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Argus Metal Prices

Global market prices, news and analysis

Issue 18-20 Tuesday 30 January 2018

Overview Markets

„„ The Turkish ferrous scrap import price fell below $350/t cfr Key prices
Timing Low High ±
for premium HMS 1/2 (80:20) on new sales from the US and
Europe. Ferrous $/t
HMS 1/2 80:20 cfr Turkey 30 Jan 348.80 -3.70
Iron ore fines 62% Fe cfr Qingdao 30 Jan 73.40 -0.50
„„ The Argus daily fob Turkey rebar price assessment slipped HMS 1/2 80:20 cfr Taiwan 26 Jan 340.00 345.00 -7.50
to $555/t on the back of lower offers. HMS 1/2 80:20 fas Los Angeles 26 Jan 310.00 330.00 -15.00
Shredded scrap fas New York 26 Jan 340.00 350.00 -2.50
Pig iron basic cfr New Orleans 26 Jan 400.00 405.00 -2.50
„„ Asia-Pacific seaborne steel prices rose as mills updated of- Rebar fob Turkey 30 Jan 555.00 -2.50
fers, while domestic prices in China fell in sluggish trade. Stainless steel scrap prices $/lb
304 (18-8) solids del US processor 30 Jan 0.6400 0.6500 nc
304 (18-8) scrap solids cif Rotterdam 25 Jan 0.6300 0.6400 +0.0300
„„ US processor buying prices for stainless steel scrap were Aluminium prices
unchanged as three-month LME nickel declined on the day A380.1 secondary alloy del US $/lb 25 Jan 0.9800 1.0000 +0.0150
ADC 12 fob China $/t 30 Jan 2,005 2,025 nc
after sharp gains last week.
Zorba cif China $/lb 26 Jan 0.7100 0.7400 nc
10/10 extrusions scrap del US $/lb 30 Jan 0.8400 0.8700 +0.0400
„„ Mill-grade aluminum scrap spreads weakened in the US Scrap cans (UBCs) del US $/lb 24 Jan 0.7600 0.7700 -0.0050
after most rolling mills completed February purchases. Taint/Tabor del European smelter €/t 26 Jan 1180.00 1320.00 10
P1020 duty paid spot premium cif Japan
24 Jan 95.00 110.00 +102.50
$/t
„„ Cobalt spot demand outpaced supply, lifting weekly prices P1020 US midwest transaction $/lb 30 Jan 1.1206 1.1311 -0.0103
6063 extrusion duty paid spot IW Rot-
for 99.8pc metal to $37.90-38.50/lb. 24 Jan 340.00 370.00 nc
terdam $/t
Copper, brass prices
Cathode grade A premium in-warehouse
30 Jan 30.00 45.00 nc
Rotterdam $/t
News Cathode grade A US transaction price $/lb 30 Jan 3.2270 3.2345 -0.0010
Bare bright scrap US spot price $/lb 30 Jan 3.0270 3.0570 -0.0010
#2 scrap cif Asia ports transaction $/t 30 Jan 2.8495 2.8595 -0.0010
„„ Nucor, SDI expect stable scrap prices ahead #2 scrap del Europe cash spread $/t 30 Jan 84.00 86.00 nc
„„ China's zorba imports rise in December Brass alloy scrap, US Cu next active spread
24 Jan -0.1800 -0.1600 nc
$/lb
„„ AK Steel expects 'solid' 2018 demand Brass scrap US C260 transaction price $/lb 30 Jan 2.5637 2.5837 -0.0041
„„ CFTC fines banks, individuals metals trade manipulation Ferro-alloys prices fob North America
„„ Egyptian Steel’s new micro-mill starts production Molybdenum 65% Mo, $/lb Mo 25 Jan 12.75 13.10 +0.10
Titanium 70% Ti $/lb 25 Jan 2.35 2.50 nc
„„ Ipsco Tubulars commences IPO
Chrome HC 60-65% Cr, $/lb Cr 25 Jan 1.4200 1.4800 nc
Manganese HC min 80% Mn $/lt 25 Jan 1485.00 1535.00 +40.00
Minor metal prices $/lb
Silicon 5-5-3 98.5% Si fob 25 Jan 1.42 1.45 nc
Contents Titanium 85% Ti non-tin turnings 25 Jan 0.53 0.60 +0.03
Titanium 6Al 4V aero turnings 25 Jan 1.20 1.30 nc
Commentary2 Zinc prices
Special high grade in-warehouse Rotter-
News9 dam premium $/t
29 Jan 135.00 145.00 nc
Markets15 Special high grade US transaction $/lb 30 Jan 1.7059 1.7159 -0.0113
Nickel cathode prices
4x4" premium in-warehouse Rotterdam $/t 25 Jan 420.00 460.00 nc
Incorporating MetalPrices.com, Argus Weekly Heavy Melt and Ferrous Scrap Price Index 4x4" (truckloads) US transaction $/lb 30 Jan 2.0159 2.0259 -0.0113

