.03% vanadium

min full 45,000 lb truckloads, typical100-1,000 mt

ingot, low-profile sow or T-bars


within 7-30 days net-30 days cents/lb

US Alum Trans Prem $/mt (conversion)

MMATP00 MMATP03 MMATP04 99.7% high-grade P1020 min full 45,000 lb truckloads, typical100-1,000 mt



within 7-30 days net-30 days $/mt conversion

Aluminum US Transaction Daily

MMAAF10 MMAAF02 MMAAF01 MMAAF16 99.7% high-grade P1020 min full 45,000 lb truckloads, typical100-1,000 mt



within 7-30 days net-30 days cents/lb

US Aluminum Net-Cash Prem Daily

MMACN00 MMACN03 MMACN04 MMACN16 99.7% high-grade P1020 min full 45,000 lb truckloads, typical100-1,000 mt


"delivered , duty-paid Midwest consumer works"

within 7-30 days net cash cents/lb

Aluminum CIF New Orleans duty-unpaid premium daily

MMODU00 MMODU03 MMODU04 MMODU16 99.7% high-grade P1020 1,000 mt to 30,000 mt, normalized to 10,000 mt


CIF New Orleans, duty-unpaid

30-60 days cash against documents

$/mt

Aluminum CIF New Orleans duty-unpaid premium cents/lb (conversion)

MMNDU00 MMNDU03 MMNDU04 MMNDU16 99.,7% high-grade P1020 1,000 mt to 30,000 mt, normalized to 10,000 mt




cents/lb

Aluminum CIF NOLA-MW premium differential cents/lb

MMNOL00 MMNOL03 MMNOL04 MMNOL16 99.7% high-grade P1020 1,000 mt to 30,000 mt, normalized to 10,000 mt




cents/lb

Aluminum 6 Month P1020 Ingot (Premium) Wkly

MMANJ04 99.7% high-grade P1020 Not specified ingot, low-profile sow or T-bars

delivered US Midwest

6 months forward not specified cents/lb




Aluminum 6063 (Billet) Upcharge Weekly

MMAKC00 AAMDO00 AAMDO16 US spot upcharge over current P1020 transaction price for primary, North American General Purpose 6063 billet, to Aluminum Assn. specifications

Not specified 6063 billet, 7-8" diameter


within 7-30 days net-30 days cents/lb over P1020

Aluminum Brazil Premium DDP SE Weekly

MMABS04 MMABS03 MMABS16 99.7% high-grade P1020 25-500 mt, 100 mt typical 99.7% Al purity, standard ingot, sow and T-Bars.

Delivered, duty-paid, Southeast Region - VAT taxes not included

within 30 days net-7 to net-10 days

$/mt

Aluminum CIF Brazil premium duty-unpaid Weekly

MMABP04 MMABP03 MMABP16 99.7% high-grade P1020 500-2,000 mt, 2,000 mt typical99.7% Al purity, standard ingot, sow and T-Bars.

CIF, duty-unpaid, Major Brazilian ports - VAT taxes not included

within 30-60 days net-30 days $/mt

Aluminum Brazil Market, delivered SE Brazil Weekly

MMADB04 MMADB03 MMADB16 99.7% high-grade P1020 25-500 mt, 100 mt typical 99.7% Al purity, standard ingot, sow and T-Bars.

Delivered, duty-paid, Southeast Region - VAT taxes not included

Aluminum Good Western premium duty paid in warehouse Rotterdam Daily

AALVE00 AALVH00 AALXJ00 AALVH16 min. 99.7% Al Not specified ingot in warehouse Rotterdam

Prompt 0-30 days $/mt

Aluminum GW premium duty un-paid in warehouse Rotterdam Daily

AALVI00 AALVK00 AALXK00 AALVK16 min. 99.7% Al Not specified ingot in warehouse Rotterdam


Russian A7E premium duty-unpaid in warehouse Rotterdam Daily

AALVL00 AALVN00 AALXL00 AALVN16 min. 99.7% Al Not specified ingot in warehouse Rotterdam


Aluminum Russian A7E premium FOB St Petersburg

AALVO00 AALVQ00 AALXM00 AALVQ16 min. 99.7% Al Not specified ingot FOB St Petersburg


CIF Japan Spot Premium (Daily)

MMANA00 AAMDP00 MMANB04 AAMDP16 P1020A LME spec, 99.7% Al min, max 0.1% Si, 0.2% Fe, 0.03% zinc, 0.04% gallium, 0.03% vanadium

