Key takeaways
- The "Milan prices" have been the Italian market's reference for non-ferrous metals, alloys and silver for decades: historically they were calculated and published by ASSOMET, the national non-ferrous metals association.
- On 1 August 2026 ASSOMET discontinued the publication. FT Mercati — which already distributed those prices on its platform — continues the calculation autonomously as the Milan Indexes.
- The Milan Indexes mirror the previous quotations: same calculation criteria, full history preserved, series that cross 1 August without a gap.
- They are 11 daily quotations: silver origin and spot (EUR/kg), copper for semi-finished products, nickel, tin, zinc, brass 63, 67 and base bar, nickel silver 64, bronze B6 (EUR/t). They start from the LME — LBMA for silver — plus the Italian market premiums.
- Whoever used them as a contractual base has full continuity: FT Mercati subscribers get the daily values and the complete history.
What the "Milan prices" are
Milan has always been the heart of Italy's non-ferrous metals trade, and its quotations are the market's common language: when a foundry buys copper for semi-finished products, when a drawing mill sells brass, when a jeweller or an industrial buyer purchases silver, the reference price is the "Milan" one.
For decades these quotations were surveyed, calculated and published by ASSOMET, Italy's national association of the non-ferrous metals industries. Not exchange prices, but reference values of the Italian market: built from the international quotations and dressed with the premiums that metal pays to be physically available on the national market. Entire supply chains have written contracts, price lists and price-revision clauses on those numbers.
The handover: 1 August 2026
On 1 August 2026 ASSOMET discontinued the publication of the quotations. For the Italian market the risk was concrete: losing the reference underpinning existing contracts and price lists, with historical series stopping overnight.
FT Mercati — which already distributed the ASSOMET prices to its platform subscribers — chose to continue the calculation autonomously. Thus the Milan Indexes were born: the same quotations, rebuilt with the same criteria, published every day by FT Mercati. The history is fully preserved and the series continue seamlessly: charts, averages and comparisons cross 1 August 2026 like any other day.
How they are built
The framework is that of the Milan tradition. The starting point is the international reference quotations — the LME for industrial metals, the LBMA for silver — expressed in euros, on which the Italian market premiums are layered: the cost separating the exchange price from metal physically available on the national market, in the form and conditions the supply chain uses.
For the alloys — the brasses, nickel silver, bronze — the quotation reflects the composition: the value follows the metals contained (copper and zinc for brass; copper, nickel and zinc for nickel silver; copper and tin for bronze) plus the processing. Publication is daily, on market days, and every value remains comparable with decades of history behind it.
The 11 quotations
The Milan Indexes cover the historic entries of the price list:
Contractual continuity
This is what matters most to companies. A supply contract indexed to the "ASSOMET Milan prices" is not orphaned: the corresponding Milan Index is the continuation of the same series, with the same method and the same history. Monthly averages, year-on-year comparisons and price revisions keep working without adjustments.
The practical advice is to update the contract wording at the first opportunity — naming the corresponding FT Mercati Milan Index as the reference — and, for contracts in force, to share the change with the counterparty. FT Mercati subscribers find the daily values and the complete history of every entry in the platform; on the public site, the Milan Indexes page shows the latest published values and the recent trend.
Frequently asked questions
What is the difference between the Milan Indexes and the old ASSOMET prices?
In the criteria, none: the Milan Indexes mirror the quotations ASSOMET published until 31 July 2026 — same calculation framework, same entries, full history preserved. What changes is who calculates and publishes them: since 1 August 2026 it is FT Mercati, autonomously.
Can I use them in contracts that referenced the ASSOMET prices?
Yes: that is exactly what they are for. The series is the continuation of the previous one, so averages and price-revision mechanisms keep working. It is advisable to update the reference to the corresponding "FT Mercati Milan Index" and, for contracts in force, to share the change with the counterparty.
What do the Milan Indexes start from?
From the international reference quotations — LME for industrial metals, LBMA for silver — expressed in euros and integrated with the Italian market premiums. For alloys the value also reflects the composition (the metals contained) and the processing. Publication is daily.
Why does silver have two entries and quote in EUR/kg?
By tradition of the Milan list: silver is quoted per kilogram in its two historic bases — origin and spot — while industrial metals and alloys quote in euros per tonne.
Is the history really continuous?
Yes. FT Mercati has fully preserved the historical series of the list and continues the calculation with the same criteria: a multi-year chart crosses 1 August 2026 with no gaps and no re-basing.
Where do I find the values?
On the public site, the Milan Indexes page shows the latest published value and the recent trend of each entry. FT Mercati subscribers have the daily values, the complete history and the tools for contractual use in the platform.
Sources
References for this guide:
- FT Mercati — Milan Indexes quotations
- ASSOMET — Italian non-ferrous metals industries association
- LME — reference prices
- LBMA — precious metal prices
This guide is market information, not legal or commercial advice: for your company's contracts, consult your advisors.