Cost* Historical Percentage of Aluminum Cost

*$$-$$$goes into these• Casting, extrusion and everything thatfinished product• Take from raw state of aluminum to a

What is the Conversion?

Conversion

*$brokerage fees• Warehousing, tariffs, freight andmarket to compliment LME aluminum contract)• U.S. Aluminum premium (for North American

What is the MWP?

Midwest Transaction Premium (MWP)

*$$-$$$• Chicago board of trade (CME group)• London Metal Exchange (LME)Example Base Commodity Markets

Base Commodity Aluminum Price

Aluminum Pricing | How It Works