250 mt or more 25 kg ingot, sows, Tbars of other sizes

Yokohama, Nagoya, Osaka ports

loading 15-60 days ahead cash against documents

$/mt

CIF Japan Forward Quarter Premium

AAFGA00 AAFGB00 P1020A LME spec, 99.7% Al min, max 0.1% Si, 0.2% Fe, 0.03% zinc, 0.04% gallium, 0.03% vanadium


Yokohama, Nagoya, Osaka ports

Q1 is January-March, Q2 April-June, Q3 July-September, Q4 October-December

cash against documents

$/mt




CIF Korea Spot Premium Weekly

MMAMX00 MMAMX03 P1020A to meet min LME spec, 99.7% Al min, max 0.1% Si, 0.2% Fe, 0.03% Zn, 0.04% gallium, 0.03% V. Normalized to max iron content of 0.14%.

200 mt to 2,000 mt typical ingot normalized to CIF Busan, duty-unpaid, VAT not included

loading in the next 30 days from the date of transaction

LC at sight and cash against documents

$/mt

Aluminum CIF Japan Fxd Prc Equiv (All-in)

MMJAL00 MMJAL03 All-in formula price; LME cash settlement plus spot CIF Japan premium assessment


Yokohama, Nagoya, Osaka

loading 15-60 days ahead cash against documents

$/mt

Aluminum CIF Jpn Qr FxdPrc Equiv (All-in)

MMJAQ00 MMJAQ03 All-in formula price; LME cash settlement plus spot CIF Japan premium assessment


Yokohama, Nagoya, Osaka

Q1 is January-March, Q2 April-June, Q3 July-September, Q4 October-December

cash against documents

$/mt

Aluminum Premium In-Warehouse Singapore Weekly

MMAMY00 99.7% (0.1%Si, 0.2% Fe) Not specified Not specified In warehouse Singapore

Prompt Cargo released immediately upon payment

$/mt

Alum Spore In Whse FxdPrc Equiv Weekly

MMASW00 MMASW03 99.7% (0.1%Si, 0.2% Fe) Not specified Not specified In warehouse Singapore

Prompt Cargo released immediately upon payment

$/mt

Aluminum CFR China All-in Import Price Daily

MMBAA00 MMBAA03 All-in formula price for 99.7%Not specified Not specified CFR China Spot NA Yuan/mt and $/mt

Scrap

Alum Cans Scrap Brazil Dom Prod Dlvd Mill Wkly

SB01018 Baled used beverage cans, to meet ISRI “taldon” specification Not specified NA delivered Southeast Brazil

10-20 days Not specified cents/Real

Alum Castings Brazil Dom Prod Dlvd Mill Wkly

SB01020 New, clean, uncoated and unpainted, low copper aluminum scrap of two or more alloys. Grease and oil not to total more than 1%.

Not specified NA delivered Southeast Brazil


Alum Profile Extru Brazil Dom Prod Dlvd Mill Wkly

SB01022 New, clean, uncoated aluminum castings, forgings, and extrusions of one specified alloy only and to be free from sawings, stainless steel, zinc, iron, dirt, oil, grease and other non-metallic items.

Not specified NA delivered Southeast Brazil


US Alum Old Cast Twice Weekly

AAFBJ00 AAFFN00 AAMOU00 AAFFN16 "less than 1% Mg and Zn, low Fe, low contamination; minimum recovery rate 92%"

Full truckload NA delivered US Midwest

del within 30 days Not specified cents/lb

US Alum Old Sheet Twice Weekly

AAFBL00 AAFBO00 AAMOT00 AAFBO16 "Non-cast aluminum items for consumption by secondary aluminum smelters to meet ISRI “taint/tabor”"



US Alum Mill-Grade Mixed Low Copper Clips (MLCCs) Twice Wkly

AAFBP00 AAFBR00 AAMOQ00 AAFBR16 "Mixed-low copper clips able to be consumed by aluminum rolling mills, 1000, 3000, 5000, 6000 series only"



US Alum Smlter-Grade MLCCs Twice Weekly

AAFBT00 AAFBV00 AAFBU00 AAFBV16 "Mixed-low copper clips for consumption by secondary aluminum smelters, loose, bare, new, no contamination, free of 2000 and 7000 series"



US Alum Turnings Twice Weekly

AAFCA00 AAFCC00 AAMON00 AAFCC16 Machine and tooling scrap for consumption by secondary aluminum smelters; high grade, clean and dry






US Low Grd Auto Shreds Twice Weekly

AASSO00 AASSO03 AASSO04 AASSO16 "Auto shreds generated through an eddy currentbased or hand separation process, containing at least 90% metallics and not more than 4% zinc"



US Hi Grd Auto Shreds Twice Weekly

AASSP00 AASSP03 AASSP04 AASSP16 "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"



