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Methodology and specifications guide
Argus Metal Prices
Contents:
Methodology overview 2
The report 5
US monthly ferrous scrap supplement 6
Base metals
Aluminium 6
Copper and brass 11
Nickel 14
Zinc and lead 15
US scrapyard collection prices 16
Ferrous
Ferrous scrap — global 17
Ferrous scrap freight 20
European ferrous scrap 21
US and Canadian ferrous scrap 22
Steel feedstocks 25
Steel billet 25
Finished steel 25
Stainless steel 26
Special alloys
Ferro-alloys 28
Tool steel scrap 28
Cupro-nickel and super alloys scrap 28
Minor metals 29
Titanium scrap 29
Last Updated: August 2021
The most up-to-date Argus Metal Prices Methodology and Specification Guide
is available on www.argusmedia.com
www.argusmedia.comMethodology and specifications guide August 2021
Methodology overview Market data usage
In each market, Argus uses the methodological approach deemed
Methodology rationale to be the most reliable and representative for that market. Argus will
Argus strives to construct methodologies that reflect the way the utilise various types of market data in its methodologies, to include:
market trades. Argus aims to produce price assessments which are
reliable and representative indicators of commodity market values • Transactions
and are free from distortion. As a result, the specific currencies, • Bids and offers
volume units, locations and other particulars of an assessment are • Other market information, to include spread values between
determined by industry conventions. grades, locations, timings, and many other data.
In the ferrous scrap, steel feedstocks, stainless steel scrap, In many markets, the relevant methodology will assign a relatively
ferro-alloys, aluminium, copper, brass, minor metals, zinc, titanium higher importance to transactions over bids and offers, and a
scrap, nickel and super alloys scrap markets, Argus publishes relatively higher importance to bids and offers over other market
physical market prices in the open market as laid out in the information. Certain markets however will exist for which such a
specifications and methodology guide. Argus uses the trading hierarchy would produce unreliable and non-representative price
period deemed by Argus to be most appropriate, in consultation assessments, and so the methodology must assign a different
with industry, to capture market liquidity. relative importance in order to ensure the quality and integrity of
the price assessment. And even in markets for which the hierarchy
In order to be included in the assessment process, deals must meet normally applies, certain market situations will at times emerge for
the minimum volume, delivery, timing and specification require- which the strict hierarchy would produce non-representative
ments in our methodology. In illiquid markets, and in other cases prices, requiring Argus to adapt in order to publish representative
where deemed appropriate, Argus assesses the range within which prices.
product could have traded by applying a strict process outlined later
in this methodology. Verification of transaction data
Reporters carefully analyse all data submitted to the price assess-
Survey process ment process. These data include transactions, bids, offers,
Argus price assessments are informed by information received from volumes, counterparties, specifications and any other information
a wide cross section of market participants, including producers, that contributes materially to the determination of price. This high
consumers and intermediaries. Argus reporters engage with the level of care described applies regardless of the methodology
industry by proactively polling participants for market data. Argus employed. Specific to transactions, bids, and offers, reporters seek
will contact and accept market data from all credible market to verify the price, the volume, the specifications, location basis, and
sources including front and back office of market participants and counterparty. In some transactional average methodologies,
brokers. Argus will also receive market data from electronic trading reporters also examine the full array of transactions to match
platforms and directly from the back offices of market participants. counterparties and arrive at a list of unique transactions. In some
Argus will accept market data by telephone, instant messenger, transactional average methodologies, full details of the transactions
email or other means. verified are published electronically and are accessible by subscrib-
ers. The deals are also published in the daily report.
Argus encourages all sources of market data to submit all market
data to which they are a party that falls within the Argus stated Several tests are applied by reporters in all markets to transactional
methodological criteria for the relevant assessment. Argus encour- data to determine if it should be subjected to further scrutiny. If a
ages all sources of market data to submit transaction data from transaction has been identified as failing such a test, it will receive
back office functions. further scrutiny. For assessments used to settle derivatives and for
many other assessments, Argus has established internal proce-
Throughout all markets, Argus is constantly seeking to increase the dures that involve escalation of inquiry within the source’s company
number of companies willing to provide market data. Reporters are and escalating review within Argus management. Should this
mentored and held accountable for expanding their pool of process determine that a transaction should be excluded from the
contacts. The number of entities providing market data can vary price assessment process, the supervising editor will initiate
significantly from day to day based on market conditions. approval and, if necessary, documentation procedures.
For certain price assessments identified by local management, if Primary tests applied by reporters
more than 50pc of the market data involved in arriving at a price • Transactions not transacted at arms length, including deals
assessment is sourced from a single party the supervising editor will between related parties or affiliates.
engage in an analysis of the market data with the primary reporter to • Transaction prices that deviate significantly from the mean of
ensure that the quality and integrity of the assessment has not been all transactions submitted for that day.
affected. • Transaction prices that fall outside of the generally observed
lows and highs that operated throughout the trading day.
• Transactions that are suspected to be a leg of another
2 www.argusmedia.comMethodology and specifications guide August 2021
transaction or in some way contingent on an unknown tion used to form an assessment could include deals done, bids,
transaction. offers, tenders, spread trades, exchange trades, fundamental
• Single deal volumes that significantly exceed the typical supply and demand information and other inputs.
transaction volume for that market.
• Transaction details that are identified by other market The assessment process employing judgment is rigorous, replica-
participants as being for any reason potentially anomalous ble, and uses widely accepted valuation metrics. These valuation
and perceived by Argus to be as such. metrics mirror the process used by physical commodity traders to
• Transaction details that are reported by one counterparty internally assess value prior to entering the market with a bid or
differently than the other counterparty. offer. Applying these valuation metrics along with sound judgment
• Any transaction details that appear to the reporter to be illogical significantly narrows the band within which a commodity can be
or to stray from the norms of trading behaviour. This could assessed, and greatly increases the accuracy and consistency of
include but is not limited to divergent specifications, unusual the price series. The application of judgment is conducted jointly
delivery location and counterparties not typically seen. with the supervising editor, in order to be sure that guidelines below
• Transactions that involve the same counterparties, the same are being followed. Valuation metrics include the following:
price and delivery dates are checked to see that they are
separate deals and not one deal duplicated in Argus records. Relative value transactions
Frequently transactions occur which instead of being an outright
Secondary tests applied by editors for transactions purchase or sale of a single commodity, are instead exchanges of
identified for further scrutiny commodities. Such transactions allow reporters to value less liquid
markets against more liquid ones and establish a strong basis for
Transaction tests the exercise of judgment.
