Nominal Prices

Prices that reflect buyers’ and sellers’ opinions of current values (e.g., bids, offers, grade, and regional differentials, etc.) when there is limited trading of a commodity.  Ordinarily, published prices are based on three or more separate, actual spot transactions.  However, because of the practical uses made of pricing information by buyers and sellers, nominal prices are used to indicate where spot trades would occur.  If a reporter is unable to gather enough information for nominal prices, then prices are reported as too few to report (TFEWR).