Expana proposes to launch UK Packaging Recovery Note (PRN) and China dense soda ash Expana Benchmark Prices (EBP)

Expana is proposing to launch two monthly Expana Benchmark Prices (EBP) for the UK’s Packaging Recovery Note (PRN) market and one for China’s dense soda ash market, and is collecting feedback from market participants until Friday, December 12, 2025.  

Expana suggests launching the monthly assessments on Wednesday, December 31, 2025, pending stakeholder feedback. 

The proposed specifications for the assessments would be as follows:  

Assessment Name	Assessment Code	Quality	Incoterm	Quantity	Currency	Unit	Publication Schedule
Paper waste PRN UK EBP	PAPRN	Paper waste; Packaging Recovery Note (PRN); United Kingdom; Expana Benchmark Prices (EBP)	N/A	N/A	£	MT	EMEA, Monthly, Last Business Day
Glass waste re-melt aggregate diff UK EBP	RAPRN	Glass waste; Packaging Recovery Note (PRN); Differential between re-melt and aggregate; United Kingdom; Expana Benchmark Prices (EBP)	N/A	N/A	£	MT	EMEA, Monthly, Last Business Day
Soda ash dense FOB Qingdao CN EBP	SADC	Soda ash; Dense grade; China; Expana Benchmark Prices (EBP)	FOB Qingdao	Min. 250 MT	$	MT	EMEA, Monthly, Last Business Day

The proposed assessments would reflect the transactable value at 16:00:00 London time. 

A PRN [Packaging Recovery Note] is an official document used to prove that a certain amount of packaging waste has been recycled or processed. A PRN is issued by an accredited recycler to aid a company’s legal obligation in the UK. The PRN market is critically important for supporting recycling infrastructure within the UK, where members of the supply chain are obliged to buy and sell PRNs based on how much waste has been created and recycled. Consequently, PRNs have a major impact on packaging prices in the UK and in significant export markets, such as Europe. The PRN market is highly traded and volatile, and the proposed assessments would further enhance transparency across the paper and glass packaging material categories. As documentary evidence, it carries neither an incoterm nor a quantity in its specification. 

As an example: 

• Company A has 1,000 metric tonnes of packaging on the market that it is obliged to recycled by law – that means Company A must buy 1,000 PRNs to meet its obligation.  

• Meanwhile, Reprocessor, a firm that recycles packaging waste, generates and can sell 1 PRN per metric tonne of packaging waste it recycles.  

• In this way, generation (supply) and obligation (demand) function as market fundamentals.   

• The PRN can be kept by the reprocessor or traded in the market during the compliance year. 

Dense soda ash is an essential raw material within glass manufacturing, accounting for over 10% of the virgin batch materials. It lowers the melting point of silica sand and assists in melting behavior. China is one of the largest producers of dense soda ash globally, consuming vast quantities domestically but also exporting to several important destination markets for glass manufacturing. The addition of a dense soda ash benchmark for China, on a free-on-board basis, would further enhance transparency in this critically important market for one of the most integral raw materials in glassmaking. 

For feedback or suggestions on this proposal, please email [email protected] by Friday, December 12, 2025, and clearly state which market note your comments relate to, and if your comments are intended for publication by Expana.  

Expana will acknowledge receipt of all comments by email.