• The impact of linkage of the deal to possible other transac- • Exchange one commodity for a different commodity in the
tions such as contingent legs, exchanges, options, swaps, or same market at a negotiated value.
other derivative instruments. This will include a review of • Exchange delivery dates for the same commodity at a
transactions in markets that the reporter may not be covering. negotiated value.
• The nature of disagreement between counterparties on • Exchange a commodity in one location for the same com-
transactional details. modity at another location at a negotiated value.
• The possibility that a deal is directly linked to an offsetting
transaction that is not publicly known, for example a “wash Bids and offers
trade” which has the purpose of influencing the published If a sufficient number of bids and offers populate the market, then in
price. most cases the highest bid and the lowest offer can be assumed to
• The impact of non-market factors on price or volume, define the boundaries between which a deal could be transacted.
including distressed delivery, credit issues, scheduling issues,
demurrage, or containment. Comparative metrics
•T he relative values between compared commodities are
Source tests readily discussed in the market and can be discovered
• The credibility of the explanation provided for the outlying through dialogue with market participants. These discussions
nature of the transaction. are the precursor to negotiation and conclusion of transac-
• The track record of the source. Sources will be deemed more tions.
credible if they • Comparison to the same commodity in another market centre.
• Regularly provide transaction data with few errors. • Comparison to a more actively traded but slightly different
• Provide data by Argus’ established deadline. specification commodity in the same market centre.
• Quickly respond to queries from Argus reporters. • Comparison to the same commodity traded for a different
• Have staff designated to respond to such queries. delivery timing.
• How close the information receipt is to the deadline for • Comparison to the commodity’s primary feedstock or primary
information, and the impact of that proximity on the validation derived product(s).
process. • Comparison to trade in the same commodity but in a different
modality (as in barge versus oceangoing vessel) or in a
Assessment guidelines different total volume (as in full cargo load versus partial cargo
When insufficient, inadequate, or no transaction information exists, load).
or when Argus concludes that a transaction based methodology will
not produce representative prices, Argus reporters will make an Volume minimums and transaction data thresholds
assessment of market value by applying intelligent judgment based Argus typically does not establish thresholds strictly on the basis of
on a broad array of factual market information. Reporters must use a count of transactions, as this could lead to unreliable and
a high degree of care in gathering and validating all market data non-representative assessments and because of the varying
used in determining price assessments, a degree of care equal to transportation infrastructure found in all commodity markets.
that applying to gathering and validating transactions. The informa- Instead, minimum volumes are typically established which may
3 www.argusmedia.comMethodology and specifications guide August 2021
apply to each transaction accepted, to the aggregate of transac- Ethics and compliance
tions, to transactions which set a low or high assessment or to other Argus operates according to the best practices in the publishing
volumetrically relevant parameters. field, and maintains thorough compliance procedures throughout
the firm. We want to be seen as a preferred provider by our
For price assessments used to settle derivatives, Argus will seek to sub-scribers, who are held to equally high standards, while at the
establish minimum transaction data thresholds and when no such same time maintaining our editorial integrity and independence.
threshold can be established Argus will explain the reasons. These Argus has a strict ethics policy that applies to all staff. The policy
thresholds will often reflect the minimum volumes necessary to can be found on our website at www.argusmedia.com. Included in
produce a transaction-based methodology, but may also establish this policy are restrictions against staff trading in any energy
minimum deal parameters for use by a methodology that is based commodity or energy related stocks, and guidelines for accepting
primarily on judgment. gifts. Argus also has strict policies regarding central archiving of
email and instant messenger communication, maintenance and
Should no transaction threshold exist, or should submitted data fall archiving of notes, and archiving of spreadsheets and deal lists
below this methodology’s stated transaction data threshold for any used in the price assessment process. Argus publishes prices that
reason, Argus will follow the procedures outlined elsewhere in this report and reflect prevailing levels for open-market arms length
document regarding the exercise of judgment in the price assess- transactions (please see the Argus Global Compliance Policy for a
ment process. detailed definition of arms length).
Transparency Consistency in the assessment process
Argus values transparency in energy markets. As a result, where Argus recognises the need to have judgment consistently applied
available, we publish lists of deals in our reports that include price, by reporters covering separate markets, and by reporters replacing
basis, counterparty and volume information. The deal tables allow existing reporters in the assessment process. In order to ensure this
subscribers to cross check and verify the deals against the prices. consistency, Argus has developed a programme of training and
Argus feels transparency and openness is vital to developing oversight of reporters. This programme includes:
confidence in the price assessment process.
•A global price reporting manual describing among other
Swaps and forwards markets things the guidelines for the exercise of judgment
Argus publishes forward assessments for numerous markets. These • Cross-training of staff between markets to ensure proper
include forward market contracts that can allow physical delivery holiday and sick leave backup. Editors that float between
and swaps contracts that swap a fixed price for the average of a markets to monitor staff application of best practices
floating published price. Argus looks at forward swaps to inform • Experienced editors overseeing reporting teams are involved
physical assessments but places primary emphasis on the physical in daily mentoring and assisting in the application of judgment
markets. for illiquid markets
• Editors are required to sign-off on all price assessments each
Publications and price data day, thus ensuring the consistent application of judgment.
Argus ferrous scrap, steel feedstocks, stainless steel scrap, ferro-
alloys, aluminium, copper, brass, minor metals, zinc, titanium scrap, Review of methodology
nickel and super alloys scrap prices are published in the Argus Metal The overriding objective of any methodology is to produce price
Prices report. Subsets of these prices appear in other Argus market assessments which are reliable and representative indicators of
reports and newsletters in various forms. The price data are available commodity market values and are free from distortion. As a result,
independent of the text-based report in electronic files that can feed Argus editors and reporters are regularly examining our methodolo-
into various databases. These price data are also supplied through gies and are in regular dialogue with the industry in order to ensure
various third-party data integrators. The Argus website also provides that the methodologies are representative of the market being
access to prices, reports and news with various web-based tools. All assessed. This process is integral with reporting on a given market.
Argus prices are kept in a historical database and available for In addition to this ongoing review of methodology, Argus conducts
purchase. Contact your local Argus office for information. reviews of all of its methodologies and methodology documents on
at least an annual basis.
A publication schedule is available at www.argusmedia.com
Argus market report editors and management will periodically and
Corrections to assessments as merited initiate reviews of market coverage based on a qualita-
Argus will on occasion publish corrections to price assessments tive analysis that includes measurements of liquidity, visibility of
after the publication date. We will correct errors that arise from market data, consistency of market data, quality of market data and
clerical mistakes, calculation errors, or a misapplication of our industry usage of the assessments. Report editors will review:
stated methodology. Argus will not retroactively assess markets
based on new information learned after the assessments are • Appropriateness of the methodology of existing assessments
published. We make our best effort to assess markets based on the • Termination of existing assessments
information we gather during the trading day assessed. • Initiation of new assessments.
