MB Daily 20140916

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2nd
Asian Nickel
Conference
23-24 September 2014 The Ritz-Carlton Jakarta, Mega Kuningan, Indonesia
16 September 2014 | Metal Bulletin Daily | Number 9373.2
Metal Bulletin Limited, 2014
Tuesday
Metal Bulletin subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Metal Bulletin, including this newsletter, by printing,
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
LONDON
Treatment and rening 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 at 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 ne, you can pay a premium for
Kupari, but otherwise it can be a difcult 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 nal value of the sale
signicantly. 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.
Theres a lot of material around at the moment. There arent so
many tenders out at the moment, but theres 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
$120/12.
Escondida arsenic blip
As TC/RCs drifted higher, some traders were also watching for changes
in the terms for complex material, after the Escondida mine
experienced an increase in the arsenic content of a small number of
cargoes recently shipped to customers.
The BHP Billiton-operated mine is the worlds largest copper
producer, and the concentrates it produces are one of the highest-
value feeds in the market, due to a high, stable copper content and
low levels of impurities.
But a small number of cargoes of Escondida concentrates sold
recently have contained above-average levels of arsenic.
While the increase is expected to be temporary, the higher arsenic
content may make the affected cargoes less suitable for the purpose
of blending with other complex high-arsenic feeds, trade sources
said. BHP Billiton declined to comment.
The arsenic content of the affected Escondida cargoes was well
below the 0.5% import limit imposed by Chinese customs
continued
Tuesday
authorities, and was within the assay guidance provided by BHP
Billiton, trade sources said.
The arsenic levels arent high, but if you bought the cargoes for
blending, youd be in for a bit of a surprise, one concentrates trader
told Metal Bulletin.
It wouldnt have been a big problem for the buyer because it
could still be sold into China, a second trade source told Metal
Bulletin.
Other external trade sources said the elevated arsenic levels are
likely to return to normal soon, and providing they do, the wider
concentrates market will not be affected.
Mark Burton
mburton@metalbulletin.com
Twitter: @mburtonmb
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3 |
Tuesday
continued
3 |
Tuesday
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METAL BULLETINS KEY PRICES: INDEXES
Price Change
Assessed
Alumina index fob Australia ($/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 BULLETINS KEY BENCHMARK PRICES
Daily base metal prices and premiums ($/t)
Price Change
Assessed
LME copper cash settlement 6,850.00 -2.71% q 15 Sep 14
Daily copper premium (in-whs
Rotterdam) 81.43 2.85% p 12 Sep 14
Shanghai) 94.00 0% 12 Sep 14
Singapore) 50.00 0% 12 Sep 14
LME aluminium cash settlement 1,958.50 -5.93% q 15 Sep 14
Daily aluminium premium (in-whs
Rotterdam) 381.25 0.48% p 12 Sep 14
Shanghai) 362.50 0% 12 Sep 14
Daily aluminium premium (cif MJP) 404.00 0% 12 Sep 14
Singapore) 302.50 -1.89% q 12 Sep 14
LME zinc cash settlement 2,255.00 -5.67% q 15 Sep 14
Daily zinc premium (in-whs
Rotterdam) 93.33 0% 12 Sep 14
Daily zinc premium (in-whs Shanghai) 123.75 -1% q 12 Sep 14
LME nickel cash settlement 18,255.00 -7.52% q 15 Sep 14
Daily nickel premium (in-whs
Rotterdam) 168.17 0% 12 Sep 14
Daily nickel premium (in-whs
Shanghai) 61.67 0% 12 Sep 14
LME lead cash settlement 2,103.00 -4.15% q 15 Sep 14
LME tin cash settlement 21,150.00 -0.7% q 15 Sep 14
METAL BULLETINS KEY PRICES: ASSESSMENTS
Price Change
Assessed
Ferro-chrome, 6-8% C, basis 60% Cr,
del European consumers ($/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
Basemetals
4 |
Tuesday
continued
LONDON
What we learned at ILAs Lead Battery
Conference
Metal Bulletin was at the International Lead Assns (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 dont follow the customers
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 decit this year, but lead demand has been capped by slowing
economies in Europe and China, and a decit 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 reect the tighter supply.
