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2nd Asian Nickel Conference23-24 September 2014 • The Ritz-Carlton Jakarta, Mega Kuningan, Indonesia

16 September 2014 | Metal Bulletin Daily | Number 9373.2 © Metal Bulletin Limited, 2014

Tuesday


Base metals 3 Ores & alloys 7 Raw materials 9 Exchange news & prices 10 Minor & precious metals 11 Carbon steel 13 Stainless & special steels 17 Scrap & secondary 18 Prices 19

Copper concs charges hit ten-month high on looming stock overhang LONDONTreatment and refining charges for copper concentrates rose to the highest level in ten months on Monday September 15 as the spot market showed signs of saturation following the resumption of exports from Indonesia.

The Metal Bulletin Copper Concentrates Index rose to $112.40 per dry metric tonne/11.24 cents per lb on Monday, up from $109.60/10.96 at the end of August, as smelters and traders reported a swell in availability and flat demand.

At a headline level, recent tenders indicated a stronger market – with Southern Peru Copper Corp (SPCC) and Kupari both able to secure attractive bids from traders – but both deals carried non-standard side terms that diminished their relevance as references for the wider spot market.

The 10,000-dmt Kupari tender was rumoured to have been sold on an in-warehouse basis to a trading house which bid in the high $90s/9s, with the intention of blending and selling the material in Mexico.

“If you can blend in Mexico then fine, you can pay a premium for Kupari, but otherwise it can be a difficult material to trade,” one concentrates trader told Metal Bulletin.

Trade sources said the SPCC deal was for one 10,000-dmt lot and nominally concluded in the high $80s/8s, but with an unknown back pricing option that is likely to affect the final value of the sale significantly. SPCC was rumoured to have sold other parcels on similar terms after the tender.

In the wider market, bilateral deals were taking place in the $110-115 per dmt/10.5-11.5 level for clean material, trade, producer and consumer sources said.

“There’s a lot of material around at the moment. There aren’t so many tenders out at the moment, but there’s a lot of privately offered material in play,” a second concentrates trader said.

Traders reported selling into China between $110-$115/11-11.5 cents, while the highest terms reported by Chinese smelters were around $120/12.

Escondida arsenic blip As TC/RCs drifted higher, some traders were also watching for changes in the terms for complex material, after the Escondida mine experienced an increase in the arsenic content of a small number of cargoes recently shipped to customers.

The BHP Billiton-operated mine is the world’s largest copper producer, and the concentrates it produces are one of the highest-value feeds in the market, due to a high, stable copper content and low levels of impurities.

But a small number of cargoes of Escondida concentrates sold recently have contained above-average levels of arsenic.

While the increase is expected to be temporary, the higher arsenic content may make the affected cargoes less suitable for the purpose of blending with other complex high-arsenic feeds, trade sources said. BHP Billiton declined to comment.

The arsenic content of the affected Escondida cargoes was well below the 0.5% import limit imposed by Chinese customs

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Tuesday



authorities, and was within the assay guidance provided by BHP Billiton, trade sources said.

“The arsenic levels aren’t high, but if you bought the cargoes for blending, you’d be in for a bit of a surprise,” one concentrates trader told Metal Bulletin.

“It wouldn’t have been a big problem for the buyer because it could still be sold into China,” a second trade source told Metal Bulletin.

Other external trade sources said the elevated arsenic levels are likely to return to normal soon, and providing they do, the wider concentrates market will not be affected.

Mark Burton [email protected] Twitter: @mburtonmb

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3 | Tuesday16 September 2014 | Metal Bulletin Daily | Number 9373.2 © Metal Bulletin Limited, 2014

Disclaimer

METAL BULLETIN’S KEY PRICES: INDEXES


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Editor: Alex HarrisonSteel Editor: Vera BleiDeputy Editor, Non-ferrous: Fleur RitzemaRaw Materials Editor: Michelle MadsenSpecial Correspondent: Andrea HotterSenior Correspondents: Janie Davies,Jethro Wookey, Mark BurtonCorrespondent: Claire HackReporters: Elfi Middelbeek, Nina Nasman, Chloe Smith, Antonio PecicciaNewsdesk Manager: Rod GeorgeSenior Sub-editors: Jeff Porter, Tony Pettengell,James HeywoodPrices Manager: Mary HigginsPublisher: Spencer WicksManaging Director: Raju Daswani

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METAL BULLETIN’S KEY PRICES: INDEXES

Price Change† AssessedAlumina index fob Australia ($/t) 335.50 1.39% p 12 Sep 14

Charge chrome index 50% Cr cif Shanghai ($/lb Cr) 0.80 0% 12 Sep 14

Manganese ore index 44% Mn cif Tianjin ($/dmtu) 4.38 1.15% p 12 Sep 14

Manganese ore index 38% Mn fob Port Elizabeth ($/dmtu) 3.30 -0.3% q 12 Sep 14

MB Index CFR Turkey HMS 1&2 (80:20) (North Europe material) 364.54 -2.47% q 12 Sep 14

HMS 1&2 ferrous scrap index (80:20) fob Rotterdam ($/t) 351.99 -0.55% q 12 Sep 14

METAL BULLETIN’S KEY BENCHMARK PRICES

Daily base metal prices and premiums ($/t)

Price Change† AssessedLME copper cash settlement 6,850.00 -2.71% q 15 Sep 14

Daily copper premium (in-whs Rotterdam) 81.43 2.85% p 12 Sep 14

Daily copper premium (in-whs Shanghai) 94.00 0% 12 Sep 14

Daily copper premium (in-whs Singapore) 50.00 0% 12 Sep 14

LME aluminium cash settlement 1,958.50 -5.93% q 15 Sep 14

Daily aluminium premium (in-whs Rotterdam) 381.25 0.48% p 12 Sep 14

Daily aluminium premium (in-whs Shanghai) 362.50 0% 12 Sep 14

Daily aluminium premium (cif MJP) 404.00 0% 12 Sep 14

Daily aluminium premium (in-whs Singapore) 302.50 -1.89% q 12 Sep 14

LME zinc cash settlement 2,255.00 -5.67% q 15 Sep 14

Daily zinc premium (in-whs Rotterdam) 93.33 0% 12 Sep 14

Daily zinc premium (in-whs Shanghai) 123.75 -1% q 12 Sep 14

LME nickel cash settlement 18,255.00 -7.52% q 15 Sep 14

Daily nickel premium (in-whs Rotterdam) 168.17 0% 12 Sep 14

Daily nickel premium (in-whs Shanghai) 61.67 0% 12 Sep 14

LME lead cash settlement 2,103.00 -4.15% q 15 Sep 14

LME tin cash settlement 21,150.00 -0.7% q 15 Sep 14

METAL BULLETIN’S KEY PRICES: ASSESSMENTS

Price Change† AssessedFerro-chrome, 6-8% C, basis 60% Cr, del European consumers ($/lb Cr) 1.04-1.12 0% 12 Sep 14

Silico-manganese, basis 65-75% Mn, 15-19% Si, del European consumers (¤/t) 820-840 -1.19% q 12 Sep 14

Ferro-silicon, basis 75% Si, del European consumers (¤/t) 1,140-1,170 1.54% p 12 Sep 14

Ferro-titanium, 70% Ti, ddp ($/kg) 6.10-6.20 -0.4% q 12 Sep 14

Ferro-manganese, basis 78% Mn, del European consumers (¤/t) 725.00-750.00 -0.67% q 12 Sep 14

Ferro-molybdenum, basis 65-70% Mo, in-whs Rotterdam ($/kg Mo) 30.50-31.00 -3.61% q 12 Sep 14

Molybdic oxide, in-whs Rotterdam ($/lb Mo) 12.40-12.70 -3.65% q 12 Sep 14

Ferro-tungsten, basis 75% W, in-whs Rotterdam ($/kg W) 40.00-41.00 0% 12 Sep 14

Cobalt (low-grade) in-whs Rotterdam ($/lb) 14.40-15.40 0% 12 Sep 14

Cobalt (high-grade) in-whs Rotterdam ($/lb) 14.65-15.55 0% 12 Sep 14

Base metals

http://www.metalbulletin.com/Base-metals.html

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4 | Tuesday


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LONDON

What we learned at ILA’s Lead Battery Conference

Metal Bulletin was at the International Lead Assn’s (ILA) Lead Battery Conference in Edinburgh last week, where delegates turned their attention to the outlook of the battery industry, concerns over competition and the prospect of a lead supply shortage. Here is a summary of what we learned.

- Despite competition from lithium-ion batteries, the outlook for lead-based batteries is strong. Any move towards lithium-ion is happening at a very slow pace, delegates said. Higher costs, safety concerns and slow technological advancements will stall the advance of lithium-ion batteries, Christophe Pillot, director of Avicenne said.

- By 2016 the battery market will be worth $10 billion, up from $8.6 billion in 2013, according to Mitch Bregman at Hollingsworth & Vose, which could signal good lead battery demand ahead. But lead battery makers need to keep renovating to compete in this growing market, as applications in the battery industry are getting more diverse and more complex. “If you don’t follow the customer’s problems on the lead-acid battery somebody else will,” Bregman told delegates.

- On the battery scrap side, supply is becoming increasingly tight, with delegates at the conference predicting that the situation will not resolve itself over the coming years. Eventually some secondary lead smelters could be forced to close, they said, but this may take a long time due to the high cost of closing plants.

- In the longer term, the tight scrap supply could help drive supply shortages in the lead market, Neil Hawkes from CRU International told delegates. The high scrap prices could lead to secondary smelter closures, which, combined with increasing regulations and zinc mine closures, could push lead prices up to target their 2011 high in the long term, he said.

- This year the lead market has shifted from being in surplus to balance, delegates said. Some had predicted that the market would

be in deficit this year, but lead demand has been capped by slowing economies in Europe and China, and a deficit may take a few years to emerge. “If China was still growing at 7-8% then it would be a different story” a lead producer said.

- But some expect that a reduction in lead supply on the back of the closures of Herculaneum at the end of 2013 and La Oroya in July should start to have an impact on the lead market. A reduction in supply has not been felt yet, with lead prices and premiums remaining largely stable this year, but delegates predicted that once demand improves premiums would start to reflect the tighter supply.

- The lead market is keeping a close eye on regulations, as the five-year exemption for lead batteries on the wider ban on lead in vehicles within the EU’s ELV directive is due for review in 2015. While it is likely a further extension will be granted, ILA’s Andy Bush warned that a lengthy exemption is needed to ensure continued investment in the industry.

- As the lead industry struggles against regulations restricting the metal’s use, many stressed that better promotion about the benefits of lead is needed. “It seems to me that lead recycling and production is an impressive story and something that you are doing very well, but you haven’t managed to make much noise about it,” Julian Allwood from the University of Cambridge told delegates. The ILA has already responded to the need to promote the industry more, and Bush said that they have started to focus more on communication.

Chloe [email protected]: ChloeSmith_MB

LONDON

Spread log September 2014: AluminiumThe European aluminium spread log

Week ended September 5 Alumina Aluminium Billet $335.5 | $2,445.24 | $2,909.35 13.72% 84.05%

Week ended September 5 Alumina Aluminium Billet $330.9 | $2,477.64 | $2,942.95 13.36% 84.19%

The European aluminium spread log features an assessment of the spread between the MB alumina index from the previous Friday, the LME aluminium price weekly average from the previous week plus the average daily MB duty-unpaid ingot premium from the previous week, and the LME price weekly average plus the MB billet premium midpoint from the previous Friday.

Jethro Wookey [email protected] Twitter: @jethrowookey_mb

SINGAPORE

Shanghai copper premium rises ahead of holidays in Oct

Copper premiums in Shanghai on a cif basis rose above $100 per tonne as the arbitrage between London and Shanghai markets improved and some buyers stockpiled ahead of public holidays in October.

METAL BULLETIN’S KEY ALUMINIUM PRICES

Price Change† AssessedAlumina index fob Australia ($/t) 335.50 1.39% p 12 Sep 14

Group 1 pure 99% Al & litho scrap, del UK (£/t) 1,250-1,300 12.33% p 10 Sep 14

Cast aluminium wheels, del UK (£/t) 1,100-1,200 4.07% p 10 Sep 14

LME aluminium cash settlement ($/t) 1,958.50 -5.93% q 15 Sep 14

Daily aluminium premium, duty-unpaid (in-whs Rotterdam) ($/t) 381.25 0.48% p 12 Sep 14

Daily aluminium premium, duty-unpaid (in-whs Shanghai) ($/t) 362.50 0% 12 Sep 14

Daily aluminium premium (cif MJP) ($/t) 404.00 0% 12 Sep 14

Daily aluminium premium, duty-unpaid (in-whs Singapore) ($/t) 302.50 -1.89% q 12 Sep 14

Extrusion billet premium, 6063, duty-paid, in-whs Rotterdam ($/t) 820-870 0% 12 Sep 14

LM24 pressure diecasting ingot (del UK consumers) (£/t) 1,450-1,500 1.03% p 10 Sep 14

LM6/LM25 gravity diecasting ingot (del UK consumers) (£/t) 1,640-1,680 1.53% p 10 Sep 14

DIN226 pressure diecasting ingot (del European consumers) (¤/t) 1,800-1,860 0% 12 Sep 14



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SINGAPORE

Mongolia’s Oyu Tolgoi expansion still on hold

Mongolia’s Oyu Tolgoi copper gold underground expansion remains on hold, a spokesperson at the project told Metal Bulletin after local media reports stated that Mongolian authorities had slashed a controversial tax bill.

The Mongolian government has reduced its claim on unpaid taxes and penalties related to the initial development of Oyu Tolgoi’s mine to about $30 million from $130 million, the reports said, with one quoting vice minister of mining Oyun Erdenebulgan as saying that the underground expansion could restart in the first quarter 2015.

“Oyu Tolgoi is not commenting as we haven’t received anything in written from government,” a spokesman told Metal Bulletin.

“The expansion is still on hold,” he said. Production at Oyu Tolgoi was disrupted last week after the failure of

one of its thickeners. However, the concentrator is operating normally,” the spokesman

said. He declined to say how much impact on its concentrate production

the failure would have.Oyu Tolgoi is 66% owned by Turquoise Hill and 34% by Erdenes Oyu

Tolgoi, which is wholly-owned by the government of Mongolia. Shivani [email protected]: @ShivaniSingh_MB

NEW YORK

Buenavista setting up trust to fund mine clean-up

Buenavista del Cobre SA de CV, a subsidiary of Southern Copper Corp, will establish a trust of 2 billion pesos ($151 million) to pay for clean-up costs related to the tailings spill from its Buenavista Mine project in Mexico.

“The company has committed to the Mexican federal government to establish a trust in the amount of 2 billion pesos,” according to a filing with the US Securities and Exchange Commission by Phoenix-based Southern Copper, which is owned by Mexico’s Grupo México SAB de CV.

“The trust will have a technical committee, which will be comprised of the Mexican federal government, the company and specialists, and will be counselled by a group of environmental experts,” Southern Copper said.

The trust will be used to reinforce the actions that the company has already taken in containing the spill, comply with the environmental remediation plan and to pay material damages to riverside residents of the seven counties affected by the spill, according to the company.

Mexico’s Federal Attorney for Environmental Protection (Profepa) ordered Buenavista to shut down the mine’s leaching pad and recovery pond, and has threatened the company with sanctions.

However, Grupo México has said that the mine’s output forecast would remain unchanged for the year.

This report was first published by American Metal [email protected]

“I concluded at $105 per tonne at Shanghai cif on improved arb over the weekend,” a trader said.

Metal Bulletin’s Shanghai cif copper premium was at $95-120 per tonne, compared with $80-100 recently.

However, banks remain cautious about issuing letters of credit ever since the warehouse receipts fraud in Qingdao came to light in June.

“While big customers can maintain credit lines, many others are finding it difficult,” a trader at a major trading firm in Shanghai said.

A banking source added that he didn’t believe copper premiums could rise much further considering the slow demand and supply conditions in China.

A spate of weak Chinese data, including China factory data stalling to near six-year lows, has participants concerned that the world’s second-largest economy may be slowing.

That has led to increasing expectations that the government will announce stimulus measures.

There are some who believe the 500,000 tonnes stockpiled in the opaque Chinese bonded warehouses is a key figure, and if the red metal falls below that then the country will need to rebuild stockpiles.

Stocks in bonded warehouses is currently 500,000-550,000 tonnes, compared with 800,000 tonnes levels in April of this year, according to various market participant estimates.

Demand from the auto and air-conditioning sectors is stable, while domestic premiums are lower than premiums in the international markets, another trader pointed.

If demand becomes “very strong”, then there would be need for more financing of metal in an environment where banks prefer financing bills of lading to cargoes sitting in Shanghai warehouses, he added.

Market participants are closely watching copper trades over the next two weeks ahead of the Chinese national day holidays from October 1 to 7.

AsiaElsewhere in Asia premiums were considerably higher, despite a lack of big deals.

Metal Bulletin’s Singapore in-warehouse premiums were at $80-90 per tonne, compared with $50 recently.

