Why no prices, no FX, no spot data? Because hardcoding numbers that change every minute would lie to you. We supply the constants — you supply the variables.
Our zone (constants)
Densities, atomic masses, troy-ounce ↔ kg ratio, MTU coefficients, geometric formulas. Physics. They never change.
Your zone (variables)
Spot prices, FX rates, freight, tariffs, LC fees, factoring, premia, refining charges. They change every day. You enter them when you model a deal.
Metal preset (optional — just pre-fills typical units. You can always override.)
Defaultany commodity
Precious & PGMLBMA / Johnson Matthey
LME base$/MT, lot ≥ 25 t
Battery & energyBloombergNEF, UxC
Refractory & high-tempMMTA, Argus, Fastmarkets
Minor metalsMMTA Code of Practice
Rare earthsUSGS MCS, SMM, Asian Metal
Ores & concentratesPhase 1B — PIAX, Argus, CME
One true source for all — every metal on the Hub is here. 60 presets covering precious + PGM (split into individual Pt/Pd/Rh/Ir/Os/Ru plus a mixed-feed preset for spent autocatalyst), LME base, battery & energy, refractory & high-temp, minor metals, and all 17 rare earths + mischmetal. The chip just pre-fills typical quote units — you can override every field. tungsten and molybdenum concentrates are the only ones quoted in
MTU by industry convention — the MTU card highlights for them. Iron ore and bauxite use ore-specific logic (moisture %, payable %, TC/RC, penalties) — Phase 1B. Sources: LME · LBMA · MMTA · USGS MCS 2026 · Johnson Matthey PGM · UxC (uranium).
Choose a calculator
Unit & Price — calculator
Switch between troy ounces, kilograms, metric tons and pounds — and convert prices between $/lb, $/MT, $/troy oz and $/kg. Type any value; the right-hand field updates as you go.
Weight
Pick any two units. Edit either side.
Why we chose these constants: 1 troy oz = 31.1034768 g (international troy ounce, used by LBMA and COMEX). 1 kg = 2.20462262 lb. 1 metric ton = 1 000 kg = 2 204.62262 lb = 32 150.7466 troy oz. 1 short ton (US) = 907.18474 kg. 1 tola (India) = 180 troy grains = 11.6638038 g = 3⁄8 troy oz exactly (British India standard, 1833 — still used for gold by BIS & World Gold Council). 1 baht (Thailand, bullion) = 15.244 g = 0.4901 troy oz (Gold Traders Association Thailand standard for 96.5 % bullion bars). These are exact by definition — they never need updating.
Price
Type your modeling price below — we convert it between units (lb ↔ kg ↔ MT ↔ oz ↔ g). Both sides use the SAME currency; we never FX-convert.
USD / lb
↓ Pick currency and target unit below to see the conversion.
Why two units (lb & MT) by default: base metals (copper, aluminium, zinc, lead, nickel, tin) are quoted in $/MT on LME and SHFE, but in the US they are also priced in $/lb (COMEX HG copper). Precious metals (gold, silver, PGM) are quoted in $/troy oz on LBMA & COMEX. Indian retail gold is quoted in Rs/tola (11.6638 g); Thai bullion in THB/baht (15.244 g, Gold Traders Association). Whatever quote you have, this card flips it.
Why no FX conversion: we list 19 currencies as a label, not as a converter. To turn USD into EUR or CNY you need a rate — and rates change every minute. We refuse to bake in a stale number that lies to you. Use your own working rate (forward, hedged, contract—whatever you actually trade on) and run the price card in that currency.
Why no FX conversion: we list 19 currencies as a label, not as a converter. To turn USD into EUR or CNY you need a rate — and rates change every minute. We refuse to bake in a stale number that lies to you. Use your own working rate (forward, hedged, contract—whatever you actually trade on) and run the price card in that currency.
Currency × FX
Type your working rate — we never fetch one. Reference links open official sources in a new tab; copy the number you trust into the rate field.
Saved rate: = · set
Your rate:
1 USD =
EUR
Need a reference?
