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FerroAlloyNet 13th International Chrome&Nickel Products Summit Process:

July 18, 2017

1. Beijing Hongfu Jianke Sience & International Trading Co., Ltd. has decided to attend the conference. It is
doing the manufacturing and trading of low and micro carbon ferrochrome and silicochromium. It is planning
to purchase South Africa, Zimbabwe, and Madagascar chrome ore.
2. Liucheng Dingming Metal Products Co., Ltd has decided to attend the conference. It is a steel mill. And it’s
mainly engaged in the products of stainless steel. It purchases nickel plate, high carbon ferrochrome, high
grade ferronickel.
3. Lianyungang Dingyao International Trade Co., Ltd. has decided to attend the conference. It is doing the
trading of ferronickel and chrome ore.
4. Jiangsu Lianyungang Port Logistics Holdings Limited has decided to attend the conference. It is doing
the trading of iron ore concentrate, iron sand, coke.
5. Nanjing Ningteng International Logistics Co., Ltd. has decided to attend the conference. It is engaged in
shipping services.
6. Gulf Mining Materials Co. LLC has decided to attend the conference. It is a chrome mine owner in Oman.
7. Sarojini Ferro Alloys LLC has decided to attend the conference. It is a chrome mine owner in Oman. And
their main products are chrome ore, ferrochrome and ferrosilicon.

●NICKEL ORE PRICES

Philippine lateritic nickel ore market price by region on 19 July, 2017

FOB (Mainstream FOB (Mainstream

Region Grade Change Change Unit
offering price) transaction price )
NI:0.6% Fe:50% H20:33-35% 9-10 - 9.5 - USD/wmt
NI:0.8% Fe:48% H20:33-35% 7-9 - 8 - USD/wmt
NI:0.8% Fe:49% H20:33-35% 8-9 - 8.5 - USD/wmt
NI:0.9% Fe:48% H20:33-35%
8-8.5 - - - USD/wmt
AL: 7%MAX
NI:0.9% Fe:49% H20:33-35% USD/wmt
8-10 - - -
AL: 7%MAX
NI:0.9% Fe:48% H20:33-35% USD/wmt
12.5-13 - 12.75 -
AL: 5%MAX
NI:0.9% Fe:49% H20:33-35% USD/wmt
13.5-14.5 - 14 -
AL: 5%MAX
NI:1.2% Fe:40% H20:33-35% 11-13 - 12 - USD/wmt
NI:1.3% Fe:15-30%
11-13 +0.5 12 +0.5 USD/wmt
H20:33-35%
NI:1.4% Fe:15-20% 15-17 +0.5 16 +0.5 USD/wmt

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H20:33-35%
NI:1.5% Fe:15-30% +0.5
21-23 22 +0.5 USD/wmt
H20:33-35%
NI:1.6% Fe:15-20% +0.5
26-28 27 +0.5 USD/wmt
H20:33-35%
NI:1.8% Fe:12-18% -
35.5-37.5 36.5 - USD/wmt
H20:33-35%
CIF(Mainstream CIF(Mainstream
Grade Change Change Unit
offering price) transaction price )
NI:0.6% Fe:50% H20:33-35% 18.5-19.5 - 19 - USD/wmt
NI:0.8% Fe:48% H20:33-35% 16.5-17 - 16.75 - USD/wmt
NI:0.8% Fe:49% H20:33-35% 17-19 - 18 - USD/wmt
NI:0.9% Fe:48% H20:33-35%
- - - - USD/wmt
AL: 7%MAX
NI:0.9% Fe:49% H20:33-35%
Philippine - - - - USD/wmt
AL: 7%MAX
NI:0.9% Fe:48% H20:33-35%
21.5-22 - 21.75 - USD/wmt
AL: 5%MAX
NI:0.9% Fe:49% H20:33-35%
22-24 - 23 - USD/wmt
AL: 5%MAX
NI:1.2% Fe:40% H20:33-35% 21-22 - 21.5 - USD/wmt
NI:1.3% Fe:15-30%
21.5-22.5 +1 22 +1 USD/wmt
H20:33-35%
NI:1.4% Fe:15-20% +1 +1
25.5-26.5 26 USD/wmt
H20:33-35%
NI:1.5% Fe:15-30% +1 +1
31.5-32.5 32 USD/wmt
H20:33-35%
NI:1.6% Fe:15-20% +1 +1 USD/wmt
36.5-37.5 37
H20:33-35%
NI:1.8% Fe:12-18% - - USD/wmt
45.5-46.5 46
H20:33-35%