- The lead market is keeping a close eye on regulations, as the
ve-year exemption for lead batteries on the wider ban on lead in
vehicles within the EUs ELV directive is due for review in 2015. While it
is likely a further extension will be granted, ILAs 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
metals use, many stressed that better promotion about the benets
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 havent 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 Smith
chloe.smith@metalbulletin.com
Twitter: ChloeSmith_MB
LONDON
Spread log September 2014: Aluminium
The 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
jwookey@metalbulletin.com
Twitter: @jethrowookey_mb
SINGAPORE
Shanghai copper premium rises ahead of
holidays in Oct
Copper premiums in Shanghai on a cif basis rose above $100 per
tonne as the arbitrage between London and Shanghai markets
improved and some buyers stockpiled ahead of public holidays in
October.
METAL BULLETINS KEY ALUMINIUM PRICES
Price Change
Assessed
Alumina index fob Australia ($/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
(in-whs Shanghai) ($/t) 362.50 0% 12 Sep 14
Daily aluminium premium (cif MJP)
($/t) 404.00 0% 12 Sep 14
(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
5 |
Tuesday
continued
SINGAPORE
Mongolias Oyu Tolgoi expansion still on
hold
Mongolias 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 Tolgois 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 rst quarter 2015.
Oyu Tolgoi is not commenting as we havent 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 Singh
shivani.singh@metalbulletinasia.com
Twitter: @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
ling with the US Securities and Exchange Commission by Phoenix-
based Southern Copper, which is owned by Mexicos Grupo Mxico
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.
Mexicos Federal Attorney for Environmental Protection (Profepa)
ordered Buenavista to shut down the mines leaching pad and
recovery pond, and has threatened the company with sanctions.
However, Grupo Mxico has said that the mines output forecast
would remain unchanged for the year.
This report was rst published by American Metal Market.
editorial@metalbulletin.com
I concluded at $105 per tonne at Shanghai cif on improved arb
over the weekend, a trader said.
Metal Bulletins 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
nding it difcult, a trader at a major trading rm in Shanghai said.
A banking source added that he didnt 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 worlds
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 gure, 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 nancing of metal in an environment where banks prefer
nancing 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.
Asia
Elsewhere in Asia premiums were considerably higher, despite a lack
of big deals.
Metal Bulletins 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 hadnt struck any deals as it didnt 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 Bulletins South Korea premiums were at $90 per tonne from
$60-90 last week.
Shivani Singh
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); proles, 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.
Proles, 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 rst 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 rst published by American Metal Market
SO PAULO
MILLING ABOUT: Brazils Votorantim Metais
appoints director for aluminium business
Brazils 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 Vales base metals operations director in Asia
Pacic and Africa since January 2012, and previously occupied the
same position for the miners South Atlantic operations.
He has also previously held executive positions at Vales aluminium
business; worked in Alcoas alumina renery, aluminium smelter and
fused materials plant; and was director of Votorantims nickel business.
Danielle Assalve, danielle.assalve@metalbulletin.com
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
rening plant in Thanlyin.
Starting from September 15, interested companies have been asked
to submit a letter with an expression of interest by November 28.
Myanmars potential as an emerging tin producing country was
mooted at the Indonesia Tin conference in Bangka in March.
Claire Hack, chack@metalbulletin.com, 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 reected Japans 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 rst-quarter premiums, it
added.
The company said all existing orders and rm agreements
conrmed 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 xed aluminium premiums are increasing in
Japan.
Shivani Singh
NEW YORK
Copper premiums slump in the USA
Premiums 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 AMMs 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 rst time it has
been below 6 cents per lb since April 2013.
Consumers are still pushing out deliveries to October and
November. ... Weve seen things start to pick up a little bit, mostly
smallish truckloads but nothing big, according to one copper trader.
At this point well take what we get, a little bit is better than
nothing, the trader added.
Its not usually this quiet at this time in September. ... The phones
just havent been ringing as much, which is surprising and
worrying, one copper consumer said.
Premiums are going down, but were 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 isnt picking up steam the way it usually does around
now, a second copper trader said.
7 |
Tuesday
continued
SO PAULO
Ferbasas 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 gures 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.
Ferbasas 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 Ferbasas 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 rm 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 Assalve
danielle.assalve@metalbulletin.com
Twitter: 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.
Its very difcult. APT is [more or less] completely silent. Theres no
real condence coming back to the [market], a trader said.
Were all being told about [improvement], but a lot of companies
havent 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 dont put money into holes in the ground [ourselves]. Were
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], its difcult to judge the price.
This change is connected to the uncertainty over supply in relation
to Chinas 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 wont buy as much, he said.