“No one will transact at $50, so premiums are now closer to that region of $80-90,” a Singapore based trader said.

A second trader said he had been offered material at $80-100 per tonne, but hadn’t struck any deals as it didn’t make sense to send this metal to China once freight and insurance charges were factored in.

Small trades in Johor were reported at the $65-75 per tonne levels, compared with prior trades at $45 per tonne.

A trader said that no one wanted to buy the red metal inventory in Johor as it “also depends on age of copper of material lying there and no one wants to buy 2011 and 2010.”

Metal Bulletin’s South Korea premiums were at $90 per tonne from $60-90 last week.

Shivani [email protected]: @ShivaniSingh_MB



6 | Tuesday


NEW YORK

US brass mill imports fall in July, while exports rise

US brass mill product imports and exports posted mixed moves in July compared with the same month a year earlier, according to data from the Copper and Brass Fabricators Council.

Brass mill product imports totalled 44.43 million lb for the month, down 2.5% from 45.57 million lb in July 2013. Germany was the leading supplier, at 9.91 million lb. It was followed by South Korea (7.61 million lb), Mexico (4.69 million lb), Canada (3.91 million lb) and China (3.02 million lb).

Pipe and tube products led imports at 16.12 million lb. That was followed by sheet, strip, plate and foil (13.08 million lb); profiles, rods and bar (11.45 million lb); and copper alloy wire (3.79 million lb).

Meanwhile, US exports of brass mill products rose 3.3% to 22.01 million lb in July from 21.3 million lb a year earlier.

Sheet, strip, plate and foil product exports totalled 9.47 million lb. Profiles, rods and bars followed at 6.64 million lb; pipe and tube products at 4.19 million lb; and copper alloy wire at 1.71 million lb.

Mexico was the leading destination for US brass mill products in July at 8.79 million lb, followed by Canada (5.95 million lb), South Korea (1.74 million lb), China (671,578 lb) and Saudi Arabia (418,354 lb).

For the first seven months of the year, US brass mill product imports rose 8.8% to 316.9 million lb from 291.2 million lb a year earlier, while exports fell 2% to 152.18 million lb from 155.3 million lb a year earlier.

This report was first published by American Metal Market [email protected]

SÃO PAULO

MILLING ABOUT: Brazil’s Votorantim Metais appoints director for aluminium business

Brazil’s Votorantim Metais has appointed Ricardo Carvalho as director of its aluminium business.

The engineer takes up his position on October 1. The aluminium director post has been vacant since the early June

departure of Rinaldo Lopes.Carvalho has been Vale’s base metals operations director in Asia

Pacific and Africa since January 2012, and previously occupied the same position for the miner’s South Atlantic operations.

He has also previously held executive positions at Vale’s aluminium business; worked in Alcoa’s alumina refinery, aluminium smelter and fused materials plant; and was director of Votorantim’s nickel business.

Danielle Assalve, [email protected] Twitter: dassalve_mb

LONDON

Myanmar looking for partner to build tin smelter

The ministry of mines in Myanmar is calling for expressions of interest in setting up a public-private partnership for a tin smelting and refining plant in Thanlyin.

Starting from September 15, interested companies have been asked to submit a letter with an expression of interest by November 28.

Myanmar’s potential as an emerging tin producing country was mooted at the Indonesia Tin conference in Bangka in March.

Claire Hack, [email protected], Twitter: @clairehack_mb

SINGAPORE

CS Aluminium passes on higher aluminium premiums to clients

CS Aluminium Corp increased the prices of its aluminium plate, sheet, and coil products by $50 per tonne for all new orders effective September 1, on higher production costs resulting from rising Japanese benchmark premiums.

“The adjustment reflected Japan’s aluminium premiums (MJP) for July-September 2014 shipments, which were mostly set at a record high $400-$408 per tonne,” the Taiwan-based company said in a statement on Friday, September 12.

That marks a 57-59% increase from first-quarter premiums, it added.

The company said all existing orders and firm agreements confirmed prior to September 1 would be honoured throughout the contract period. “The price increase is in addition to the previously announced pricing adjustment made on May 1, 2014 of $100 per metric tonne,” CS Aluminium said.

Rio Tinto has settled some MJP aluminium deals for October-December delivery at a record $420 per tonne.

With LME prices on the rise and premiums touching new record levels, queries for fixed aluminium premiums are increasing in Japan.

Shivani [email protected]: @ShivaniSingh_MB

NEW YORK

Copper premiums slump in the USAPremiums for physically delivered spot copper fell to a 17-month low this past week amid anticipation of slowing economic activity in the third quarter, according to market sources.

Metal Bulletin sister publication AMM’s assessment for the free-market premium declined to 5.75 to 6.25 cents per lb September 11, down from 6 to 6.5 cents per lb previously and the first time it has been below 6 cents per lb since April 2013.

“Consumers are still pushing out deliveries to October and November. ... We’ve seen things start to pick up a little bit, mostly smallish truckloads but nothing big,” according to one copper trader.

“At this point we’ll take what we get, a little bit is better than nothing,” the trader added.

“It’s not usually this quiet at this time in September. ... The phones just haven’t been ringing as much, which is surprising and worrying,” one copper consumer said.

“Premiums are going down, but we’re not buying anything at the moment,” a second copper consumer said.

Terminal market volatility also has market participants concerned, as margins for traders erode with declines in exchange prices. The December-delivery Comex contract settled at $3.0925 per lb September 11, down 1.9% from $3.151 per lb a week earlier. The contract inched back up slightly Friday, settling at $3.1065 per lb.

“We thought it was going to be a good fall season a month ago but the market just isn’t picking up steam the way it usually does around now,” a second copper trader said.




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SÃO PAULO

Ferbasa’s sales revenues up 0.6% y-o-y in August; volumes fall on stocks formation

Brazilian ferro-alloys producer Ferbasa saw a modest increase in its sales revenues in August 2014 on growth in its ferro-silicon 75% business and higher chrome ore exports.

Net revenues stood at 62.6 million Reals ($27.3 million) last month, a 0.58% increase on the 62.24 million Reals reported in August 2013.

Revenues from its ferro-silicon 75% operations rose by 6.3% year-on-year, the company said in a statement, without disclosing the figures for August 2014 and 2013.

“In spite of a recovery at the end of August, the European steel market remains sluggish,” Ferbasa said.

“Since ferro-silicon prices remain on a upward trend due to the reduced supply in the Brazilian market, we continue to prioritize this market,” it added.

Ferbasa’s sale volumes reached 16,906 tonnes in August, down from 18,868 tonnes traded a year earlier.

Of that total, 9,781 tonnes sold last month were of high carbon ferro-chrome, 6,495 tonnes of ferro-silicon 75% and 630 tonnes of ferro-chrome low carbon.

The reduction in volumes is due to Ferbasa’s strategy “to reduce exports with lower margins, to prioritize the domestic market and the formation of stocks for the second half of 2015,” the company said.

The company has hired a consultancy firm to manage its energy supply contracts due to expire next year.

Ferbasa said it has enough energy to be able to produce and supply priority customers from the second half of 2015, which will be complemented by the stocks currently in formation.

Danielle [email protected]: dassalve_mb

LONDON

European APT market languishes as demand dynamic shifts

The ammonium paratungstate (APT) market in Europe cannot expect to recover unless there is a revival in demand, market participants said.

The European market has been languishing for several weeks at the same price, and little business has been reported in recent days as the focus shifts to the use of tungsten scrap and concentrate instead of APT powder.

“It’s very difficult. APT is [more or less] completely silent. There’s no real confidence coming back to the [market],” a trader said.

“We’re all being told about [improvement], but a lot of companies haven’t got long-term order books. It all comes in dribs and drabs.”

Market dynamics for raw materials in the tungsten industry have shifted, he said, as major consumers have, in some cases, begun to use tungsten scrap for as much as 50% of their requirements.

“Their reliance on APT and [blue tungsten oxide] is much reduced,” the trader said.

As more new tungsten projects come on stream, he added, with long-term offtake agreements, the spot market is likely to be reduced still further, especially for those who have not invested in mines.

“We don’t put money into holes in the ground [ourselves]. We’re at a disadvantage. I really think unless the volumes of production come back in [to the spot market], the place for [smaller traders] is limited,” he said.

“All of our roles have been subverted for the time being, until demand comes back.”

The concentrates market, meanwhile, is relatively healthy, a second trader said.

“We have sold some concentrates at prices that would indicate APT was in the $350s. There is quite good demand,” he said.

“Unfortunately, that tends to stave off demand for APT. Until you actually get some movement [there], it’s difficult to judge the price.”

This change is connected to the uncertainty over supply in relation to China’s plans for tungsten shipments, after the World Trade Organisation ruled against its restrictions on exports of the material, as well as rare earths and molybdenum.

Companies that have previously been major buyers of the powder have been out of the market since July, the second trader said, and were expected to return in September, but have yet to do so.

“If they can use concentrates and get a decent amount of scrap [to process into APT], then they won’t buy as much,” he said.

Metal Bulletin’s European price again remained at $350-360 per mtu, both on Wednesday September 10 and Friday September 12.

METAL BULLETIN’S KEY NOBLE ALLOYS AND ORE PRICES

Price Change† AssessedMolybdic oxide, in-whs Rotterdam ($/lb Mo) 12.40-12.70 -3.65% q 12 Sep 14

Molybdic oxide, USA ($/lb Mo) 13.00-13.50 0% 11 Sep 14

Ferro-molybdenum, basis 65-70% Mo, in-whs Rotterdam ($/kg Mo) 30.50-31.00 -3.61% q 12 Sep 14

Tungsten, APT, in-whs Rotterdam ($/mtu) 350.00-360.00 0% 12 Sep 14

Ferro-tungsten, basis 75% W, in-whs Rotterdam ($/kg W) 40.00-41.00 0% 12 Sep 14

Ferro-vanadium, basis 70-80% V, in-whs Rotterdam ($/kg V) 25.40-25.90 -0.58% q 12 Sep 14

Vanadium pentoxide, min 98% V, ($/lb V2O5) 5.10-5.40 -0.94% q 12 Sep 14

METAL BULLETIN’S KEY BULK ALLOYS AND ORE PRICES

Price Change† AssessedCharge chrome 50% Cr index cif Shanghai ($/lb Cr) 0.80 0% 12 Sep 14

Manganese ore index 44% Mn cif Tianjin ($/dmtu) 4.38 1.15% p 12 Sep 14

Manganese ore index 38% Mn fob Port Elizabeth ($/dmtu) 3.30 -0.3% q 12 Sep 14

Ferro-chrome, 6-8% C, basis 60% Cr, del European consumers ($/lb Cr) 1.04-1.12 0% 12 Sep 14

South African UG2 chrome ore concs, basis 42% 180-185 -2.67% q 12 Sep 14

Ferro-manganese, basis 78% Mn, del European consumers (¤/t) 725-750 -0.67% q 12 Sep 14

Ferro-manganese, basis 78% Mn, in-whs Pittsburgh ($/long ton) 1,040-1,060 -0.94% q 11 Sep 14

Silico-manganese, basis 65-75% Mn, 15-19% Si, del European consumers (¤/t) 820-840 -1.19% q 12 Sep 14

Ferro-silicon, basis 75% Si, del European consumers (¤/t) 1,140-1,170 1.54% p 12 Sep 14

Ores & alloys

http://www.metalbulletin.com/Ores-and-alloys.html


8 | Tuesday


LONDON

MANGANESE ORE INDEX: High-grade prices rise on higher offers

High-grade manganese ore prices rose in China on Friday September 12 as suppliers raised offers.

Metal Bulletin’s 44% manganese ore index cif Tianjin rose 5 cents to $4.38 per dmtu.

At least two large overseas miners raised their offer prices this week by up to five cents. Traders also raised offers for material in domestic Chinese ports.

Metal Bulletin’s 38% manganese ore index fob Port Elizabeth fell 1 cent to $3.30 per dmtu.

Prices for both grades started rising in May, but have been undermined by low spot prices in Chinese ports and as steel mills cut their purchase prices for manganese alloys even further.

Market participants say they expect prices to consolidate at these levels for a few weeks before making a significant improvement.

Janie Davies [email protected]: @janiedavies_mb

The hope, according to the first trader, is that at some point, end users will no longer be able to rely as heavily on concentrates and scrap, and will eventually refill their APT order books.

“I just don’t see it for quite some time. It’s not easy to make money now,” he said.

Claire [email protected]: @clairehack_mb

LONDON

MILLING ABOUT: Alastair Brison appointed vanadium senior sales manager at Evraz

Alastair Brison has been appointed as senior sales manager for vanadium at Evraz.

Brison will be based at the company’s offices in Zug, Switzerland, and has been taken on following the departures of Marc Dario and Ascanio Migliano.

Originally from Scotland, Brison holds a degree in Russian and German, and speaks fluent Italian and Dutch. He also holds an MSc in international banking and finance.

He has worked at Japanese trading house Mitsui in London and at the Oxbow Group. Most recently, Brison has been at Evraz in the role of head of raw materials in Zug, and was responsible for exporting about $300 million of iron ore, pellets and ammonium sulphate.


LONDON

FeMo prices on downward track in EuropeFerro-molybdenum prices in Europe are unlikely to recover in the coming days and are showing signs of further falls, market participants have said.

Metal Bulletin’s quotation slipped to $30.50-31 per kg on Friday, from $30.60-31.50 per kg previously, and is expected to continue declining into the end of the year.

“I don’t see signals that we will get much more buying activity [next week]. I think we will see a similar situation to this week – slow buying, thereby continuing the downward tendency,” a producer said. “There are more sellers than buyers, and if there’s one enquiry, then a lot of sellers will compete for it and rush in [at lower prices],” he added.

Molybdic oxide prices also drifted lower, closing the week at $12.40-12.70 per lb, down 10 cents on either end. The possibility of a price below $12 by year-end cannot be ruled out, the producer said.

“It’s a level where there’s resistance from sellers, but on the other hand, if more material is available, then there will [still] be more sellers than buyers. The fundamentals are not that strong,” he said.

Supply issues continue to hover over the market, meanwhile, as the arrival of material from Chilean project Sierra Gorda is imminent, while the Thompson Creek mine in the USA is still set for care and maintenance.

Claire Hack [email protected]: @clairehack_mb

http://www.metalbulletin.com/Ores-and-alloys.html


9 | Tuesday


SHANGHAI

Seaborne iron ore market receives boost from hike in billet prices

The seaborne iron ore market strengthened on Monday September 15, buoyed by a sharp rise in billet prices.

The Metal Bulletin 62% Fe Iron Ore Index increased to $85.58 per tonne, a rise of $3.20.

“The sharp rise in billet has spurred market confidence, and sales at ports are good today,” a Shanghai-based trader said.

China’s billet price surged 70 yuan ($11) per tonne over the weekend to reach 2,450 yuan ($400) per tonne on Monday. Prices have now risen by 100 yuan per tonne since Thursday.

Grade III rebar was traded at 2,770-2,850 yuan per tonne in Shanghai on Monday, up 40 yuan from the end of last week.

The pick-up in steel spot prices lifted iron ore futures and saw transactions on electronic trading platforms concluded at higher levels on Monday.

On Global Ore, two 90,000-tonne cargoes of 62% Fe MNP (Mining Area C fines, Newman fines or Pilbara Blend fines) with November arrival were sold at $84.20 per tonne and $84.50 per tonne cfr, respectively.

A 170,000-tonne cargo of 62% Fe Pilbara Blend fines with October arrival was sold at $87 per tonne cfr on the same platform.

This compares with respective transacted prices of $81 and $83.50 per tonne cfr for October-arrival cargoes of 62% Fe MNP and 62% Fe Pilbara Blend fines last Friday.

Rio Tinto sold 170,000 tonnes of 61% Fe Pilbara Blend fines on the China Beijing International Mining Exchange at $85 per tonne cfr China. The cargo has a laycan of October 3-12. The miner fetched $82.21 and $83 per tonne, respectively, for cargoes of the same material last Friday.

Rio also sold 170,000 tonnes of 62% Fe Pilbara Blend fines with October delivery at $87 per tonne cfr on Global Ore.

“The miner offered 62% Fe Pilbara Blend fines at $86.50 per tonne in the morning, and then increased the offer price in the afternoon when the market was rising,” a second Shanghai-based trader commented.

The January iron ore futures contract on the Dalian Commodity Exchange closed at 598 yuan per tonne on Monday, up 7 yuan per tonne from last Friday.

However, some participants took a more cautious stance.“Whether the iron ore price rise can be sustained largely depends on

the performance of the steel market,” a Beijing-based trader said.The iron ore price rally may struggle to sustain momentum, given

that production of the raw material remains at high levels. China’s steel output continued to rise in August, despite the month being a traditionally quiet period for the industry. The country produced 68.91 million tonnes of crude steel last month, up 1% year-on-year as mills took advantage of cheaper raw materials.

[email protected]

NEW ORLEANS

Miners eye North American DRI pellet opportunities

Brazil’s Vale is mulling an investment and expansion in the North American direct-reduced grade iron ore pellet market as it seeks to strengthen its supply link to US direct-reduced iron (DRI) facilities.