Copyright © 2018 Argus Media group


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Commentary Ferrous scrap prices, global $/t


Price ±

FERROUS HMS 1/2 80:20 cfr Turkey 348.80 -3.70


HMS 1/2 75:25 fob Rotterdam 321.90 -3.70
A3 cfr Marmara 339.20 -5.80
Turkey ferrous: US exporter trades below $350/t A3 fob Russia/Ukraine Black Sea 299.00 -7.50
The Turkish ferrous scrap import price fell below $350/t cfr HMS 1/2 80:20 differential fob Rotterdam to 75:25 3.00 nc
Shredded fob Rotterdam 329.90 -3.70
Turkey for premium HMS 1/2 80:20 today on new sales from
the US and Europe. Finished steel prices $/t
The Argus daily HMS 1/2 80:20 cfr Turkey and HMS 1/2 Price ±
75:25 fob Rotterdam steel scrap assessments both decreased HRC cfr Asean 584.80 +0.50
$3.70/t to $348.80/t and $321.90/t, respectively. HRC fob China 581.10 +0.30
A US exporter sold 33,000t of HMS 1/2 80:20 at $348/t Rebar fob China 533.20 +0.80
Rebar cfr Asean 552.50 nc
and 7,000t of bonus at $358/t cfr Marmara for February
Rebar fob Turkey 555.00 -2.50
shipment yesterday afternoon, it was confirmed. The cargo Wire rod export, fob China 572.50 +0.10
was already sitting at a US east coast port in New Jersey last
week. Steel billet Yn/t
Price ±
Market participants said the US exporter was keener to
sell than its immediate competitors and many do not believe Tangshan ex works inc VAT (daily) 3,580.00 -10.00

the deal to be wholly representative of the market unless Stainless steel scrap prices del US processor $/lb
other US exporters sell at that price. Three US exporters said Low High ±
last week that they would not sell anywhere close to $348/t
304 (18-8) solids 0.6400 0.6500 nc
cfr Turkey, but none expected at the time that the price 304 (18-8) turnings 0.5900 0.6000 nc
would fall to that level. 316 solids 0.8600 0.8700 nc
316 turnings 0.7700 0.7800 nc
A continental European supplier sold 25,000t of HMS 1/2
75:25, 7,000t of shred and 7,000t of a mix of P&S/HMS1 at an
average price of $345/t cfr Iskenderun for beginning of March
shipment yesterday afternoon, it was confirmed. further decrease of the cfr Turkey scrap price in the short-
The new Turkish scrap import price level is now workable term, based on supply and demand fundamentals. Exporters
for most continental European and US deep-sea scrap export- have shifted significant volumes of scrap in the past three
ers. weeks and no longer have large stocks available, which will
Another continental European supplier is expected to limit any further price decrease, while Turkish mills are close
attempt to sell at a $348-350/t cfr Turkey equivalent price to recapturing their targeted $210/t scrap-rebar spread.
tomorrow based on lower dockside purchasing prices that Turkish mills may attempt to realise opportunistic deals
make this level viable. At least two UK deep-sea cargoes are at slightly lower prices but they are not expected to pub-
still available for February shipment. licly push for a major decrease because they will now seek
Many market participants expect that there will be no to stimulate their domestic finished product market, where

