Refined Metal
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Refined Metal is a Material that is used to upgrade your ship at the Dry Dock/Floating Dock. Unlike other Materials, It is only rarely found in specific locations as Shapes In The Deep, usually requireing Packed Explosives to access. Each dredging spot can only be used once. They can also be purchased from the Travelling Merchant.
In The Iron Rig DLC, Refined Metal can be crafted at the tier 2 Foundry for the cost of 2x Ironhaven Crate and $25.