ECB
XE.com
Wise
OANDA
Bloomberg
CBR (RUB)
Opens in a new tab. We do not parse, cache, or republish their numbers.
Why no automatic FX: “indicative” rates from Google, XE, ECB are mid-market — they do not match the bid/ask your bank gives you, the forward rate you hedged at, or the contract rate on your LC. Loading a stale mid-market number under our brand would lie to you. Type the rate you actually trade on. Your input is saved locally (LocalStorage) and reminded back to you on the next visit — stale after 24 h.
MTU ↔ Concentrate (tungsten, ferro-alloys)
MTU = Metric Ton Unit. Used to price tungsten, molybdenum and some ferro-alloy concentrates. 1 MTU = 10 kg of contained metal (or oxide) per metric ton of concentrate, i.e. 1 % × 1 MT.
Why MTU is its own unit: tungsten and molybdenum concentrates are not priced per kilogram of concentrate — they're priced per "metric ton unit" of contained oxide (WO₃ or MoO₃). 1 MTU = 1 % × 1 MT = 10 kg of the oxide. So a 65 % WO₃ concentrate weighing 1 MT contains 65 MTU. Industry sources: Argus Metals, Fastmarkets, Asian Metal. The math:
Total MTU = tonnage × grade(%), Total $ = MTU × price/MTU.
About these results
Calculations use values you entered. TSM Hub provides the calculation engine only — not freight, tariff, banking or market-rate data. Verify all inputs with primary sources (LME, LBMA, SHFE, COMEX, official bills of lading, contracted rates). Not financial advice.
Purity / Grade — calculator
Compute contained metal in a partially-pure material. Used for jewellery scrap (karat or fineness), doré bars, ore, concentrates, refining feedstock and recycled batteries. Material mass × grade % → contained metal.
Contained metal calculator
Pick the form of material first — metal salt, oxide, concentrate or refined metal. The theoretical contained percentage auto-fills based on stoichiometry (our constant). Override with your assay certificate.
0kg
contained metal at 0 %
Material − contained = 0 (filler, oxides, impurities, base metals)
Formula:
What is “material mass”? Mass of the material itself — the salt, ore, alloy, scrap or concentrate — excluding packaging, drums, pallets or container. This is not the shipping “gross weight” (IMO VGM / Maersk Bill of Lading definition: gross = product + tare). For concentrates the industry convention (S&P Platts IODEX, Argus, LME contracts) is to settle on DMT (Dry Metric Ton, moisture excluded); some intake contracts price on WMT (Wet Metric Ton). Use whichever your contract specifies.
Why pre-set forms matter: in real trade, metal salts and oxides settle on contained metal, not on the total material weight. 1 MT of nickel sulphate hexahydrate is not 1 MT of nickel — it's 0.223 MT of Ni (the rest is sulphate ion + water of crystallisation). Picking a form sets the theoretical maximum; your assay certificate tells you how close you really got.
Notation cheat-sheet:
Concentrate & ore values are typical ranges — every shipment ships with an assay certificate. Type your real grade in. For commercial settlement, concentrate contracts pay on payable metal (raw grade × payable% schedule − TC/RC − penalties); use the MTU card on Unit & Price tab or your contract's payable schedule.
¹ Battery-grade lithium carbonate is the chemical product (~99.5 % pure Li₂CO₃), and the 18.8 % is the Li-content of that product. Two different percentages — don't confuse them in contracts.
² Scandium is classified as a rare earth by USGS and IUPAC despite its low atomic number (21) and lighter mass — its chemistry sits with Y, La and the lanthanides. Yttrium is the second non-lanthanide REE.
contained = material × (grade%/100). Same unit in and out.
What is “material mass”? Mass of the material itself — the salt, ore, alloy, scrap or concentrate — excluding packaging, drums, pallets or container. This is not the shipping “gross weight” (IMO VGM / Maersk Bill of Lading definition: gross = product + tare). For concentrates the industry convention (S&P Platts IODEX, Argus, LME contracts) is to settle on DMT (Dry Metric Ton, moisture excluded); some intake contracts price on WMT (Wet Metric Ton). Use whichever your contract specifies.