Rio de Janeiro-based Vale, the world’s largest direct-reduced pellet producer, is evaluating alternatives to deliver more of these pellets to North America from its major Brazilian facilities, Fidel Blanco, the company’s md for iron ore sales in Europe and North America, said on Thursday September 11.

Vale has heavily invested in a global proprietary supply chain, with its own ports, railroads, vessels and distribution centres. It could replicate that infrastructure in North America if direct-reduced pellet markets are attractive enough, he said at Metal Bulletin sister publication AMM’s 8th Steel Scrap Conference and 2nd DRI and Mini-Mills Conference in New Orleans.

If the US market grows, as Vale believes it will, that alone could justify “dedicated logistics” for the North American market, Blanco said. In the past few years, Vale’s annual global production of iron ore pellets has averaged about 40 million tonnes. Still, market conditions and volumes must “make sense” to justify such investment in Vale infrastructure, he said, without specifying the amount of potential investments. He declined to comment further to AMM.

Vale is unlikely to build new direct-reduced pellet plants in the near future to complement its existing facilities in Brazil and Oman, as some Brazilian facilities are idled and the projects typically require significant capital expenditures. Such plants can cost up to $1 billion in outlays for a 10-million-tonne plant, industry executives noted during a conference panel discussion.

Deteriorating iron ore quality has spurred interest in DRI, alongside the increased use of quality fines, even though direct-reduced pellets have historically sold for premiums of up to 10% against ordinary pellets, market sources said.

Cleveland-based Cliffs Natural Resources Inc, the largest US iron ore miner, has completed some engineering at its Northshore Mining Co operations in Minnesota, with results showing potential production at 3.7 million tons of direct-grade grade pellets, raw materials consultant Joe Poveromo said, citing direct conversations with Cliffs vp for corporate development and emerging markets Steve Baisden.

Cliffs is still mulling a potential joint venture into actual DRI production with an electric-arc furnace, using captive iron ore from one of its mines as its new management refocuses on its North American operations, according to Baisden.

Vale rival and global miner Rio Tinto Plc maintains the Iron Ore Co of Canada pellet plant in Canada, which supplies ArcelorMittal SA’s mills, among others, according to Renard Chaigneau, Rio Tinto’s manager for technical marketing in the Atlantic. Chaigneau noted increasing demand for larger direct-reduced pellets among consumers, even though such pellets take longer to be reduced to iron.

How Linz, Austria-based Voestalpine AG’s 2-million-tpy HBI facility in Corpus Christi, Texas – slated to come online at the end of 2015 – will be supplied with pellets remains an open question, market sources said. But they added that the plant could take pellet supply from a mix of companies, like Rio Tinto; Brazil’s Samarco Mineração SA, a joint venture of London-based BHP Billiton and Vale; and Sweden’s Luossavaara-Kiirunavaara AB.

Meeting global demand for pellets in future years could be challenging as more DRI production comes online. Rich pellet feed resources can also be difficult to secure, the panel was told.


METAL BULLETIN’S KEY IRON ORE PRICES

cfr main China port $ per dry metric tonne

Price Change† AssessedIron ore index (62% fe) 85.58-85.58 1.91% p 15 Sep 14

Iron ore pellet index cfr Qingdao (65% fe) 114.17-114.17 -2.07% q 12 Sep 14

Raw materials

http://www.metalbulletin.com/Raw-materials.html


10 | Tuesday


LONDON

LME OFFICIALS: Copper price lingers at three-month lows on China’s dismal data

Copper prices managed a modest improvement in Monday’s official trading on the London Metal Exchange, hovering around three-month lows due to disappointing data out of China.

Three-month copper settled at an official price of $6,819.50/20.50 per tonne, compared with an opening price of $6,802.

China’s industrial production missed expectations, while growth in fixed asset investments and retail sales figures came in weaker month-on-month.

“Metal prices are getting off to a poor start to the new week of trading after disappointing economic data were published at the weekend in China,” an analyst said in a note.

“Copper has dropped below $6,800 per tonne as the new week gets under way and is thus trading not far off a three-month low. Speculative financial investors are playing their part in the weak price, having further reduced their net long positions significantly in the week to September 9,” the analyst said.

The red metal traded no higher than $6,832.25 per tonne and dipped as low as $6,770.75 per tonne.

Copper stocks in LME-bonded warehouses fell 100 tonnes to 156,375 tonnes.

Three-month nickel settled at $18,325/350 per tonne, compared with an opening price of $18,361.

The contract found its high at $18,468 per tonne and traded as low as $18,150.

Nickel stocks in LME-approved warehouses rose 1,008 tonnes to 334,842 tonnes.

Aluminium, basis three months, settled at $2,000/1 per tonne after starting the day at $2,029.

“Stops were triggered on aluminium; $2,018 is a technical support which if broken could lead to prices towards $1,985, with the next support at $1,960,” a trader said in a note.

The contract traded as high as $2,030 per tonne and as low as $1,992.50 per tonne.

Stocks of the light metal in LME-listed warehouses fell 9,000 tonnes to 4,711,675 tonnes.

Janie Davies [email protected] Twitter: @janiedavies_mb

SHANGHAI

Shanghai copper prices fall after weak Chinese data

Shanghai Futures Exchange (SHFE) copper prices fell on Monday September 15 to their lowest levels in almost three months, after China reported weak economic data over the weekend.

The SHFE November copper contract ended at 48,380 yuan ($7,870) per tonne, down 210 yuan from the previous session. It dropped to as low as 47,940 yuan per tonne during the session, its lowest price since June 20.

Chinese industrial output rose just 6.9% year-on-year in August, while urban fixed asset investment in January-August slowed to 16.5% and property investment growth fell to 13.2%, Beijing announced on Saturday.

“Neither the macro economic environment nor fundamental demand is supportive for copper prices,” Li Wei, analyst at Huatai Great Wall Futures in Shanghai, said.

While copper prices recovered from their intra-day lows, that was due to position-squaring, rather than a bottoming out of prices, according to Li.

“Without those adjustments, copper prices would have ended lower,” Li said.

The red metal may remain weak for the foreseeable future, given government reluctance to adopt new stimulus measures or accommodative monetary policies, Li added.

Chinese Premier Li Keqiang said on Wednesday that “the government will not be distracted by short-term fluctuations in individual indicators,” reiterating his determination to avoid taking stimulus measures to reflate the economy.

Analysts now see the support level for the SHFE November copper contract price at 47,000 yuan per tonne.

On the Changjiang Nonferrous Metals Market, the spot copper price was down 310 yuan, to trade at 48,910-49,010 yuan per tonne.

The SHFE November aluminium contract closed at 14,395 yuan per tonne, down 160 yuan per tonne from the previous session. The spot aluminium price fell by 140 yuan to 14,400-14,440 yuan per tonne.

The SHFE November zinc contract fell 90 yuan to 16,330 yuan per tonne. The spot zinc price fell 20 yuan to 16,430-16,480 yuan per tonne.

The SHFE November lead contract fell 45 yuan, to close at 14,005 yuan per tonne. The spot lead price was flat at 13,850-13,950 yuan per tonne.

[email protected]

SHANGHAI

SHFE vs LME arbitrage: copper, aluminium, zinc

Arbitrage for copper, aluminium and zinc imported into China*

Copper Three-month: -$76 (-468 yuan) Cash: -$55 (-337yuan)

Zinc Three-month: -$2 (-12 yuan) Cash: $0 (0yuan)

Aluminium Three-month: -$20 (-125 yuan) Cash: -$8 (-48 yuan) *The arbitrage numbers are calculated daily by Metal Bulletin using SHFE and LME prices at 3pm Shanghai time, taking account of VAT and import duties (where applicable) and exchange rates at the time of comparison. For details of physical premiums in Shanghai, and other Asian locations, please see Metal Bulletin price book.

[email protected]

Exchange new & prices

continued ››

http://www.metalbulletin.com/Exchange-news-and-prices.html


11 | Tuesday


‹‹Exchange news continued

METAL BULLETIN’S KEY MINOR METAL PRICES

Price Change† AssessedAntimony, ingots (regulus), in-whs Rotterdam ($/t) 9,100-9,300 -1.08% q 12 Sep 14

Antimony, MMTA standard grade II, in-whs Rotterdam ($/t) 9,000-9,200 -1.09% q 12 Sep 14

Bismuth, min 99.99% Bi, in-whs Rotterdam ($/lb) 12.20-12.70 1.63% p 12 Sep 14

Cobalt (low-grade) in-whs Rotterdam ($/lb) 14.40-15.40 0% 12 Sep 14

Cobalt (high-grade) in-whs Rotterdam ($/lb) 14.65-15.55 0% 12 Sep 14

Indium, min 99.99% In, in-whs Rotterdam ($/kg) 685-750 0.35% p 12 Sep 14

Manganese flake, in-whs Rotterdam ($/tonne) 2,360-2,420 0.42% p 12 Sep 14

Selenium, min 99.5% Se, in-whs Rotterdam ($/lb) 23.50-26.50 0% 12 Sep 14

Tellurium, min 99.9% Te, in-whs ($/kg) 125.00-145.00 0% 12 Sep 14

Minor & precious metals

LONDON

ANALYSIS: Conflict minerals reporting rule under the microscope as new brief filed with US courtThe conflict minerals reporting rule under section 1502 of the US Dodd Frank act is up for further scrutiny as a new brief has been filed with the court of appeal of the District of Columbia (DC) circuit court.

The US National Association of Manufacturers, Chamber of Commerce, and Business Roundtable have filed the brief with the court against the Securities and Exchange Commission (SEC) in relation to the rule.

Amnesty International USA and Amnesty International Ltd (collectively, Amnesty) have been named as intervenors for the SEC in the brief.

The SEC and Amnesty had filed petitions for a rehearing of the case “en banc” – i.e. before all the judges of the court of appeal – but the US trade groups have claimed a rehearing en banc is not warranted as the standards for it “are not met”.

The briefThe brief’s main purpose is to prevent an en banc rehearing of the case, and to persuade a panel of judges that they should “amend [their] decision […] to clarify that the compelled statement is not eligible for Zauderer review because it does not constitute ‘purely factual and uncontroversial information.’”

The “compelled statement” refers to the requirement for companies using tin, tungsten, tantalum or gold – i.e. designated conflict minerals – to state on their websites whether or not they are “DRC conflict free”.

“Zauderer review” refers to the case of Zauderer vs Office of Disciplinary Counsel in 1985, in which the US Supreme Court upheld a requirement for advertisements by lawyers that mention contingent-fee rates to state whether percentages are calculated before or after taking off court costs and expenses.

SHANGHAI

LME ASIAN WRAP: Copper falls after weak Chinese data

The London Metal Exchange copper prices fell during Asian morning trading on Monday September 15, after China reported weak economic data over the weekend.

At 03:34 London time, the three-month copper contract price was down $74 from its opening price, at $6,789 per tonne.

The red metal opened below its Friday close on Monday, as the market responded to data released Saturday showing that Chinese industrial output rose by 6.9% year-on-year in August.

The reading was the lowest since July 2008 and also slower than a 9% rise in July.

Moreover, urban fixed asset investment in January-August slowed to 16.5%, while property investment growth fell to 13.2%.

While some were hoping the weak data might prompt the government to launch stimulus measures, Premier Li Keqiang said on Wednesday that “the government will not be distracted by short-term fluctuations in individual indicators.”

“It is natural to see copper prices plunge, as the data is not good,” Li Peng, analyst of Guotai Junan Futures in Shanghai, said.

He predicted the LME three-month copper price will find support at $6,750 per tonne in the session.

On the Shanghai Futures Exchange (SHFE), the November contract copper price was down 510 yuan ($83) from its opening price, to trade at 48,050 yuan per tonne at 11:08 Beijing time.

On the Changjiang Nonferrous Metals Market, the spot copper price was down 310 yuan, to trade at 48,910-49,010 yuan per tonne.

Other LME base metals were all down in early trading. Aluminium dropped $11.25 to $2,026.75 per tonne. Lead down $15.5 at $2,111.5 per tonne. Zinc fell $14.75 to $2,270 per tonne. Tin down $140 at $21,130 per tonne. [email protected]

continued ››

http://www.metalbulletin.com/Minor-and-precious-metals.html


12 | Tuesday


government that attacks the company and its products, and neither the SEC nor Amnesty has cited any such case,” the brief states.

“If such requirements were deemed permissible, the temptation for Congress and state legislatures to require similar self-shaming measures across a range of controversial issues could be irresistible.”

The brief also makes mention of a recent document published by the US department of commerce in which it concedes that it is unable to determine which mineral processing facilities may be using tin, tungsten, tantalum or gold that has been used to fund the conflict in the DRC.

Amnesty has also contended that the “compelled statement” is indeed “purely factual and uncontroversial” because it is “based on an objective definition set forth in the statute”, the brief states.


SHANGHAI

Selenium prices unchanged in China; manganese consumption steady

Selenium prices remained unchanged in China last week with little movement in downstream consumption, sources said.

Metal Bulletin selenium prices in domestic China were unchanged at 380-410 yuan per kg ($28-30 per lb) on Friday September 12. Prices have not moved since July 18.

Prices for selenium dioxide were also steady at 255-260 yuan ($41-42) per kg last Friday.

“Steady prices have come at the cost of shrinking margins. Selenium was trading in a narrowing band due to the lack of any recovery in demand from the electrolytic manganese metal (EMM) market,” one importer said.

Import prices to China for selenium powder were about $23.50 per lb (372 yuan after duties), as overseas suppliers refused to budge on prices, he added.

Capacity utilisation at manganese plants in China was estimated to be about 40%, with capacity expansion in Ningxia offset by lower output in southern China, according to market participants.

Domestic demand for 200-series stainless steel has shown no sign of recovery, with steel mills’ September bookings for manganese in line with the previous month’s level at best, a Beijing-based analyst said.

While lacklustre market conditions have deterred some traders, others have stepped up bidding as they anticipate a recovery in prices after October.

“The fourth quarter is usually a busy season. And as the stocks held by the Fanya exchange gradually increase, its impact on prices will be felt,” one trading source said.

“Buying into the market now ensures low levels of risk as the support at 250 yuan [for selenium dioxide] has proved to be quite resilient,” he added.

[email protected]

The panel of judges made a ruling in April, finding with a 2-1 margin that the requirement does indeed “[violate] the First Amendment” by compelling speech, but the rule was still implemented this year.

First AmendmentThe brief centres on the claim that compelling companies to state publicly whether or not their products are “DRC conflict free” – i.e. that they definitively do not contain tin, tungsten, tantalum or gold used to finance conflict in the Democratic Republic of Congo – goes against the First Amendment of the US constitution.

“It is repugnant to the First Amendment for the government to force private companies to bear a scarlet letter denouncing their own products,” the brief states.

The conflict minerals reporting rule, under which US-listed companies must report on their use of conflict minerals to the SEC, has been the subject of a great deal of controversy since it was implemented this year.

The rule was implemented, despite the finding that it forces companies to “confess blood on [their] hands”, and the first reports were made in June.

‘Purely factual and uncontroversial’The latest brief also raises the question of whether the “compelled speech” at issue is “purely factual and uncontroversial information”.

The US trade groups claim it is not “purely factual and uncontroversial” in the 26-page brief and that the reporting requirement forces issuers to “bear a scarlet letter”, adding that “the compelled statement reflects a governmental viewpoint that the mineral trade bears responsibility for causing the DRC conflict”.

“[This] is laden with value judgments and opprobrious connotations with which they strongly disagree, because the rule compels them to make a statement that ‘conveys moral responsibility for the Congo war,’ and ‘tell[s] consumers that [the issuers’] products are ethically tainted,’” the brief states.

“Further, the compelled statement is not purely factual because, in many cases, issuers who are compelled to admit to potential complicity in the armed conflict have no connection to the conflict, but are simply unable to identify the source of their minerals,” it adds.

Supply chain uncertaintyThe brief goes on to claim that some issuers will “have to confess to having potentially supported armed groups” even if the minerals they use “originated nowhere near the Congo” because they do not have enough information about their supply chains.

There may be “ten, twelve, or even more layers of intermediaries between the mines”, according to the brief, which means “even following extensive due diligence, [manufacturers subject to the requirement] are often unable to obtain that information [on minerals’ origins].”

The reporting rule requires that “all uncertainty be resolved in favour of making the confession”, according to the brief, and also compels companies to state publicly via their websites whether or not they are “DRC conflict free”.

“Appellants are aware of no case permitting the government to require a company to adopt an ideological slogan written by the




13 | Tuesday


SHANGHAI

Chinese HRC export prices head south amid gloomy outlook

China’s hot rolled coil export prices dropped over the past week, on a slack domestic market and negative sentiment.

Base export transaction prices for commercial-grade, boron-containing HRC were in the range of $490-495 per tonne fob for November shipment on Monday September 15, down $5 per tonne from Metal Bulletin sister publcation Steel First’s assessment last Friday, and $10 per tonne lower than prices a fortnight ago.

Base export offer prices for the same product were at $490-500 per tonne fob for November shipment, down $10-15 per tonne from the beginning of the month.

