As the world continues to adapt to virtual and remote working with severe restrictions on travel, many businesses are considering the analogue nature of how they have been interacting with customers, suppliers and intermediaries, and whether it is fit for the 'new normal'. Consider the metals value chain; from mining to processing, fabrication, transportation, storage, consumption and eventually recycling. Some larger players in the industry have successfully purchased or acquired the next 'vertical' within the chain, and hence reaped the efficiencies. However, the vast majority of businesses are dealing with intermediaries - often with business relationships dating back many years - to advise them on who, when and how to sell their products. In some cases, pricing for widely used metals (such as copper and aluminium) can be referenced from recognised Exchanges like the London Metal Exchange or Shanghai Futures Exchange - but what about the ever growing universe of 'rare earth' metals for which there is no recognised public source of pricing, but which form an essential part of mobile technology, computer chips, and rechargeable batteries? Or the pricing of lithium, an essential ingredient in EV car batteries? In this case, the supplier is totally reliant on that limited analogue network of intermediaries and buyers built over a number of years.
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