Why pre-set forms matter: in real trade, metal salts and oxides settle on contained metal, not on the total material weight. 1 MT of nickel sulphate hexahydrate is not 1 MT of nickel — it's 0.223 MT of Ni (the rest is sulphate ion + water of crystallisation). Picking a form sets the theoretical maximum; your assay certificate tells you how close you really got.
Notation cheat-sheet:
- Percent: 99.5 % → 0.995 (LBMA "good delivery" gold = 99.5 %)
- Fineness: 995/1000 = 99.5 % (LBMA & standard refinery notation). 999.9 ("four nines") = 99.99 %.
- Karat: 24K = 100 % pure gold; 18K = 18/24 = 75 %; 14K = 58.33 %; 10K = 41.67 %.
- NiSO₄·6H₂O: M = 262.85 g/mol; Ni = 58.69 g/mol → 22.3 % Ni
- CoSO₄·7H₂O: M = 281.10 g/mol; Co = 58.93 g/mol → 20.9 % Co
- Li₂CO₃: M = 73.89 g/mol; 2×Li = 13.88 g/mol → 18.79 % Li
- LiOH·H₂O: M = 41.96 g/mol; Li = 6.94 g/mol → 16.54 % Li
- WO₃: M = 231.84 g/mol; W = 183.84 g/mol → 79.3 % W
- MoO₃: M = 143.96 g/mol; Mo = 95.95 g/mol → 66.7 % Mo
- APT (NH₄)₁₀[H₂W₁₂O₄₂]·4H₂O: ~88.5 % WO₃ → ~70.2 % W
- Cerium: usually sold as CeO₂ (ceria, Ce⁴⁺) → 81.41 % Ce, because Ce oxidises to +4 in air. Ce₂O₃ (sesquioxide, 85.38 % Ce) exists but is air-unstable.
- Praseodymium: sold as Pr₆O₁₁ (mixed-valence Pr³⁺/Pr⁴⁺, black powder) → 82.77 % Pr.
- Terbium: sold as Tb₄O₇ (mixed Tb³⁺/Tb⁴⁺) → 85.02 % Tb. Tb₂O₃ (pure +3) exists but Tb₄O₇ is what you get on calcination.
Concentrate & ore values are typical ranges — every shipment ships with an assay certificate. Type your real grade in. For commercial settlement, concentrate contracts pay on payable metal (raw grade × payable% schedule − TC/RC − penalties); use the MTU card on Unit & Price tab or your contract's payable schedule.
¹ Battery-grade lithium carbonate is the chemical product (~99.5 % pure Li₂CO₃), and the 18.8 % is the Li-content of that product. Two different percentages — don't confuse them in contracts.
² Scandium is classified as a rare earth by USGS and IUPAC despite its low atomic number (21) and lighter mass — its chemistry sits with Y, La and the lanthanides. Yttrium is the second non-lanthanide REE.
About these results
Assay laboratories certify purity to ±0.01–0.1 %. For commercial settlement reference your assay certificate, not nominal grade. Karat conversion uses the exact ratio K/24 — jewellers often quote nominal karat ("18K" stamped) which can be 1–2 % lighter in practice; for refining-grade calculations use measured fineness.
Freight & Tariff — EXW → DDP ladder calculator
Walk a shipment up the full Incoterms® 2020 ladder: EXW (factory gate) → FOB (onboard at origin port) → CFR / CIF (paid to destination port) → DAP / DPU (delivered, duties unpaid) → DDP (delivered, duties paid). Pick your from and to terms, fill the actual costs your forwarder quoted, see the per-MT price at every step. We never look up rates — lanes, season, contract and HS code change them daily.
Scope of your trade
What did the seller already cover, and how far must you take the goods? Pick the two ends — we'll fill in every Incoterm in between.