“Export prices have continued to decline over the past few days, given the weakening iron ore market, falling domestic steel prices as well as bearish sentiment,” an export director with a northern Chinese mill said.

Commercial-grade HRC (4.5-12mm) in Shanghai was traded at 2,960-2,990 yuan per tonne on Friday, down 80 yuan per tonne on the week.

Metal Bulletin’s iron ore index for 62% Fe iron ore was calculated at $82.38 per tonne cfr on Friday September 12, down $0.26 from the previous day

Short-term outlook remains pessimistic as overseas buyers have suspended purchases, while some traders were heard short-selling HRC, he added.

An export manager with a Hebei-based mill told Steel First that his mill has halted offers at the moment given the unfavourable prices.

“We’re holding onto our materials for now, waiting for the right moment to re-start sales, as we are not eager to sell November shipments in the current environment,” he said. But he admitted that he has little confidence in the market, since mills are generally reporting unsatisfactory bookings.

Meanwhile, a Shanghai-based trader said he expects export prices to remain at current levels for the moment before falling further, after the recent billet rally prompted some participants to sit on the sidelines, awaiting stronger cues.

Tangshan billet was trading at 2,450 yuan per tonne on Monday morning, up 100 yuan per tonne since last Thursday. However, most market observers believe the recovery is unsustainable due to weak fundamentals.

[email protected]

METAL BULLETIN’S KEY STEEL LONG PRODUCT PRICES

Price Change† AssessedRebar, China export (fob main China port) ($/t) 420-435 -1.16% q 12 Sep 14

Rebar, EU import (cfr main EU port, northern Europe) (¤/t) 440-445 0% 10 Sep 14

Rebar, EU import (cfr main EU port, southern Europe) (¤/t) 440-445 0% 10 Sep 14

Rebar, CIS exports (fob stowed main Black Sea port) ($/t) 530-545 0% 15 Sep 14

Rebar, Turkish exports (fob main Turkish port) ($/t) 560-570 0% 11 Sep 14

Rebar, UAE imports (cfr Jebel Ali) ($/t) 570-575 -0.87% q 09 Sep 14

Rebar, US imports (cfr Gulf) ($/short ton) 590-610 0% 12 Sep 14

Rebar, Latin America exports (fob stowed main Latin American port) ($/t) 560-580 0% 12 Sep 14

METAL BULLETIN’S KEY SEMI-FINISHED STEEL PRICES

Price Change† AssessedSlab, CIS exports (fob stowed main Black Sea port) ($/t) 490-495 1.03% p 15 Sep 14

Slab, Latin American exports (fob stowed main Latin America port) ($/t) 475-495 0% 12 Sep 14

Billet, CIS exports (fob stowed main Black Sea port) ($/t) 495-505 -2.44% q 15 Sep 14

Billet, Turkish exports (fob main Turkish port) ($/t) 525-535 0% 11 Sep 14

Billet, Turkish imports (cfr main Turkish port) ($/t) 515-520 -1.9% q 11 Sep 14

Billet, UAE imports (cfr Jebel Ali) ($/t) 525-530 0% 09 Sep 14

Billet, Latin American exports (fob stowed main Latin America port) ($/t) 475-485 0% 12 Sep 14

Billet, Indian exports (fob main India port) ($/t) 505-510 0% 12 Sep 14

METAL BULLETIN’S KEY STEEL FLAT PRODUCT PRICES

Price Change† AssessedHRC, EU imports (cfr main EU port, northern Europe) (¤/t) 415-430 0% 10 Sep 14

HRC, EU imports (cfr main EU port, southern Europe) (¤/t) 415-430 0% 10 Sep 14

HRC, CIS exports (fob stowed main Black Sea port) ($/t) 530-550 -0.37% q 15 Sep 14

HRC, UAE imports (cfr Jebel Ali) ($/t) 560-570 0% 09 Sep 14

HRC, Turkish imports (cfr main Turkish port) ($/t) 560-565 0.54% p 12 Sep 14

HRC, Latin America exports (fob stowed main Latin American port) ($/t) 590-600 6.25% p 12 Sep 14

HRC, commodity grade, US imports (cfr Gulf port) ($/short ton) 600-640 0% 12 Sep 14

HRC, China export (fob main China port) ($/t) 495-500 -1% q 12 Sep 14

CRC, EU imports (cfr main EU port, northern Europe) (¤/t) 460-480 0% 10 Sep 14

CRC, EU imports (cfr main EU port, southern Europe) (¤/t) 460-475 0% 10 Sep 14

CRC, CIS exports (fob stowed main Black Sea port) ($/t) 610-625 2.07% p 15 Sep 14

CRC, UAE imports (cfr main Jebel Ali) ($/t) 630-640 0% 09 Sep 14

CRC, Turkish imports (cfr main Turkish port) ($/t) 630-635 0.48% p 12 Sep 14

CRC, Latin America exports (fob stowed main Latin American port) ($/t) 610-640 0% 12 Sep 14

CRC, US imports (cfr Gulf) ($/short ton) 680-720 0% 12 Sep 14

CRC, China export (fob main China port) ($/t) 560-565 -0.88% q 12 Sep 14

CRC, 1mm and below, China import (cfr main China port) ($/t) 720-730 0% 12 Sep 14

continued ››

http://www.metalbulletin.com/Carbon-steel.html



14 | Tuesday


They offered a laundry list of reasons that could explain the potential delay: recent decisions on trade cases going against domestic mills, trade-case fatigue among US government officials, geopolitical concerns, strong results at domestic mills making injury difficult to prove and the broad scope of the case requiring more time than expected to prepare.

“I wish they’d just go for Chinese cold rolled and coated, and coated from Taiwan,” one steel buyer said. “That would be a slam dunk. In the meantime, the only one benefiting from this is the legal industry.”

A potential cold rolled and coated trade case has been said to be targeting China, Taiwan, India and South Korea.

But some market sources, for example, blasted domestic mills for possibly aiming at Indian mills that they said supplied quality thin-gauge galvanized material that domestic mills – which tend to run heavier sizes – sometimes prefer not to produce, sources said.

This article was first published by American Metal [email protected]

NEW YORK

Trade ruling not expected to immediately dent US rebar prices

A decision by the US government not to impose dumping duties on imports of Turkish rebar is unlikely to have an immediate negative effect on domestic prices in the USA.

But it could prevent prices from rising in what is currently a burgeoning market, Metal Bulletin sister publication AMM reported.

Turkish rebar imports are having just a “peripheral” impact on domestic pricing at the moment, with demand fuelled by domestic steel requirements in current work and a lean import pipeline due to the pending trade decision, according to one Midwest rebar distributor. Robust end markets are keeping mills busy and should keep domestic prices firm, he said.

“[Domestic mills] are tapped out and it’s very hard to get on the rolling schedule. [Pricing] should stay firm the way it is,” the distributor, who buys exclusively domestic material, said.

However, the ruling by the US Commerce Department’s International Trade Administration (ITA) could have an impact on potential price gains, perhaps crimping planned increases in the short term.

“It does put a cap on the psychological effect [...] in terms of trying to get prices up,” the distributor said.

One East Coast distributor said domestic rebar producers are likely to still be able to effect price increases – albeit more modest ones – even in the short term, owing to strong demand. He agreed that import and domestic rebar markets are decoupled for the moment as a result of the trade verdict crimping import offers and concurrent strong demand for domestic rebar.

AMM’s price assessment for domestic rebar remains unchanged at $33 per hundredweight ($660 per ton) fob Midwest mill.

The Midwestern distributor applauded the ITA’s ruling this past week on Mexican rebar imports which now face significant duties.

“Those Mexican railcars were really killing us here in the Midwest. That really helps a lot,” he said.

Despite robust domestic order books, firm pricing in the short term and the positive trade outcome on Mexico, the Midwest distributor was concerned about the overall health of what has been a beleaguered rebar industry the past few years, in light of the disappointing trade verdict on Turkey.

CHICAGO

US sheet prices steady as demand waversUS sheet prices held steady over the past week despite spotty reports of discounting and expectations among some steel buyers of cheaper materials in coming weeks.

Metal Bulletin sister publication AMM’s hot rolled coil price assessment held at $33.25 per hundredweight ($665 per ton) after two consecutive declines in previous weeks. Cold rolled prices remained unchanged at $39.50 per cwt.

Hot band continued to transact at $33-33.50 per cwt, but transactions – especially those involving 1,000 tons or more – were increasingly reported on the lower end of that range.

Several market sources said they thought prices of $32-32.50 per cwt could be the norm a month from now. But some cautioned that prices below $33 per cwt would likely represent the bottom of a market that could shoot to $35 per cwt or more in the first quarter of 2015.

The current sideways-to-downward direction in price is classic “Economics 101”: Demand has been stable or down slightly but supplies have increased, market sources said. That’s because domestic mills have – in most cases – recovered from outages earlier in the year at the same time that imports have continued to flow into US ports in large volumes, they said.

The USA, for example, is poised to import at least 147,327 tonnes of cold rolled sheet in September, according to licence data from the US Commerce Department’s enforcement and compliance division updated on September 9. That’s down 16.1% from 175,523 tonnes imported all of last month – though data for September is far from complete. The bulk of that material – 102,712 tonnes – is from China.

Many market participants had assumed imports might be stemmed by a potentially landmark trade petition on cold rolled and coated flat-rolled steel that was expected to be filed on or around Labor Day. To date, the anticipated filing has not happened.

Also pressuring domestic prices are imports of Russian hot rolled steel that continue to arrive in significant volumes despite pressure from some domestic steelmakers to scrap a long-standing agreement suspending anti-dumping duties on flat-rolled steel imports from that country.

The lack of trade action on Russian hot rolled and cold rolled and coated products from other nations has seen traders – some of whom had been spooked by the potential filing of a trade action – making offers once again, market sources said. However, some noted that several big trading companies hardly blinked at what they considered to be mere sabre-rattling from domestic mills.

Prices could fall quickly below $33 per cwt if a cold rolled and coated trade petition is not filed soon, as steel buyers reassess their assumptions about what is underpinning current prices, some industry observers said. But the decline could be less pronounced given planned autumn maintenance programmes at a handful of mills, others countered.

At the same time, prices could spike if a trade case is filed, especially if such an action comes in October or November, market sources said. A filing would see mill order books for 2014 fill up quickly, likely leading to price increases going into the first quarter of 2015, they said.

Most industry observers said a cold rolled and coated trade petition had been delayed but would still be filed within the next one to three months. A few suggested it was possible that the case would not happen. continued ››



15 | Tuesday


by market conditions or price spreads between imported and domestic plate.

“The market had been steady for the last four months. But now we’re seeing a little softness in demand, and the service centres in particular are taking a backseat,” one mill source said.

With service centres unable to pass along the increase – and seeing their margins being squeezed as a result – the mill source said his company was being pressured to choose between enforcing the increase or keeping business, generally opting for the latter. “With the new increase, some have said they just won’t accept it,” he said. “And I have a feeling our competitors are matching each other like Wal-Mart.”

Lower prices were reported in the Gulf Coast, where market sources said they were seeing competition from traditional offshore suppliers and increasingly from high-quality mills in Western Europe offering commodity and more niche items.

Import competition could slow the push to boost domestic plate prices unwind, some market sources said. The USA imported less plate in August compared with July but is poised to see import volumes rise in coming months, they said.

The US market is attractive to overseas plate producers because of higher prices and weakening demand in Europe and elsewhere, market sources said.

The USA imported 126,722 tonnes of cut-to-length plate in August, down 8.2% from 138,045 tonnes in July, according to data from the US Commerce Department’s enforcement and compliance division. However, the USA was poised to import 70,038 tonnes of the material as at September 9, a pace that – if sustained – would put September numbers ahead of last month.


SHANGHAI

China’s crude steel output up 1% year-on-year in August

China’s crude steel output continued to edge up on a yearly basis in August, despite it being typically a slow month for the industry.

The country produced 68.91 million tonnes of crude steel last month, an increase of 1% year-on-year, according to data released by the National Bureau of Statistics (NBS) on Saturday September 13.

The average daily output was 2.223 million tpd, up 0.86% from the 2.204 million tpd recorded in July.

Profit gains in July could have spurred steelmakers to maintain high production levels in August, market sources said.

They expect the country’s steel output to remain relatively high this month despite the depressed spot market, as no large-scale mill maintenance has been scheduled.

In the first eight months of 2014, China produced 550.1 million tonnes of crude steel, up 2.6% compared with the same period of last year.

Its finished steel output amounted to 742.1 million tonnes over the same period, a 5.4% year-on-year increase, NBS data shows.

[email protected]

Margins in rebar are still slim and there was some concern about domestic producers potentially exiting the market.

“What if they say, ‘We’re not going to produce rebar, we’re not making any money on it’?” the Midwest distributor asked.

One West Coast distributor, who expressed disappointment at the ITA’s decision because it cuts off his supply of Mexican rebar, said larger steelmakers south of the border may well move some of their operations to the USA in response to the steep duties.

“[The domestic mills] would have more competition, but now in-house,” he said.

The ITA’s final decision ran contrary to most expectations which anticipated a reduction in Mexican duties and more significant Turkish dumping duties compared with its preliminary determination. The Midwest distributor said he was shocked by the decision, much like most market participants this past week.

“My jaw dropped,” one trader said. He added that import prices have yet to feel the effect of the ruling.

“It has and it hasn’t [made an impact] because people are still kind of feeling it out. Right now the prices are at the same levels they were before the anti-dumping [ruling],” he said.

AMM’s price assessment for imported rebar was unchanged at $590-610 per short ton into Houston, although most market participants said they expect an eventual $20-per-ton price decline.

“[Turkish producers] are going to need to sell. Next week we’ll start knowing,” the trader said.


CHICAGO

US steel plate prices fall as demand weakens

US steel plate prices pulled back as market sources reported that a recent increase has proven increasingly difficult for consumers to pass on to downstream buyers.

Consumer sources said they were seeing pushback from their downstream customers at the same time that some producer sources said they have not been able to enforce the increase in full – if at all – especially in port areas exposed to more import competition.

Metal Bulletin sister publication AMM’s plate price assessment slipped to $43.75 per hundredweight ($875 per ton) from $44 per cwt previously. The drop comes after a controversial price increase of $30 per ton announced by domestic plate producers last month.

A steel fabricator in the Midwest said that his business had seen activity slow in recent weeks but had inquiry activity improve in the past few days. “We saw some slowness in bookings. But I think it’s bouncing back. It’s just a matter of confidence in whether to go through with new projects,” he said. “Right now, we’re just waiting and hoping that [new projects] will [go through].”

But that positive outlook was not shared by all market participants.“Our expectation is that we’ll continue to see prices softening,”

one service centre source in the Midwest said, noting recent weakness across a range of markets. “Softening demand means service centres have to get more aggressive to get orders, so that takes it out of our pocketbook, leads to more pressure on mills – and then eventually prices come down,” he said.

Even some producers said the last price increase may have been misguided, justified perhaps by long lead times, but not necessarily continued ››



16 | Tuesday


Southern European HDG base prices also continued at €455-505 per tonne ex-works, with the wide range reflecting regional price list differences affecting base prices.

Italian HDG prices continued at €455-465 per tonne, while those in Spain and Portugal remained at €490-505 per tonne.

The variation was because of a €15-24 per tonne price difference in size and coating extras between producers in the three countries, which is taken into account in base price negotiations.

Elfi Middelbeek [email protected]: @EMiddelbeek_SF

BURSA

Turkish HRC prices pushed up, market activity weak

Local producers offered the product at $600-610 per tonne ex-works for November production, but market participants were not willing to pay more than $590-600 per tonne ex-works.

“Local producers are trying to push prices up but the market is not accepting this because delivery times will be November-December, when the market slows again,” a trader explained.

“Low-priced HRC will be available in the market at the end of the year,” another trader said. “Besides, the market slows down in November-December. The retail market for HRC is at $620-630 per tonne, but it is hard to replace product that is sold.”

Imported HRC can be found at $595 per tonne in the retail market, another market participant said.

Metal Bulletin sister title Steel First’s weekly price assessment for Turkish domestic HRC on Friday September 12 was unchanged at $590-600 per tonne ex-works.

The weekly assessment for Turkish HRC exports was also unchanged at $585-595 per tonne fob.

Demand was weak for the product in Turkish export markets as low prices for China-origin material make buyers bid very low, market participants said.

Import prices for the material rose to $560-565 per tonne cfr from last week’s $559-560 per tonne cfr.

Serife Durmus [email protected]

LONDON

Northern European coil producers see small price rises for October

Domestic steel coil producers in Northern Europe have achieved moderate price increases for October deliveries, market sources told Metal Bulletin sister title Steel First this week.

Although no transactions were recorded at the €20 ($26) per tone higher level initially planned by producers such as ArcelorMittal, base prices for coils did see an upward trend.

“The big-three flat [steel] mills delivering in Northern Europe only managed to get small increases of €5-€10,” one trader said on Wednesday September 10.

“The rest of the producers are trying as well, but so far have not been successful at all, or only got minor adjustments,” he added.