Metal Bulletins European price again remained at $350-360 per
mtu, both on Wednesday September 10 and Friday September 12.
METAL BULLETINS KEY NOBLE ALLOYS AND ORE PRICES
Price Change
Assessed
Molybdic oxide, in-whs Rotterdam
($/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 BULLETINS KEY BULK ALLOYS AND ORE PRICES
Price Change
Assessed
Charge 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
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 Bulletins 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 ve cents. Traders also raised offers for material in domestic
Chinese ports.
Metal Bulletins 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 signicant improvement.
Janie Davies
jdavies@metalbulletin.com
Twitter: @janiedavies_mb
The hope, according to the rst trader, is that at some point, end
users will no longer be able to rely as heavily on concentrates and
scrap, and will eventually rell their APT order books.
I just dont see it for quite some time. Its not easy to make money
now, he said.
Claire Hack
chack@metalbulletin.com
Twitter: @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 companys ofces 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 uent Italian and Dutch. He also holds an MSc in
international banking and nance.
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.
Claire Hack
LONDON
FeMo prices on downward track in Europe
Ferro-molybdenum prices in Europe are unlikely to recover in the
coming days and are showing signs of further falls, market
participants have said.
Metal Bulletins 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 dont 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 theres 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.
Its a level where theres 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
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 condence, and sales
at ports are good today, a Shanghai-based trader said.
Chinas 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 nes, Newman nes or Pilbara Blend nes) 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 nes 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 nes last Friday.
Rio Tinto sold 170,000 tonnes of 61% Fe Pilbara Blend nes 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 nes with
October delivery at $87 per tonne cfr on Global Ore.
The miner offered 62% Fe Pilbara Blend nes 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. Chinas
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.
editorial@steelrst.com
NEW ORLEANS
Miners eye North American DRI pellet
opportunities
Brazils 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 worlds 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 companys 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 AMMs 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, Vales 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
signicant 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 nes, 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 SAs mills,
among others, according to Renard Chaigneau, Rio Tintos 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 AGs 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; Brazils Samarco Minerao
SA, a joint venture of London-based BHP Billiton and Vale; and
Swedens 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 difcult to secure, the panel was told.
METAL BULLETINS KEY IRON ORE PRICES
cfr main China port $ per dry metric tonne
Price Change
Assessed
Iron 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
Rawmaterials
10 |
Tuesday
LONDON
LME OFFICIALS: Copper price lingers at
three-month lows on Chinas dismal data
Copper prices managed a modest improvement in Mondays ofcial
trading on the London Metal Exchange, hovering around three-
month lows due to disappointing data out of China.
Three-month copper settled at an ofcial price of $6,819.50/20.50
per tonne, compared with an opening price of $6,802.
Chinas industrial production missed expectations, while growth
in xed asset investments and retail sales gures 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 nancial investors are playing their part in the weak
price, having further reduced their net long positions signicantly 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
jdavies@metalbulletin.com
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 xed 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 uctuations in
individual indicators, reiterating his determination to avoid taking
stimulus measures to reate 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 at at 13,850-13,950 yuan
per tonne.
editorial@metalbulletinasia.com
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
Cash: $0 (0yuan)
Aluminium
Cash: -$8 (-48 yuan)
*The arbitrage numbers are calculated daily by Metal Bulletin using
SHFE and LME prices at 3pm Shanghai time, taking account of VAT and
import duties (where applicable) and exchange rates at the time of
comparison. For details of physical premiums in Shanghai, and other
Asian locations, please see Metal Bulletin price book.
Exchangenew&prices
continued
11 |
Tuesday
Exchange news continued
METAL BULLETINS KEY MINOR METAL PRICES
Price Change
Assessed
Antimony, ingots (regulus), in-whs
Rotterdam ($/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: Conict minerals reporting rule
under the microscope as new brief led
with US court
The conict minerals reporting rule under section 1502 of the US Dodd
Frank act is up for further scrutiny as a new brief has been led 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 led 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 led 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 brief
The briefs 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
conict minerals to state on their websites whether or not they are
DRC conict free.
Zauderer review refers to the case of Zauderer vs Ofce 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 xed 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 uctuations 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 nd 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.
continued
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 conict in
the DRC.
Amnesty has also contended that the compelled statement is
indeed purely factual and uncontroversial because it is based on
an objective denition set forth in the statute, the brief states.
Claire Hack
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 months 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.
