1. Purpose and Scope

This document describes the methodology used by Super Metal Price (“SMP”) to assess, report, and publish price information for specialty metals, superalloys, stainless steel, and related scrap materials.

The purpose of SMP price reporting is to provide independent, transparent, and representative market reference prices that enable buyers, traders, recyclers, alloy producers, and other specialty-metals market participants to make sound decisions.

This methodology applies to all price assessments and price reports published by SMP, including the weekly Price Reporting series, price-trend charts, moving-average calculations, and related market commentary.

1.1 Basic Principles

1. Independence: SMP’s price assessments are conducted independently of any commercial interest. SMP does not trade the metals it covers, and editorial decisions are not influenced by advertising, sponsorship, or subscription revenue.
2. Transparency: This methodology is published publicly. When material changes are made to the methodology, SMP notifies subscribers in advance and documents the changes in the Methodology Change Log in Section 12.
3. Representativeness: Price assessments are designed to reflect the prevailing value at which a given material could actually be traded in the relevant market at the time of assessment.
4. Consistency: SMP applies this methodology consistently across all price assessments. Where market conditions require a departure from standard procedures, the reasons are documented in the relevant price report.

2. Metal and Alloy Coverage

SMP currently publishes weekly price reports for the following metal groups and specific grades. Coverage is expanded periodically based on subscriber demand and market liquidity.

2.1 Base Metals

2.2 Special Metals

2.3 Rare Earths

2.4 Base Alloys

2.5 Ferro Alloys

2.6 Special Alloys

2.7 Stainless

2.8 Titanium Alloys

3. Data Collection

3.1 Sources

SMP collects price data and market information from a worldwide network of market participants. Sources include, but are not limited to, the following:

1. Producers and melters/smelters: Primary and secondary producers of nickel alloys, cobalt alloys, titanium alloys, stainless steel, and rare earths.
2. Traders and distributors: Independent traders, stockholders, and service centers handling specialty metals.
3. Recyclers and scrap processors: Companies involved in the collection, processing, and trading of specialty-metals scrap.
4. End users and buyers: Aerospace, medical-device, energy, chemical-processing, and other downstream manufacturers.
5. Industry associations and exchanges: Public exchange prices (e.g., LME nickel, LME cobalt) are used as reference benchmarks and are incorporated into the basis of SMP’s specialty-alloy price assessments.

3.2 Collection Methods

1. Direct communication with market participants (telephone, email, messaging).
2. Monitoring of published offer prices, bid outcomes, and contract negotiations.
3. Review of exchange settlement prices and published surcharge tables.
4. Cross-checking against public trade data, customs statistics, and industry reports.
5. Attendance at industry events, conferences, and trade shows (e.g., BIR, ITA, ReMA).

3.3 Confidentiality

SMP treats all price submissions and market information received from individual sources as strictly confidential. No published report discloses individual company names, transaction details, or source identities. All data is aggregated and anonymized before publication.

4. Price Assessment Procedure

4.1 Assessment Basis

SMP’s price assessments aim to reflect the prevailing market value of each covered metal or alloy grade at the time of assessment. An assessed price represents the price at which a transaction could reasonably be expected to be concluded between a willing buyer and a willing seller under normal market conditions.

4.2 Price Types

4.3 Delivery and Pricing Basis

Unless otherwise stated in an individual price report, the following default pricing bases apply:

4.4 Currency and Units

1. Unless otherwise stated, all prices are published in U.S. dollars (USD).
2. The unit of measure may vary by metal group and is specified in each report; the standard unit is price per kilogram ($/kg).
3. Prices collected in other currencies are converted using the prevailing interbank exchange rate at the time of assessment.

4.5 Reporting Period and Frequency

1. Weekly reports: Published every week, covering the Monday-to-Friday assessment period shown in each report header (e.g., “April 13, 2026 – April 17, 2026”).
2. Price-trend charts and moving averages can be viewed optionally within the system and are presented as 7-week, 30-week, and 90-week moving averages.
3. Where a significant market event requires an immediate price reassessment, an additional interim report may be published.

5. Data Validation and Quality Control

5.1 Validation Steps

Every data point passes through the following validation procedure before being included in a published price assessment:

• Step 1 — Source Verification: Confirm that the source of the data is a genuine market participant directly engaged in the production, trading, processing, or consumption of the relevant metal or alloy.
• Step 2 — Data Consistency Check: Compare the submitted price against the previous week’s assessment, the 30-week moving average, and data collected concurrently from other sources. Data points deviating by more than 10% from the moving average are flagged for further investigation.
• Step 3 — Cross-Verification: Check the submitted price against relevant raw-material input costs (e.g., LME nickel, LME cobalt, ferrochrome, ferromolybdenum, titanium sponge) to confirm that the reported alloy price is consistent with the underlying cost structure.
• Step 4 — Outlier Handling: Data points that cannot be validated through Steps 2 and 3 are excluded from the assessment. The reason for exclusion is documented internally.
• Step 5 — Editorial Review: The final assessed price is reviewed by the editorial team before publication. This review confirms that the assessment range is internally consistent and supported by the available data.

5.2 Minimum Data Requirements

To publish a price assessment, SMP requires a minimum of two independent data points obtained from different market participants. Where this minimum requirement is not met for a given grade in a given week, SMP will take one of the following actions:

1. Publish the previous week’s assessment with a note indicating that new data was insufficient; or
2. Suspend the price assessment for that grade until sufficient data is available.

5.3 Low-Liquidity Market Conditions

Some specialty-alloy grades trade rarely or in small volumes. Under low-liquidity market conditions, SMP may supplement direct transaction data with the following:

1. Indicative offer prices from producers and traders.
2. Cost-based reference-price calculations using raw-material input prices.
3. A wider assessment price range to reflect market uncertainty.