Indonesia lateritic nickel ore market price by region on 19 July, 2017

Region Grade CIF(Mainstream offering price) Change Unit

Indonesia NI:1.65%,FE:15-20% 43 - USD/wmt

The CIF price is based on Lianyungang Port

Average nickel ore ocean freight on 19 July, 2017

Port To Lianyungang port To Tianjin port

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Philippine(Zambales) 7.3 7.6

Philippine(Surigao) 8.3 8.6

Indonesia(Sulawesi) 9.7 10

Unit: USD/WMT Criterion:55,000 WMT

Philippine nickel ore transaction price by ports on 19 July, 2017

Yesterday's Today's
Origin Spec. Changes Basis
price(CNY/WMT) price(CNY/WMT)
Philippines
Jingtanggang,Caofeidian Port
laterite NI:0.6-0.8%,FE:50%,H2O:33-35% 150-160 150-160 -
Tax inclusive
nickel ore
Philippines
Lianyungang,Rizhao,Lanshan
laterite NI:0.9-1.1%,FE:50%,H2O:33-35% 185 185 -
Port Tax inclusive
nickel ore
Philippines
Lianyungang,Rizhao,Lanshan
laterite NI:0.9-1.1%,FE:49%,H2O:33-35% 175 175 -
Port Tax inclusive
nickel ore
Philippines
Lianyungang,Rizhao,Lanshan
laterite NI:0.9-1.1%,FE:48%,H2O:33-35% 165 165 -
Port Tax inclusive
nickel ore
Philippines -
Lianyungang,Rizhao,Lanshan
laterite NI:1.4-1.5%,FE:12-20%,H2O:33-35% 240-280 240-280
Port Tax inclusive
nickel ore
Philippines -
Lianyungang,Rizhao,Lanshan
laterite NI:1.5-1.6%,FE:12-20%,H2O:33-35% 280-330 280-330
Port Tax inclusive
nickel ore
Philippines -
Lianyungang,Rizhao,Lanshan
laterite NI:1.7-1.8%,FE:12-20%,H2O:33-35% 360-400 360-400
Port Tax inclusive
nickel ore
Philippines -
laterite NI:1.4-1.5%,FE:12-20%,H2O:33-35% 250-290 250-290 Tianjin Port Tax inclusive
nickel ore
Philippines -
laterite NI:1.5-1.6%,FE:12-20%,H2O:33-35% 290-340 290-340 Tianjin Port Tax inclusive
nickel ore
Philippines -
laterite NI:1.7-1.8%,FE:12-20%,H2O:33-35% 370-410 370-410 Tianjin Port Tax inclusive
nickel ore

RMB price= CIF USD price*exchange*(1+17% VAT)+A+B

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A=Port Charges B= Traders' Profit

LME base metal closing prices on 18 July, 2017

18 July LME Nickel Interoffice Trading Closing Prices Unit:USD/mt

Item Closing Price Yesterday's Closing Price Up/Down

London nickel 9780 9600 +180

18 July LME Nickel outcry Trading Closing Prices Unit:USD/mt

Item Closing Price Yesterday's Closing Price Up/Down

Nickel outside LME 9720 9610 +110

18 July LME Nickel stocks (Unit:Ton)

LME nickel stocks Yesterday's LME nickel stocks Up/Down

373968 373206 +762

LME nickel closing prices on 18 July, 2017

18 July LME Interoffice Trading Closing Prices Unit:USD/mt

Item Today's Closing Price Yesterday's Closing Price Up/Down

London Copper 6007 5996 +11
London aluminum 1931 1919 +12
London lead 2278 2297 -19
London zinc 2794 2815 -21
London stannum 20000 19925 +75
London nickel 9780 9600 +180

18 July LME outcry Trading closing prices Unit:USD/mt

Item Today's Closing Price Yesterday's Closing Price Up/Down

Copper outside LME 6004 6005 -1

Aluminum outside LME 1930 1913 +17
Lead outside LME 2272 2298 -26
Zinc outside LME 2790 2821 -31
Stannum outside LME 20015 19910 +105
Nickel outside LME 9720 9610 +110