The panel of judges made a ruling in April, nding 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 Amendment
The brief centres on the claim that compelling companies to state
publicly whether or not their products are DRC conict free i.e.
that they denitively do not contain tin, tungsten, tantalum or gold
used to nance conict 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 conict minerals reporting rule, under which US-listed
companies must report on their use of conict 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 nding that it forces
companies to confess blood on [their] hands, and the rst 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 reects a governmental viewpoint that the
mineral trade bears responsibility for causing the DRC conict.
[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 conict have no connection to the conict,
but are simply unable to identify the source of their minerals, it
adds.
Supply chain uncertainty
The 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 conict 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
Chinas 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 Firsts 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 Bulletins iron ore index for 62% Fe iron ore was calculated at
$82.38 per tonne cfr on Friday September 12, down $0.26 from the
previous day
Short-term outlook remains pessimistic as overseas buyers have
suspended purchases, while some traders were heard short-selling
HRC, he added.
An export manager with a Hebei-based mill told Steel First that his
mill has halted offers at the moment given the unfavourable prices.
Were holding onto our materials for now, waiting for the right
moment to re-start sales, as we are not eager to sell November
shipments in the current environment, he said. But he admitted
that he has little condence in the market, since mills are generally
reporting unsatisfactory bookings.
Meanwhile, a Shanghai-based trader said he expects export prices
to remain at current levels for the moment before falling further, after
the recent billet rally prompted some participants to sit on the
sidelines, awaiting stronger cues.
Tangshan billet was trading at 2,450 yuan per tonne on Monday
morning, up 100 yuan per tonne since last Thursday. However, most
market observers believe the recovery is unsustainable due to weak
fundamentals.
METAL BULLETINS KEY STEEL LONG PRODUCT PRICES
Price Change
Assessed
Rebar, China export (fob main China
port) ($/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) ($/t) 560-580 0% 12 Sep 14
METAL BULLETINS KEY SEMI-FINISHED STEEL PRICES
Price Change
Assessed
Slab, CIS exports (fob stowed main
Black Sea port) ($/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) ($/t) 505-510 0% 12 Sep 14
METAL BULLETINS KEY STEEL FLAT PRODUCT PRICES
Price Change
Assessed
HRC, EU imports (cfr main EU port,
HRC, EU imports (cfr main EU port,
HRC, CIS exports (fob stowed main
Black Sea port) ($/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) ($/t) 495-500 -1% q 12 Sep 14
CRC, EU imports (cfr main EU port,
CRC, EU imports (cfr main EU port,
CRC, CIS exports (fob stowed main
Black Sea port) ($/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
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 ofcials,
geopolitical concerns, strong results at domestic mills making injury
difcult to prove and the broad scope of the case requiring more time
than expected to prepare.
I wish theyd 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 beneting 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 rst published by American Metal Market.
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 rm, he said.
[Domestic mills] are tapped out and its very hard to get on the
rolling schedule. [Pricing] should stay rm the way it is, the
distributor, who buys exclusively domestic material, said.
However, the ruling by the US Commerce Departments
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.
AMMs price assessment for domestic rebar remains unchanged at
$33 per hundredweight ($660 per ton) fob Midwest mill.
The Midwestern distributor applauded the ITAs ruling this past
week on Mexican rebar imports which now face signicant duties.
Those Mexican railcars were really killing us here in the Midwest.
That really helps a lot, he said.
Despite robust domestic order books, rm 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 wavers
US 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 AMMs 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 rst 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. Thats because
domestic mills have in most cases recovered from outages earlier
in the year at the same time that imports have continued to ow 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 Departments enforcement and compliance division
updated on September 9. Thats 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 at-rolled steel that was expected to be led on or around
Labor Day. To date, the anticipated ling has not happened.
Also pressuring domestic prices are imports of Russian hot rolled
steel that continue to arrive in signicant volumes despite pressure
from some domestic steelmakers to scrap a long-standing
agreement suspending anti-dumping duties on at-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 ling 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 led 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 led,
especially if such an action comes in October or November, market
sources said. A ling would see mill order books for 2014 ll up
quickly, likely leading to price increases going into the rst quarter of
2015, they said.
Most industry observers said a cold rolled and coated trade petition
had been delayed but would still be led 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
were 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 wont 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 Departments 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
Chinas crude steel output up 1% year-on-
year in August
Chinas 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.