Where low-liquidity market conditions apply, this is stated in the relevant price report.

6. Price Report Structure

Each weekly price report follows a standardized structure to ensure consistency and usability.

7. Moving Averages and Trend Calculations

SMP publishes moving averages alongside the raw price-assessment data so that users can identify the underlying trend and filter out short-term volatility.

7.1 Calculation Method

1. 7-week moving average: The simple arithmetic mean of the assessment midpoints from the 7 most recent weekly assessments.
2. 30-week moving average: The simple arithmetic mean of the assessment midpoints from the 30 most recent weekly assessments.
3. 90-week moving average: The simple arithmetic mean of the assessment midpoints from the 90 most recent weekly assessments.

These indicators are provided to Market Intelligence and Sourcing Pro subscribers; as an exception, they are made publicly available during Open Beta free-access periods.

7.2 Handling of Missing Data

Where a price assessment is not published in a given week (for reasons such as holidays or insufficient data), that week is carried at the previous week’s assessed price, and the moving average is shown unchanged.

8. Regional Coverage

SMP’s price assessments primarily reflect global market conditions for specialty metals that are traded internationally and that show limited price variation between regions. Where regional price differences exist, SMP states the applicable region in the relevant report header.

8.1 Principal Markets

1. North America (including the United States, Canada, and Mexico).
2. Europe (including the EU, the United Kingdom, and Türkiye).
3. Asia (including China, Japan, Korea, and Southeast Asia).

8.2 Regional Adjustments

Some grades may show significant regional price differences due to tariffs, logistics costs, or regional supply-demand imbalances. In such cases, SMP may publish a separate regional price assessment or note the regional context in the Market Commentary section.

9. Corrections and Revisions

9.1 Correction Policy

Where SMP identifies an error after a price assessment has been published, the following procedure applies:

Errors identified within 24 hours of publication: The original report is corrected directly. A correction notice describing the nature of the error and the corrected value is attached to the report.

Errors identified more than 24 hours after publication: A separate correction notice referencing the original report is published as a standalone update, and a link to that correction notice is added to the original report.

9.2 Revision Policy

Except to correct factual errors, SMP does not retroactively revise historical price assessments. A price assessment reflects market conditions at the time of assessment and is not adjusted in light of information obtained afterward.

10. Editorial Independence and Conflicts of Interest

SMP maintains strict editorial independence. The following policies apply:

1. SMP and its officers and employees do not trade the metals covered by SMP price reports.
2. Price assessments are not influenced by advertising revenue, subscription revenue, sponsorship agreements, or other commercial relationships.
3. SMP does not accept payment from any market participant in exchange for favorable price treatment or assessment outcomes.
4. Employees involved in price assessment must disclose potential conflicts of interest. Where a conflict is identified, the employee concerned is excluded from the relevant assessment.
5. Complaints regarding price assessments are handled by the editorial team, independently of the commercial team. The complaint-handling procedure is described in Section 11.

11. Complaints and Feedback

SMP welcomes feedback from market participants regarding the accuracy, representativeness, and coverage of its price assessments.

11.1 How to Submit Feedback

1. Email: [email protected]
2. The subject line should include the relevant metal grade and reporting period (e.g., “Hastelloy G3 Price Report — Week of Apr 13–17, 2026”).

11.2 Response Procedure

1. An initial acknowledgment of receipt is provided within two business days for all complaints and methodology inquiries.
2. A substantive response, including any corrective action taken, is provided within ten business days.
3. Where a complaint leads to a methodology change or a price correction, the relevant change is documented in the Methodology Change Log in Section 12 and/or in a correction notice.

11.3 Providing Price Information

Market participants wishing to contribute price data or market information to SMP’s price-assessment process may contact the editorial team at the email address above. All submissions are treated as confidential in accordance with the terms described in Section 3.3.

12. Methodology Change Log

Material changes to this methodology are documented below. Except where a change is urgently required or unavoidable in order to maintain the accuracy or integrity of price assessments, subscribers are notified at least 14 days before a material change takes effect.

13. Limitations and Disclaimer

13.1 Market Limitations

Specialty-metals markets differ fundamentally from commodity exchanges. Users should be aware of the following characteristics, which affect the accuracy of price assessments:

1. Low liquidity: Many specialty-alloy grades trade rarely. A weekly assessment may reflect only a small number of data points and may not capture every transaction occurring during the reporting period.
2. Wide price ranges: The assessed price range (low–high) for specialty alloys is often wider than that of exchange-traded commodities. This reflects legitimate sources of variation, including quantity, form (bar, sheet, plate, wire, powder), specification stringency, certification requirements, lead time, and price differences arising from trading relationships.
3. Scrap quality variation: Scrap prices are particularly sensitive to quality, contamination level, form (turnings vs. solids), lot size, and location. SMP’s scrap price assessments state the assumed quality standard, and actual transaction prices may differ.
4. Regional spreads: Prices can vary significantly between regions due to tariffs, freight, regional supply-demand trends, and exchange-rate effects. Where a single global assessment is published, it represents a view weighted toward the principal trading regions.

13.2 Disclaimer

SMP’s price assessments are provided for informational purposes only and do not constitute investment advice, a trading recommendation, or a solicitation to buy or sell any commodity. While SMP exercises reasonable care in collecting, validating, and publishing price data, it does not guarantee the accuracy, completeness, or timeliness of any assessed price. Users should exercise independent judgment before making procurement, trading, or investment decisions based on SMP data and should seek professional advice where necessary.

SMP’s price assessments are proprietary content protected by copyright. Reproduction, redistribution, or use of SMP price data in derivative products requires a separate license agreement. For full terms, refer to the Terms of Use at supermetalprice.com/terms-of-use.