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the difference between trade statistics and PRA pricing?","whats-the-difference-between-trade-statistics-and-pra-pricing","article/whats-the-difference-between-trade-statistics-and-pra-pricing",{"_uid":557,"date":558,"tags":559,"editor":575,"content":585,"excerpt":726,"featured":51,"reporter":727,"_editable":731,"component":732,"seo_title":553,"categories":733,"visibility":737,"author_company":49,"featured_image":738,"seo_description":726,"author_full_name":49,"author_job_title":49,"formattedDate":743,"formattedArticleDate":744},"26d65247-2438-426a-b897-7e47e6faf5cd","2022-11-04 00:00",[560,563,566,569,572],{"slug":561,"name":562},"cobalt-prices","Cobalt prices",{"slug":564,"name":565},"comment","Comment",{"slug":567,"name":568},"graphite-prices","Graphite prices",{"slug":570,"name":571},"lithium-prices","Lithium prices",{"slug":573,"name":574},"nickel-prices","Nickel prices",[576],{"slug":577,"name":578,"content":579},"didi-bostock","Didi Bostock",{"job_title":580,"image":581,"bio":583,"linkedin":584},"Editor - Energy Transition & Economics",{"filename":582},"https://a.storyblok.com/f/287943243085208/512x512/2c5ca5c1a3/didi-bostock.jpeg","Didi is the Energy Transition & Economics Editor at Benchmark, covering a broad range of markets across the energy transition. His remit spans from downstream sectors such as BESS and EVs, through to midstream such as new technologies and battery production, to upstream critical minerals mining. He also leads on financial analysis across these supply chains, alongside in-depth policy analysis.\n","https://www.linkedin.com/in/didi-bostock-656342198/",{"type":586,"content":587},"doc",[588,595,600,605,610,615,620,625,630,635,640,645,650,655,660,665,670,675,680,685,690,698,713],{"type":589,"attrs":590,"content":591},"paragraph",{"textAlign":49},[592],{"text":593,"type":594},"What is the difference between trade statistics and PRA (price reporting agency) pricing?","text",{"type":589,"attrs":596,"content":597},{"textAlign":49},[598],{"text":599,"type":594},"Trade statistics are a set of codes used by shipping companies and governments to track what is imported and exported. They are primarily used to determine taxes.",{"type":589,"attrs":601,"content":602},{"textAlign":49},[603],{"text":604,"type":594},"They are, however, inadequate for trying to determine the value of specialty chemicals, with varying grades and impurities destined for the lithium ion supply chain.",{"type":589,"attrs":606,"content":607},{"textAlign":49},[608],{"text":609,"type":594},"Trade statistics are rife with issues in determining market value but I have highlighted some of the key ones below:",{"type":589,"attrs":611,"content":612},{"textAlign":49},[613],{"text":614,"type":594},"❌ usually delayed by at least one but up to several months – by the time they are published the market could have turned",{"type":589,"attrs":616,"content":617},{"textAlign":49},[618],{"text":619,"type":594},"❌ no accounting for grade – you can’t tell if product is off-spec or battery grade",{"type":589,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":594},"❌ mislabelling: some products get incorrectly labelled so may not even be the product listed under the HS code",{"type":589,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":594},"❌ internal transfer pricing is often used, which can be mis-leading and very different to current market price",{"type":589,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":594},"❌ no way of knowing what currency conversion or base currency was used for the original transaction – this can create issues as shown above",{"type":589,"attrs":636,"content":637},{"textAlign":49},[638],{"text":639,"type":594},"❌ publication risk – on occasion countries will stop releasing/publishing the data for specific codes, this has happened for battery minerals in China several times, this can go on for months. This would mean very out of date (on top of the inaccuracies when it as published listed above) pricing would need to be used until the embargo on publication is lifted",{"type":589,"attrs":641,"content":642},{"textAlign":49},[643],{"text":644,"type":594},"IOSCO-assured pricing, with expert analysts speaking directly with the market, provides a far more accurate set of price data rather than relying on trade statistics.",{"type":589,"attrs":646,"content":647},{"textAlign":49},[648],{"text":649,"type":594},"Benchmark Mineral Intelligence’s IOSCO Compliant Price Assessment methodologies ensure:",{"type":589,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":594},"✅ Prices for transactions at fair market value are recorded for use in the assessment process",{"type":589,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":594},"✅ Prices are published in a timely manner for transactions within the assessment window",{"type":589,"attrs":661,"content":662},{"textAlign":49},[663],{"text":664,"type":594},"✅ Prices for transactions outside of the specifications for each grade within the methodology are discounted from the assessment",{"type":589,"attrs":666,"content":667},{"textAlign":49},[668],{"text":669,"type":594},"✅ Only arms length transactions qualify for assessment – no internal transfer pricing",{"type":589,"attrs":671,"content":672},{"textAlign":49},[673],{"text":674,"type":594},"✅ Prices are published in the currency they are traded in (or where there is a currency conversion the rate used is made available to subscribers)",{"type":589,"attrs":676,"content":677},{"textAlign":49},[678],{"text":679,"type":594},"✅ Benchmark has strict process and back up system to ensure publication of prices for the given assessment window",{"type":589,"attrs":681,"content":682},{"textAlign":49},[683],{"text":684,"type":594},"And perhaps most importantly:",{"type":589,"attrs":686,"content":687},{"textAlign":49},[688],{"text":689,"type":594},"✅ We also provide the context through Benchmarks’ marketing leading analysis and market commentary",{"type":589,"attrs":691,"content":692},{"textAlign":49},[693],{"text":694,"type":594,"marks":695},"By Caspar Rawles, chief data officer at Benchmark Mineral Intelligence ",[696],{"type":697},"italic",{"type":589,"attrs":699,"content":700},{"textAlign":49},[701,703,711],{"text":702,"type":594},"Read about Benchmark’s IOSCO-compliant Price Assessment methodologies ",{"text":704,"type":594,"marks":705},"here",[706],{"type":707,"attrs":708},"link",{"href":709,"uuid":49,"anchor":49,"target":49,"linktype":710},"https://www.benchmarkminerals.com/price-assessments/","url",{"text":712,"type":594},".",{"type":589,"attrs":714,"content":715},{"textAlign":49},[716,718,724],{"text":717,"type":594},"To learn more, please fill out this ",{"text":719,"type":594,"marks":720},"form",[721],{"type":707,"attrs":722},{"href":723,"uuid":49,"anchor":49,"target":49,"linktype":710},"/contact",{"text":725,"type":594}," to get in contact with Benchmark.","What is the difference between trade statistics and PRA (price reporting agency) pricing? Trade statistics are a set of codes used by shipping companies and governments to track what is imported and exported. They are primarily used to determine taxes. They are, however, inadequate for trying to determine the value of specialty chemicals, with varying […]",[728],{"slug":577,"name":578,"content":729},{"job_title":580,"image":730,"bio":583,"linkedin":584},{"filename":582},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"26d65247-2438-426a-b897-7e47e6faf5cd\", \"id\": \"\"}-->","article",[734],{"slug":735,"name":736},"critical-minerals","Critical Minerals","private",{"id":49,"alt":739,"name":739,"focus":739,"title":739,"source":739,"filename":740,"copyright":739,"fieldtype":741,"meta_data":742,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/6f93deea6d/bm-trade-picture1.jpg","asset",{"alt":739,"title":739,"source":739,"copyright":739},"Nov 04, 2022","4th November 2022",[],[],1792773923290]