Benchmark price (BP) is the price per unit of quantity in a specific segment of the international marketplace, set by the country or producers' organization that consistently exports the largest quantity or volume in a marketplace such as the London Metal Exchange.[1][2] This price is set periodically, usually monthly and serves as a guideline for international trade.
The term "benchmark" can be applied to many aspects of public concern, such as quality, services, attitudes and others, denoting the highest standards achieved in such spheres. For example, a school or university could be cited as setting the benchmark for education. A hotel could be cited as setting the benchmark for quality of service. The phrase "international benchmark price", however, is synonymous with prices of commodities in international trade.
An example is the benchmark prices that apply to crude oil in the international marketplace.
It is not mandatory for exporting countries or importing countries to use the benchmark price as international trade is based on favourable prices.
The benchmark price is often the most important consideration when determining export prices.
A specific raw material or other similar goods will sell for more or less than the benchmark price depending on how it compares to the benchmark commodity (percentage of undesirable components such as sulfur, for example) and where it is to be delivered, if other than the benchmark price's delivery point.
^"LME Official Price". London Metal Exchange. Retrieved 25 November 2013.
^"About fuel prices". Australian Competition & Consumer Commission. 5 November 2012. Retrieved 25 November 2013.
Benchmarkprice (BP) is the price per unit of quantity in a specific segment of the international marketplace, set by the country or producers' organization...
up benchmark in Wiktionary, the free dictionary. Benchmark may refer to: Benchmarking, evaluating performance within organizations Benchmarkprice Benchmark...
Benchmark Mineral Intelligence, also known as Benchmark, was founded by Simon Moores in 2014. Benchmark is the world’s foremost prices, data and intelligence...
Price premium, or relative price, is the percentage by which a product's selling price exceeds (or falls short of) a benchmarkprice. Marketers need to...
The price of oil, or the oil price, generally refers to the spot price of a barrel (159 litres) of benchmark crude oil—a reference price for buyers and...
the EPP is determined by considering the Import Parity Price or International BenchmarkPrice of the commodity and other trade factors. The EPP applies...
1970s and physical Nickel trades gradually adopted LME Nickel prices as benchmarkprices thereafter. The LME nickel market was severely disrupted in March...
content. Brent is the leading global pricebenchmark for Atlantic basin crude oils. It is used to set the price of two-thirds of the world's internationally...
the benchmark settling at a higher (lower) price, then trades in the physical commodity markets at such a large volume as to influence the benchmark price...
price and a price that would have been observed in the absence of collusion. The latter is often called a "but-for price" or a competitive "benchmark...
intended to create additional capacity and to create a benchmarkprice in order to prevent price gouging by local private utilities and prevent the private...
meets the required qualifications. Spot and futures prices of WTI are used as a benchmark in oil pricing. This grade is described as light crude oil because...
simultaneously. The clearing price mechanism is often utilised in a market context in order to establish a benchmarkprice index for that market in question...
September 1919, provides a daily benchmarkprice to the industry. The afternoon fixing was introduced in 1968 to provide a price when US markets are open. As...
Extrapolating PPPs and Comparing ICP Benchmark Results" (PDF). International Comparison Program. World Bank. p. 29. "Prices and Earnings (Edition 2012)" (PDF)...
has been suggested might one day perhaps create a "Caspian Crude" benchmarkprice analogous to Brent Crude or WTI will only be started after the Bourse...
defined with respect to a chosen benchmark. The most common benchmarkprices or costs are: Arrival Price - the price p 0 {\displaystyle p_{0}} at the...
German economy as a whole. The L-DAX Index is an indicator of the German benchmark DAX index's performance after the Xetra trading venue closes based on...
(French pronunciation: [kak kaʁɑ̃t]) (Cotation Assistée en Continu) is a benchmark French stock market index. The index represents a capitalization-weighted...
sold by multiplying their "face value" times a benchmarkprice that floats relative to the spot silver price per ounce. According to American law, US citizens...
grid operation. Solar electricity price is going to become the benchmarkprice for deciding the other fuel prices (petroleum products, natural gas/biogas/LNG...
is the benchmarkprice for western Canadian crude blends. The price of other Canadian crude blends produced locally are also based on the price of the...
Benchmarking requires the use of specific valuation methods. With evaluation is meant the level of achieving the target for a particular evaluation item...