Price points and data
Which prices are included in the new MetalMiner Insights platform?
Designed for metals buyers, MetalMiner Insights platform contains a broad range of ferrous and non-ferrous, minor and precious metal prices from the United States, mainland Europe, China, South Korea, Japan, and India. The platform also contains pricing from the London Metals Exchange (LME), CME Group (Comex, Nymex) and RMDAS (carbon steel scrap). Based on customer input, MetalMiner will add additional pricing data on a regular basis.
Is MetalMiner Insights data licensed from exchanges?
The MetalMIner Insights platform contains over 60 price points coming from a variety of sources, including licensed exchange data where it is available. In the case of exchange traded data (i.e. LME, Comex, Nymex and RMDAS etc) MetalMiner has distribution, display, and a history license from each of those exchanges/services to provide metal price history (including downloadable tables), display information in the application and show information in the context of additional insights (e.g., adding forecasting support/resistance indicators to exchange data, showing sourcing strategy recommendations, etc.). In the case of LME data, MetalMiner also has a derivative license.
Where do you get your “other” price points? What are the sources?
In certain cases, price points come from in-country, local market publications. For example, Chinese buyers can access local market publications to identify metal prices; our in-country team accesses the same data. In other cases, MetalMiner develops its own proprietary data (e.g. the 10 MMI indexes such as GOES and bar fuel surcharges). In select cases, US-based and Chinese prices come from multiple sources and MetalMiner assigns weights and algorithms to the various providers' numbers. All information goes through a quality assurance process prior to publication and price data is verified and validated.
Where does the MetalMiner Index (MMI) data come from? What are the sources?
The MMI data essentially aggregates multiple metals to create an “index” or MMI. MetalMiner has obtained derivative licenses for the use of LME data in those indexes. No Nymex or Comex data appears in the MMI indexes. MMI data access includes 7+ years of price history and is available as an API to embed in client data.
How is non-exchange traded data data validated and entered? How do you guarantee the quality of the source?
Data is taken from multiple in-country sources and the prices are translated and entered using a two-part entry system. One first entry is made in-country, and our QA office in the UK validates the second. Other data is made available via local publications. To date, our sources are published locally in the local language.
If a price wasn't updated recently, what should I assume about the current price? You can assume that the price in the system is the most recent price available in the local market. On occasion, available prices are not updated due to local or national holidays. Also, certain minor metals are only published weekly or monthly.
Will there be more metals or sources added? Can I request particular metals/sources, or certain additions and features?
We will continue to seek new metals, as well as more types, grades and forms of metals to expand our offerings based on user needs. Additional sources are most definitely part of the product roadmap. We would welcome suggestions for additional metals, although we can't guarantee their inclusion.
If prices are all in local currencies, how will I be able to compare them?
The MetalMiner Insights platform is updated daily with the latest official central bank exchange rates, allowing price points and reports to be run in the local currency or any other major currency of your choice, including US dollars.
Accessing the MetalMiner Insights Platform
How do I access the MetalMiner Insights Platform? Do I need a username and password? Can I share this password?
You need to click on the "Login" link at the top of the landing page, and from there you will need to enter your user name and password. (A registration page for the sole use of your organization will be automatically generated after your payment has been processed.) There is no need to share your password as everyone from your company who would like a login and PW can obtain one (there are no limits to the number of internal users).
Can I access the MetalMiner Insights Platform from any location? Will it work on any computer?
The platform will work on any Internet browser but charting capability is only available via desktop browser.
What can I do with this data?
What are the primary use cases of the MetalMIner Insights Platform?
Companies use data and market intelligence for all sorts of reasons. Based on extensive research and feedback, MetalMiner clients use this intelligence to: inform senior level management about commodity price trends, conduct annual contract negotiations, better time market purchases, in some cases, to contract with suppliers (using the MMI indexes), identify forecasts that correlate tightly with products companies buy, make global sourcing decisions, negotiate part/component spend that contains a high degree of metal content (also used in R&D pricing research), among many others.
How can I use this data to negotiate with my suppliers?
If your suppliers ask for a price increase due to raw material costs, you can monitor those price movements with the MetalMiner Insights Platform to see if they are justified. Likewise, by monitoring price movements in the other direction, you can request price decreases from your suppliers.
Can I compare past prices for a long-term outlook?
In all cases, the platform presents all prices with both charting and historical data capability. In most cases, historical data is available going back to 2012. In some cases, the data goes back 10 years. It is available for download as a CSV file.
What is correlation analysis used for?
Correlation analysis is an exciting capability MetalMiner offers its clients to better understand the relationships between metals (and any other commodity for that matter). Specifically, our clients have used correlation analysis to identify a forecast product that maps to the specific form/grade/alloy of metal purchased. An example of this involves wire rod. MetalMiner does not track wire rod prices, nor does it have a forecast for this material. However, we know it has over a 93% correlation with our carbon steel plate forecast. In other words, a buying organization in need of a wire rod forecast can simply use our carbon steel plate forecast as a substitute. In addition, correlation analysis has also been used to create a “proxy” price absent a particular index from another market intelligence provider. For example, it’s possible to eliminate the need to subscribe to a 304 stainless scrap index because we know that 304 stainless scrap highly correlates to 304 stainless surcharges. In fact, the correlation is so tight, buying organizations can merely follow the 304 stainless surcharge to know at what 304 stainless scrap trades. MetalMiner will run any correlation analysis for any MetalMiner Insights client.
What is the cost savings diagnostic?
The MetalMiner cost savings diagnostic uses a supply chain strategic decision-making SCOR model to quickly assess and identify a commodity team’s sourcing opportunities. The 23-question survey allows the respondent to quickly see the results and identify areas for potential improvement. The diagnostic has been used by dozens of Fortune 500 companies across many industry verticals.