US Alum UBCs Weekly AAFCD00 AAMDC00 AAMDC16 Baled used beverage cans, to meet ISRI “taldon” specification Full truckload NA delivered US Midwest


US Aluminum 6063 New Bare Extrusion Scrap Discount Wkly

AAFCE00 AAMCZ00 NA AAMCZ16 New bare 6063 extrusion scrap Full truckload NA delivered US Midwest

del within 30 days Net-30 days cents/lb as a discount to P1020

US Aluminum 6063 New Bare Extrusion Scrap Daily

AAFCF00 AAXVZ03 AAXVZ04 New bare 6063 extrusion scrap all-in value daily Full truckload NA delivered US Midwest

del within 30 days Net-30 days cents/lb

US Aluminum 6022 New Bare Scrap Discount Weekly

AAXVM04 AAXVM03 NA AAXVM16 New bare 6022 aluminum sheet scrap Full truckload Minimum thickness of 0.050 inches.Free of punchings less then half-inch in diameter


del within 30 days Net-30 days cents/lb as a discount to P1020

US Aluminum 6022 New Bare Scrap Daily

AAXVM00 AAXVX03 AAXVX04 New bare 6022 aluminum sheet scrap all-in value Full truckload Minimum thickness of 0.050 inches.Free of punchings less then half-inch in diameter

delvered US Midwest


US Aluminum Painted Siding Wkly

AASNW02 AASNW03 AASNW16 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



Aluminum old cast delivered NE Mexico pesos/kg

AAXXA04 AAXXA03 AAXXA16 Old cast aluminum scrap with up to 5% contamination, minimal 88% recovery

Full truckload, typical volume 20 mt

NA delivered Northeast Mexico

del within 30 days Net-30 days pesos/kg

Aluminum old cast delivered NE Mexico cents/lb conversion

AAXUA04 AAXUA03 AAXUA16 Old cast aluminum scrap with up to 5% contamination, minimal 88% recovery




Aluminum old sheet delivered NE Mexico pesos/kg

AAXXB04 AAXXB03 AAXXB16 Non-cast aluminum scrap items for consumption by secondary aluminum smelters to meet ISRI “taint/tabor” grade, containing 2-3% Fe







Aluminum old sheet delivered NE Mexico cents/lb conversion

AAXUB04 AAXUB03 AAXUB16 Non-cast aluminum scrap items for consumption by secondary aluminum smelters to meet ISRI “taint/tabor” grade, containing 2-3% Fe




Aluminum UBCs delivered NE Mexico pesos/kg

AAXXC04 AAXXC03 AAXXC16 Baled used beverage cans, to meet ISRI “taldon” specification. Full truckload, typical volume 20 mt



Aluminum UBCs delivered NE Mexico cents/lb conversion

AAXUC04 AAXUC03 AAXUC16 Baled used beverage cans, to meet ISRI “taldon” specification. Full truckload, typical volume 20 mt



Aluminum 6063 new bare scrap delivered NE Mexico pesos/kg

AAXXD04 AAXXD03 AAXXD16 6063 new bare scrap, free of paint, may be anodized -- may include press scrap with butts




Aluminum 6063 new bare scrap del NE Mexico cents/lb conversion

AAXUD04 AAXUD03 AAXUD16 6063 new bare scrap, free of paint, may be anodized -- may include press scrap with butts




Secondary Alloys

Aluminum A-380 Twice Weekly

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%


Within 30 days net-30 to net-60 days

cents/lb

Aluminum A-319 alloy Twice Weekly

MMAAC00 MMAAC02 MMAAC01 MMAAC16 5.5-6.5% Si; 0.8% Fe, 3.0-4.0% Cu; 0.50% Mn, 0.10% Mg, 0.35% Ni; 1.0% Zn, 0.25% Ti



cents/lb

Aluminum 356 alloy Twice Weekly

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; 0.25 Ti



cents/lb

Aluminum F132 alloy Twice Weekly

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% Zn; 0.20% Ti



cents/lb

Aluminum B390 alloy Twice Weekly

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, 1.4% Zn and 0.20% Ti



cents/lb

MW US 413 alloy Twice Weekly

MMWUS00 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%, Zn 0.5%, and Sn 0.15%.

Full truckload NA Delivered US Midwest buyer works


cents/lb

Europe Alum Alloy 226 Dlvd Wkly

AALVT00 AALVU00 AALVU16 226 LME Grade - DIN standard 1725 Full truckload NA delivered works

Not specified 0-30 days Eur/mt

Aluminum ADC12 Ex-Wks China $/mt Weekly

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, 1% Zn, and 0.2% Sn.

