What is an RFQ in metal procurement?
Abbreviation: RFQ
Related Terms
Purchase Order(PO)
A purchase order (PO) is a formal document a buyer sends to a supplier authorizing the purchase of specific goods at an agreed price. It creates a legal contract between the buyer and supplier.
Lead Time
Lead time is the time between placing an order and receiving the material. For service centers, lead times range from same-day (stock items) to 6+ weeks (mill orders or specialty alloys).
Metal Service Center
A metal service center is a distributor that buys metal in large quantities from mills and resells it in smaller quantities with value-added processing such as cutting, sawing, and slitting.
Minimum Order Quantity(MOQ)
Minimum order quantity (MOQ) is the smallest amount a supplier will sell in a single order. Metal service centers may set MOQs by weight (e.g., 100 lbs) or dollar value.