Origin local costs (EXW → FCA → FOB)
Main carriage (FOB → CFR → CIF)
Destination delivery (CIF → DAP → DPU)
Import clearance (DPU → DDP)
0/ MT @ DDP
From FOB base 0 / MT → +0 % cost uplift over 0 Incoterm stage(s). Total at destination: 0.
How the 8-rung Incoterms® 2020 ladder is built (per MT):
FCA vs FOB: per ICC Incoterms® 2020, FCA is recommended over FOB for containerized cargo — handover happens at the terminal (carrier), not literally onboard the vessel. Use FCA for trucks, rail, air, and most container shipments. Use FOB for bulk vessels and breakbulk where seller really does load onto the ship. CPT/CIP are the multimodal aliases of CFR/CIF — same cost structure, different mode (enter freight/insurance the same way).
CIF FO / FI / FIO (charter party terms, not Incoterms®): in bulk / breakbulk shipping you'll see hybrids like
Duty & VAT base: tax authorities assess duty on the CIF value (or CIP for non-sea modes). VAT/GST is then taken on CIF + duty. If your base price is past CIF (DAP/DDP), the duty % × base is a rough proxy — override the % to match what your broker invoiced.
Why no auto rates: freight changes daily (Baltic Exchange, container indices, fuel surcharges). Duty depends on HS code, country of origin, FTA status (CPTPP / RCEP / EU GSP). VAT depends on importer's jurisdiction. We refuse to bake numbers that mislead — type the rate your forwarder actually quoted you.
Reference sources (open in new tab — we don't parse): ICC Incoterms® 2020 · Baltic Exchange · Freightos Baltic Index · HS codes · World Bank WITS (tariff database).
Voyage time & capital cost: this calculator gives you landed cost per MT, but does not price the capital tied up while the cargo is at sea (inventory-in-transit = CIF × WACC × days/365), nor the contango / backwardation roll on a 3M hedge. Both are in TCO Pro (Logistics group: Voyage time; Pricing group: Forward curve shape + 3M–cash spread). Single source of truth for financing math.
EXW → FCA = + loading + inland-to-carrier + export-clear ·
FCA → FOB = + THC-origin (terminal handling onto vessel, sea-mode only) ·
FOB → CFR = + freight ·
CFR → CIF = + insurance ·
CIF → DAP = + THC-dest + inland-dest ·
DAP → DPU = + unloading ·
DPU → DDP = + import-clear + (CIF × duty%) + ((CIF+duty) × VAT%) + other.
FCA vs FOB: per ICC Incoterms® 2020, FCA is recommended over FOB for containerized cargo — handover happens at the terminal (carrier), not literally onboard the vessel. Use FCA for trucks, rail, air, and most container shipments. Use FOB for bulk vessels and breakbulk where seller really does load onto the ship. CPT/CIP are the multimodal aliases of CFR/CIF — same cost structure, different mode (enter freight/insurance the same way).
CIF FO / FI / FIO (charter party terms, not Incoterms®): in bulk / breakbulk shipping you'll see hybrids like
CIF Liner Terms (default — carrier covers loading and discharge), CIF FO (Free Out — buyer pays discharge at destination port), CIF FI (Free In — buyer pays loading at origin port), CIF FIO or CIF FIOS (Free In/Out, ±Stowed — buyer pays both ends). These come from BIMCO charter party contracts (Gencon, NYPE), not ICC Incoterms — they split who pays loading/discharge inside the sea-freight stage. Our calc handles all variants automatically: keep CIF as the term and put the actual stevedoring / discharge cost into the right line — THC-origin (loading) or THC-destination (discharge). Liner Terms = both bundled into the freight rate; FO = put discharge into THC-dest; FI = put loading into THC-origin; FIO = put both into THC lines. No new fields needed — the math stays the same.
Duty & VAT base: tax authorities assess duty on the CIF value (or CIP for non-sea modes). VAT/GST is then taken on CIF + duty. If your base price is past CIF (DAP/DDP), the duty % × base is a rough proxy — override the % to match what your broker invoiced.