Not specified NA Ex-works China

Not specified Not specified $/mt

Alum ADC12 Ex-Wks China Yuan/mt Weekly

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, 1% Zn, and 0.2% Sn.

Not specified NA Ex-works China

Not specified Not specified Yuan/mt

Aluminum ADC12 FOB China $/mt Weekly

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, 1% Zn, and 0.2% Sn.

Not specified NA FOB China - Shanghai, Tianjin

Not specified Not specified $/mt



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, 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 tradeable 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.

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 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 (i.e., 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 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 (i.e., 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 (i.e., 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 tradeable 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, 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).

CIF New Orleans duty-unpaid premium: Daily assessment of the premium or discount, in dollars/mt, to the LME price for P1020 grade aluminum on a CIF New Orleans basis, free out, duty-unpaid, taking into account breakbulk cargoes, in spot cargo sizes of 1,000 mt to 30,000 mt, normalized to 10,000 mt for price assessment purposes, for arrival 30-60 days from assessment date, payment terms cash against documents (CAD). The CIF New Orleans assessment considers market inputs on a CIF Mobile or CIF Houston basis for normalization to CIF New Orleans basis. Platts is also publishing a cents/lb conversion and a derived NOLA to the Midwest Transaction Premium (MMAKE00) differential.

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 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 Yokohama, 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 15-60 days after the date of assessment. 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 Yokohama, 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. Cargoes leave ports during the quarter for which the contract has been negotiated. Platts surveys market sources, gathering information from a representative sample of traders, consumers, producers and brokers deemed reliable and active in the market. The final assessment range is published when a sufficient number of transactions have been concluded to reflect a repeatable contract assessment value for the quarter in question. This is often the case by the first business day of the quarter. Should contract negotiations extend beyond the first business day of the quarter, no quarterly assessment value would be published until a sufficient number of transactions have been concluded.

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 is 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 is 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 monitors 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 tradeable 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 or discount to the London Metal Exchange cash settlement price 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 into China. The calculation is the current LME cash settlement price plus current midpoint of the Platts CIF Japan Spot Premium (MMANA00) 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 tradeable 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 all of the information provided regarding deals, bids and offers in the market, reflecting in its assessment the tradeable 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.

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; cents/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; 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 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.

US 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 media-based 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.

Old cast delivered NE Mexico: Weekly assessment of the price for old cast aluminum scrap, 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 is for old cast aluminum scrap with up to 5% contamination, minimal 88% recovery. Prices are normalized to spot business shipping within 30 days, delivered in northeastern Mexico (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 northeastern Mexico (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 Mexico (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 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 is for 6063 new bare scrap, free of paint, may

be anodized -- may include press scrap with butts. Prices are normalized to spot business shipping within 30 days, delivered in the northeastern Mexico (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

http://www.platts.com/holiday



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; 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 German works basis 0-30 day terms, prompt delivery. The alloy is produced in conformity with GBD-AlSi9Cu3 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.

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.



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

Copper

Copper Concentrate CIF Japan

AAFGC00 AAFGD00 25-30% copper-in-concentrate, any origin, lumpy ore

Not specified Not specified CIF Japan Not specified 0-30 day terms $/mt

Copper NY Dlr Prem Cath Wkly

MMACP00 MMACP03 MMACP16 Premium or discount to COMEX spot for Grade 1 or Grade A copper cathodes

Not specified Not specified Normalized to delivered Midwest

Delivery within 30 days

Net-cash cents/lb

Copper US Transaction Daily

MMCUT00 MMCUT03 MMCUT04 MMCUT16 COMEX copper first position (spot) for Grade 1 or Grade A copper cathode, (CMAAD10) plus the mean of the weekly copper NY Dealer Cathode Premium (MMACP00)

Not specified Not specified Normalized to delivered Midwest

Delivery within 30 days

Net-cash cents/lb

Copper (GrdA) CIF Prem Liv/Sal Wkly

MMAOM04 MMAOM03 Premium or discount to LME for Grade A

Not specified Cathode CIF Italian port prompt max. 30 days $/mt

Copper (Grd A) Prem Rot'dam Weekly

MMAYR04 LME Grade A Not specified Cathode CIF Rotterdam prompt max. 30 days $/mt

Copper (Grd A) Rotterdam (All-in)

LME Grade A Not specified Cathode CIF Rotterdam prompt max. 30 days $/mt

Copper LME Prem C&F China Daily

MMAMK00 99.95% minimum cathode, mostly of Chilean origin

NA NA C&F China - Huangpu, Shanghai, Guangzhou, Hong Kong

NA "upon receipt of letter of credits, usually within one month following the transaction"