4 www.argusmedia.comMethodology and specifications guide August 2021
The report editor will initiate an informal process to examine viability. These include volume-weighted averages of deals done, lows and
This process includes: highs of deals done, and other methods.
• Informal discussions with market participants In illiquid markets, Argus assesses the range within which metals
• Informal discussions with other stakeholders could have traded, based on bids and offers, movements of similar
• Internal review of market data or related grades, and extensive polling of market participants.
Should changes, terminations, or initiations be merited, the report Formula-priced deals, market fundamentals and information
editor will submit an internal proposal to management for review regarding trade in material that does not meet specifications also
and approval. Should changes or terminations of existing assess- inform assessments, but a primary emphasis is placed on the physi-
ments be approved, then formal procedures for external consulta- cal markets.
tion are begun.
To be included in the price formation process, deals must meet the
Changes to methodology strict delivery, timing and specification requirements in the method-
Formal proposals to change methodologies typically emerge out of ology, and must be executed at arms length between a willing buyer
the ongoing process of internal and external review of the method- and seller.
ologies. Formal procedures for external consultation regarding
material changes to existing methodologies will be initiated with an Market information received after the timestamp or cut-off time
announcement of the proposed change published in the relevant established for a given assessment may not be considered for
Argus report. This announcement will include: inclusion in the assessment process for that day but may be
considered for inclusion in the next assessment.
•D etails on the proposed change and the rationale
• Method for submitting comments with a deadline for submis- In markets where liquidity is split across several locations, informa-
sions tion may be normalised to a single reference hub, for example by
• For prices used in derivatives, notice that all formal comments making adjustments for transportation costs, where appropriate and
will be published after the given consultation period unless in line with market practice.
submitter requests confidentiality.
Publication schedule
Argus will provide sufficient opportunity for stakeholders to analyse Should a holiday fall on the day a price would normally be
and comment on changes, but will not allow the time needed to assessed, the assessment will be made and published on the next
follow these procedures to create a situation wherein unrepresenta- Argus publication date.
tive or false prices are published, markets are disrupted, or market
participants are put at unnecessary risk. Argus will engage with A publication schedule is available at www.argusmedia.com
industry throughout this process in order to gain acceptance of
proposed changes to methodology. Argus cannot however Survey method and verification
guarantee universal acceptance and will act for the good order of Price assessments rely on a wide variety of sources for information,
the market and ensure the continued integrity of its price assess- including refiners, marketers, importers, traders and brokers.
ments as an overriding objective.
Argus does not restrict itself to one subsection of the market, such as a
Following the consultation period, Argus management will com- single trading platform or a single informational channel, for the market
mence an internal review and decide on the methodology change. information collected. Market surveys are intended to be balanced in
This will be followed by an announcement of the decision, which will approach and are conducted by experienced industry specialists.
be published in the relevant Argus report and include a date for
implementation. For prices used in derivatives, publication of In most cases, information relating to material that falls outside of
stakeholders’ formal comments that are not subject to confidential- the stated specifications will not be used in the assessment
ity and Argus’ response to those comments will also take place. process. Exceptions may be made if an acceptable and appropriate
normalisation process can be applied.
The report In markets where liquidity is split across several locations, verified
spot trades may be normalised to a single reference hub, for
Argus publishes metal prices that report and reflect prevailing levels example by making adjustments for transportation costs, where
for open-market arms length transactions. appropriate and in line with market practice.
Various methodological approaches are employed in reporting metals Truckloads
markets to produce the most representative price assessments. Argus assesses full truckloads — market activity for partial or mixed
truckloads is excluded from assessments.
5 www.argusmedia.comMethodology and specifications guide August 2021
US monthly ferrous scrap supplement Timing of assessment
Prices are assessed and published daily, weekly or quarterly on the
Argus publishes a monthly supplement focused on the US ferrous day specified in the table below.
scrap market once the monthly ferrous trade has concluded and
prices have been assessed. All prices included are republished US markets
from Argus Metal Prices. Market information received after 4pm Houston time on the day of
assessment may not be included in the assessment process.
Argus US Ferrous Scrap includes:
European markets
• Delivered US consumer Market information received after 5pm London time on the day of
• US dealer selling prices assessment may not be included in the assessment process.
• Delivered Canada consumer
• Delivered US foundry, speciality consumer Asia-Pacific markets
Market information received after 4pm Houston time on the day of
And monthly snapshot prices for assessment may not be included in the assessment process.
• HRC ex-works US Midwest Rounding
• Plate delivered US Assessments are published to up to four decimal places, ending in
• Basic pig iron cfr New Orleans 0 or 5.
• HMS 1/2 80:20 cfr Turkey
Currency and unit
Prices are assessed and published in the currencies and units
Aluminium specified below.
Introduction
Argus Metal Prices publishes price assessments and market
commentary on aluminium markets.
Basis of assessment
Assessments are for the named material delivered by truck, meeting
the quantity and timing criteria listed in the table below. Assess-
ments are of the range in which repeatable trade took place or in
which it could have taken place in the absence of transactions since
the last assessment.
Notes
• P1020 US midwest premium: assessed at a differential to
LME official cash price for aluminium
• P1020 US midwest spot monthly average: the average of the
midpoints of the low and high spot premium assessments
published in the named calendar month
• Primary 6061 US billet premium: assessed at a differential to
P1020 US midwest assessment
• Primary 6063 US billet premium: assessed at a differential to
P1020 US midwest assessment
• International spot premiums: assessed at a differential to the
LME official cash price for aluminium
• International forward/three-month premiums: assessed at a
differential to the LME official cash price for aluminium on the
day of shipment
6 www.argusmedia.comMethodology and specifications guide August 2021
Aluminium specifications
Transacted/ Day of Currency/
Assessment Quality Min lot size Timing Delivery
transactable assessment unit
Aluminium premiums
P1020 duty paid cif Japan forward quarter LME P1020A, 99.7% purity on day of assessment * 250t 3 months forward $/t cif Osaka, Tokyo, Norita
Note: prices are assessed and published on or before the 15th calendar day of the quarter based on market activity
P1020 duty paid 3-month in-warehouse Rotterdam LME P1020A, 99.7% purity on day of assessment Wednesday 25t 3 months forward $/t in-warehouse
P1020 duty paid spot in-warehouse Rotterdam LME P1020A, 99.7% purity on day of assessment Wednesday 25t 30 days $/t in-warehouse
P1020 duty unpaid 3-month in-warehouse Rotterdam LME P1020A, 99.7% purity on day of assessment Wednesday 25t 3 months forward $/t in-warehouse
P1020 duty unpaid spot in-warehouse Rotterdam LME P1020A, 99.7% purity on day of assessment Wednesday 25t 30 days $/t in-warehouse
by truck to Indiana, Missouri,
P1020 US midwest spot LME P1020A, 99.7% purity on day of assessment Wednesday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
P1020 US midwest spot monthly average Calculated as the average of the midpoints of the low and high spot premium assessments published in the named calendar month. Published on the last Wednesday of the month.