Steel First’s base price assessment for domestic hot rolled coil (HRC) increased by €10 per tonne on the lower end of the range to €420-430 per tonne ex-works, from €410-430 per tonne previously.

Northern European cold rolled coil (CRC) prices were now €510-520 per tonne ex-works, from €500-520 per tonne, and local hot dipped galvanized coil (HDG) base prices moved to €510-525 per tonne from €510-520 per tonne.

In Southern Europe, coil prices remained stayed stable week-on-week, as no transactions were recorded at higher price levels, despite Italian mills also calling for a €20 per tonne base price increase.

HRC base prices in Spain, Portugal and Italy remained unchanged at €410-430 per tonne ex-works, while those for CRC held steady at €480-500 per tonne ex-works.

Carbon steel



17 | Tuesday


LONDON

EU buyers wary of retrospective anti-dumping penalties on Asian stainless sheet

European buyers of stainless steel are nervous about importing sheet from China and Taiwan, as anti-dumping duties could be imposed retrospectively, market sources said on Friday September 12.

In June, the European Commission launched an investigation into the potential dumping of cold rolled flat stainless steel products from Taiwanese and Chinese exporters.

“Stock levels in Europe remain quite high. A lot of buyers are holding off on orders from Asia now because of uncertainty over the anti-dumping case,” one source told Metal Bulletin sister title Steel First.

Domestic base prices for 2mm grade-304 cold rolled sheet stayed at €1,100-1,150 ($1,426-1,491) per tonne for October and November rolling, on Friday September 12.

Grade-316 2mm CR stainless steel sheet base prices also stayed at €1,400-1,460 per tonne for October and November production, unchanged week-on-week.

On the long products side, there were also no changes in base prices this week.

Grade-304 bright bar base prices remained at previous levels of €920-960 per tonne for October and November rolling.

Finnish stainless steel company Outokumpu’s daily alloy surcharge for grade-304 flat stainless products peaked at €1,525 per tonne last week and ended at its trough for the week of €1,450 per tonne – down €42 per tonne week-on-week.

For grade-316 flat products, the daily alloy surcharge released by Outokumpu reached its highest point at €2,306 per tonne and troughed at the end of the week at €2,199 per tonne – down €63 per tonne on September’s level.

Elfi Middelbeek [email protected] Twitter: @EMiddelbeek_SF

METAL BULLETIN’S KEY STAINLESS STEEL PRICES

Price Change† AssessedGrade 304 HR Sheet, Asia import (cif East Asian port) ($/t) 2,480-2,700 -0.58% q 12 Sep 14

Grade 304 2mm CRC, 2B Asia import (cif East Asian port) ($/t) 2,630-2,810 -1.81% q 12 Sep 14

Grade 304 2mm CR sheet EU export (fob N European port) (¤/t) 2,461-2,547 0% 12 Sep 14

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18 | Tuesday


EDINBURGH

Battery scrap tightening further; closures needed to resolve situation

The tightness in battery scrap supply is getting more severe, and only closures of secondary lead smelters will resolve the situation, delegates at this year’s ILA Lead Battery Conference in Edinburgh said.

“It is becoming more and more difficult to find secondary material,” Rumen Tsonev, ceo of KCM, said on the sidelines of the conference, adding that the competition for scrap is still very high.

Battery scrap prices in Europe are now at €700 per tonne, more than 40% of the LME price, Neil Hawkes, commodity analyst at CRU International, told delegates.

“If prices get much higher it is almost not worth recycling scrap,” he said.

As the issue has been caused by increased competition for scrap supply – in part because battery makers have become more active in recycling material and because smelters in Asia have developed production lines that can take primary and secondary feeds – only smelter closures can change the situation, delegates said.

“The tightness won’t end any time soon. It is a structural issue of imbalance in the industry,” a lead producer said.

He added that factors such as a severe winter and higher LME prices are unlikely to ease secondary producer margins.

Some secondary smelters have already closed plants because of the pressure on margins, including Recylex, which closed its secondary smelter in Belgium last year.

But this has not happened at a rate that will make a difference to the scrap supply, delegates said.

And in Europe, new capacity has even been added, funded through EU development money, according to a producer at a secondary lead smelter.

New EU regulations on emissions could trigger the closures needed to end the overcapacity, delegates said, as it will require smelters to make investments to comply, which they may not be able to afford after years of losses.

“Having to make major investments might make some smelters question whether to stay in business or not,” a second producer at a secondary lead smelter said. “But it could depend on how local governments choose to apply these EU directives, because they have some level of freedom with how they interpret them.”

Otherwise some secondary smelters will eventually reach a level where it is no longer sustainable to keep producing, he said.

“In 2012, a few smelters were making money. In 2013, basically no one was making money. And the end of this year it will be even worse,” he said, adding that out of 60 secondary smelters, less than five are making any money.

But the high cost closing plants is likely to keep secondary smelters running for as long as possible on reduced margins, the first producer said, meaning that the current situation will continue for some time.

“Everybody will only survive by running at low capacity,” he added.

Chloe Smith [email protected] Twitter: ChloeSmith_MB

LONDON

UK, EU stainless scrap prices fall back after rollercoaster week

Inter-merchant prices for 18/8 stainless steel scrap solids fell back after a week of rises both in the UK and in mainland Europe, sources told Metal Bulletin sister title Steel First on Friday September 12.

In Europe, the price range broadened significantly throughout the week, with deals heard at prices as high as €1,370 ($1,770) per tonne, before declining to €1,270-1,300 on September 12, down by €30 week-on-week.

In the UK, prices were also volatile. Prices rose to £1,020 per tonne throughout the week before falling back to within last week’s range, at £980-1000.

The moves followed nickel prices. The three-month official daily bid/offer spread for nickel on the

London Metal Exchange initially followed its escalating path, which had been relatively stable for weeks, on news of a possible new export ban on nickel ore from the Philippines.

“Nickel came close to $20,000 [per tonne] on Monday on the news from the Philippines,” one source said. “Then people realised it is a five-year plan, and everything came back to where it was.”

The nickel price peaked at $19,730.00 on September 8, then started declining and closed at $18,455 on September 11, down by $770 week-on-week.

Higher stainless scrap prices recorded throughout the week were not the result of higher demand, one source said. It is possible, the same source added, that it was a consequence of simple speculation.

The weakening of the euro against the dollar may also have played a role in the rise of import prices to Europe, a second source said. The exchange rate stood at €1 to $1.2922 on September 12, down from $1.3393 a month ago, according to Oanda.com.

The European price for 18/8 stainless steel turnings was calculated at an average 88% of the solids price. This put Steel First’s assessment for turnings at €1,115-1,145 per tonne cif main European port on September 12, down from €1,145-1,170 per tonne one week earlier.

In the UK, turnings were assessed at an average of 84% of the solids price. The price range for stainless steel turnings was therefore £825-840 per tonne.

Steel First’s price assessment for non-austenitic solids was stable at £240-250 ($389-406) per tonne delivered for 16-17% Cr solids, and £210-220 per tonne for 12-13% Cr solids.

Antonio Peciccia [email protected]

METAL BULLETIN’S KEY FERROUS SCRAP PRICES

Price Change† AssessedMB Index CFR Turkey HMS 1&2 (80:20) (North Europe material) 364.54 -2.47% q 12 Sep 14

HMS 1&2 ferrous scrap index (80:20) fob Rotterdam ($/t) 351.99 -0.55% q 12 Sep 14

METAL BULLETIN’S KEY NON-FERROUS SCRAP PRICES

Price Change† AssessedAlumiminium scrap, group 1 pure 99% Al & litho, del UK (£/t) 1,250-1,300 12.33% p 10 Sep 14

Aluminium scrap, cast aluminium wheels, del UK (£/t) 1,100-1,200 4.07% p 10 Sep 14

Aluminium scrap, commercial pure cuttings, del UK (£/t) 1,080-1,150 7.73% p 10 Sep 14

Scrap & secondary

http://www.metalbulletin.com/Scrap-and-secondary.html

http://www.metalbulletin.com/Scrap-and-secondary.html


19 | Tuesday

METAL BULLETIN’S KEY ALUMINIUM PRICES

Price Change Assessed

Prices

continued ››



For the latest prices go to http://www.metalbulletin.com/My-price-book.html

SHANGHAI FUTURES

Price Change† AssessedAluminium yuan/tonne 14,385 -3.65% q 15 Sep 14

Copper yuan/tonne 48,900 -2.98% q 15 Sep 14

Zinc yuan/tonne 16,260 -4.97% q 15 Sep 14

Weekly Stocks DeliverableAluminium (tonnes) 303,173 -3.06% q 12 Sep 14

Copper (tonnes) 75,004 0.9% p 12 Sep 14

Zinc (tonnes) 168,972 -4.56% q 12 Sep 14

NEW YORK FUTURES

Price Change† Assessed

(Comex) Copper high grade cents/lbSettlement 310.20 -1.77% q 12 Sep 14

Open interest 146,218 4.34% p 11 Sep 14

Stocks (short tons) 32,239 8.28% p 12 Sep 14

(Comex) Gold $/troy ozSettlement 1,229.90 -2.84% q 12 Sep 14


Stocks (short tons) 9,671,498 -0.61% q 12 Sep 14

(Nymex) Palladium $/troy ozSettlement 836.05 -6.17% q 12 Sep 14

Stocks (troy oz) 268,784 0% 11 Sep 14

(Nymex) Platinum $/troy ozSettlement 1,372.00 -2.87% q 12 Sep 14

Stocks (troy oz) 146,841 0% 11 Sep 14

(Comex) Silver cents/troy ozSettlement 1,854.60 -2.81% q 12 Sep 14


DAILY METAL AND STEEL

London forward “LME settlement prices. All prices per tonne, unless otherwise stated, in LME warehouse, EU duty, if any paid for buyers account.”


Aluminium High Grade $Cash official 1,957.50-1,958.50 -5.91% q 15 Sep 14

Cash unofficial 2,001.00-2,003.00 -3.56% q 12 Sep 14

3 months official 2,000.00-2,001.00 -5.13% q 15 Sep 14

3 months unofficial 2,038.00-2,040.00 -2.86% q 12 Sep 14

LME Tapo Notional Average price (NAP) 2,055.30 -1.22% q 12 Sep 14

LME Stocks (tonnes) 4,711,675 -0.97% q 12 Sep 14

Aluminium Alloy (A380.1/DIN/D12S) $ LME Cash official 2,110.00-2,115.00 -1.05% q 15 Sep 14

LME Cash unofficial 2,100.00-2,110.00 -1.15% q 12 Sep 14

LME 3 months official 2,115.00-2,125.00 -1.4% q 15 Sep 14

LME 3 months unofficial 2,115.00-2,125.00 -1.17% q 12 Sep 14

LME LME Stocks (tonnes) 30,420 -2.25% q 12 Sep 14

N. American Special Aluminium AlloyLME Cash official 2,275.00-2,280.00 -0.65% q 15 Sep 14




LME Stocks (tonnes) 67,560 1.11% p 12 Sep 14

Copper Grade A $LME Cash official 6,849.0-6,850.0 -2.71% q 15 Sep 14




LME Tapo Notional Average price (NAP) 6,935.90 -0.34% q 12 Sep 14


Lead $LME Cash official 2,102.5-2,103.0 -4.14% q 15 Sep 14





Nickel $LME Cash official 18,250-18,255 -7.51% q 15 Sep 14

LME Cash unofficial 18,370-18,390 -5.42% q 12 Sep 14

LME 3 months official 18,325-18,350 -7.21% q 15 Sep 14

LME 3 months unofficial 18,460-18,480 -5.34% q 12 Sep 14


Tin $LME Cash official 21,125-21,150 -0.65% q 15 Sep 14

LME Cash unofficial 21,225-21,250 -0.47% q 12 Sep 14


LME 3 months unofficial 21,250-21,275 -0.58% q 12 Sep 14

LME Stocks (tonnes) 9,915 -20.27% q 12 Sep 14

Zinc Special High Grade $LME Cash official 2,254.0-2,255.0 -5.68% q 15 Sep 14





Cobalt min 99.3%LME Cash official 32,250-32,500 -1.15% q 15 Sep 14


LME Stocks (tonnes) 514 -0.39% q 12 Sep 14

Molybdenum $LME Cash official 26,800-27,800 -4.21% q 15 Sep 14


LME Stocks (tonnes) 90 0% 12 Sep 14

Steel BilletLME Cash official 440.00-450.00 0% 15 Sep 14

LME Cash unofficial 442.00-452.00 1.13% p 12 Sep 14

LME 3 months official 455.00-465.00 0% 15 Sep 14

LME 3 months unofficial 455.00-465.00 1.1% p 12 Sep 14

LME Stocks (tonnes) 0.00 0% 12 Sep 14

http://www.metalbulletin.com/My-price-book.html

XX Month 2014 | Metal Bulletin Daily | Number 93XX.1 © Metal Bulletin Limited, 2014




continued ››

EXCHANGE RATES


LME Settlement Conversion Rates$/£ 1.6241 0.61% p 15 Sep 14

$/Yen 107.2500 1.85% p 15 Sep 14

$/¤ 1.2923 -0.19% q 15 Sep 14

Closing Rates, Midpoint$/£ 1.6229 -0.56% q 12 Sep 14

$/Yen 107.3650 2.36% p 12 Sep 14

$/¤ 1.2938 -0.16% q 12 Sep 14

£/¤ 1.2544 -0.4% q 12 Sep 14

MB DAILY BASE METAL PREMIUMS

All prices $/tonne unless otherwise stated, in warehouse price, duty unpaid, spot business, immediate delivery

*MB Copyright


Copper - Grade A copper cathode to meet LME specifications: BS EN 1978:1998 (Cu-CATH-1)MB Copper Premium Rotterdam Low - High 60-100* 0% 12 Sep 14

MB Copper Premium Rotterdam Premium 81.43* 2.85% p 12 Sep 14

MB Copper Premium Hamburg Low - High 55-90* 0% 12 Sep 14

MBCopper Premium Hamburg Premium 76.00* 4.83% p 12 Sep 14

MB Copper Premium Leghorn Low - High 70-90* 0% 12 Sep 14

MB Copper Premium Leghorn Premium 82.50* 3.12% p 12 Sep 14

MB Copper Premium Gwangyang Low - High 60-90* 0% 12 Sep 14

MB Copper Premium Gwangyang Premium 75.00* 0% 12 Sep 14

MB Copper Premium Busan Low - High 60-90* 0% 12 Sep 14

MB Copper Premium Busan Premium 75.00* 0% 12 Sep 14

MB Copper Premium Singapore Low -High 50-50* 0% 12 Sep 14

MB Copper Premium Singapore Premium 50.00* 0% 12 Sep 14

MB Copper Premium Shanghai Low - High 80-100* 0% 12 Sep 14

MB Copper Premium Shanghai Premium 94.00* 0% 12 Sep 14

MB Copper Premium Johor Low - High 45-45* 0% 12 Sep 14

MB Copper Premium Johor Premium 45.00* 0% 12 Sep 14

Aluminium- Primary Aluminium ingot to meet LME specifications: P1020AMB Aluminium Premium Rotterdam Low - High 370-390* 0% 12 Sep 14

MB Aluminium Premium Rotterdam Premium 381.25* 0.48% p 12 Sep 14

MB Aluminium Premium Gwangyang Low - High 389.50-389.50* 0% 12 Sep 14

MB AluminiumPremium Gwangyang Premium 389.50* 0% 12 Sep 14

MB Aluminium Premium Singapore Low - High 300-305* -2.42% q 12 Sep 14

MB Aluminium Premium Singapore Premium 302.50* -1.89% q 12 Sep 14

MB Aluminium Premium Johor Low - High 300-310* 0% 12 Sep 14

MB Aluminium Premium Johor Premium 305.00* 0% 12 Sep 14

MB Aluminium Premium Shanghai Low - High 355-370* 0% 12 Sep 14

MB Aluminium Premium Shanghai Premium 362.50* 0% 12 Sep 14

MB Aluminium Premium Japan Low - high 400-408* 0% 12 Sep 14

MB Aluminium Premium Japan Premium 404.00* 0% 12 Sep 14

Lead - Primary lead of 99.97% purity (minimum) to meet LME specifications: BS EN 12659:1999MB Lead Premium RotterdamLow - high 10-40* 0% 12 Sep 14

MB Lead Premium Rotterdam Premium 28.00* 8.91% p 12 Sep 14

MB Lead Premium Singapore Low - High 15-20* 0% 12 Sep 14

MB Lead Premium Singapore Premium 18.33* 0% 12 Sep 14

MB Lead Premium Shanghi Low - High 20-20* 0% 12 Sep 14

MB Lead Premium Shanghai Premium 20.00* 0% 12 Sep 14

Nickel Primary nickel of 99.80% purity to meet LME specifications: B39-79 (2008)MB Nickel Premium Rotterdam Low - high 30-320* 0% 12 Sep 14