$/mt

Copper C&F China (All-in) Daily

MMAMJ00 99.95% minimum cathode, mostly of Chilean origin

Not specified Not specified C&F China - Huangpu, Shanghai, Guangzhou, Hong Kong

Not specified "upon receipt of letter of credits, usually within one month following the transaction"

$/mt

Copper C&F China Spot Yuan/mt (All-in)

MMCSC00 MMCSC03 99.95% minimum cathode, mostly of Chilean origin



Yuan/mt

Copper C&F China Fxd Prc Equiv (All-in)

MMCUC00 MMCUC03 99.95% minimum cathode, mostly of Chilean origin



$/mt

Scrap

Copper No1 Burnt Scrap Discount

MMACJ10 MMACJ02 MMACJ16 97-98% Cu Minimum truckload wire, pipe and tubing delivered Midwest Within 30 days net 30 days cents/lb

Copper No1 Bare Bright Discount

MMACL10 MMACL02 MMACL16 98-99% Cu Minimum truckload bricks, blocks delivered Midwest Within 30 days net 30 days cents/lb

Copper No 2 Scrap Discount MMACN10 MMACN02 MMACN06 94-96% Cu 20-40 foot containers wire and miscellaneous scrap

delivered FAS major US ports

Within 3 months

At time of shipment cents/lb




Lead

Lead US Premium (Weekly) cents/lb

MMXCD00 MMXCD03 "Premium or discount to LME lead cash price for 99.97% pure corroding-grade lead, maximum 0.025% bismuth, max 0.0050% silver, max 0.0010% Cu, max 0.001 Fe"

"Minimum quantity one truckload (42,000-44,000 lb), typical order size one to five truckloads."

"2,000-lb blocks (sows) or 55-100 lb pigs (ingots)"

delivered US 30-day delivery net 30 days cents/lb

Lead NA Market (Daily) MMALF01 AADDN00 MMALF04 Daily LME cash settlement price in cents/lb plus weekly Platts US lead premium for 99.97% pure corroding-grade lead, maximum 0.025% bismuth, max 0.0050% silver, max 0.0010% Cu, max 0.001 Fe

"Minimum quantity one truckload (42,000-44,000 lb), typical order size one to five truckloads."

"2,000-lb blocks (sows) or 55-100 lb pigs (ingots)"

delivered US 30-day delivery net 30 days not specified

Lead 99.985% Prem Rot'dam Monthly

MMAYV04 Premium or discount to the LME for 99.985% Pb

Not specified NA in-warehouse Rotterdam

Prompt delivery 0-60 day terms $/mt

Lead 99.985% Rot'dam Monthly

MMAMS00 All-in price for 99.985% Pb, LME plus premium

Not specified NA in-warehouse Rotterdam

Prompt delivery 0-60 day terms $/mt

Scrap

Lead-acid batteries, used US Midwest (Weekly range)

MMLAA04 MMLAA03 50% lead-acid, starter lighter ignition automotive batteries

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.

picked-up US Midwest, normalized to a Midwest region including Ohio, Michigan, Wisconsin, Minnesota, Indiana, Illinois, Kansas, Nebraska, Missouri, Iowa and Kentucky.

30-day delivery net-30-day payment cents/lb

Lead-acid batteries, used US Northeast (Weekly range)

MMLAB04 MMLAB03 50% lead-acid, starter lighter ignition automotive batteries

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.

picked up US Northeast, normalized to include New York, New Jersey, Pennsylvania, Delaware, Maryland, Connecticut, Massachusetts, Vermont, New Hampshire, Rhode Island and Maine.

30-day delivery net-30-day payment cents/lb

Zinc

Zinc MW SHG Premium (Weekly)

MMAYH00 Weekly premium or discount to the LME cash price for special high grade zinc

Truckload minimum, typical 200-400 mt

NA Normalized to delivered Midwest

Within 30 days Net-30 day payment cents/lb




Zinc NA SHG Daily MMABD10 MMABD02 MMABD01 MMABD16 All-in daily price for special high-grade zinc, LME cash converted into cents/lb plus weekly premium



Within 30 days Net-30 day payment cents/lb

Zinc US Dealer SHG Wkly MMABF10 All-in weekly price for special high-grade zinc


Normalized to delivered Midwest

Within 30 days Net-30 day payment

Zinc US Galvanizer PremiumMMAYI00 Premium or discount to the LME for special high-grade zinc or continuous galvanizing grade zinc in jumbo form

