Notes to the Consolidated And Separate Annual Financial Statements | Note 11

Trade receivables is net of a R24m (2021: R34m) commodities weight loss allowance. The commodity weight loss allowance is estimated using an estimated percentage of allowance per category of goods sold and by reference to past exposure experience. Trade receivables relating to local and foreign sales have an average payment term of between 30 and 120 days and are non-interest bearing. The Group's exposure to credit and currency risks related to trade and other receivables are disclosed in note 27. No ECLs have been incurred and provided for. Refer to note 1.17, Impairment of assets, for further information regarding the accounting policy for ECL on trade receivables.

R233m (2021: R239m) of trade receivables subjected to provisional pricing terms are accounted for at fair value through profit and loss. Level 2 hierarchy per IFRS 13. The fair value at the reporting date is based on the latest available ferrochrome prices and closing foreign exchange rate of R17.

The non-cash movement of the fair value adjustments of R64m (2021: R28m) is relating to trade receivables carried at fair value that has been treated as a non-cash flow in the statement of cash flows.

Refer to note 32 for other trade receivables from related parties.

The following table shows the movement in the weight allowances that have been recognised for trade receivables.