MB Nickel Premium Rotterdam Premium 168.17* 0% 12 Sep 14

MB Nickel Premium Singapore Low - High 15-25* 0% 12 Sep 14

MB Nickel Premium Singapore Premium 20.00* 0% 12 Sep 14

MB Nickel Premium Shanghai Low - High 30-110* 0% 12 Sep 14

MB Nickel Premium Shanghai Premium 61.67* 0% 12 Sep 14

Zinc Primary zinc of 99.995% purity (minimum) to meet LME specifications: BS EN 1179:2003MB Zinc Premium Rotterdam Low - High 80-115* 0% 12 Sep 14

MB Zinc Premium Rotteram Premium 93.33* 0% 12 Sep 14

MB Zinc Premium Gwangyang Low - High 140-145* -1.72% q 12 Sep 14

MB Zinc Premium Gwangyag Premium 142.50* -1.72% q 12 Sep 14

MB Zinc Premium Johor Low - High 125-150* 0% 12 Sep 14

MB Zinc Premium Johor Premium 136.25* 0% 12 Sep 14

MB Zinc Premium Singapore Low - High 135-150* -3.39% q 12 Sep 14

MB Zinc Premium Singapore Premium 141.67* -4.76% q 12 Sep 14

MB Zinc Premium Shanghai Low - High 120-135* 0% 12 Sep 14

MB Zinc Premium Shanghai Premium 123.75* -1% q 12 Sep 14

Gold $/troy ozLondon morning 1,234.75 -2.56% q 15 Sep 14

London afternon 1,231.50 -2.73% q 12 Sep 14

Handy/Harman 1,231.50 -2.73% q 12 Sep 14

Silver per troy ozLondon Spot pence 1,147.36 -3.61% q 15 Sep 14

London Spot cents 1,864.00 -2.87% q 15 Sep 14

Handy/Harman 1,860.00 -2.57% q 12 Sep 14

Palladium $/troy ozLondon morning 845.00 -5.48% q 15 Sep 14

London afternon 829.00 -6.54% q 12 Sep 14

Platinum $/troy ozLondon morning 1,371.00 -2.77% q 15 Sep 14

London afternon 1,360.00 -3.27% q 12 Sep 14

Kuala Lumpur tin marketTin $/tonne 21,100.00 -1.63% q 15 Sep 14





continued ››

PRECIOUS METALS


IridiumMB free market: min 99.9%, $/troy oz in warehouse 570-620* -1.65% q 12 Sep 14

Johnson Matthey base price: (unfab) $/troy oz (08.00 hrs) 610 -3.17% q 12 Sep 14

Englehard base price: $/troy oz 605 -3.97% q 12 Sep 14

PalladiumEuropean free market: min 99.9%, $/troy oz in warehouse 835-840* -6.16% q 12 Sep 14



PlatinumEuropean free market: min 99.9%, $/troy oz in warehouse 1,368-1,373* -2.7% q 12 Sep 14

Englehard base price: $/troy oz 1,360 -3.34% q 12 Sep 14

Johnson Matthey base price: (unfab) $/troy oz (08.00 hrs) 1,370 -2.91% q 12 Sep 14

RhodiumEuropean free market: min 99.9%, $/troy oz in warehouse 1,250-1,300* -1.92% q 12 Sep 14

Englehard base price: $/troy oz 1,265 -4.53% q 12 Sep 14

Johnson Matthey base price: (unfab) $/troy oz (08.00 hrs) 1,275 -3.04% q 12 Sep 14

RutheniumEuropean free market: min 99.9%, $/troy oz in warehouse 60-65* -1.57% q 12 Sep 14



BASE METALS


AluminiumLME duty-paid Premium Indicator/HG Cash 455-475* 0% 12 Sep 14

H/G duty-paid three months 460-480* 0% 12 Sep 14

Cif Japan: 99.7% duty unpaid premium indicator quarterly 400-408* 0% 12 Sep 14

Extrusion billet premium 6063, EC duty paid, in warehouse Rotterdam ($/tonne) 820-870* 0% 12 Sep 14

US free market: P1020 US midwest premium indicator ($/Ib) 0.2075-0.21* 0.6% p 11 Sep 14

Brazil premium (Si 0.10% max, Fe 0.20% max) spot premium over LME cash for P1020A min 99.7% duty unpaid ingot, sow $/tonne 600-700* 13.04% p 11 Sep 14

MB Chinese free market, Metallurgical grade,

delivered, duty paid RMB/tonne 2,350-2,600* 0% 12 Sep 14

Alumina Index fob Australia 335.50* 1.39% p 12 Sep 14

Copper & BrassProducer premium(Codelco): contract 2014 Grade A cathode (average) 112.00 0% 12 Sep 14

MB free market US: High-grade cathode premium indicator, $/tonne 127-138* -3.64% q 11 Sep 14

Chinese Grade 1: 130-140* 0% 12 Sep 14

Germany: (VDM) Electro, ¤/tonne wirebar (DEL): 5,423.70-5,446.20 1.12% p 12 Sep 14

cathodes: 5,320-5,420 0.94% p 12 Sep 14

South Africa: Palabora copper rod 7.90mm, Rand/tonne 90,165.66 0% 12 Sep 14

TinMB European free marketSpot premium 99.9% $ per tonne 400-550* 0% 12 Sep 14

Spot premium 99.85% $/tonne 250-350* 0% 12 Sep 14

MB US free market: Grade A tin premium $/Ib 0.24-0.29* 0% 11 Sep 14

NickelEurope: $/tonne in warehouse Rotterdam

uncut cathodes premium indicator 35.00-125.00* 0% 10 Sep 14

4x4 cathodes premium indicator 200.00-275.00* 0% 10 Sep 14

briquettes premium indicator 150.00-270.00* 0% 10 Sep 14

US: melting premium indicator $/Ib 0.23-0.28* 0% 11 Sep 14

plating premium indicator $/Ib 0.60-0.70* 0% 11 Sep 14

Nickel pig iron high grade NPI content 10-15% contract price delivered duty paid China RMB per nickel unit price 1,275.00-1,310.00* 0% 09 Sep 14

Nickel pig iron high grade NPI content 10-15% spot price China RMB per nickel unit price 1,270.00-1,290.00* -0.78% q 09 Sep 14

LeadGermany: (VDM) virgin soft, ¤/tonne 1,820-1,830 -2.93% q 12 Sep 14

MB US: High Grade ingot premium indicator, $/Ib 0.12-0.14* 0% 11 Sep 14

MB European free market in warehouse Rotterdam ¤/tonne 75.00-125.00* 0% 12 Sep 14

European Automotive battery premium free market (Eurobat)in warehouse Rotterdam ¤/tonne

Soft lead (average) 164.00* 0% 12 Sep 14

Ca/Ca grid grid lead (average) 412.75* 0% 12 Sep 14

Connector lead (average) 458.35* 0% 12 Sep 14

European Industrial battery premium free market (Eurobat)in warehouse Rotterdam ¤/tonne

Stand-by refined or soft lead (average) 227.54* 0% 12 Sep 14

Traction refined or soft lead (average) 196.74 0% 12 Sep 14

For an explanation of these premia, see http://www.eurobat.org/statistics

ZincGermany: (VDM) virgin, ¤/tonne 1,930-1,960 0% 12 Sep 14

UK: Special high grade, delivered monthly average price £/tonne 1,546* 0% 12 Sep 14

MB US: Special high grade, $/Ib 0.0875-0.0900* 0% 11 Sep 14

MB EU: Special high grade, fca Rotterdam, $/tonne 130.00-150.00* 0% 12 Sep 14





continued ››

ArsenicMB free market $/Ib 0.70-0.80* 0% 12 Sep 14

BismuthMB free market $/Ib 12.20-12.70* 1.63% p 12 Sep 14

MB China domestic, min 99.99%, RMB/tonne 160,000-162,000* 0% 12 Sep 14

CadmiumMB free market min 99.95% cents/Ib 80.00-90.00* 0% 12 Sep 14

MB free market min 99.99% cents/Ib 85.00-95.00* 0% 12 Sep 14

ChromiumMB free market alumino-thermic min 99% $/tonne 9,300-9,625* 0% 12 Sep 14

CobaltMB free market High Grade $/Ib 14.65-15.55* 0% 12 Sep 14

MB free market Low Grade $/Ib 14.40-15.40* 0% 12 Sep 14

MB high-grade, weighted average of all confirmed international trades, $/lb 15.36* 3.43% p 12 Sep 14

MB low-grade, weighted average of all confirmed international trades, $/lb 14.65* -0.68% q 12 Sep 14

Cobalt free market cut cathodes/rounds MB/LME premium discount (including Falconbridge, Vale Inco, Sumitomo Metal Mining, Jiangsu (KLK) Jinchuan) In warehouse Rotterdam $ per Ib 0.02* -96.55% q 12 Sep 14

Cobalt free market cut cathodes/rounds MB/LME premium discount (including Falconbridge, Vale Inco, Sumitomo Metal Mining, Jiangsu (KLK) Jinchuan) In warehouse Rotterdam $ per tonne 43.24* -96.6% q 12 Sep 14

Cobalt free market ingots MB/LME premium discount (including K1A and K1AY) In warehouse Rotterdam $ per Ib -0.52* 173.68% p 12 Sep 14

Cobalt free market ingots MB/LME premium discount (including K1A and K1AY) in warehouse Rotterdam $ per tonne -1,156.00* 174.56% p 12 Sep 14

Cobalt free market broken cathodes/briquettes MB/LME premium discount (including Chambishi, Tocantins, CTT, Ambatovy,ICC, Murrin Murrin) $ per Ib -0.05* -54.55% q 12 Sep 14

Cobalt free market broken cathodes/briquettes MB/LME premium discount (including Chambishi, Tocantins, CTT, Ambatovy,ICC, Murrin Murrin) $ per tonne -116.45* -53.97% q 12 Sep 14

MB China domestic, min 99.8% RMB/tonne 224,000-238,000* 0% 12 Sep 14

MB Chinese free market Concentrate min 8% cif main Chinese ports $/Ib 10.80-11.20* 0% 12 Sep 14

GalliumMB free market $/kg 230-270* 0% 12 Sep 14

MB China domestic, min 99.99%, RMB/kg 1,260-1,310* 0% 12 Sep 14

GermaniumGermanium dioxide MB free market $/kg 1,275-1,350* 0% 12 Sep 14

Germanium metal $/kg Rotterdam 1,900-1,980* 0% 12 Sep 14

Germanium metal MB China domestic, min 99.999%, RMB/kg 12,000-12,500* 0% 12 Sep 14

Germanium dioxide, China domestic min 99.999%, RMB/kg 8,400-8,600* 0% 12 Sep 14

IndiumMB free market $/kg 685-750* 0.35% p 12 Sep 14

MB Chinese free market

crude min 98% duty paid in warehouse China RMB/kg 4,840-4,870* 0% 12 Sep 14

MB China domestic, min 99.99% RMB/kg 5,030-5,050* 0% 12 Sep 14

Indium Corp ingots min 99.97% $/kg fob 745.00 0% 12 Sep 14

MagnesiumEuropean free market $ per tonne 2,580-2,630* -0.76% q 12 Sep 14

China free market

min 99.8% Mg, fob China main ports, $ per tonne 2,460-2,520* 0% 12 Sep 14

MB Chinese free market min 99% Mg, ex-works RMB/tonne 14,500-14,900* 0% 12 Sep 14

Manganese FlakeMB free market $/tonne 2,360-2,420* 0.42% p 12 Sep 14

MercuryMB free market $ per flask 2,250-2,850* 0% 12 Sep 14

Rhenium in warehouse Rotterdam duty paidMetal Pellets, min 99.9% $/Ib 1,300-1,400* 0% 12 Sep 14

APR catalytic grade $/kg Re 2,900-3,100* 0% 12 Sep 14

SeleniumMB free market $/Ib 23.50-26.50* 0% 12 Sep 14

MB China domestic, min 99.9%, RMB/kg 380-410* 0% 12 Sep 14

Selenium dioxide, MB China domestic, min 98%, RMB/kg 255-260* 0% 12 Sep 14

SiliconMB free market ¤/tonne 2,200-2,290* 0% 12 Sep 14

US free market cents/Ib 144-147* 0% 11 Sep 14

Export from mainland China

min 98.5%, $/tonne fob 2,080-2,150* 3.17% p 12 Sep 14

TelluriumMB free market $/kg 125-145* 0% 12 Sep 14

MB China domestic, min 99.99%, RMB/kg 750-760* 0% 12 Sep 14

TitaniumMB free market ferro-titanium

70% (max 4.5% Al) $/kg Ti d/d Europe 6.10-6.20* -0.4% q 12 Sep 14

Titanium Ores $/tonne

Rutile conc min 95% Tio2 bagged, fob/Aus 850-950 0% 12 Sep 14

Rutile bulk conc min 95% Tio2 fob/Aus 900-1,050 0% 12 Sep 14

Ilmenite bulk conc min 54% Tio2 fob/ Aus 155-175 0% 12 Sep 14

MINOR METALS


AntimonyMB free market Regulus, min 99.65%, max Se 50 ppm, max 100 ppm Bi, $/tonne in warehouse Rotterdam 9,100-9,300* -1.08% q 12 Sep 14

MMTA Standard Grade II, $/tonne in warehouse Rotterdam 9,000-9,200* -1.09% q 12 Sep 14


MMTA Standard Grade II, delivered duty paid RMB/tonne 54,500-55,500* 0% 12 Sep 14




continued ››

BULK ALLOYS


Ferro-Chrome $/lb CrChina import charge chrome 50% Cr index, CIF Shanghai, duty unpaid 0.80* 0% 12 Sep 14

Lumpy Cr charge basis 52% Cr (and high carbon) quarterly 1.19* 0% 12 Sep 14

6-8% C basis 60% Cr max 1.5% Si 1.04-1.12* 0% 12 Sep 14

European low carbon 0.10% C average 60-70% Cr quarterly 2.02-2.08* 0% 08 Aug 14

0.10% C average 60-70% Cr 2.08-2.15* 0% 12 Sep 14

European low carbon in warehouse 0.06% C max - 65% Cr 2.15-2.22* 0% 12 Sep 14

Low phosphorous Cr min 65% C max 7% Si max 1% p max 0.015% Ti max 0.05% 1.15-1.25* 0% 12 Sep 14

US free market in warehouse Pittsburgh 6-8% C basis 60-65% Cr max 2% Si 1.150-1.180* 0% 11 Sep 14

US free market low carbon duty paid fob Pittsburg0.05%C - 65% min Cr 2.25-2.28* 0% 11 Sep 14

0.10% C - 62% min Cr 2.10-2.14* 0.95% p 11 Sep 14

0.15% C - 60% min Cr 2.06-2.08* 0% 11 Sep 14

Spot 6-8% C basis 50% Cr delivered duty paid China RMB/tonne 6,300-6,600* 0% 12 Sep 14

Contract 6-8% C basis 50% Cr delivered duty paid China RMB/tonne 6,200-6,450* 0% 12 Sep 14

EUROPE


Northern Europe Imports

Metal Bulletin’s appraisal of cfr prices for imported, non-EU origin, commercial-quality carbon steel, ¤ per tonne cfr main EU portRebar 440-445* 0% 10 Sep 14

Wire rod (mesh quality) 450-460* 0% 10 Sep 14

Plate (8-40mm) 430-440* 0% 10 Sep 14

Hot rolled coil 415-430* 0% 10 Sep 14

Cold rolled coil 460-480* 0% 10 Sep 14

Hot-dip galvanized coil 520-530* 0% 10 Sep 14

Southern Europe Imports

Metal Bulletin’s appraisal of cfr prices for imported, non-EU origin, commercial-quality carbon steel, ¤ per tonne cfr main EU portRebar 440-445* 0% 10 Sep 14


Plate (8-40mm) 420-430* -0.58% q 10 Sep 14




NOBLE ALLOYS & ORES


Lithium OresPetalite 4.2% Li²O bagged fob Durban $/tonne 170-265 0% 12 Sep 14

Spodumene 7.25% Li²O cif Europe $/tonne 740-790 0% 12 Sep 14

Molybdenum Molybdic OxideEurope drummed molybdic oxide $/Ib Mo 12.40-12.70* -3.65% q 12 Sep 14

US canned molybdic oxide $/Ib Mo 13.00-13.50* 0% 11 Sep 14

Ferro-Molybdenumbasis 65-70% Mo $/kg Mo 30.50-31.00* -3.61% q 12 Sep 14

US free market 65-70% Mo $/Ib in warehouse Pittsburgh 15.50-15.90* 0% 11 Sep 14


concentrate 45% Mo in warehouse China RMB/mtu 1,320-1,340* 0.38% p 12 Sep 14

TungstenEuropean free market APT $/mtu 350-360* 0% 12 Sep 14

Export from mainland China

APT Chinese No1 grade, min 88.5% W03, S/mtu fob 358-370* 0% 12 Sep 14


Concentrate 65% Wo3 in warehouse China RMB/tonne 103,000-108,000* 0% 12 Sep 14

Ferro-TungstenBasis 75% W min $/kg W in warehouse Rotterdam duty unpaid 40.00-41.00* 0% 12 Sep 14