Normalized to a typical spot quantity of 1-2 railcars, or 4-9 truckloads

Typical physical properties including weight of 2,426 lb (1,100 kg), length of 31.5 inches (80 cm), depth of 20 inches (50 cm) and height of 20 inches (50 cm),

Normalized to delivered US Midwest


Zinc NA Galvanizer Daily MMABI10 MMABI02 MMABI01 MMABI16 All-in price for special high-grade zinc, LME plus premium

Normalized to a typical spot quantity of 1-2 railcars, or 4-9 truckloads



Zinc (SHG) Prem Rot'dam Monthly

MMAYN04 Premium or discount to the LME cash price for special high grade zinc

Not specified, minimum truckload

In-warehouse Rotterdam

Prompt delivery 0-60-day terms $/mt

Europe physical SHG zinc IW Rotterdam Monthly

MMALC00 All-in price for special high-grade zinc, LME plus premium

Not specified NA In-warehouse Rotterdam

Prompt delivery 0-60-day terms $/mt

Secondary Alloys

US Zinc Alloy No 3 Daily MMABH10 MMABH02 MMABH01 MMABH16 All-in price for US zinc No. 3 Alloy Truckload minimum, typical 100-250 mt

NA Normalized to delivered Midwest, 1.5-2.5 cents avrage freight

Within 30 days Net-30 days cents/lb

US Zinc MW Alloy No. 3 Premium Weekly

MMAYJ00 Premium or discount to LME cash price for zinc No. 3 Alloy


NA cents/lb

Tin

Tin NY Dealer Twice-Weekly MMAAW10 MMAAW02 MMAAW01 MMAAW16 New York Grade A tin Not specified, minimum truckload

NA Duty paid, ex-dock Spot Not specified cents/lb

Tin 99.85% Prem Rot'dam Monthly

MMAYM04 99.85% Sn Not specified NA in-warehouse Rotterdam

prompt 0-30 days $/mt

Tin 99.90% Prem Rot'dam Monthly

MMAYL04 99.9% Sn Not specified NA in-warehouse Rotterdam

prompt 0-30 days $/mt

Tin Europe 99.85% IW R’dam (All-in price)

MMANS04 99.85% Sn Not specified

Tin Europe 99.90% IW R’dam (All-in price)

MMANT04 99.90% Sn Not specified

Nickel

Nickel US Cathode Premium Spot Weekly

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

Nickel US Melt Premium Spot Weekly

MMAZI04 MMAZJ03 99.8% Ni Not specified cathode and other forms Delivered US within 30 days Net-30 days cents/lb




Nickel Plate Prem Spot US Weekly

MMAZK04 MMAZL03 99.8% Ni Not specified full plate uncut cathode Delivered US within 30 days Net-30 days cents/lb

Nickel NY Dealer Cathode (All-in price) Weekly

MMAAQ00 MMAAQ03 MMAAQ16 99.8% Ni Not specified 4x4 cut cathodes Delivered US within 30 days Net-30 days $/lb

Nickel NY Dealer Melt (All-in price) Weekly

MMAAS00 MMAAS03 MMAAS16 99.8% Ni Not specified cathode and other forms Delivered US within 30 days Net-30 days $/lb

Nickel NY Dealer Plate (All-in price) Weekly

MMAAU00 99.8% Ni Not specified full plate uncut cathode Delivered US within 30 days Net-30 days $/lb

Nickel Briq Prem IW Rdam Weekly

AALWJ00 AALWK00 LME grade min. 99.8% Ni Not specified Briquettes In-warehouse Rotterdam

within 30 days Not specified $/mt

Nickel Plating Grade Cathode Prem Rotterdam Wkly

MMAYO04 LME grade min. 99.8% Ni Not specified 4x4 cut cathodes In-warehouse Rotterdam


Nickel Prem Russian Rot'dam Weekly

MMAYP04 LME grade min. 99.8% Ni Not specified full plate uncut cathode In-warehouse Rotterdam


Base metals

Copper

Copper Concentrate: Cu 30%, CIF Japan. Daily assessed treatment and refining charges ($/mt; cents/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 cents/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, usually on Fridays.

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, usually on Fridays.

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 Fridays.

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.

Scrap

No. 1 Burnt Scrap: Mid-week price assessment for US-delivered burnt wire, including wire, pipe and tubing, expressed as a cents/lb discount spread to the COMEX spot copper (first position).

Normalized to delivered US Midwest basis within 30 days, net-30 day payment terms.

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.

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 cents/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 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 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.

US North American SHG (MW NA SHG): All-in price based on LME base price plus premiums or discounts.