P1020 US midwest transaction calculated as the LME cash price settlement + the Argus P1020 US midwest premium assessment
by truck to Indiana, Missouri,
6061 billet US spot Aluminum Association 6061 on day of assessment Wednesday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
6061 billet del US transaction calculated as the Argus P1020 US midwest spot transaction price + the Argus 6061 billet price assessment
by truck to Indiana, Missouri,
6063 billet del US spot Aluminum Association 6063 on day of assessment Wednesday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
6063 billet del US transaction calculated as the Argus P1020 US midwest transaction price + the Argus 6063 billet price assessment
6063 billet del Italy Aluminum Association 6063 primary billet premium on day of assessment Wednesday 25t 60 days $/t northern Italy
6063 billet del Germany Aluminum Association 6063 primary billet premium on day of assessment Wednesday 25t 30 days $/t Ruhr region
calculated as the higher of the Argus 6063 billet del Italy price assessment plus the assessed cost of freight to Rotterdam and the Argus 6063 billet del Germany price assessment plus the
6063 extrusion duty paid spot in-warehouse Rotterdam
assessed cost of freight to Rotterdam
Aluminium mill, extruder scrap delivered US
by truck to Indiana, Missouri,
10/10 extrusions ISRI Toto on day of assessment Tuesday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
1100 & 3003 ISRI Tooth; Aluminum Association 1100 and 3003 on day of assessment Tuesday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
5052 clips ISRI Tooth; Aluminum Association 5052 on day of assessment Tuesday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
Aluminum Association 6061, new bare extrusion by truck to Indiana, Missouri,
6061 new, bare on day of assessment Tuesday truckload 30 days $/lb
scrap Wisconsin, Kentucky or Tennessee
ISRI Tata; Aluminum Association 6063; new bare by truck to Indiana, Missouri,
6063 new, bare on day of assessment Tuesday truckload 30 days $/lb
extrusion Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
Cans (UBC) ISRI Taldon; used aluminium beverage cans on day of assessment daily truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
7 www.argusmedia.comMethodology and specifications guide August 2021
Transacted/ Day of Currency/
Assessment Quality Min lot size Timing Delivery
transactable assessment unit
by truck to Indiana, Missouri,
EC wire ISRI Talon; Electrical Conductor wire on day of assessment Tuesday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
Litho sheet ISRI Tabloid on day of assessment Tuesday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
ISRI Taboo; mixed low copper aluminium alloy clips by truck to Indiana, Missouri,
MLC on day of assessment Tuesday truckload 30 days $/lb
and/or solids for processing in mill Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
Painted siding ISRI Tale for processing in mill on day of assessment Tuesday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
Aluminium secondary smelter scrap, delivered US
by truck to Indiana, Missouri,
1-1-3 sows ISRI Throb since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
ISRI Troma; Aluminum Association A356; alloy by truck to Indiana, Missouri,
A356 wheels on day of assessment Thursday truckload 30 days $/lb
wheels Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
Aluminium-copper radiators ISRI Talk since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
Clean, old aluminium radiators ISRI Tally since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
High grade turnings ISRI Telic; zinc max. 1.5% since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
Post-consumer 6063 extrusions with irony attach- by truck to Indiana, Missouri,
Irony 6063 extrusions since last assessment Thursday truckload 30 days $/lb
ments such as steel hinges Wisconsin, Kentucky or Tennessee
ISRI:Tough; Aluminum Association 2000 series, by truck to Indiana, Missouri,
Mixed 2000/7000 solids since last assessment Thursday truckload 30 days $/lb
7000 series Wisconsin, Kentucky or Tennessee
ISRI:Tough; Aluminum Association 2000 series, by truck to Indiana, Missouri,
Mixed 2000/7000 turnings since last assessment Thursday truckload 30 days $/lb
7000 series Wisconsin, Kentucky or Tennessee
ISRI Taboo; mixed low copper aluminium alloy clips by truck to Indiana, Missouri,
MLC secondary since last assessment Thursday truckload 30 days $/lb
and/or solids for processing in secondary smelter Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
Old cast ISRI Tense since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
Old sheet ISRI Taint/tabor since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
Painted siding ISRI Tale for processing in secondary smelter since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
Tweak ISRI Tweak since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
Twitch ISRI Twitch since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
8 www.argusmedia.comMethodology and specifications guide August 2021
Transacted/ Day of Currency/
Assessment Quality Min lot size Timing Delivery
transactable assessment unit
ISRI Zorba: min 95% metallic content with min 2% by truck to Indiana, Missouri,
Zorba min 95/2 del US facility since last assessment Friday truckload 30 days $/lb
copper and brass Wisconsin, Kentucky or Tennessee
Aluminium secondary smelter scrap, global
$/lb (out- cif major ports in China, Taiwan,
Taint/Tabor cif Asia port ISRI Taint/Tabor on day of assessment Friday 38,000lbs 30-60 days
right) South Korea and Japan
$/lb (out- cif major ports in China, Taiwan,
Tense cif Asia port ISRI Tense on day of assessment Friday 38,000lbs 30-60 days
right) South Korea and Japan
ISRI Zorba: min 99% metallic content with min 3% $/lb (out- cif Shanghai, Ningbo, Tianjin,
Zorba min 99/3 cif China on day of assessment Friday 38,000lbs 30-60 days
copper and brass right) Dalian, Guangzhou
ISRI Zorba: min 95% metallic content with min 2% $/lb (out-
