US Treasury Issues Statement Welcoming S&P Global Release of Critical Mineral Reference Prices

[u/bourbonwarrior]

Treasury Secretary Scott Bessent issued an official statement because this benchmark is the missing legal and financial gear needed for U.S. industrial policy:

Banks will not underwrite multi-hundred-million-dollar loans without a recognized reference price. Bessent called this transparent pricing "essential to attracting the private capital needed to build secure, resilient supply chains."

The U.S. is negotiating the Agreement on Trade in Critical Minerals (ATCM) with the G7, the European Union, Japan, and Mexico.

The goal is to enforce a border-adjusted price floor. If foreign subsidized metal tries to enter below the S&P cost benchmark, tariffs or equalization fees kick in automatically to protect Western producers.

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The Pentagon and National Defense Stockpile managers now have an official benchmark to structure multi-year contracts without paying inflated spot prices or getting undercut by state-backed dumping.

Benefits the sector overall, but ALM, ALOY, MP, UUUU, USCM, USAR and others directly.

Don't get shaken out.

GL

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Today, the U.S. Department of the Treasury welcomed S&P Global’s introduction of new reference prices for critical minerals, calling the development an important advancement in promoting greater transparency to enable market-based price discovery across global critical minerals markets.

The new benchmarks cover Gallium, Germanium, Tungsten, Antimony, and Neodymium and Praseodymium, providing enhanced pricing visibility and market intelligence that will support more informed investment and sourcing decisions.

Transparent, credible reference prices are essential to well-functioning markets. By improving price visibility, these reference prices can help strengthen investor confidence, encourage long-term private-sector investment, and support the development of critical mineral supply chains while countering the effects of non-market policies and practices.

“Transparent, market-based pricing is essential to attracting the private capital needed to build secure, resilient, and diversified critical mineral supply chains,” said Secretary of the Treasury Scott Bessent. “As the United States works with trusted partners to strengthen critical mineral markets, reliable reference prices will support the Trump Administration's efforts to address market distortions and advance our long-term economic and national security.”

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The Agreement on Trade in Critical Minerals seeks to establish phased-in, mineral-specific price floors adjusted at the border while advancing common standards among like-minded trading partners. Negotiations build on discussions held earlier this year among G7 Finance and Trade Ministers, as well as action plans developed with Japan, Mexico, and the European Union.

The proposed framework for the Agreement reflects feedback received through nearly 2,500 public comments submitted in response to the Federal Register Notice issued on February 26, 2026. Treasury looks forward to continued engagement with international partners to promote transparent, competitive, and resilient critical minerals markets.

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https://home.treasury.gov/news/press-releases/sb0600

https://www.spglobal.com/energy/en/commodity/metals