●FERRONICKEL PRICES

China ferronickel market price by region on 19 July, 2017

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Transaction
Spot price(with
Item Spec. Changes prices(with ex-factory Changes Unit Region
ex-factory tax)
tax)
Electric furnace high Inner
7-10% 820-840 - 800-820 - RMB/Ni%
grade ferronickel Mongolia
Electric furnace high
7-10% 820-840 - 800-820 - RMB/Ni% Jiangsu
grade ferronickel
Electric furnace high
7-10% 820-840 - 795-815 - RMB/Ni% Liaoning
grade ferronickel
Electric furnace high
7-10% 820-840 - 800-820 - RMB/Ni% Shandong
grade ferronickel
Blast furnace medium
4-6%(P<0.06,S<0.2) 830-850 - 810-830 - RMB/Ni% Shanxi
grade ferronickel
Blast furnace medium
4-6%(P<0.06,S<0.2) 830-850 - 810-830 - RMB/Ni% Shandong
grade ferronickel
Blast furnace medium
4-6%(P<0.06,S<0.2) 830-850 - 810-830 - RMB/Ni% Jiangsu
grade ferronickel
Low grade ferronickel NI:1.5-1.8% 2700-2750 - 2650-2700 - RMB/ton Shanxi
Low grade ferronickel NI:1.5-1.8% 2700-2750 - 2650-2700 - RMB/ton Liaoning
Low grade ferronickel NI:1.5-1.8% 2700-2750 - 2650-2700 - RMB/ton Jiangsu
Low grade ferronickel NI:1.5-1.8% 2800-2900 - 2700-2800 - RMB/ton Shandong
Low grade ferronickel NI:2.5-3.0% 3200-3300 - 3150-3250 - RMB/ton Hebei,Shanxi
Low grade ferronickel NI:1.5-1.8% 2950-3000 - 2900-2950 - RMB/ton Guangxi

Shanghai nickel plate spot prices on 19 July, 2017

Item Highest Price(RMB/mt) Average Price(RMB/mt) Remark

1 Imported Nickel 78800 78700 +50
1 Jinchuan Nickel 81000 80850 +175

●NICKEL ORE ANALYSIS

Strong ferronickel price offered by suppliers

www.ferroalloynet.com : Supported by stainless steel market trend and LME nickel trend, the whole ferronickel market is in a
bullish mood and suppliers offer strong prices. According to the market, the offers for high grade ferronickel are rare in the market.
On the one hand, part of high ferronickel plants have suspended production, thus the limited products supports their offering price.
On the other hand, most of plants that are in normal production are supplying their ferronickel to clients who signed contracts with
them before. Therefore, no more orders can be booked.

As for the low grade ferronickel market, FerroAlloyNet has learnt that one large-scale low ferronickel plant in Shandong, which
produces low content of phosphorus and sulphur, offers at 2,800-2,900 CNY/TON (Ex-works with tax) this week. The low grade

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ferronickel that contains content of phosphorus and sulphur in this plant is offered at 2,700-2,800 CNY/TON (Ex-works with tax). And,
most of plants are unwilling to sell currently for the less ferronickel stocks.

Mr. Li: Nickel ore price is a key for resumption of plants

Interview: Anshan Xu Chen Refractory Material Co., Ltd

See in Weekly Report

●NICKEL ORE NEWS

Demand growth for some metals may exceed 1 000% – World Bank

A new World Bank report highlights the potential impacts that the expected continuing boom in low-carbon energy technologies will
have on demand for many minerals and metals, including Southern Africa's platinum, manganese and chrome.

Using wind and solar energy, and energy storage batteries, as key examples of low-carbon or “green” energy technologies, the
report on the growing role of minerals and metals for a low-carbon future examines the types of minerals and metals that will likely
increase in demand as the world works towards commitments to keep the global average temperature rise at or below 2 °C above
preindustrial levels.

Minerals and metals expected to see heightened demand include aluminium, copper, lead, lithium, manganese, nickel, silver, steel
and zinc plus rare earth minerals like indium, molybdenum and neodymium.

The most significant example is electric storage batteries, where demand for aluminium, cobalt, iron, lead, lithium, manganese and
nickel, could grow by more than 1 000% if countries take the actions needed to keep global warming at or below 2 °C above
preindustrial levels.

The report shows that a shift to a low-carbon future could result in opportunities for mineral-rich countries but also points to the need
for these countries to ensure they have long-term strategies in place that enable them to make smart investment decisions.

In readiness for growth in demand, countries will need to have appropriate policy mechanisms in place to safeguard local
communities and the environment.

World Bank energy and extractive industries head Riccardo Puliti states that with better planning, resource-rich countries can take
advantage of the increased demand to foster growth and development.

“Countries with capacity and infrastructure to supply the minerals and metals required for cleaner technologies have a unique
opportunity to grow their economies if they develop their mining sectors in a sustainable way,” Puliti adds in a release.

The future demand for specific metals is not only a function of the degree to which countries commit to a low-carbon future, it is also
driven by intra-technology choices.