Ferrous scrap deep-sea trades (average composition price, cfr Turkey)


Index
Date Volume, t Price, $ Shipment Buyer Seller Composition Confirmed
relevant

30-Jan 40,000 348 (80:20) February Marmara USA 33k 80:20, 7k bonus Y Y
30-Jan 39,000 345 early March Iskenderun Belgium 25k 75:25, 7k shred, 7k P&S/HMS1 Y Y
24-Jan 31,000 354 (80:20) full February Marmara Scandinavia 9k 80:20, 16k shred, 6k bonus Y Y

Ferrous scrap short-sea trades (average composition price, cif Marmara)


Index
Date Volume, t Price, $ Shipment Buyer Seller Composition Confirmed
relevant

No short-sea sales concluded since 10 January

Copyright © 2018 Argus Media group Page 2 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Commentary Aluminium secondary alloy prices, Asia-Pacific $/t


Low High ±

demand continues to be weak. ADC 12 fob China 1,960 1,980 nc


ADC 12 cif Japan 1,970 1,990 nc
Short-sea bid indications for western Black Sea quality
cargoes fell to $335/t cif Marmara for HMS 1/2 80:20 this Aluminium mill, extruder prices del US $/lb
morning and Rostov suppliers conceded that their $345/t cif Low High ±
Marmara offers for A3 material were not now achievable. No 10/10 extrusions 0.8400 0.8700 +0.04
Turkish mill surveyed today said they would pay $340/t cif 1100 & 3003 0.9300 0.9600 0.00
Marmara for Rostov A3 material. 5052 clips 0.9450 0.9650 +0.02
6061 new, bare 0.9200 0.9300 +0.01
The Argus daily A3 cif Marmara steel scrap assessment
6061 truck wheels 0.7600 0.7900 0.00
decreased $5.80/t to $339.20/t while the A3 Russia-Ukraine 6063 new, bare 0.9700 0.9800 +0.01
fob Black steel scrap assessment fell by $7.50/t to $299/t. A356 wheels 0.7600 0.7800 0.00
EC wire 0.9700 1.0000 +0.02
Litho sheet 0.8900 0.9200 0.00
MLC 0.7400 0.7600 0.00
Steel feedstocks $/t
Painted siding 0.7000 0.7200 -0.01
L: Ferrous scrap HMS 1/2 80:20 cfr Turkey
R: Iron ore fines 62% Fe cfr Qingdao Copper, brass scrap export prices, Europe $/t
380 80 Low High ±