Prot gains in July could have spurred steelmakers to maintain
high production levels in August, market sources said.
They expect the countrys steel output to remain relatively high this
month despite the depressed spot market, as no large-scale mill
maintenance has been scheduled.
In the rst 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 nished steel output amounted to 742.1 million tonnes over the
same period, a 5.4% year-on-year increase, NBS data shows.
Margins in rebar are still slim and there was some concern about
domestic producers potentially exiting the market.
What if they say, Were not going to produce rebar, were not
making any money on it? the Midwest distributor asked.
One West Coast distributor, who expressed disappointment at the
ITAs 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 ITAs nal decision ran contrary to most expectations which
anticipated a reduction in Mexican duties and more signicant
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 hasnt [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.
AMMs 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 well 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 difcult 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 AMMs 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 its
bouncing back. Its just a matter of condence in whether to go
through with new projects, he said. Right now, were 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 well 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, justied 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 reecting 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.
El Middelbeek
emiddelbeek@steelrst.com
Twitter: @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 Firsts 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 weeks $559-560 per tonne cfr.
Serife Durmus
sdurmus@steelrst.com
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 at [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 Firsts 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.
Carbonsteel
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 at 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 ($1,426-1,491) per tonne for October and November
rolling, on Friday September 12.
Grade-316 2mm CR stainless steel sheet base prices also stayed at
1,400-1,460 per tonne for October and November production,
unchanged week-on-week.
On the long products side, there were also no changes in base
prices this week.
Grade-304 bright bar base prices remained at previous levels of
920-960 per tonne for October and November rolling.
Finnish stainless steel company Outokumpus daily alloy surcharge
for grade-304 at stainless products peaked at 1,525 per tonne last
week and ended at its trough for the week of 1,450 per tonne
down 42 per tonne week-on-week.
For grade-316 at products, the daily alloy surcharge released by
Outokumpu reached its highest point at 2,306 per tonne and
troughed at the end of the week at 2,199 per tonne down 63 per
tonne on Septembers level.
El Middelbeek
emiddelbeek@steelrst.com
Twitter: @EMiddelbeek_SF
METAL BULLETINS KEY STAINLESS STEEL PRICES
Price Change
Assessed
Grade 304 HR Sheet, Asia import (cif
East Asian port) ($/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
Stainless &special steels
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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 years ILA Lead Battery Conference in Edinburgh said.
It is becoming more and more difcult to nd 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 wont 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
ve 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 rst 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
chloe.smith@metalbulletin.com
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 signicantly 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 weeks range,
at 980-1000.
The moves followed nickel prices.
The three-month ofcial 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
ve-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 Firsts 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 Firsts price assessment for non-austenitic solids was stable
at 240-250 ($389-406) per tonne delivered for 16-17% Cr solids, and
210-220 per tonne for 12-13% Cr solids.
Antonio Peciccia
antonio.peciccia@steelrst.com
METAL BULLETINS KEY FERROUS SCRAP PRICES
Price Change
Assessed
(North Europe material) 364.54 -2.47% q 12 Sep 14
HMS 1&2 ferrous scrap index (80:20)
fob Rotterdam ($/t) 351.99 -0.55% q 12 Sep 14
METAL BULLETINS KEY NON-FERROUS SCRAP PRICES
Price Change
Assessed
Alumiminium 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
19 | Tuesday
METAL BULLETINS 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
Assessed
Aluminium 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 Deliverable
Aluminium (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/lb
Settlement 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 oz
Settlement 1,229.90 -2.84% q 12 Sep 14
Stocks (short tons) 9,671,498 -0.61% q 12 Sep 14
(Nymex) Palladium $/troy oz
Settlement 836.05 -6.17% q 12 Sep 14
Stocks (troy oz) 268,784 0% 11 Sep 14
(Nymex) Platinum $/troy oz
Settlement 1,372.00 -2.87% q 12 Sep 14
Stocks (troy oz) 146,841 0% 11 Sep 14
(Comex) Silver cents/troy oz
Settlement 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.
