LME推基础金属可持续溢价机制重塑绿色金属定价体系

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

LME推基础金属可持续溢价机制重塑绿色金属定价体系

2025-12-17 09:35:38 来源：北方有色网责任编辑：王欣悦

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全球工业金属交易核心枢纽伦敦金属交易所(LME)近日宣布，计划针对铝、铜、镍、锌四种基础金属推出“可持续溢价”定价机制。这一突破性举措被行业视为金属产业低碳转型的重要里程碑，旨在通过市场化定价方式，让金属的“绿色属性”转化为明确的市场价值。该机制预计于2026年一季度正式落地实施。

LME首席可持续发展官乔治娜·哈利特在解读机制设计初衷时表示，此举核心是响应市场对透明度和全面环境保证日益增长的需求。与传统仅聚焦碳排放的评估方式不同，该可持续溢价将采用更综合的评估框架，同时考量可持续采购、生产工艺环保性等多重因素。“现代消费者正变得更加成熟，他们逐渐认识到可持续性不仅仅是碳排问题，”哈利特强调，这一认知转变正是机制创新的市场基础。

为在推动行业绿色转型与保障市场流动性之间取得平衡，LME为四种金属设定了明确的“从摇篮到大门”碳排放门槛。其中铝为每吨10吨二氧化碳当量，铜为5吨，低碳镍则要求生产每吨镍的二氧化碳当量不超过20吨——这一标准与当前市场上每吨6至100多吨的碳足迹差异形成鲜明对比。LME首席执行官马修·张伯伦补充说明，门槛设定需避免过于严苛导致参与者不足，“即使最终测算显示某类金属的可持续溢价为零，我们也将如实公布，明确‘无溢价’与‘有溢价’同样能为行业提供真实的市场信号”。

参与该溢价机制有着严格的资质要求，仅限LME注册品牌参与。例如华刚矿业生产的A级阴极铜作为刚果(金)首家、非洲首家LME注册中资铜品牌，已具备参与基础条件。所有参与企业需在LMEpassport平台完整披露排放数据及审计报告，并通过SGS等国际公认的第三方可持续性保证提供商认证，确保“低碳属性”可追溯、可验证。Hindalco、Vedanta Aluminium等已推出低碳铝产品的企业，正成为机制的积极准备者。

溢价价格的形成与发布机制凸显独立性与市场化特征。LME将与数字交易平台Metalshub深化合作，基于平台上经核实的交易数据及买卖报价计算溢价水平——Metalshub自2024年3月推出低碳镍交易以来，已累计成交488吨，为机制落地奠定了数据基础。最终溢价结果将由LME母公司香港交易所在迪拜新成立的大宗商品定价与分析有限公司(CPAL)按月发布，该子公司的设立正是为强化大宗商品定价管理服务能力，推动可持续金属市场发展。

在政策衔接方面，LME已将欧盟碳边境调节机制(CBAM)的报告要求纳入铝交易规则。恰逢欧盟近期下调CBAM项下铝产品碳排放基准值，原铝基准值降至每吨1.423吨二氧化碳当量，再生铝仅为0.091吨，LME的提前布局将帮助企业更好应对监管变化。哈利特特别强调，该溢价本质是价格发现工具而非基准设定，其核心价值在于释放可持续性相关价值，推动形成更高效、透明的现代化金属交易模式。

业内分析认为，这一机制将重构金属定价逻辑，使“碳排放”成为与“纯度”“品位”同等重要的定价要素。对矿企而言，明确的绿色溢价将激励低碳技术研发;对下游新能源、汽车企业而言，溢价数据可精准评估绿色供应链成本，最终推动整个产业链加速迈向碳中和目标。

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