Our first product in the Metal Commodities Segment is determining Hot Metal Production (pig iron) Index in the major steel mills of the world. The Hot Metal Index represents the variation in production of hot metal (pig iron) over defined time intervals at steel mills. This is a near real time indicator of production trends in steel mills which is derived by using advanced Machine Learning leveraging the thermal properties captured in certain bands of satellite images. The amount of heat generated is directly proportional to the production of hot metal and we have used this assumption in building out the HMPI, which is now mature and showing very good results.

** For the mills where we do not have historical data, we will provide an activity index instead of production index. The activity index will give a measure of the production activity in the hot metal production areas like blast furnace, however it is not calibrated to the actual production results.

The iron ore inventory index is basically a proxy of the actual inventory of iron ore on these ports on that day. This index is based on the area occupied by iron ore stockpiles, on a given day, at each designated storage yard at the port. The index has been back tested against actual reported inventory and gives very high correlation with the actual inventories. Our proprietary models use advanced computer vision algorithms on satellite images to create a cost-effective and accurate solution to measure and monitor the changes in iron ore stockpiles stored at ports. We cover both origin as well as destination ports.

The methodology is the same as the Iron ore Inventory index model. This index is based on the area occupied by Coal stockpiles, on a given day, at each designated storage yard at the port. Similar to iron ore index we have achieved high accuracy results based on validation from the ground source.

Our latest product in the metal commodities segment is the Mining Activity Index. It gives a measure of the mining trend in the major mines across the world.

We have leveraged the latest SAR technology to measure the changes in the earth's surface caused due to mining activity and build 3D surface maps of mine areas for measuring the changes over time.

For each of the product indices, the base value is considered as 100 and subsequent values represent change from the base value which gives an indication of production, inventory or mining trend.