Zorba min 95/2 cif India on day of assessment Friday 38,000lbs 30-60 days cif Mumbai
copper and brass right)
ISRI Zorba: min 99% metallic content with min 3% delivered alongside ship, US east
Zorba min 99/3 fas USEC on day of assessment Friday 38,000lbs 30 days $/lb
copper and brass coast port
ISRI Zorba: min 99% metallic content with min 3% delivered alongside ship, US west
Zorba min 99/3 fas USWC on day of assessment Friday 38,000lbs 30 days $/lb
copper and brass coast port
delivered smelter Germany,
Taint/Tabor del European smelter ISRI Taint/Tabor on day of assessment Thursday 38,000lbs 30-60 days €/t (outright)
Austria, Italy
delivered smelter Germany,
Tense del European smelter ISRI Tense on day of assessment Thursday 38,000lbs 30-60 days €/t (outright)
Austria, Italy
delivered smelter Germany,
Wheels del European smelter ISRI Troma on day of assessment Thursday 10t 30 days €/t (outright)
Austria, Italy
Wheels del UK consumer ISRI Troma on day of assessment Friday 10t 30 days £/t (outright) UK
Commercial turnings del UK consumer ISRI Telic on day of assessment Friday 10t 30 days £/t (outright) UK
Cast del UK consumer ISRI Tense on day of assessment Friday 10t 30 days £/t (outright) UK
Old rolled del UK consumer ISRI Taint/Tabor on day of assessment Friday 10t 30 days £/t (outright) UK
Aluminium secondary alloys
Si 9.6-12%, Fe 1.3%max, Cu 1.5-3.5% Mg 0.3%max, fob China main ports (Ningbo,
$/lb (out-
Aluminium-alloy die castings ADC12 fob China Mn 0.5%max, Zn 1%max, Ni 0.5%max, Sn 0.2%max, since last assessment Thursday 20t four weeks Shanghai and Tianjin port, China),
right)
Al: remainder. Ingot, packaged in container duty unpaid
Si 9.6-12%, Fe 1.3%max, Cu 1.5-3.5% Mg 0.3%max,
$/lb (out- cif Japanese main ports, duty
Aluminium-alloy die castings ADC12 cif Japan Mn 0.5%max, Zn 1%max, Ni 0.5%max, Sn 0.2%max, since last assessment Thursday 20t four weeks
right) unpaid
Al: remainder. Ingot, packaged in container
by truck to Indiana, Missouri,
319.1 Aluminum Association 319.1 since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
9 www.argusmedia.comMethodology and specifications guide August 2021
Transacted/ Day of Currency/
Assessment Quality Min lot size Timing Delivery
transactable assessment unit
by truck to Indiana, Missouri,
356.1 Aluminum Association 356.1 since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
A360.1 Aluminum Association A360.1 since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
A380.1 Aluminum Association A380.1 since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
A413.1 Aluminum Association A413.1 since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
by truck to Indiana, Missouri,
B390 Aluminum Association B390 since last assessment Thursday truckload 30 days $/lb
Wisconsin, Kentucky or Tennessee
LM6 del consumer works, UK BS LM6 on day of assessment Friday 38,000lbs 30 days £/t (outright) UK
LM24 del consumer works, UK BS LM24 on day of assessment Friday 38,000lbs 30 days £/t (outright) UK
LM25 del consumer works, UK BS LM25 on day of assessment Friday 38,000lbs 30 days £/t (outright) UK
DIN 226 del consumer works, Europe EN 1706 46200, VAR: 226 on day of assessment Thursday 38,000lbs 30 days €/t (outright) Germany, Austria, Italy
DIN 230 del consumer works, Europe EN 1706 44100, VAR: 230 on day of assessment Thursday 38,000lbs 30 days €/t (outright) Germany, Austria, Italy
DIN 231 del consumer works, Europe EN 1706 47000, VAR: 231 on day of assessment Thursday 38,000lbs 30 days €/t (outright) Germany, Austria, Italy
DIN 239 del consumer works, Europe EN 1706 43100, VAR: 239 on day of assessment Thursday 38,000lbs 30 days €/t (outright) Germany, Austria, Italy
10 www.argusmedia.comMethodology and specifications guide August 2021
Copper and brass •B
rass alloy scrap transaction prices: calculated using the
relevant exchange prices for copper and zinc with Argus
Introduction assessments for copper and zinc spreads in brass scrap
Argus Metal Prices publishes price assessments and market applied to each metal’s future price and combined in the
commentary on the copper and brass markets. proportion of the alloy: (% copper * (Comex Copper spot
settlement + the Argus C200-series copper cash spread
Basis of assessment assessment)) + (% zinc * (LME Zinc cash price + the Argus
Assessments are for the named material meeting the lot size, timing C200-series zinc cash spread))
and delivery criteria listed in the table below. Assessments are of the
range in which repeatable trade took place or in which it could have Timing of assessment
taken place in the absence of transactions since the last assessment. Prices are assessed and published weekly on the day specified in
the table below.
Notes
• Cathode premiums and cash spreads, which are assessed as: US markets
• US and Asia: a differential to the Comex current month Market information received after 4pm Houston time on the day of
(spot) copper settlement assessment may not be included in the assessment process.
• Europe: a differential to LME official cash settlement
• Brass alloy copper next active month spread: the price of the European markets
copper component only, expressed as a differential to the Market information received after 5pm London time on the day of
Comex next active month settlement (the nearest base assessment may not be included in the assessment process.
contract month following the current delivery month).
• Brass alloy copper cash spread: the price of the copper Asia-Pacific markets
component only, expressed as a differential to the Comex Market information received after 4pm Houston time on the day of
current month (spot) settlement. the assessment may not be included in the assessment process.
• Brass alloy zinc cash spread: the price of the zinc component
only, expressed as a differential to the LME official current Rounding
month (spot) settlement. Assessments are published to up to four decimal places, ending in
• Spreads for #1 wire and tube, #2, and Bare bright del Europe 0 or 5.
are assessed as a percentage of the LME copper cash
settlement.