Price Change
Assessed
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 Alloy
LME Stocks (tonnes) 67,560 1.11% p 12 Sep 14
Copper Grade A $
LME Tapo Notional Average price
(NAP) 6,935.90 -0.34% q 12 Sep 14
Lead $
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 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 $
Cobalt min 99.3%
LME Stocks (tonnes) 514 -0.39% q 12 Sep 14
Molybdenum $
LME Stocks (tonnes) 90 0% 12 Sep 14
Steel Billet
LME 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
XX Month 2014 | Metal Bulletin Daily | Number 93XX.1
20 | Tuesday
continued
EXCHANGE RATES
Price Change
Assessed
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
Price Change
Assessed
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: P1020A
MB 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 12659:1999
MB 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 1179:2003
MB 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 oz
London 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 oz
London 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 oz
London morning 845.00 -5.48% q 15 Sep 14
London afternon 829.00 -6.54% q 12 Sep 14
Platinum $/troy oz
London morning 1,371.00 -2.77% q 15 Sep 14
London afternon 1,360.00 -3.27% q 12 Sep 14
Kuala Lumpur tin market
Tin $/tonne 21,100.00 -1.63% q 15 Sep 14
21 | Tuesday
continued
PRECIOUS METALS
Price Change
Assessed
Iridium
MB 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
Palladium
European free market: min 99.9%,
$/troy oz in warehouse 835-840* -6.16% q 12 Sep 14
$/troy oz (08.00 hrs) 835 -6.7% q 12 Sep 14
Platinum
$/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
$/troy oz (08.00 hrs) 1,370 -2.91% q 12 Sep 14
Rhodium
$/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
$/troy oz (08.00 hrs) 1,275 -3.04% q 12 Sep 14
Ruthenium
$/troy oz in warehouse 60-65* -1.57% q 12 Sep 14
$/troy oz (08.00 hrs) 63 -4.55% q 12 Sep 14
BASE METALS
Price Change
Assessed
Aluminium
LME duty-paid Premium Indicator/HG
Cash 455-475* 0% 12 Sep 14
H/G duty-paid three months 460-480* 0% 12 Sep 14
Cif Japan: 99.7% duty unpaid premium
indicator quarterly 400-408* 0% 12 Sep 14
Extrusion billet premium 6063, EC
duty paid, in warehouse Rotterdam
($/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 & Brass
Producer 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
Tin
MB European free market
Spot 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
Nickel
Europe: $/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
Lead
Germany: (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
Zinc
Germany: (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
22 | Tuesday
continued
Arsenic
MB free market $/Ib 0.70-0.80* 0% 12 Sep 14
Bismuth
MB 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
Cadmium
MB 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
Chromium
MB free market alumino-thermic min
99% $/tonne 9,300-9,625* 0% 12 Sep 14
Cobalt
MB 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
Gallium
MB free market $/kg 230-270* 0% 12 Sep 14
RMB/kg 1,260-1,310* 0% 12 Sep 14
Germanium
Germanium 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
Indium
MB free market $/kg 685-750* 0.35% p 12 Sep 14
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
Magnesium
European 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 Flake
MB free market $/tonne 2,360-2,420* 0.42% p 12 Sep 14
Mercury
MB free market $ per flask 2,250-2,850* 0% 12 Sep 14
Rhenium in warehouse Rotterdam duty paid
Metal 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
Selenium
MB 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
Silicon
MB 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
Tellurium
MB free market $/kg 125-145* 0% 12 Sep 14
RMB/kg 750-760* 0% 12 Sep 14
Titanium
MB 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
Price Change
Assessed
Antimony
MB 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
23 | Tuesday
continued
BULK ALLOYS
Price Change
Assessed
Ferro-Chrome $/lb Cr
China 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 Pittsburg
0.05%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
Price Change
Assessed
Northern Europe Imports
Metal Bulletins appraisal of cfr prices for imported, non-EU origin, commercial-quality
carbon steel, per tonne cfr main EU port
Rebar 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 Bulletins appraisal of cfr prices for imported, non-EU origin, commercial-quality
carbon steel, per tonne cfr main EU port
Rebar 440-445* 0% 10 Sep 14
Plate (8-40mm) 420-430* -0.58% q 10 Sep 14
NOBLE ALLOYS & ORES
Price Change
Assessed
Lithium Ores
Petalite 4.2% LiO bagged fob
Durban $/tonne 170-265 0% 12 Sep 14
Spodumene 7.25% LiO cif
Europe $/tonne 740-790 0% 12 Sep 14
Molybdenum Molybdic Oxide
Europe 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-Molybdenum
basis 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
Tungsten
European 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-Tungsten
Basis 75% W min $/kg W in warehouse