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The low-carbon technologies that emerge as most applicable and beneficial, will play an important role in defining the commodity
marketplace of the next 50 years.

For example, the three leading forms of alternative vehicles — electric, hybrid and hydrogen — each have different implications for
metals demand, with battery electric vehicles requiring lithium, hybrid vehicles using lead and hydrogen-powered electric vehicles
using platinum.

Demand for individual metals and minerals will reflect the component mix of low-carbon technologies, corresponding with economic
changes and technical developments. To position themselves well, countries will need reliable sources of economic data and market
intelligence, as well as the capacity to turn that information into plans, investments and sustainable operations.

Based on current trends, it is expected that Chile, Peru and potentially Bolivia, will play a key role in supplying copper and lithium
and Brazil is a key bauxite and iron-ore supplier.

Southern Africa and Guinea will be vital in the effort to meet growing demand for platinum, manganese, bauxite and chromium.

China will continue to play a leading role in production and reserve levels in practically every key metal required under low-carbon
scenarios.

India is dominant in iron, steel and titanium and Indonesia, Malaysia and Philippines have opportunities with bauxite and nickel.

An environment-friendly technology future has the potential to be materially intensive, with increased extraction and production
activities putting pressure on local water systems, ecosystems and communities, the report warns.

As countries develop their natural resource endowments, it will be critical that sustainability, environmental protection and options to
recycle materials be integrated into new operations, policies and investments, it adds.

‘The Growing Role of Minerals and Metals for a Low-Carbon Future’ report is intended to contribute to a richer dialogue around the
opportunities and challenges for resource-rich countries that a low-carbon future presents.

The analysis is designed to support policymakers and other stakeholders in the areas of extractives, clean energy and climate
change to better understand the issues involved and identify areas of common interest.

Base metals, Copper, zinc, nickel rise on strong demand

Buoyed by firm global cues, copper prices moved up by 1.46 per cent to Rs 389.25 per kg in futures trade today as traders widened
their bets.

Furthermore, pick-up in demand at the domestic spot markets, too supported the upside in metal prices.

At Multi Commodity Exchange, copper for delivery in August rose by Rs 5.60 or 1.46 per cent to Rs 389.25 per kg in a business
turnover of 35,559 lots.

Similarly, the metal for delivery in November contracts traded higher by Rs 5.35 or 1.37 per cent to Rs 395.35 per kg in 612 lots.

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Analysts attributed the rise in copper futures to firm trend at the London Metal Exchange (LME) where it surged to over 4-month
high.

Besides, uptick in demand from consuming industries at the domestic spot markets supported the upside, they said.

Zinc

Zinc futures edged up 1.25 per cent to Rs 181.55 per kg today after speculators built up bets on the back of pick-up in demand at the
domestic spot market.

In futures trading at the Multi Commodity Exchange, zinc for delivery in current month gained Rs 2.25, or 1.25 per cent, to Rs 181.55
per kg, in a business turnover of 30,412 lots.

Metal for delivery in August also rose by Rs 2.05, or 1.14 per cent, to trade at Rs 181.80 per kg in 707 lots.

According to marketmen, uptick in demand at domestic spot markets from consuming industries supported the upside in zinc futures
here.

Nickel

Continuing its rising streak for yet another day, nickel prices were higher by 0.75 per cent to Rs 622 per kg in futures trading today as
participants engaged in enlarging their positions, tracking a firm trend in select base metals overseas.

Besides, increased demand from consuming industries at domestic spot market fuelled the uptrend.

At the Multi Commodity Exchange, nickel for delivery in August went up by Rs 4.60, or 0.75 per cent to Rs 622 per kg in business
turnover of 1,934 lots.

On similar lines, the metal for delivery in current month contracts edged higher by Rs 3.90, or 0.64 per cent to Rs 616.50 per kg in
31,047 lots.

Analysts said widening of positions by traders on the back of firm trend overseas and pick-up in demand from alloy- makers in the
domestic spot market mainly kept nickel prices higher at futures trade.

Nickel futures extend gains, up 0.75%

Continuing its rising streak for yet another day, nickel prices were higher by 0.75 per cent to Rs 622 per kg in futures trading today as
participants engaged in enlarging their positions, tracking a firm trend in select base metals overseas.

Besides, increased demand from consuming industries at domestic spot market fuelled the uptrend.

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At the Multi Commodity Exchange, nickel for delivery in August went up by Rs 4.60, or 0.75 per cent to Rs 622 per kg in business
turnover of 1,934 lots.

On similar lines, the metal for delivery in current month contracts edged higher by Rs 3.90, or 0.64 per cent to Rs 616.50 per kg in
31,047 lots.