Copper and brass specifications
Transacted/ Day of Minimum Currency/
Assessment Quality Timing Basis
transactable assessment quantity unit
Brass/bronze alloys
C83600 CDA C83600 since last assessment Thursday truckload 30 days del US $/lb
C84400 CDA C84400 since last assessment Thursday truckload 30 days del US $/lb
C87300 CDA C87300 since last assessment Thursday truckload 30 days del US $/lb
C87500 CDA C87500 since last assessment Thursday truckload 30 days del US $/lb
C89833 CDA C89833 since last assessment Thursday truckload 30 days del US $/lb
C89836 CDA C89836 since last assessment Thursday truckload 30 days del US $/lb
C95800 CDA C95800 since last assessment Thursday truckload 30 days del US $/lb
Brass alloy scrap
C200-series del US cash spread ISRI Label since last assessment Wednesday truckload 30 days del US $/lb
C200-series del US next active
ISRI Label since last assessment Wednesday truckload 30 days del US $/lb
spread
C200-series del US zinc cash
ISRI Label since last assessment Wednesday truckload 30 days del US $/lb
spread
calculated as (0.7* (Comex Copper spot settlement + the Argus C200-series copper cash spread assessment)) + (0.3
C260 (70:30) del US transaction $/lb
* (LME Zinc cash price + the Argus C200-series zinc cash spread))
C260 (70:30) cash spread del ISRI Label, 68.5- 71.5%
day of assessment Tuesday 38,000lbs 30 days Germany, Belgium, Italy $/t
Europe copper
C260 (70:30) del Europe trans- calculated as (0.7* (LME Copper spot settlement + the Argus C200-series copper cash spread assessment)) + (0.3 *
$/t
action (LME Zinc cash price + the Argus C200-series zinc cash spread))
calculated as (0.95* (Comex Copper spot settlement + the Argus C200-series copper cash spread assessment)) +
C210 cash transaction del US $/lb
(0.05 * (LME Zinc cash price + the Argus C200-series zinc cash spread))
calculated as (0.9* (Comex Copper spot settlement + the Argus C200-series copper cash spread assessment)) + (0.1
C220 cash transaction del US $/lb
* (LME Zinc cash price + the Argus C200-series zinc cash spread))
11 www.argusmedia.comMethodology and specifications guide August 2021
Transacted/ Day of Minimum Currency/
Assessment Quality Timing Basis
transactable assessment quantity unit
calculated as (0.85* (Comex Copper spot settlement + the Argus C200-series copper cash spread assessment)) +
C230 cash transaction del US $/lb
(0.15 * (LME Zinc cash price + the Argus C200-series zinc cash spread))
calculated as (0.8* (Comex Copper spot settlement + the Argus C200-series copper cash spread assessment)) + (0.2
C240 cash transaction del US $/lb
* (LME Zinc cash price + the Argus C200-series zinc cash spread))
calculated as (0.65* (Comex Copper spot settlement + the Argus C200-series copper cash spread assessment)) +
C270 cash transaction del US $/lb
(0.35 * (LME Zinc cash price + the Argus C200-series zinc cash spread))
Copper, brass scrap
#1 wire and tube cif Asia cash 30-60 cif major ports in China,
ISRI Berry/Candy since last assessment Thursday 42,000lbs Taiwan, South Korea $/lb
spread days and Japan
#1 wire and tube cif Asia next 30-60 cif major ports in China,
ISRI Berry/Candy since last assessment Thursday 42,000lbs Taiwan, South Korea $/lb
active month spread days and Japan
#1 wire and tube cif Asia trans-
calculated as the Comex copper spot settlement + the Argus #1 wire and tube cif Asia cash spread assessment
action
Netherlands, Germany,
#1 wire and tube del Europe ISRI Berry/Candy day of assessment Tuesday 38,000lbs 30 days % of LME
Greece, Spain, Italy
#1 wire and tube del US cash
ISRI Berry/Candy since last assessment Wednesday truckload 30 days del US $/lb
spread
#1 wire and tube del US next
ISRI Berry/Candy since last assessment Wednesday truckload 30 days del US $/lb
active month spread
#1 wire and tube del US trans-
calculated as the Comex copper spot settlement + the Argus #1 wire and tube cash spread assessment $/lb
action
30-60 cif major ports in China,
#2 cif Asia ports cash spread ISRI Birch/Cliff since last assessment Thursday 42,000lbs Taiwan, South Korea $/lb
days and Japan
#2 cif Asia ports next active 30-60 cif major ports in China,
ISRI Birch/Cliff since last assessment Thursday 42,000lbs Taiwan, South Korea $/lb
month spread days and Japan
#2 cif Asia ports transaction calculated as the Comex copper settlement + the Argus #2 copper cash spread assessment $/t
Netherlands, Germany,
#2 del Europe ISRI Birch/Cliff day of assessment Tuesday 38,000lbs 30 days % of LME
Greece, Spain, Italy
#2 del Europe transaction calculated as the LME copper cash settlement * the Argus #2 copper del Europe assessment
30-60 cif major ports in China,
Bare bright cif Asia cash spread ISRI Barley since last assessment Thursday 42,000lbs Taiwan, South Korea $/lb
days and Japan
Bare bright cif Asia next active 30-60 cif major ports in China,
ISRI Barley since last assessment Thursday 42,000lbs Taiwan, South Korea $/lb
month spread days and Japan
Bare bright cif Asia transaction calculated as the Comex copper spot settlement + the Argus bare bright cif Asia cash spread assessment
Netherlands, Germany,
Bare bright del Europe ISRI Barley day of assessment Tuesday 38,000lbs 30 days % of LME
Greece, Spain, Italy
Bare bright del US cash spread ISRI Barley since last assessment Wednesday truckload 30 days del US $/lb
Bare bright del US next active
ISRI Barley since last assessment Wednesday truckload 30 days del US $/lb
month spread
Bare bright del US transaction calculated as the Comex copper spot settlement + the Argus bare bright cash spread assessment $/lb
30-60 cif major ports in China,
Mixed motors cif Asia ISRI Elmo day of assessment Thursday 42,000lbs Taiwan, South Korea, $/lb
days Malaysia and India
Radiators del US ISRI Ocean since last assessment Wednesday truckload 30 days del US $/lb
Red brass solids del US ISRI Ebony since last assessment Wednesday truckload 30 days del US $/lb
ISRI Niche, CDA: C36000
360 rod borings del US since last assessment Wednesday truckload 30 days del US $/lb
alloy scrap
30-60 cif China, Taiwan, South
Yellow brass cif Asia ports ISRI Honey since last assessment Thursday 42,000lbs $/lb
days Korea, Japan
Copper cathode premiums
Grade A del US midwest ASTM B115-00 since last assessment Wednesday truckload 30 days del Iowa, Illinois, Ohio $/lb
Grade A del US midwest trans-
calculated as the Comex copper spot settlement + the Argus grade A del US midwest price assessment $/lb
action
Grade A del southern Europe LME copper grade A day of assessment Tuesday 25t prompt Spain, Italy, Greece $/t
Grade A in-warehouse Rotterdam LME copper grade A day of assessment Tuesday 25t prompt Rotterdam $/t
12 www.argusmedia.comMethodology and specifications guide August 2021
Copper chops (nodules) Timing of assessment
Assessments for copper wire nodules del US consumer (bare
Introduction bright, #1 clove and #2 cobra) are assessed and published weekly,
Argus Metal Prices publishes price assessments and market on Wednesday. Assessments for copper wire nodules fas US port
commentary on the US copper markets. (bare bright, #1 clove and #2 cobra) are assessed and published
weekly, on Thursday.
Basis of assessment
Assessments are of delivered consumer prices for the named Market information received after 4pm Houston time on the day of
material meeting the lot size, timing and delivery criteria listed in the assessment may not be included in the assessment process.
table below. Assessments are of the range in which repeatable
trade took place or in which it could have taken place in the Rounding
absence of transactions since the last assessment Assessments are published to up to four decimal places, ending in
0 or 5.
