I'm excited to report that Metal Miner IndX, a free global metals pricing index, is now available to producers, practitioners, consultants and anyone else who is interested in tracking up-to-the-day metals pricing in local countries worldwide. As those in the metals world know, the price delta between a specific metal or metal product can vary greatly even on a single day between countries -- sometimes by 25% or more. Over on the Metal Miner blog, my wife, Lisa Reisman writes in her announcement post that the index "contains a broad range of industrial metals including steel, stainless steel and most base metals. Prices are updated daily in most cases, monthly in others and come from three countries: China, India and Japan. (London Metal Exchange pricing is also included). Unlike other metals publications, MetalMiner IndX(SM) also includes a live currency converter for instant price comparisons in US dollars or foreign currencies." Metal Miner IndX is a free service whereas other metals pricing providers and indexes charge hundreds or thousands of dollars per year -- sometimes more -- and many lack the global price points that practitioners need to make better decisions.
Even though I had little to do with the creation of the IndX, I'm excited that Metal Miner is taking on the existing incumbents and trying to shake up a stodgy old publishing model that is based far more on what producers want to see than the pricing intelligence that sourcing managers and traders need. In the above-linked post, Lisa writes that "our goal is to become the number one destination for sourcing professionals and metals traders looking for candid insight, actionable strategies and tools to make their jobs easier. Our blog content remains free to everyone. This version of the MetalMiner IndX(SM) will also remain free to those who register. Watch this space in 2009 for additional software, service and market intelligence offerings." If you're curious about learning about how to use price indexes to save money and to improve your contracting, check out a recent Spend Matters Perspective on the subject.
- Jason Busch