Analysts said widening of positions by traders on the back of firm trend overseas and pick-up in demand from alloy- makers in the
domestic spot market mainly kept nickel prices higher at futures trade.

Nornickel Completes 30% Expansion of Talnakh Nickel-Copper Concentrator

Norilsk Nickel (Nornickel) has completed commissioning of a 30% expansion of throughput capacity and modernization of the
Talnakh concentrator at its Polar division in north-central Russia. Total throughput capacity has increased from 7.6 million to 10.2
million mt/y of ore; target nickel and copper recovery rates and the target quality of nickel-pyrrhotite and copper concentrates have
been reached; and metal losses to tailings have been reduced. The plant is meeting its metal production targets while utilizing less
smelting capacity.

Total CapEx to complete the Talnakh expansion exceeded 47 billion rubles (about $850 million).

INC sees suit filed by DENR a chance to be heard

Ipilan Nickel Corp. (INC) said it was standing in the face of a suit filed by the Department of Energy in the Palawan provincial
prosecutor’s office related to the cutting of thousands of trees in Brookes Point.

Global Ferronickel Holdings Inc. (FNI), INC’s parent firm, said in a statement on Monday the subsidiary “firmly stands on
contractual and legal grounds.”

“Although INC has yet to receive its copy of the complaint, which faults it for cutting trees in the mining area, it welcomes the chance
to be heard properly and independently by a quasi-judicial body,” FNI said.

The nickel producer said DENR agencies “have long sat on INC’s motion for reconsideration of the flawed cancellation of its
environmental compliance certificate,” which INC filed on Jan. 4.

FNI reiterated that, under the law, the filing of the motion stopped the effectivity of the ECC cancellation.

“Besides, the DENR has yet to conclude its investigation and allow INC to respond to the results thereof as DENR Undersecretary
Maria Paz Luna committed at the (June 2) hearing on the subject,” FNI said.

“INC believes that an objective appreciation of facts and law will bear it out,” it added.

The DENR said in a statement that based on initial reports, INC cut down some 7,000 trees within 30 hectares of land. Most of these
trees were reportedly “premium native species.”

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But in its complaint, the DENR accused INC of felling some 677 trees, “most of which are hardwood species, in an area not covered
by the tree cutting permit the company secured last year.”

Aside from the filing of a criminal complaint against INC, the DENR is looking into another violation of INC related to the alleged
illegal construction of a mine yard road within its mining area.

The DENR issued in May 2016 a one-year special tree cutting permit as part of INC’s mineral production sharing agreement.

Five months later, under then Environment Secretary Gina Lopez, the DENR cancelled INC’s ECC, which the agency said rendered
the tree cutting permit invalid.

SHFE 1709 Nickel Closes Higher on 18 July, 2017

SHFE 1709 nickel opened at RMB 79,310/mt today, and reached RMB 79650/mt in the morning. In the afternoon, SHFE 1709 nickel
followed rebar prices down, falling to RMB 78,500/mt, and closing at RMB 78,970/mt, up RMB 550/mt or 0.70%. Trading volumes on
SHFE 1709 nickel decreased 164,000 to 443,000, and positions decreased 17,492 to 492,000. SHFE nickel is expected to remain
range-bound this evening.

Minmetals, China National Gold Group ‘may merge’

China is considering a merger between miners and metals trader China Minmetals Corp and China National Gold Group as part of a
broader consolidation of State-owned enterprises (SOEs), Reuters reported on Tuesday, citing sources close to the matter.

Three sources with knowledge of the discussions said that the two SOEs have been in negotiations for months, although any
agreement could still be some time away, said the report.

Minmetals Resource, the Hong Kong-listed unit of China Minmetals, saw its share price rally after the news. Its shares closed at
HK$2.99 (38 cents), up 1.36 percent from Tuesday's opening.

The stock price of Hong Kong-listed China Gold International jumped to a high of HK$12.32 in the wake of the report. The price
stood at HK$12 at Tuesday's close, up 5.26 percent from the opening.

But a spokesperson from Minmetals told the Global Times on Tuesday that she had not been informed of the reported merger. "The
news is inaccurate," she added. China National Gold had not answered calls from the Global Times as of press time.

The State Assets Supervision and Administration Commission, which oversees SOEs, did not respond to Reuters' requests for
comment.

The talks between two of China's largest metals producers are part of the country's broad efforts to shake up its indebted and
inefficient State sector, streamline the number of companies and create globally competitive companies in sectors including power
generation, shipping and metals, according to the report.

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