Rotterdam duty unpaid 40.00-41.00* 0% 12 Sep 14
Vanadium
Ferro-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
Zircon
Foundry 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 ports
South 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-manganese
basis 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 Ore
44% 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-Silicon
Lumpy 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-Manganese
Lumpy 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
24 | Tuesday
continued
CIS
Price Change
Assessed
CIS Exports (Black Sea)
Metal Bulletins 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 Bulletins 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
Price Change
Assessed
Turkish Exports
Metal Bulletins 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 Bulletins 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 Bulletins 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 Bulletins 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
Price Change
Assessed
Latin American Exports
Metal Bulletins 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 Bulletins appraisal of Southern Europe mills prices for export outside Southern
Europe of commercial-quality carbon steel, per tonne fob main Southern European
port
Rebar 425-430* 0% 10 Sep 14
Northern Europe Domestic
Metal Bulletins appraisal of prices within the EU (excluding the UK) for commercial-
quality carbon steel of EU origin, per tonne delivered basis point
Rebar 485-495* 0% 10 Sep 14
Sections (medium) 520-535* 0% 10 Sep 14
Southern Europe Domestic
Metal Bulletins appraisal of prices within the EU (excluding the UK) for commercial-
quality carbon steel of EU origin, per tonne delivered basis point
Rebar 460-465* 0.54% p 10 Sep 14
Sections (medium) 510-520* 0% 10 Sep 14
Northern Europe per tonne ex-works
Plate (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-works
Plate (8-40mm) 490-500* 2.59% p 10 Sep 14
Iran Domestic
Metal Bulletins 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 Bulletins 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 Bulletins appraisal of prices within Egypt for commercial-quality carbon steel of
Egyptian origin, E per tonne ex-works
Rebar 4,960-5,000* 0% 11 Sep 14
25 | Tuesday
continued
Indian Exports
Metal Bulletins 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 Bulletins 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 Bulletins 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
Price Change
Assessed
Region: USA East of the Mississippi
Standard 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 China
Rebar 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 Market
Hot rolled coil ($/metric tonne) 534 -3.61% q 08 Sep 14
ASIA
Price Change
Assessed
China Exports
Metal Bulletins 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 Bulletins 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 Bulletins appraisal of prices in Eastern China for commercial-quality carbon steel
of Chinese origin, yuan per tonne delivered warehouse
Rebar 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 Bulletins appraisal of prices in Southern China for commercial-quality carbon steel
of Chinese origin, yuan per tonne delivered warehouse
Rebar 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
Price Change
Assessed
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 Domestic
yuan/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
Price Change
Assessed
US Imports
Metal Bulletins 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
AMMs 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
26 | Tuesday
continued
FERROUS SCRAP
Price Change
Assessed
UK ferrous scrap domestic
The following is Metal Bulletins 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.
/tonne
Cut Grades
OA 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 Cuttings
4A 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 Iron
9A/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
/tonne
5C Loose old light 120-130* 4.17% p 12 Sep 14
UK ferrous scrap export
MB assessment $ fob main UK port
HMS 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 Sheva
MB 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 Rotterdam
MB 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 ports
(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 York
HMS 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 mill
No1 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 mill
Heavy Scrap 1,950-2,080* -5.62% q 12 Sep 14
Germany domestic
/tonne delivered at scrapyard, Source: BDSV
No 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 Domestic
2mm 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
27 | Tuesday
continued
NON-FERROUS SCRAP EUROPE
Price Change
Assessed
Aluminium
European 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: VDM
France per 1000kg
Pure 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 dInformation Metaux
Italy per 1000kg