#1 wire and tube del Europe cash spread 90.00 91.00 nc


370 #2 del Europe cash spread 84.00 86.00 nc
75 Bare bright del Europe cash spread 95.00 96.00 nc
360
Copper cathode premium del Europe $/t
350 Low High ±
70
Grade A premium del southern Europe 40.00 55.00 nc
340
Minor metals prices
330 65
Low High ±
1 Dec 17 20 Dec 17 11 Jan 18 30 Jan 18
Antimony min 99.65% cif US $/lb 3.85 4.00 nc
Arsenic min 99% fob US warehouse $/lb 0.85 0.94 nc
Bismuth ingot min 99.99% fob US warehouse $/lb 4.90 5.10 nc
Turkey rebar: Mills reduce offers Cadmium min 99.95% fob US warehouse $/lb 1.05 1.10 nc
The Argus daily fob Turkey rebar price assessment slipped Cadmium min 99.99% fob US warehosue $/lb 1.10 1.15 nc
Cobalt min 99.8% fob US warehouse $/lb 37.90 38.50 +1.33
$2.50/t to $555/t today on the back of lower offers.
Indium ingot min 99.99% fob US warehouse $/kg 300.00 315.00 +7.50
A Marmara mill lowered its rebar export offers by $10/t Magnesium min 99.9% fob US warehouse $/t 3,088 3,197 -56
on last week to $560/t today, but other mills are still in- Ruthenium 99.9% fob US warehouse $/ozt 190.00 200.00 nc
dicating $560-570/t fob, without any interest from buyers. Selenium min 99.5% fob US warehouse $/lb 17.50 19.25 +1.00
Tellurium min 99.95% fob US warehouse $/kg 43.00 62.00 nc
Bids from some overseas buyers are $540-550/t fob range,
but Turkish mills are reluctant to lower their offers just yet.
The Marmara mill sold around 8,000t rebar to Yemen at
the equivalent of $555/t fob last week. The steelmaker is holiday season in China. Until then we have to make sure
also in negotiations with US-based customers now. that our prices do not decline,” one producer told Argus.
Almost all Turkish mills are now selling March rolling ma- Some traders expect demand for Turkish rebar to
terial, having filled their February order books and closed emerge from Europe, on the back of the Euro's strength
March allocations by about 50pc, allowing the mills some against the US dollar. Turkey already ramped up its rebar
time to wait for demand to return after the lunar new year exports to the EU by 50pc on the year to 35,000t/month in
holiday mid-February, they said. January-November 2017, becoming the number one supplier
“We could see a very quiet market until the end of the to the European market.

Copyright © 2018 Argus Media group Page 3 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Commentary

Additionally there could be more rebar sales from Turkey The cfr Asean HRC price rose by 50¢/t to $584.80/t as
to the US over the coming days. But many US-based buyers stronger price outlooks lifted bids and offers.
are waiting for the results of the Section 232 investiga- The ideal buying level from local re-rolling mills for HRC
tion to be announced before concluding new deals. The US with grade of SAE1006 increased to $580-585/t cfr, with
Commerce Department submitted the results of the inves- special request for 50pc of 2.0mm thickness in total gauge.
tigation on 12 January and the US president has 90 days to Offers were available at $590/t and above.
decide on any potential action, which may include setting HRS at lower offer levels has drawn interest from HRC
tariffs or quotas on imported steel. buyers, but transactions have supported the HRC prices. Of-
fers for HRS rose by $5-10/t to $570-578/t cfr Vietnam today,
Asia-Pacific steel: Seaborne prices up on new offers with firm bids heard at $570/t cfr. No trades were confirmed
Asia-Pacific seaborne prices rose as mills updated offers this at the time of publication.
week, while domestic prices in China fell in sluggish trade. The cfr Asean rebar price was unchanged at $552.50/t
China’s exporters are looking to the country’s spring con- theoretical weight in quiet trade. Rebar prices in Singapore
struction season to boost domestic prices, which will in turn were at S$765-770/t ($$579-583/t).
support seaborne prices. Sellers point to weakness in China’s In China, declines in futures and a lack of trade weighed
domestic market and in Turkey, where falling scrap and rebar on prices. Participants have begun to exit the market this
prices over the past two weeks have them expecting price week to travel home for the lunar new year holiday.
declines into Asean. Tangshan billet prices fell by Yn10/t to Yn3,580/t ex-works
The fob China rebar price assessment rose by 80¢/t to in thin trade.
$533.20/t theoretical weight on the back of higher offers and Shanghai HRC fell by Yn10/t to Yn4,090-4,110/t. “We
an appreciation in the yuan against the US dollar. Rebar is have no plans to restock more HRC before the Chinese new
offered at $555/t fob south China by a mill, $20-25/t higher year and will hold watchful attitudes towards the market,” a
than a transaction by the mill early last week. A north China Shanghai trader said.
mill withdrew its $535/t offer in the afternoon after seeing Rebar prices were flat across major markets. A Tangshan
higher offers from other mills. Bids have not followed, with trading firm kept its offer flat at Yn4,000/t.
a bid into Hong Kong flat at $555/t cfr Hong Kong actual May HRC futures fell by Yn21/t, or 0.53pc, to Yn3,939/t to-
weight. day, while May rebar futures decreased by Yn24/t, or 0.61pc,
The fob China hot-rolled coil (HRC) price rose by 30¢/t to to Yn3,921/t.
$581.10/t fob. Mainstream HRC offer levels are at $585-600/t
fob, but even the lower offers received no bids, two mills
said. US stainless steel scrap $/lb
Hot-rolled sheet (HRS) is offered at $590/t fob north L: LME Nickel cash official seller
China. R: 304 solids del US processor
6.50 0.66
The Argus fob China wire rod price increased by 10¢/t to
$572.50/t. 0.64
A north China mill raised its wire rod offer by $15/t to 6.00
0.62
$580/t fob from last week but reported thin buying inter-
est. The mill sold 40,000t at $565/t last week. A Tangshan 5.50 0.60
exporter offering at $580/t did not receive any bids.
0.58
Billet is offered at $550/t fob north China by a Tangshan 5.00
exporter, $25/t higher than its 15 January offer. The exporter 0.56
does not expect to draw buying interest, but lifted prices be-
4.50 0.54
cause domestic billet prices rose by 100 yuan/t and the yuan 17 Oct 17 17 Nov 17 22 Dec 17 30 Jan 18
strengthened over that span.

