Commodity Chemical definition
Commodity Chemical means chemicals and materials which are generally interchangeable products (i.e., products with generally accepted specifications which are generally interchangeable in the marketplace for those of other producers for most applications), which either (i) sell for less than $1 per pound regardless of quantity manufactured, or (ii) if manufactured in a total volume of at least 250 million pounds per year, sell for less than $3 per pound. The dollar amounts set forth in this definition shall be increased annually after July 1, 2000, to reflect changes in the Consumer Price Index, All Consumers, as published by the U.S. Bureau of Labor Statistics using 1998 as the base year.
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