Note
• Copper chops cash spreads are assessed as a differential to
the Comex current month (spot) copper settlement
• Copper chops next active month spreads are assessed as a
differential to the Comex next active month settlement (the
nearest base contract month following the current delivery
month)
Copper chops (nodules) specifications
Minimum Currency/ Assessment Transacted/
Assessment Quality Timing Basis
quantity unit frequency transactable
Bare Bright Copper Chops (wire nodules) del US since last
minimum Cu 99.95 truckload $/lb weekly 30 days del US
consumer cash spread assessment
Bare Bright Copper Chops (wire nodules) del US since last
minimum Cu 99.95 truckload $/lb weekly 30 days del US
consumer active month spread assessment
Bare bright Copper Chops (wire nodules) del US calculated in $/lb as the Comex copper spot settlement + the Argus bare bright copper chops del US cash spread
consumer transaction assessment
Bare Bright Copper Chops (wire nodules) fas US since last
minimum Cu 99.95 38,000lbs $/lb weekly 30 days fas US
port cash spread assessment
Bare Bright Copper Chops (wire nodules) fas US since last
minimum Cu 99.95 38,000lbs $/lb weekly 30 days fas US
port active month spread assessment
Bare Bright Copper Chops (wire nodules) fas US calculated in $/lb as the Comex copper spot settlement + the Argus bare bright copper chops fas US port cash
port transaction spread assessment
#1 Copper Chops (wire nodules) del US consumer since last
ISRI: clove truckload $/lb weekly 30 days del US
cash spread assessment
#1 Copper Chops (wire nodules) del US consumer since last
ISRI: clove truckload $/lb weekly 30 days del US
active month spread assessment
#1 Copper Chops (wire nodules) del US consumer calculated in $/lb as the Comex copper spot settlement + the Argus #1 copper chops del US cash spread assess-
transaction ment
#1 Copper Chops (wire nodules) fas US port cash since last
ISRI: clove 38,000lbs $/lb weekly 30 days fas US
spread assessment
#1 Copper Chops (wire nodules) fas US port since last
ISRI: clove 38,000lbs $/lb weekly 30 days fas US
active month spread assessment
#1 Copper Chops (wire nodules) fas US port calculated in $/lb as the Comex copper spot settlement + the Argus #1 copper chops fas US port cash spread
transaction assessment
#2 Copper Chops (wire nodules) del US consumer since last
ISRI: cobra truckload $/lb weekly 30 days del US
cash spread assessment
#2 Copper Chops (wire nodules) del US consumer since last
ISRI: cobra truckload $/lb weekly 30 days del US
active month spread assessment
#2 Copper Chops (wire nodules) del US consumer calculated in $/lb as the Comex copper spot settlement + the Argus #2 copper chops del US cash spread assess-
transaction ment
#2 Copper Chops (wire nodules) fas US port cash since last
ISRI: cobra 38,000lbs $/lb weekly 30 days fas US
spread assessment
#2 Copper Chops (wire nodules) fas US port since last
ISRI: cobra 38,000lbs $/lb weekly 30 days fas US
active month spread assessment
#2 Copper Chops (wire nodules) fas US port calculated in $/lb as the Comex copper spot settlement + the Argus #2 copper chops fas US port cash spread
transaction assessment
13 www.argusmedia.comMethodology and specifications guide August 2021
Nickel Timing of assessment
Nickel prices are assessed and published weekly, on Thursday.
Introduction
Argus Metal Prices publishes price assessments and market US markets
commentary on the US nickel markets. Market information received after 4pm Houston time on the day of
assessment may not be included in the assessment process.
Basis of assessment
Assessments are for the named material meeting the lot size, timing European markets
and delivery criteria listed in the table below. Assessments are of the Market information received after 5pm London time on the day of
range in which repeatable trade took place or in which it could have assessment may not be included in the assessment process.
taken place in the absence of transactions since the last assess-
ment. Rounding
Assessments are published to up to four decimal places, ending in
Note 0 or 5.
• Nickel cathode premiums are assessed as a differential to the
LME official cash price
Nickel specifications
Minimum Currency/ Assessment Transacted/
Assessment Quality Timing Basis
quantity unit frequency transactable
Nickel premiums
nickel 99.8% minimum, 1x1inch cut since last
1x1 inch (small lots) del US 5,000lbs $/lb weekly 30 days del US
cathodes, plating grade assessment
nickel 99.8% minimum, 1x1inch cut since last
1x1 inch (truckloads) del US truckload $/lb weekly 30 days del US
cathodes, plating grade assessment
nickel 99.8% minimum, 4x4inch cut since last
4x4 inch (small lots) del US 5,000lbs $/lb weekly 30 days del US
cathodes, melting grade assessment
nickel 99.8% minimum, 4x4inch cut since last
4x4 inch (truckloads) del US truckload $/lb weekly 30 days del US
cathodes, melting grade assessment
4x4 inch (truckloads) del US transac-
calculated as the LME zinc cash settlement + the Argus 4x4 inch (truckloads) price assessment
tion
UNS N02200 solid scrap, unpro- since last
Nickel 200 scrap 2,000lbs $/lb weekly 30 days del US
cessed assessment
nickel 99.8% minimum, 4x4inch cut on day of in-warehouse
4x4inch in-warehouse Rotterdam truckload $/t weekly prompt
cathodes assessment Rotterdam
nickel 99.8% minimum, full plate on day of in-warehouse
Full plate in-warehouse Rotterdam truckload $/t weekly prompt
uncut cathode assessment Rotterdam
on day of in-warehouse
Briquettes in-warehouse Rotterdam nickel 99.8% minimum, briquette truckload $/t weekly prompt
assessment Rotterdam
14 www.argusmedia.comMethodology and specifications guide August 2021
Zinc and lead •L
ead ingot premiums are assessed as a differential to the
LME official cash price
Introduction
Argus Metal Prices publishes price assessments and market Timing of assessment
commentary on the zinc and lead markets. Special high grade zinc ingot, scrap and ingot prices are assessed
and published weekly, on Monday. Lead ingot and scrap prices are
Basis of assessment assessed and published weekly, on Tuesday.
Assessments are of delivered consumer prices for the named
material meeting the lot size, timing and delivery criteria listed in the Market information received after 4pm Houston time on the day of
table below. Assessments are of the range in which repeatable assessment may not be included in the assessment process.
trade took place or in which it could have taken place in the
absence of transactions since the last assessment. Rounding
Assessments are published to up to four decimal places, ending in
Note 0 or 5.