US Galvanizer premium: Weekly assessment of the spot premium or discount to the LME SHG zinc cash settlement price for zinc in jumbo form, with typical physical properties including weight of 2,426 lb (1,100 kg), length of 31.5 inches (80 cm), depth of 20 inches (50 cm) and height of 20 inches (50 cm), including special high-grade zinc with composition of 99.995% Zn or continuous galvanizing grade containing 0.22% to 1.10% aluminum. The assessment is normalized to a typical spot quantity of 1-2 railcars, or 4-9 truckloads, delivered US Midwest, net-30 day payment terms.

US 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 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 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.

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 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.

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: 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 ton 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: 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 basis. The premium is assessed on US dollar per metric ton basis. The assessment is based on a survey of producers, traders and consumers of nickel. Nickel briquettes are assessed every week on Fridays or closest prior business day.

Europe — Russian Full Plate: 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 ton 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.



PRECIOUS

Gold

Platts Gold Premium 995 India: Daily assessment reflecting 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. Based on a survey of traders, banks, refiners, importers and producers. Reflects the prevailing value at 1700 Indian Standard Time (IST).

Iridium

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.

Palladium

New York Dealer: Weekly assessment of the physical spot market price for 99.95% purity palladium, in ingot or sponge form, DDP US within 30 days, max net-10 day payment, $/oz. Based on a survey of traders, refiners, recyclers and producers.

Platinum

New York Dealer: Weekly assessment of the physical spot market price for 99.95% platinum metal, in ingot or sponge form, DDP US within 30 days, max net-10 day payment, $/oz. Based on a survey of traders, refiners, recyclers and producers.

Rhodium

New York Dealer: Weekly assessment of the physical spot market price for 99.9% purity rhodium, DDP US within 30 days, max net-10 day payment, $/oz. Based on a survey of traders, refiners, recyclers and producers.

Ruthenium

New York Dealer: Weekly assessment of the physical spot market prices for 99.95% ruthenium metal, in ingot or sponge form, DDP US within 30 days, max net-10 day payment terms, $/oz. Based on a survey of traders, refiners, recyclers and producers.

PRECIOUSAssessment 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



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

Light metals

Magnesium US Die Cast Alloy Wkly

MMAHR00 MMAHR03 MMAHR16 AZ91D, AM50 or AM60 on-spec diecast alloys

full 40,000 lb truckload

Ingots, sow or T-bars Delivered US customer works

Shipment within 30 days

net-30 or net-60 days cents/lb

Magnesium US Spot Western Wk

MMAHM00 MMAHM03 MMAHM16 99.8% pure, ASTM Grade 9980A




net-30 days cents/lb

Magnesium US Dealer Import Wk

MMAHQ00 MMAHQ03 MMAHQ16 99.8%-99.9% pure, non-oxidized




net-30 days cents/lb

Magnesium Eur Free Mkt Wkly

MMAIZ00 99.9% pure, unoxidized

Ingots, sow or T-bars in-warehouse Rotterdam, duty unpaid

NA $/mt

Magnesium 99.8% FOB China $/Mt Weekly

AAVSK00 AAVSK03 AAVSK16 Not specified Ingots, sow or T-bars FOB China- Tianjin for shipment within 30 days

Not specified $/mt

Magnesium Die Cast Alloy FOB China $/MT Wkly

MMDCH04 MMDCH16 AZ91D, AM50 and AM60

Not specified Ingots, sow or T-bars FOB China Shipment within 30 days

Not specified $/mt

Silicon 553 grade delivered US Midwest Weekly

MMAJM00 MMAJM03 MMAJM16 98.5% Si, max 0.5% iron, max 0.3% Ca, 0.2-0.5% Al

Four truckload minimum

4-inch lumps, in bulk or 2,000-3,000 lb supersacks

delivered Midwest 30 days from transaction date

Net 30 days Cents/lb Si contained

Silicon 553 grade in-warehouse EU Weekly

AAIUT00 MMAZH03 98.5% Si, max 0.5% Fe, max 0.3% Ca, 0.2-0.5% Al

Three truckload minimum

lumps size 50-100 mm, in bulk 1 mt big bags

in-warehouse EU, duty-paid

Delivery within 60 daysNet-30 days Eur/mt

Silicon 553 grade FOB China Weekly

MMAJF00 MMAJF03 MMAJF16 98.5% Si, max 0.5% Fe, max 0.3% Ca, 0.2-0.5% Al

Min 20mt Lumps 50-100mm FOB main Chinese ports

Within 30 days of date of transaction

Telegraphic transfer, cash against documents, including original bill of lading and irrevocable letter of credit drawn against approved bank at site or equivalent.

