電子產品的大量生產與消費，產生許多既是潛在資源，也是潛在汙染物的電子廢棄物。在永續發展的概念下，循環經濟被視為解決此一環境問題，且能創造經濟的良方。不過人們如何具體實踐循環經濟，而事業電子廢棄物又是如何被納入循環經濟？本研究透過廠商訪談、廠商年報、技術報告與田野訪查，藉由市場化研究與廢棄物地理學的觀點，分析貴金屬回收市場的實作過程，試圖回答循環經濟是如何被建構？事業電子廢棄物的價值是如何被計算？事業電子廢棄物的物質特徵又如何影響循環經濟的品質面向？回收實作產生的產品如何重返貴金屬原料市場？等問題。本研究發現業者能夠將事業電子廢棄物資源化是仰賴成分分析、回收與處理技術，以及貴金屬交易市場等技術與制度，讓事業電子廢棄物能夠被框進市場中。唯有事業電子廢棄物成為平定產品，能夠透過計算工具計算廢棄物價值，回收的貴金屬符合品質標準，才得以讓品質－價值－價格的轉換關係成立，具體實踐循環經濟。然而，事業電子廢棄物作為頑抗物質，使得市場化仍存有外溢現象。即使業者亦透過全球回收網絡與技術修補嘗試將之納入市場，但經濟發展與環境保護間的爭議仍存在。

In the circular economy, electronic waste is considered as a potential resource and pollutant, and should be recycled appropriately. Seven companies in Taiwan extract precious metals from industrial e-waste, seemingly implying that circular economy has become reality. However, several questions arise: How the circular economy is constructed; how to calculate the value of e-waste, and how the material content of e-waste influences the quality of the circular economy. With the perspective of marketization studies and waste geographies, this study analyzes practical processes of precious metals recycling market with company interviews, annual financial and technology reports analysis, and field trips. Analytical results indicate that recycling industrial e-waste depends on component analysis, recycling methods and the precious metal trading market. The relationship between calculative agencies, calculative tools, and calculable goods is established when e-waste is framed into the recycling market. The relationship of quality, value and price is identified only when industrial e-waste is transformed into manufactured goods. However, e-waste as recalcitrant material makes the framing of the relationship incomplete. Although companies attempt to internalize the overflowing of derivative waste through global recycling networks and innovation of technology, controversies of economy and environment exist.