• Special high grade zinc premiums are assessed as a
differential to the LME official cash price
Zinc and lead specifications
Minimum Currency/ Assessment Transacted/
Assessment Quality Timing Basis
quantity unit frequency transactable
Zinc
Special high grade del US premium since last
LME Zinc truckload $/lb weekly 30 days del US
99.995% assessment
Special high grade del US transaction calculated as the LME zinc cash settlement + the Argus special high grade del US premium price assessment
del in-
Special high grade in-warehouse since last
LME Zinc truckload $/lb weekly 30 days warehouse
Rotterdam premium assessment
Rotterdam
since last
Scrap old zinc diecast del US ISRI: saves truckload $/lb weekly 30 days del US
assessment
since last
Scrap new zinc diecast del US ISRI: scabs truckload $/lb weekly 30 days del US
assessment
since last
Galvanizers top dross del US ISRI: seal truckload $/lb weekly 30 days del US
assessment
since last
Galvanizers bottom dross del US ISRI: seam truckload $/lb weekly 30 days del US
assessment
Die casting alloys
since last
ZAMAK #3 ASTM: AG 40A truckload $/lb weekly 30 days del US
assessment
since last
ZAMAK #5 ASTM: AC 41A truckload $/lb weekly 30 days del US
assessment
since last
ZAMAK #7 ASTM: AG 40B truckload $/lb weekly 30 days del US
assessment
since last
ZAMAK #2 ASTM: AC 43A truckload $/lb weekly 30 days del US
assessment
since last
ZA #8 UNS: Z35635 truckload $/lb weekly 30 days del US
assessment
since last
ZA #12 UNS: Z35630 truckload $/lb weekly 30 days del US
assessment
since last
ZA #27 UNS: Z35840 truckload $/lb weekly 30 days del US
assessment
Lead
Lead ingot primary 99.97% premium since last
LME Lead truckload $/lb weekly 30 days del US
del US assessment
Lead ingot primary 99.97% del US
calculated as the LME lead cash settlement + the Argus del US premium price assessment
transaction
since last
Lead scrap, soft del US ISRI: racks truckload $/lb weekly 30 days del US
assessment
since last
Lead scrap, mixed del US ISRI: radio truckload $/lb weekly 30 days del US
assessment
since last
Undrained, whole old batteries ISRI: rink truckload $/lb weekly 30 days del US
assessment
15 www.argusmedia.comMethodology and specifications guide August 2021
US scrapyard collection prices Regions
Each specification is assessed in each the following regions, except
Introduction aluminium scrap cans (UBC) which is assessed in every region but
Argus Metal Prices publishes price assessments on the North Quebec.
American ferrous and non-ferrous markets at the collection level,
assessing prices at which scrap yards and processors purchase US regions
material from the public and peddlers. Northeast: New York, Massachusetts, Connecticut, Rhode Island,
New Jersey, Maryland, Washington DC, Delaware, eastern Pennsyl-
Basis of assessment vania, Maine
Assessments are the purchasing prices for the named material in Ohio Valley: Ohio, West Virginia, Kentucky, western Pennsylvania
each of the seven regions specified below. Assessments are of the Midwest: Indiana, Illinois, Michigan, Minnesota, Wisconsin, Iowa,
most repeatable price, taking into account buying prices collected Missouri
from publicly-posted price lists and official buying prices collected Southeast: Tennessee, Mississippi, Alabama, Louisiana, Georgia,
directly from buy-side sources. North Carolina, South Carolina, Florida
Texas
Timing of assessments
Prices are assessed fortnightly, on Friday, and reflect the market for Canadian regions
the previous two weeks ending on the publication day. Ontario
Quebec
Market information received after 4pm Houston time on the day of
assessment may not be included in the assessment process.
US yard collection price specifications
Assessment Quality Currency Assessment Transacted /trans- Timing Basis
/unit* frequency actable
Aluminium
Wheels/rims ISRI Troma/Aluminum Association A356, alloy $/lb Fortnightly Since last assessment Prompt Del yard
wheels
Painted siding ISRI Tale $/lb Fortnightly Since last assessment Prompt Del yard
Old cast ISRI Tense $/lb Fortnightly Since last assessment Prompt Del yard
MLC ISRI Taboo $/lb Fortnightly Since last assessment Prompt Del yard
Clean old radiators ISRI Tally $/lb Fortnightly Since last assessment Prompt Del yard
Scrap cans (UBC) ISRI Taldon $/lb Fortnightly Since last assessment Prompt Del yard
Old sheet ISRI Taint/Tabor $/lb Fortnightly Since last assessment Prompt Del yard
10/10 extrusions ISRI Toto $/lb Fortnightly Since last assessment Prompt Del yard
Brass
Radiators ISRI Ocean $/lb Fortnightly Since last assessment Prompt Del yard
Yellow brass ISRI Honey $/lb Fortnightly Since last assessment Prompt Del yard
Red brass solids ISRI Ebony $/lb Fortnightly Since last assessment Prompt Del yard
Copper
Bare bright ISRI Barley $/lb Fortnightly Since last assessment Prompt Del yard
#1 wire and tube ISRI Berry/Candy $/lb Fortnightly Since last assessment Prompt Del yard
#2 ISRI Birch/Cliff $/lb Fortnightly Since last assessment Prompt Del yard
#3 light copper ISRI Dream $/lb Fortnightly Since last assessment Prompt Del yard
Lead
Undrained, whole old batteries ISRI Rink $/lb Fortnightly Since last assessment Prompt Del yard
Soft ISRI Racks $/lb Fortnightly Since last assessment Prompt Del yard
Steel case (industrial) batteries ISRI Roper $/lb Fortnightly Since last assessment Prompt Del yard
Stainless steel
304 (18/8) solids ISRI Sabot $/lb Fortnightly Since last assessment Prompt Del yard
316 solids SSINA S31600 scrap clips/solids $/lb Fortnightly Since last assessment Prompt Del yard
Ferrous
Prepared #1 HMS HMS 1 (ISRI 200, 201, 202) $/gt Fortnightly Since last assessment Prompt Del yard
mixed sheet or miscellaneous steel intended to be $/gt
Light iron/shred Fortnightly Since last assessment Prompt Del yard
shredded
Complete cars whole passenger automobiles, including motor $/gt Fortnightly Since last assessment Prompt Del yard
Cast iron mixed cast (ISRI 257) $/gt Fortnightly Since last assessment Prompt Del yard
* All non-ferrous assessments in $/lb except for material in Quebec and Ontario, which are in C$/lb. All ferrous assessments are in $/gt except for Quebec and Ontario,
which are in C$/nt.
16 www.argusmedia.comYou can also read