Pure 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
Copper
Germany 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 Metallhandler
France per 1000kg
Electro 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 dInformation Metaux
Italy per 1000kg
Electrolytic 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
Price Change
Assessed
Region: USA, East of the Mississippi
Shredded 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
Price Change
Assessed
EU imports /tonne cfr Western Europe
Pig Iron 313-352* 2.31% p 11 Sep 14
Latin American exports $/tonne, delivery terms as stated
Hot 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 Mexico
Pig Iron 415-420* 1.21% p 12 Sep 14
CIS Exports $/tonne fob main port
Pig 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 warehouse
Pig Iron 2,300-2,330* 0% 12 Sep 14
CHINA IRON ORE
cfr main China port $ per dry metric tonne
Price Change
Assessed
Iron 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
Price Change
Assessed
Aluminium - Actual Price
per tonne
Group 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 cif
Turnings, 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
28 | Tuesday
NON-FERROUS FOUNDRY INGOTS
Price Change
Assessed
Aluminium UK /tonne
MB free market
LM24 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 Europe
MB free market
Duty paid delivered works pressure
diecasting ingot price (DIN226/A380)
- /tonne 1,800-1,860* 0% 12 Sep 14
Aluminum US $/Ib delivered Midwest
A380.1 alloy 1.11-1.13* 0.45% p 11 Sep 14
AFFIMET /tonne
AS12 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 delivered
DIN 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 UK
AB1 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 /tonne
SCB3 ex-works 3,500 0% 09 Sep 14
High Tensile HTB1 ex-works 3,650 0% 09 Sep 14
Gunmetal UK /tonne
LG2 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 /tonne
PB1 ex-works 5,950 0% 09 Sep 14
Phosphor Copper /tonne
10% P ex-works 5,950 0% 09 Sep 14
15% P ex-works 6,050 0% 09 Sep 14
Zinc Alloys UK /tonne
Brock 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
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continued
Monthly averages:
August
29 | Tuesday
Low High
BASE METALS
Low High
Aluminium
Primary aluminium ingot to meet
LME Spec: P1020A
Rotterdam premium 368.571 390.000
LME duty paid premium indicator
H/G Cash $/tonne 450.000 463.333
Alumina
Index fob Australia 317.710
Copper
US High-grade cathode premium indicator,
$/tonne 132.000 143.000
Nickel
Free 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
Tin
European 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
Antimony
MB free market
Regulus 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
Bismuth
MB free market
min. 99.99%, $/lb, tonne lots in warehouse 11.300 11.833
Cadmium
MB free market
min 99.95%, cents/lb in warehouse 77.222 87.222
min 99.99%, cents/lb in warehouse 85.000 95.000
Cobalt
MB free market
High Grade, $/lb in warehouse 14.883 15.750
Low Grade, $/lb in warehouse 14.461 15.444
Germanium Dioxide
MB free market min 99.99%, $/kg 1,275.000 1,350.000
Rotterdam $/kg 1,900.000 1,980.000
Indium
MB free market
Ingots min 99.97%, $/kg in warehouse 673.333 742.222
Magnesium
MB free market
min 99.8%, $/tonne 2,600.000 2,650.000
China free market min 99.8% 2,463.333 2,496.667
Mercury
MB free market
min 99.99%, $/flask in warehouse 2,250.000 2,850.000
Selenium
MB free market
min 99.5% in warehouse $/lb 23.500 26.500
Silicon
MB free market /tonne 2,200.000 2,290.000
Titanium
Ferro-Titanium
70% (max 4.5% Al), $/kg d/d Europe 6.144 6.267
ORES & ALLOYS
Low High
Molybdenum
Free market in warehouse
Europe drummed molybdic
oxide $/lb Mo 13.072 13.178
US canned molybdic oxide $/lb Mo 13.000 13.500
Ferro-molybdenum
basis 65-70% Mo, $/kg 31.917 32.189
Tungsten
European free market APT $/mtu 357.778 367.778
Ferro-tungsten
basis 75% W min 40.033 40.844
Vanadium
min 98%, other sources, $/lb V2O5 5.100 5.500
Ferro-vanadium
basis 70-80%, $/kg V 25.600 26.133
US Free market 70-80% 12.319 12.769
PRECIOUS METALS
Gold
London per troy oz Morning $1,297.00500
Afternoon $1,295.98750
Morning 776.02965
Afternoon 775.69635
Handy/Harman $1,295.13
Palladium
Morning $/troy oz $875.80000
Afternoon $/troy oz $875.80000
Platinum: per troy oz
Morning $/troy oz $1,450.40000
Afternoon $/troy oz $1,447.85000
Rhodium
European free market
min 99.9% in warehouse, $/troy oz 1,324.444 1,374.444
Silver
London
spot pence/troy oz 1,185.04850
spot cents/troy oz 1,980.05000
Handy/Harman cents/troy oz 1,973.56
XX April 2014 | Metal Bulletin Daily | Number 93XX.5
continued
30 | Tuesday
Zinc ($)
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
Aluminium
LM24 1,425.000 1,480.000
LM6/LM25 1,605.000 1,635.000
Aluminium Europe /tonne 1,766.000 1,836.000
Phosphor Bronze
PB1 ex-works /tonne 5,950.000
Zinc Alloy
10 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 for
settlement 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

MB Daily 20140916

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