BASF introduces new PGM metal account policies and PEPS™ metal availability services
ISELIN, NJ, May 31, 2012 – BASF Corporation today announced new Platinum Group Metals (PGM) metal account policies and PEPS™ metal availability services.
Platinum Group Metals (PGM) metal account policies and procedures
BASF is introducing new PGM metal account policies and procedures. There are no changes for customers who source metal directly from BASF. There are new service charges and conditions for customers who choose to acquire platinum group metals from other sources for deposit with or credit to a BASF metal account. These new service charges and conditions will take effect June 25, 2012, or as contracts allow.
Customers continue to have the option to acquire metal from external sources, whose service ends at the point of metal account transfer or physical delivery to BASF’s vaults. BASF has made a significant investment to provide the services and supply chain management required for precious metal accounts. The behind-the-scenes logistics (e.g., transportation, vault storage, security, insurance, quality control, sampling, assaying, and metal account management) represent significant value to customers.
The key metal account policy and procedure changes are as follows: physical shipments will be subject to a $5/toz handling fee and additional conditions, while metal account transfers at mutually agreed third party locations will be subject to a $6/toz handling fee and additional conditions. BASF has decided to make these changes to reflect the value of the services provided to customers who source their metal from other suppliers.
PEPS™ low-cost metal availability services
Separately, and consistent with BASF’s history of innovation in the precious metals business, the company is introducing low-cost metal availability services. These services are available to qualifying customers that source metal for catalysts manufactured by BASF, regardless of where they source the metal. By taking advantage of this service, customers could improve cash flow by delaying the purchase or, in the case of a forward purchase, the payment for metal until shipment of finished product from BASF’s facility. Additionally, the flexibility to price metal either well in advance of the manufacturing process or as late as shipment of the finished product could enhance the customers’ ability to implement strategic pricing objectives. This new service is called PEPS™ (Payment Extended, Priced Strategically) and is available now.
BASF is a full-service provider of precious metal products and services. The company leverages its unparalleled market insight and decades of precious metals sourcing, trading and hedging expertise to create a tangible competitive advantage for BASF and its industrial customers. Programs are tailored to meet customers’ specific precious metals needs and requirements.
About BASF’s Catalysts Division
BASF’s Catalysts division is the world’s leading supplier of environmental and process catalysts. The group offers exceptional expertise in the development of technologies that protect the air we breathe, produce the fuels that power our world and ensure efficient production of a wide variety of chemicals, plastics and other products, including advanced battery materials. By leveraging our industry-leading R&D platforms, passion for innovation and deep knowledge of precious and base metals, BASF’s Catalysts division develops unique, proprietary solutions that drive customer success. Further information on BASF’s Catalysts division is available on the Internet at www.catalysts.basf.com.
BASF – The Chemical Company
BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success, social responsibility and environmental protection. Through science and innovation we enable our customers in almost all industries to meet the current and future needs of society. Our products and system solutions contribute to conserving resources, ensuring healthy food and nutrition and helping to improve the quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF posted sales of about €73.5 billion in 2011 and had more than 111,000 employees as of the end of the year. Further information on BASF is available on the Internet at www.basf.com.