Why no auto rates: freight changes daily (Baltic Exchange, container indices, fuel surcharges). Duty depends on HS code, country of origin, FTA status (CPTPP / RCEP / EU GSP). VAT depends on importer's jurisdiction. We refuse to bake numbers that mislead — type the rate your forwarder actually quoted you.
Reference sources (open in new tab — we don't parse): ICC Incoterms® 2020 · Baltic Exchange · Freightos Baltic Index · HS codes · World Bank WITS (tariff database).
Voyage time & capital cost: this calculator gives you landed cost per MT, but does not price the capital tied up while the cargo is at sea (inventory-in-transit = CIF × WACC × days/365), nor the contango / backwardation roll on a 3M hedge. Both are in TCO Pro (Logistics group: Voyage time; Pricing group: Forward curve shape + 3M–cash spread). Single source of truth for financing math.
About these results
Math only — we add the numbers you enter and step them through the Incoterms® 2020 ladder. Verify duty rates with your local customs / broker; freight with your forwarder's signed quote; insurance with the marine cargo policy schedule. Demurrage, detention, BAF/CAF go into the "Other fees" line. The ladder shows per-MT price at every Incoterm so you can renegotiate with your supplier (e.g. "your CIF is \$X; my own freight beats your quote by \$Y — give me FOB").
TCO Aggregator — final $/unit delivered (calculator)
Roll-up of every calculator on this page into one decision number. Pulls FOB price from the Price card, mass from Weight or Geometry, purity factor from Purity, and landed-cost components from Freight — then divides by contained metal to give your true $/unit of pure metal delivered. Unit-agnostic: use MT for base metals, troy oz for precious / PGM, kg or lb for whatever you quote in — as long as all four fields are entered in the same unit, the math holds. Override any field manually.
Need the professional view? Open TCO Pro — Total True Cost Calculator — ~80 fields across 12 groups (TC/RC payable %, factoring, CBAM, IRR, breakeven, sensitivity). Three modes: Student / Trader / CEO.
All-in cost of delivered contained metal
Press Pull from calculators to copy values from the other tabs, or type your own numbers. Result is total $ per unit of contained pure metal at your warehouse — use any consistent unit (MT, kg, troy oz, lb) across all four fields.
Material cost (FOB × qty)0
+ All logistics (freight×qty)0
= Total spent0
Contained metal (qty × purity/100)0
$ / MT contained metal0
0/ MT pure metal delivered
Total spend: 0 ·
Contained: 0 ·
Uplift over FOB: 0 %
Formulas:
Why TCO matters for tokenization: a token on "1 MT copper" backed by 99.5 %-pure cathode at landed $9 500/MT is a different instrument from one backed by 92 %-pure scrap at FOB $7 800/MT. Likewise a token on 100 troy oz of gold dust at 85 % grade is not the same as 100 oz of LBMA-good-delivery 99.99 %. Both are real, both are honest — but the TCO per unit of contained metal is what determines fair issuance value. This card normalizes them to the same denominator, in whatever unit you quote.
material = FOB × qty ·
logistics = freight_per_unit × qty ·
total = material + logistics ·
contained = qty × (purity/100) ·
$/unit_pure = total / contained.
Why TCO matters for tokenization: a token on "1 MT copper" backed by 99.5 %-pure cathode at landed $9 500/MT is a different instrument from one backed by 92 %-pure scrap at FOB $7 800/MT. Likewise a token on 100 troy oz of gold dust at 85 % grade is not the same as 100 oz of LBMA-good-delivery 99.99 %. Both are real, both are honest — but the TCO per unit of contained metal is what determines fair issuance value. This card normalizes them to the same denominator, in whatever unit you quote.
About these results
TCO assumes payable = grade (no payable% deductions, no TC/RC charges, no penalty elements for arsenic / lead / fluorine). For concentrate contracts, use the contract payable schedule instead. Result excludes financing cost, demurrage and any insurance for the warehoused metal — add those manually in the freight field if material.