VanadiumFerro-vanadium basis 70-80% $/kg V 25.40-25.90* -0.58% q 12 Sep 14

US free market ferro-vanadium $/Ib in warehouse Pittsburgh 12.75-13.00* 0% 11 Sep 14

Vandium pentoxide cif Europe min 98% $ per Ib V205 5.10-5.40* -0.94% q 12 Sep 14

ZirconFoundry grade bulk $/tonne fob Australia 950-1,150 0% 12 Sep 14

Premium bulk $/tonne fob Australia 1,050-1,450 0% 12 Sep 14

Chrome Ore $/tonne

Chrome ore cif main Chinese portsSouth African UG2 chrome ore concs, basis 42% 180-185* -2.67% q 12 Sep 14

Turkish lumpy 40-42% cfr main Chinese ports 275-280* -0.89% q 12 Sep 14

Ferro-manganesebasis 78% Mn (Scale pro rata) standard 7.5% C ¤/tonne 725-750* -0.67% q 12 Sep 14

US free market 78% Mn standard 7.5% C $/long ton in warehouse Pittsburgh 1,040-1,060* -0.94% q 11 Sep 14

US free market medium carbon duty paid fob Pittsburgh, 80% min Mn 1.5% max C $/Ib 0.96-0.97* 0% 11 Sep 14

MB Chinese free market min 65% Mn max 7.0% C in warehouse China RMB/tonne 5,500-5,700* 0% 12 Sep 14

Manganese Ore44% Mn, Cif Tianjin $/dmtu of metal contained 4.38* 1.15% p 12 Sep 14

38% Mn, Fob Port Elizabeth $/dmtu of metal contained 3.30* -0.3% q 12 Sep 14

Ferro-SiliconLumpy basis 75% Si (Scale pro rata) ¤/tonne 1,140-1,170* 1.54% p 12 Sep 14

US free market $/Ib in warehouse Pittsburgh lumpy basis 75% Si - imported 0.97-1.00* 1.03% p 11 Sep 14

Export from mainland China, min 75% Si, 7.5% C, $/tonne, fob 1,350-1,390* 0% 12 Sep 14

MB Chinese free market min 75% in warehouse China RMB/tonne 5,850-5,950* 0% 12 Sep 14

Silico-ManganeseLumpy basis 65-75% Mn basis 15-19% Si (Scale pro rata) ¤/tonne 820-840* -1.19% q 12 Sep 14

US free market $/Ib in warehouse Pittsburgh 0.56-0.58* 0% 11 Sep 14

MB Chinese free market min 65% Mn max 17% Si in warehouse China RMB/tonne 6,150-6,350* 0% 12 Sep 14





continued ››

CIS


CIS Exports (Black Sea)

Metal Bulletin’s appraisal of CIS mills’ prices for export outside the CIS of commercial-quality carbon steel, $ per tonne fob stowed main Black Sea Port.Billet 495-505* -2.44% q 15 Sep 14

Slab 490-495* 1.03% p 15 Sep 14

Rebar 530-545* 0% 15 Sep 14

Wire rod (mesh) 540-555* 0% 15 Sep 14

Heavy plate (10-50mm) 540-560* 0% 15 Sep 14

Hot rolled coil 530-550* -0.37% q 15 Sep 14

Cold rolled coil 610-625* 2.07% p 15 Sep 14

CIS Domestic

Metal Bulletin’s appraisal of prices within Russia for commercial-quality carbon steel of CIS origin, Rubles per tonne, carriage paid to (cpt) inc VAT.Rebar 26,140-26,150* 0% 15 Sep 14

Hot rolled sheet 23,300-23,800* -0.42% q 15 Sep 14

Cold rolled sheet 26,000-26,650* 0% 15 Sep 14

MIDDLE EAST


Turkish Exports

Metal Bulletin’s appraisal of Turkish mills’ prices for export of commercial-quality carbon steel, $ per tonne fob main Turkish port.Billet 525-535* 0% 11 Sep 14

Rebar 560-570* 0% 11 Sep 14

Wire rod (mesh quality) 600-605* -0.82% q 11 Sep 14

Merchant bars 630-640* 0% 11 Sep 14

Turkish Domestic

Metal Bulletin’s appraisal of prices within Turkey for commercial-quality carbon steel of Turkish origin, $ per tonne ex-works.Billet 525-530* -0.94% q 11 Sep 14

Rebar 577-586* 1.13% p 11 Sep 14



Cold rolled coil 675-680* -0.73% q 12 Sep 14

Turkish Imports

Metal Bulletin’s appraisal of prices for imported commercial-quality carbon steel, $ per tonne cfr main Turkish port.Billet 515-520* -1.9% q 11 Sep 14

Hot rolled coil 560-565* 0.54% p 12 Sep 14


UAE imports

Metal Bulletin’s appraisal of prices for imported commercial-quality carbon steel, $ per tonne cfr Jebel Ali.Billet 525-530* 0% 09 Sep 14

Rebar 570-575* -0.87% q 09 Sep 14



LATIN AMERICA


Latin American Exports

Metal Bulletin’s appraisal of Latin American mills prices for export outside Latin America of commercial-quality carbon steel, $ per tonne fob stowed main Latin American port.Billet 475-485* 0% 12 Sep 14

Slab 475-495* 0% 12 Sep 14

Rebar 560-580* 0% 12 Sep 14

Wire rod mesh quality 560-580* 0% 12 Sep 14

Heavy plate over 10mm 540-610* 0% 12 Sep 14

Hot rolled coil (dry) 590-600* 6.25% p 12 Sep 14


Galvanized coil 610-640* -6.02% q 12 Sep 14

Southern Europe Exports

Metal Bulletin’s appraisal of Southern Europe mills’ prices for export outside Southern Europe of commercial-quality carbon steel, ¤ per tonne fob main Southern European portRebar 425-430* 0% 10 Sep 14


Northern Europe Domestic

Metal Bulletin’s appraisal of prices within the EU (excluding the UK) for commercial-quality carbon steel of EU origin, ¤ per tonne delivered basis pointRebar 485-495* 0% 10 Sep 14


Sections (medium) 520-535* 0% 10 Sep 14

Southern Europe Domestic

Metal Bulletin’s appraisal of prices within the EU (excluding the UK) for commercial-quality carbon steel of EU origin, ¤ per tonne delivered basis pointRebar 460-465* 0.54% p 10 Sep 14


Sections (medium) 510-520* 0% 10 Sep 14

Northern Europe ¤ per tonne ex-worksPlate (8-40mm) 500-520* 0% 10 Sep 14

Hot rolled coil 420-430* 1.19% p 10 Sep 14


Hot-dip galvanized coil 510-525* 0.49% p 10 Sep 14

Southern Europe ¤ per tonne ex-worksPlate (8-40mm) 490-500* 2.59% p 10 Sep 14




Iran Domestic

Metal Bulletin’s appraisal of prices within Iran for commercial-quality carbon steel of Iranian origin, million rials per tonne delivered warehouse Tehran.Rebar (12-25mm) 18.35-18.55* 0.41% p 10 Sep 14

Equal Angles 18.80-20.40* -0.76% q 30 Jul 14

I-beams 16.30-17.80* 0.59% p 30 Jul 14

Plate 19.00-20.55* 0.13% p 10 Sep 14

Hot rolled coil 20.00-20.60* -0.37% q 10 Sep 14

Cold rolled coil 22.80-26.20* 0.41% p 10 Sep 14

Hot-dip galvanized coil 25.70-26.80* 0% 10 Sep 14

Hollow sections 20.50-21.20* 0.48% p 30 Jul 14

Iran Imports

Metal Bulletin’s appraisal of prices quoted by overseas suppliers for commercial-quality carbon steel to Iranian buyers, $ per tonne cfr Iranian northern ports.Billet 520-530* 0% 10 Sep 14

Rebar 570-580* 0% 10 Sep 14

Egyptian Domestic

Metal Bulletin’s appraisal of prices within Egypt for commercial-quality carbon steel of Egyptian origin, E£ per tonne ex-worksRebar 4,960-5,000* 0% 11 Sep 14




continued ››

Indian Exports

Metal Bulletin’s appraisal of Indian mills’ prices for export of commercial-quality carbon steel, $ per tonne fob main India port.Billet 505-510* 0% 12 Sep 14

Plate (12-40mm) 520-525* 0% 12 Sep 14

Hot rolled coil (commodity) 520-525* 0% 12 Sep 14

Hot-dip galvanized coil 815-820* 1.87% p 12 Sep 14

Indian Imports

Metal Bulletin’s appraisal of prices for imported, non-EU origin, commercial-quality carbon steel, $ per tonne cfr main India port.Billet 500-505* 0% 12 Sep 14

Plate (20-60mm) 530-535* -0.93% q 12 Sep 14


Hot rolled coil (CR grade) 540-545* 0% 12 Sep 14

Cold rolled 580-585* -3.32% q 12 Sep 14


Indian Domestic

Metal Bulletin’s appraisal of prices within India for commercial-quality carbon steel, rupees per tonne ex-works.Billet 30,800-30,900* 0.65% p 12 Sep 14

Heavy plate 39,500-40,000* 0% 12 Sep 14

Hot rolled coil 37,000-37,500* 0% 12 Sep 14

Cold rolled coil 43,500-44,000* 0% 12 Sep 14

DRI 21,800-21,900* -0.91% q 12 Sep 14

Hot-dip galvanized coil 50,000-50,500* 0% 12 Sep 14

STEELBENCHMARKER™ PRICES


Region: USA East of the MississippiStandard plate ($/metric tonne) 964 0.21% p 08 Sep 14

Standard plate ($/short ton) 874 0.11% p 08 Sep 14

Hot rolled coil ($/metric tonne) 742 -0.54% q 08 Sep 14

Hot rolled coil ($/short ton) 673 -0.59% q 08 Sep 14

Cold rolled coil ($/metric tonne) 861 -1.82% q 08 Sep 14

Cold rolled coil ($/short ton) 782 -1.64% q 08 Sep 14

Region: Mainland ChinaRebar 401 -2.2% q 08 Sep 14

Standard plate 440 -1.35% q 08 Sep 14

Hot rolled coil 436 -2.02% q 08 Sep 14

Cold rolled coil 551 -0.18% q 08 Sep 14

Region: World Export MarketHot rolled coil ($/metric tonne) 534 -3.61% q 08 Sep 14

ASIA


China Exports

Metal Bulletin’s appraisal of Chinese mills prices for export of commercial-quality carbon steel, $ per tonne fob main China port.Rebar 420-435* -1.16% q 12 Sep 14


Heavy plate 485-495* 0% 12 Sep 14

Hot rolled coil 495-500* -1% q 12 Sep 14

Cold rolled coil 560-565* -0.88% q 12 Sep 14

Galvanized coil 1mm 640-645* 0% 12 Sep 14

China Imports

Metal Bulletin’s appraisal of prices for imported, non-EU origin, commercial-quality carbon steel, $ per tonne cfr main China port.Cold rolled coil 1mm & below 720-730* 0% 12 Sep 14

Hot dip galvanized coil 760-790* 0% 12 Sep 14

Eastern China Domestic

Metal Bulletin’s appraisal of prices in Eastern China for commercial-quality carbon steel of Chinese origin, yuan per tonne delivered warehouseRebar 2,770-2,850* -0.18% q 15 Sep 14

Wire rod (mesh) 2,740-2,940* -3.07% q 12 Sep 14

Sections 2,890-3,000* -1.34% q 12 Sep 14

Plate 3,060-3,080* -2.54% q 12 Sep 14

Hot rolled coil (min 2mm) 3,000-3,020* -1.47% q 15 Sep 14

Cold rolled coil (0.5 - 2 mm) 3,900-3,950* -0.63% q 12 Sep 14


Southern China Domestic

Metal Bulletin’s appraisal of prices in Southern China for commercial-quality carbon steel of Chinese origin, yuan per tonne delivered warehouseRebar 2,920-3,000* -1.99% q 12 Sep 14

Wire rod (mesh) 2,900-3,020* -2.79% q 12 Sep 14

Sections 3,260-3,300* -0.61% q 12 Sep 14

Plate 3,180-3,260* -1.68% q 12 Sep 14

Hot rolled coil (min 2mm) 3,070-3,090* -7.51% q 12 Sep 14

Cold rolled coil (0.5 - 2 mm) 3,920-4,000* -0.5% q 12 Sep 14


STAINLESS STEEL


Asia Import$/tonne cif East Asian port

Grade 304 2mm CR coil 2B 2,630-2,810* -1.81% q 12 Sep 14

Grade 304 HR sheet 2,480-2,700* -0.58% q 12 Sep 14

China Domesticyuan/tonne, in warehouse

Grade 304 2mm CR coil 17,400-17,500* 0% 12 Sep 14

Grade 430 2mm CR coil 8,500-8,600* 0% 12 Sep 14

EU Export¤/tonne fob N.European port

Min 100 tonne lot

Grade 304 2mm CR sheet 2,461-2,547* 0% 12 Sep 14

NAFTA


US Imports

Metal Bulletin’s appraisal of prices for imported, non-Nafta origin, commercial-quality carbon steel, $ per short ton cfr Gulf.Rebar 590-610* 0% 12 Sep 14

Merchant bars 680-700* 0% 12 Sep 14

Wire rod (low carbon) 620-630* 0% 12 Sep 14

Medium sections 720-740* 0% 12 Sep 14

Medium plate 730-760* 0% 12 Sep 14

Heavy plate 850-900* 0% 12 Sep 14



Hot dipped galvanized 0.012-0.015, G30 850-900* 0% 12 Sep 14

Hot dipped galvanized 0.019, G60 820-840* 0% 12 Sep 14

US Domestic

AMM’s appraisal of prices within the USA for commercial-quality carbon steel of US or Canadian origin, $ per short ton, delivery terms as indicated.Rebar (fob mill) 660* 0% 12 Sep 14

Wire rod (mesh quality delivered) 665* 0% 12 Sep 14

Plate (fob mill) 875* -0.57% q 12 Sep 14

Hot rolled coil (fob mill) 665* 0% 12 Sep 14

Cold rolled coil (fob mill) 790* 0% 12 Sep 14

Hot-dip galv coil (fob mill) 790* 0% 29 Aug 14





continued ››

FERROUS SCRAP


UK ferrous scrap domestic

The following is Metal Bulletin’s evaluation of UK prices for processed scrap delivered to consumers within the month of August. Prices may vary according to region and destination, and should therefore be read in conjunction with editorial comment on the Scrap and Secondary Metals pages.

£/tonneCut GradesOA plate and structural 175-190* 0% 15 Aug 14

1&2 Old steel 160-175* 0% 15 Aug 14

12A/C/D New production heavy and shovellable steel 180-190* 0% 15 Aug 14

Bales and Cuttings4A New steel bales 180-185* 0% 15 Aug 14

4C New steel bales 177-182* 0% 15 Aug 14

8A New loose light cuttings 165-170* 0% 15 Aug 14

8B New loose light cuttings 162-167* 0% 15 Aug 14

Turnings 7B Heavy steel turnings 100-108* 0% 15 Aug 14

Cast Iron9A/10 Heavy and light cast iron 145-153* 0% 15 Aug 14

9B/C Cylinder block scrap 180-188* 0% 15 Aug 14

11A Cast iron borings 150-165* 0% 15 Aug 14

Prices relate to new UK scrap specifications.

‡Please see MB.com for full explanation of price changes.

