ArgUs MetaL prices Contents

 
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.com
Methodology 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

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Methodology 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

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Methodology 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.

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Methodology 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.

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Methodology 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

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Methodology 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

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Methodology 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

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Methodology 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

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Methodology 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.com
Methodology 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))

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Methodology 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.com
Methodology 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.com
Methodology 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.com
Methodology 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

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Methodology 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.

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