$/mt

Titanium .5% US Turning Wk MMAJZ00 MMAJZ03 MMAJZ16 90% Ti, 6% Al, 4% V, 0.5% tin

Full truckload 40,000 lb

DDP US Within 30 days of date of transaction

Not specified $/lb

Titanium .5% Euro Turning Wk

MMAJY00 90% Ti, 6% Al, 4% V, 0.5% tin

Full container load - 20 mt

DDP EU Within 30 days of date of transaction

Not specified $/lb

Minor Metals

Antimony NY Dealer Wkly MMACY00 MMACY03 MMACY16 99.65% min, 0.15% max arsenic

5-mt lots Ingot DDP US buyer's works Within 30 days Net 30 days $/lb

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 works, or in-warehouse transfer

Within 30 days Net 30 days $/lb

Cobalt US Spot Cathode Wkly

MMAEO00 MMAEO03 MMAEO16 99.8% Co 1-5 mt 1 inch cathodes and/or roundelles

DDP US buyer's works, or in-warehouse transfer


Cobalt Russian Wkly MMANL04 99.3% Co 1-5 mt 15 kg ingots DDP US buyer's works, or in-warehouse transfer




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.

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, 1993.

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 to in-warehouse basis. Special packaging and payment terms to be

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

Cobalt Zambian Wkly MMAKF00 99.6% Co 1-5 mt broken cathodes DDP US buyer's works, or in-warehouse transfer


Indium NY Dealer Wkly MMAKI00 MMAKI03 99.99% min Min lots 50 kg Not specified DDP US buyer's works, or in-warehouse transfer

Within 30 days Net 30 days $/kg

MW Dealer Rhenium Weekly AAGTD00 AAGTE00 69.4% Re contained (ammonium perrhenate)

NA DDP US buyer's works Within 30 days Net 30 days $/kg

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



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 20-ft 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 to stated 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.

Titanium

US Turnings 0.5% – Assessed spot market price for US unprocessed turnings, 90% Ti, 6% Al, 4% V, 0.5% tin, delivered US, duty paid.

European Turnings 0.5% – Assessed spot price for US- or European-generated turnings, 90% Ti, 6% Al, 4% V, 0.5% tin, delivered Europe, duty paid.

Antimony

NY Dealer: Weekly assessment for 99.65% min. antimony ingot, 0.15% max. arsenic, 5-mt lots, DDP US buyer’s works.

Bismuth

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 assessed spot $/lb price for minimum 99.8% cobalt, 99.8%, Falconbridge (Xstrata Nickel) or equivalent, 1”x1” cut, electrolytic, cobalt cathodes, minimum 99.8% Co. The price is assessed on an in- warehouse Europe basis. Based on a survey of producers, traders and consumers of cobalt. Assessed weekly, usually on Thursdays.

99.8% US Spot Cathode: Weekly assessed US spot market price for 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 US cobalt assessments. Based on surveys of producers, merchants and consumers, assessed Thursdays or closest business day.

99.3% Russian: Weekly assessed US spot market price for 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 packed in 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.

99.6% Zambian: Weekly assessed US spot market price for 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

NY Dealer Indium: Price assessment 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

NY Dealer: Weekly US spot market price assessment 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

NY Dealer: Weekly US spot market price assessment for 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.



REVISION HISTORY

February 2018: Updated to reflect the discontinuation of the CIF Japan 553-grade silicon assessment after January 25, 2018, and the addition of the CIF New Orleans aluminum P1020 premium assessment in dollars/mt and cents/lb starting February 1, 2018, along with a CIF NOLA-Midwest premium differential in cents/lb.

November 2017: Methodology & Specifications Guide Annual Review was conducted and clarifications made. Updated to reflect change in calculation for Aluminum CIF China All-in assessment.

October 2017: IWH Singapore premiums for copper, nickel & zinc discontinued.

April 2017: updated CIF Japan spot aluminum premium to reflect change in loading window under assessment.

January 2017: Changed methodology and specification for US zinc galvanizing premium to reflect SHG or CGG in “jumbo” form.

September 2016: Conducted annual review, updated to correct typographical errors, add missing specifications to assessments such as China alumina assessment, CIF Japan all-in prices and European cobalt. Updated language to ensure abbreviations for quantities and INCO terms were consistent throughout.

August 2016: Updated to reflect change in frequency of European lead, zinc and tin assessments to monthly. Updated to clarify aluminum CIF Japan quarterly premium assessment reflects cargoes shipping in the quarter for which contracts were negotiated and clarified publication norms for this assessment.

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.

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: Methodology 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 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.

Documents

METHODOLOGY AND SPECIFICATIONS GUIDE