UK intermechant weekly price

£/tonne5C Loose old light 120-130* 4.17% p 12 Sep 14

UK ferrous scrap export

MB assessment $ fob main UK portHMS 1&2 (80:20 mix) 360-361* 0% 12 Sep 14

Shredded 368-369* 0% 12 Sep 14

Indian imports

MB assessment $/tonnne cfr Nhava ShevaMB Index CFR India Shredded 392.82* -0.02% q 12 Sep 14

HMS 1&2 (80:20 mix) 360-365* 0% 12 Sep 14

Alloy steel scrap domestic

UK wholesale merchants’ stainless (£/tonne)18/8 solids 980-1,000* 0% 12 Sep 14

18/8 turnings 825-840* 0.12% p 12 Sep 14

12-13% Cr solids 210-220* 0% 12 Sep 14

16-17% Cr solids 240-250* 0% 12 Sep 14

Cif Europe stainless ¤ per tonne 18/8 solids 1,270-1,300* -0.77% q 12 Sep 14

18/8 turnings 1,115-1,145* -0.66% q 12 Sep 14

Rotterdam export

MB assessment $/tonnne fob RotterdamMB Index FOB Rotterdam HMS 1&2 (80:20) 351.99* -0.55% q 12 Sep 14

HMS 1&2 (70:30 mix) 343-346* 0% 12 Sep 14

Shredded 367-368* 0% 12 Sep 14

Turkish import

MB assessment $/tonne cfr main Turkish portsMB Index CFR Turkey HMS 1&2 (80:20) (North Europe material) 364.54* -2.47% q 12 Sep 14

HMS 1&2 (70:30 mix) 363-366* 0% 12 Sep 14

Shredded 387-388* 0% 12 Sep 14

USA export

AMM ferrous scrap export index $/tonne East Coast fob New YorkHMS 1&2 (80:20) 362.58* -1.38% q 08 Sep 14

Shredded 368.40* -1.27% q 08 Sep 14

USA domestic

AMM Midwest Index $/gross ton delivered millNo1 heavy melting scrap 368.32* 0.04% p 10 Sep 14

No1 busheling 400.98* 0% 10 Sep 14

Shredded 379.60* 0.04% p 10 Sep 14

China domestic

yuan/tonne delivered millHeavy Scrap 1,950-2,080* -5.62% q 12 Sep 14

Germany domestic

¤/tonne delivered at scrapyard, Source: BDSVNo E2/8 (new steel scrap) 251.70 2.23% p 01 Aug 14

No E1 (old steel scrap) 228.10 3.63% p 01 Aug 14

No E3 (old thick steel scrap) 250.50 3.56% p 01 Aug 14

No E40 (shredded steel scrap) 257.70 2.83% p 01 Aug 14

No E5 (steel turnings) 200.20 3.84% p 01 Aug 14

EU Domestic2mm 304 cold rolled stainless sheet, ¤/tonne

Base price 1,100-1,150* 0% 12 Sep 14

Alloy surcharge 1,361-1,397* 0% 12 Sep 14

304 stainless steel bright bar, ¤/tonne

Base price 920-960* 0% 12 Sep 14

Alloy surcharge 1,850-1,931* 0% 12 Sep 14




continued ››

NON-FERROUS SCRAP EUROPE


AluminiumEuropean free market MB assessment ¤/tonne

Floated Frag 1,300-1,350* 0% 12 Sep 14

Cast 1,220-1,280* 0% 12 Sep 14

Mixed turnings 6% 1,110-1,160* 0% 12 Sep 14

Germany per 1000kg Pure cuttings 1,320-1,400 0% 10 Sep 14

Commercial cast 1,280-1,410 0% 10 Sep 14

H9 extrusions 1,590-1,690 0% 10 Sep 14

Alloy turnings 1,050-1,140 0% 10 Sep 14

Source: VDMFrance per 1000kgPure cuttings 1,600-1,620 0% 09 Sep 14

Old rolled 800-820 0% 09 Sep 14

Commercial cast 910-930 0% 09 Sep 14

Source: Lettre d’Information MetauxItaly per 1000kgPure cuttings 1,285-1,385 0.75% p 05 Sep 14

Old mixed scrap 1,195-1,245 0% 05 Sep 14

Commercial cast 1,225-1,275 1.63% p 05 Sep 14

Source: Assomet

CopperGermany per 1000kg Copper wire (berry) 5,100-5,260 0.1% p 10 Sep 14

Heavy copper 4,850-4,950 0.51% p 10 Sep 14

Heavy brass 3,030-3,270 0% 10 Sep 14

Brass turnings (MS 58) 3,310-3,550 0.29% p 10 Sep 14

Brass sheet (MS 63) 3,540-3,780 -0.27% q 10 Sep 14

Source: Verein Deutscher MetallhandlerFrance per 1000kgElectro cuttings 4,970-5,000 1.63% p 09 Sep 14

No 1 bright wire 4,750-4,780 1.38% p 09 Sep 14

Mixed (96%) 4,700-4,730 1.07% p 09 Sep 14

Brass plate cuttings 70/30 3,700-3,730 1.09% p 09 Sep 14

Brass turnings 2,680-2,700 0% 09 Sep 14

Mixed brass 2,720-2,750 0.37% p 09 Sep 14

Source: Lettre d’Information MetauxItaly per 1000kgElectrolytic dd EN 12861-S-Cu-2 5,209-5,261 2.27% p 05 Sep 14

Enamelled wire EN 12861-S-Cu-3 5,047-5,099 2.34% p 05 Sep 14

New from tubes, strips etc EN 12861-S-Cu-4 5,168-5,220 2.28% p 05 Sep 14

Old from tubes, strips etc 12861-S-Cu-7 4,894-4,946 2.41% p 05 Sep 14

EN12861-S-Cu-Zn-1-A-Cu 63.5% 3,855-3,932 2.04% p 05 Sep 14

Mixed from valves/taps EN 12861-S-Cu-Zn-6 3,304-3,382 2.39% p 05 Sep 14

Several 95% m/m 12861-S-Cu-Zn-7 3,104-3,182 2.54% p 05 Sep 14

Source: Assomet

STEELBENCHMARKER™ SCRAP PRICES


Region: USA, East of the MississippiShredded scrap ($/metric tonne)** 365 -1.35% q 08 Sep 14

Shredded scrap ($/gross ton)** 371 -1.33% q 08 Sep 14

No 1 heavy melting scrap ($/metric tonne) 345 1.47% p 08 Sep 14

No 1 heavy melting scrap ($/gross ton) 350 1.45% p 08 Sep 14

No 1 busheling scrap ($/metric tonne) 394 0.25% p 08 Sep 14

No 1 busheling scrap ($/gross ton) 400 0.25% p 08 Sep 14

**For shredded scrap the region is for all but the West Coast

SCRAP SUBSTITUTES


EU imports ¤/tonne cfr Western EuropePig Iron 313-352* 2.31% p 11 Sep 14

Latin American exports $/tonne, delivery terms as statedHot briquetted iron Venezuela 320-325* 0% 12 Sep 14

Pig iron fob Vitorio/Rio 380-385* -1.29% q 12 Sep 14

Pig iron fob Ponta da Maderia 400-405* 1.26% p 12 Sep 14

US Imports $/tonne cfr Gulf of MexicoPig Iron 415-420* 1.21% p 12 Sep 14

CIS Exports $/tonne fob main portPig iron Baltic Sea 420-430* 1.19% p 11 Sep 14

Pig iron Black Sea 380-385* 0% 11 Sep 14

China Domestic yuan/tonne delivered warehousePig Iron 2,300-2,330* 0% 12 Sep 14

CHINA IRON ORE

cfr main China port $ per dry metric tonne

Price Change† AssessedIron ore index (62% fe) 85.58-85.58* 1.91% p 15 Sep 14

Iron ore pellet index cfr Qingdao (65% fe) 114.17-114.17* -2.07% q 12 Sep 14

UK NON-FERROUS SCRAP


Aluminium - Actual Price

£ per tonneGroup 1 pure 99% & Litho 1,250-1,300* 12.33% p 10 Sep 14

Commercial pure cuttings 1,080-1,150* 7.73% p 10 Sep 14

Clean HE9 extrusions 1,250-1,300* 13.33% p 10 Sep 14

Loose Old Rolled cuttings 740-780* 0% 10 Sep 14

Baled old rolled 850-870* 0% 10 Sep 14

Commercial cast 970-1,000* 2.07% p 10 Sep 14

Cast wheels 1,100-1,200* 4.07% p 10 Sep 14

Commercial turnings 720-760* 0% 10 Sep 14

Group 7 turnings 500-550* 0% 10 Sep 14

Titanium

$/Ib cifTurnings, unprocessed type 90/6/4 (O.5% Sn max) 1.75-1.85* 0% 10 Sep 14

Turnings, unprocessed 90/6/4 (over 0.5% max 2% Sn) 1.60-1.70* 0% 10 Sep 14




NON-FERROUS FOUNDRY INGOTS


Aluminium UK £/tonneMB free marketLM24 pressure diecasting ingot 1,450-1,500* 1.03% p 10 Sep 14

LM6/LM25 Gravity diecasting ingot 1,640-1,680* 1.53% p 10 Sep 14

NB: prices expressed delivered consumer works, LM series as specified in BS1490

Aluminium EuropeMB free marketDuty paid delivered works pressure

diecasting ingot price (DIN226/A380) - ¤/tonne 1,800-1,860* 0% 12 Sep 14

Aluminum US $/Ib delivered MidwestA380.1 alloy 1.11-1.13* 0.45% p 11 Sep 14

AFFIMET ¤/tonneAS12 3,235 5.55% p 01 Sep 14

AS12 UN 3,095 1.64% p 01 Sep 14

AS9 U3 2,470 2.07% p 01 Sep 14

AS5 U3 2,820 1.81% p 01 Sep 14

Reflects generally larger traded lots

VDM ¤/1000 kg deliveredDIN 226 2,250-2,350 0% 10 Sep 14

DIN 231 2,330-2,430 0% 10 Sep 14

DIN 311 2,310-2,410 0% 10 Sep 14

Aluminium Bronze £/tonne UKAB1 ex-works 4,400 1.15% p 09 Sep 14

AB2 ex-works 4,600 1.1% p 09 Sep 14

Source: C.F. Booth Ltd.

Brass UK £/tonneSCB3 ex-works 3,500 0% 09 Sep 14

High Tensile HTB1 ex-works 3,650 0% 09 Sep 14


Gunmetal UK £/tonneLG2 85/5/5/5 ex-works 4,350 1.16% p 09 Sep 14

LG4 87/7/3/3 ex-works 5,050 0% 09 Sep 14

G1 1.15 PB ex-works 5,750 0.88% p 09 Sep 14


Phosphor Bronze UK £/tonnePB1 ex-works 5,950 0% 09 Sep 14


Phosphor Copper £/tonne10% P ex-works 5,950 0% 09 Sep 14

15% P ex-works 6,050 0% 09 Sep 14


Zinc Alloys UK £/tonneBrock Metal Co Contract Alloy Price (delivered UK, min 25 tonne lots)

Brock Metal ZL3 2,014 2.55% p 01 Sep 14

Brock Metal ZL5 2,043 2.51% p 01 Sep 14

† Change based on available assessed prices over a one-week period* MB copyright

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continued ››

Monthly averages: August


Low High

BASE METALS

Low High

AluminiumPrimary aluminium ingot to meetLME Spec: P1020A

Rotterdam premium 368.571 390.000

LME duty paid premium indicator

H/G Cash $/tonne 450.000 463.333

AluminaIndex fob Australia 317.710

CopperUS High-grade cathode premium indicator,$/tonne 132.000 143.000

NickelFree market in warehouse premium

Europe $/tonne uncut cathodes 35.000 125.000

4x4 cathodes 200.000 275.000

briquettes 150.000 270.000

US Melting $/lb 0.243 0.293

Plating $/lb 0.600 0.700

TinEuropean free market

Spot Premium 99.9% $/tonne 500.000 750.000

Spot premium 99.85% $/tonne 350.000 450.000

Kuala Lumpur (ex-smelter) $/tonne 22,340.48

MINOR METALS

AntimonyMB free marketRegulus 99.65%, max Se 50ppm,

$/tonne in warehouse 9,277.778 9,477.778

MMTA Standard grade II $/tonne 9,177.778 9,377.778

BismuthMB free market

min. 99.99%, $/lb, tonne lots in warehouse 11.300 11.833

CadmiumMB free market

min 99.95%, cents/lb in warehouse 77.222 87.222

min 99.99%, cents/lb in warehouse 85.000 95.000

CobaltMB free market

High Grade, $/lb in warehouse 14.883 15.750

Low Grade, $/lb in warehouse 14.461 15.444

Germanium DioxideMB free market min 99.99%, $/kg 1,275.000 1,350.000

Rotterdam $/kg 1,900.000 1,980.000

IndiumMB free market

Ingots min 99.97%, $/kg in warehouse 673.333 742.222

MagnesiumMB free market

min 99.8%, $/tonne 2,600.000 2,650.000

China free market min 99.8% 2,463.333 2,496.667

MercuryMB free market

min 99.99%, $/flask in warehouse 2,250.000 2,850.000

SeleniumMB free market

min 99.5% in warehouse $/lb 23.500 26.500

SiliconMB free market €/tonne 2,200.000 2,290.000

TitaniumFerro-Titanium

70% (max 4.5% Al), $/kg d/d Europe 6.144 6.267

ORES & ALLOYS

Low High

MolybdenumFree market in warehouseEurope drummed molybdicoxide $/lb Mo 13.072 13.178

US canned molybdic oxide $/lb Mo 13.000 13.500

Ferro-molybdenumbasis 65-70% Mo, $/kg 31.917 32.189

TungstenEuropean free market APT $/mtu 357.778 367.778

Ferro-tungstenbasis 75% W min 40.033 40.844

Vanadiummin 98%, other sources, $/lb V2O5 5.100 5.500

Ferro-vanadiumbasis 70-80%, $/kg V 25.600 26.133

US Free market 70-80% 12.319 12.769

PRECIOUS METALS

GoldLondon per troy oz Morning $1,297.00500

Afternoon $1,295.98750

Morning £776.02965

Afternoon £775.69635

Handy/Harman $1,295.13

PalladiumMorning $/troy oz $875.80000

Afternoon $/troy oz $875.80000

Platinum: per troy ozMorning $/troy oz $1,450.40000

Afternoon $/troy oz $1,447.85000

RhodiumEuropean free market

min 99.9% in warehouse, $/troy oz 1,324.444 1,374.444

SilverLondon

spot pence/troy oz 1,185.04850

spot cents/troy oz 1,980.05000

Handy/Harman cents/troy oz 1,973.56


XX April 2014 | Metal Bulletin Daily | Number 93XX.5 © Metal Bulletin Limited, 2013

continued ››


30 | Tuesday

Zinc ($)Cash 1,941.75 2,419.75 2,328.88

3 months 1,947.75 2,409.50 2,330.93

Settlement 1,942.00 2,420.00 2,329.23

3 months seller 1,948.00 2,410.00 2,331.43

Cobalt ($)Cash 26,900.00 32,950.00 32,440.00

3 months 27,000.00 33,050.00 32,421.25

Settlement 27,300.00 33,250.00 32,777.50

3 months seller 27,300.00 33,250.00 32,730.00

Molybdenum ($)Cash 20,500.00 32,500.00 28,635.00

3 months 20,500.00 32,500.00 28,635.00

Settlement 21,000.00 33,000.00 29,092.50

3 months seller 21,000.00 33,000.00 29,092.50

Aluminium Alloy ($)Cash 1,750.00 2,090.00 2,007.01

3 months 1,785.00 2,105.00 2,023.65

Settlement 1,755.00 2,095.00 2,011.53

3 months seller 1,790.00 2,110.00 2,027.80

Nasaa ($)Cash 1,750.50 2,462.50 2,217.36

3 months 1,785.00 2,472.50 2,246.66

Settlement 1,751.00 2,465.00 2,218.85

3 months seller 1,790.00 2,475.00 2,248.68

Steel Billet ($)Cash 290.00 445.00 418.50

3 months 290.00 460.00 434.00

Settlement 295.00 450.00 423.50

3 months seller 295.00 465.00 439.00

LME SETTLEMENT CONVERSION RATES$/£ 1.6708

$/yen 102.917

$/€ 1.3325

January - August 2014 August

Low High Average

$ $ $

FOUNDRY INGOTS

Low High

AluminiumLM24 1,425.000 1,480.000

LM6/LM25 1,605.000 1,635.000

Aluminium Europe €/tonne 1,766.000 1,836.000

Phosphor BronzePB1 ex-works £/tonne 5,950.000

Zinc Alloy10 tonne lots ZL3 £/tonne 1,964.000

EXCHANGE RATES (CLOSING RATES)$/£ 1.6704

$/yen 102.9400

$/€ 1.3318

© Copyright Metal Bulletin Journals Ltd, 2014

Metal Bulletin monthly average prices are calculated on those

price quotations formulated during the month.

LONDON METAL EXCHANGE

High, low and average August (20 days)LME averages are mean of buyers and sellers except forsettlement and 3 months sellers. January - August 2014 August

Low High Average

$ $ $

Aluminium ($)Cash 1,641.25 2,113.75 2,029.89

3 months 1,686.25 2,113.25 2,037.78

Settlement 1,641.50 2,114.00 2,030.23

3 months seller 1,686.50 2,113.50 2,038.10

Copper Grade A ($)Cash 6,434.25 7,439.25 7,000.18

3 months 6,429.75 7,421.50 6,984.03

Settlement 6,434.50 7,439.50 7,000.55

3 months seller 6,430.00 7,422.00 6,984.65

Copper Grade A (£)Settlement 3,875.20 4,515.36 4,190.12

3 months seller 3,871.68 4,507.74 4,183.86

Lead ($)Cash 2,007.50 2,268.50 2,236.18

3 months 2,032.50 2,286.50 2,239.83

Settlement 2,008.00 2,269.00 2,236.58

3 months seller 2,033.00 2,287.00 2,240.38

Lead (£)Settlement 1,203.26 1,363.20 1,338.72

3 months seller 1,219.04 1,366.63 1,342.03

Nickel ($)Cash 13,362.50 21,175.00 18,572.38

3 months 13,422.50 21,095.00 18,662.38

Settlement 13,365.00 21,200.00 18,575.75

3 months seller 13,425.00 21,100.00 18,670.00

Tin ($)Cash 21,497.50 23,902.50 22,283.13

3 months 21,407.50 23,765.00 22,316.75

Settlement 21,500.00 23,905.00 22,294.00

3 months seller 21,410.00 23,770.00 22,327.25


Documents

Mb Daily 20140916