Copyright © 2018 Argus Media group Page 4 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Commentary

US stainless: Scrap prices steady as nickel falls NON-FERROUS


Processor buying prices for stainless steel scrap were un-
changed Tuesday as three-month LME nickel declined on the LME daily: Metals lower with Trump in focus
day after sharp gains last week. Base metals traded on the London Metal Exchange were mostly
Argus assessed single truckloads of 304 stainless scrap lower on January 30 after investors opted for profit taking ahead
solids at 64-65¢/lb, with 304 turnings assessed at 59-60¢/lb, of US President Donald Trump’s State of the Union address.
both unchanged on the day. President Trump is due to make his State of the Union address
Multiple truckloads of 304 solids are transacted at a at 9pm ET (200 GMT) with the market anticipating a focus on
minimum of 65¢/lb. economic progress and the outlining of a $1 trillion US infrastruc-
Processor buying prices for single loads of 316 scrap ture investment programme that will boost demand for base
solids traded at 86-87¢/lb with turnings assessed at 77-78¢/ metals.
lb, also unchanged. Three-month copper on LMEselect traded 0.4pc lower at
US mill demand is expected to be strong in February and $7,063/t by 1700 GMT on 30 January, while three-month alumini-
the balance of the quarter; however, with the day's drop in um traded 0.8pc lower at $2,210.5/t by 1700 GMT on 30 January.
nickel, most processors are concerned that the 3-cent gains The latest LME commitment of traders report (COTR) shows
in 304 scrap last week may not stick should nickel continue that money manager aluminium net long positions were reduced
dropping. by 183 to total 166,532 on 26 January from 166,715 a week
Many are closely monitoring nickel's course on Wednes- earlier. But total money manager net long positions for nickel
day amid concern another fall will pull down nickel-bearing increased to 47,408 on 26 January from 43,477 on 19 Janu-
scrap prices as processors are awaiting intrinsic values for ary, boosting the three-month nickel contract to trade above
all key elements in stainless steel scrap from US mills. $14,000/t for the first time since May 2015 on 29 January.
A drop in processor buying prices may force some small- Nickel was down by 3.8pc at $13,330/t by 1700 GMT on 30
er dealers to hold scrap in anticipation of the next run-up in July, while zinc was 1.1pc lower at $3,508.50/t.
nickel prices. The two contracts were the largest risers in LME trade on 29
Official three-month LME nickel decreased by 1.3pc January and achieved multi-year highs.
to settle at $13,700/t on the day after surging by 8pc last Tin was down by 1.2pc at $21,625t and lead was 0.3pc lower
week. at $2,594/t by 1700 GMT on 30 January.
The standard aluminium alloy contract traded at $1,880/t and
US copper cathode $/lb the North American aluminium alloy contract traded at $1,915/t
L: Comex spot by 1700 GMT on 30 January.
R: cathode grade A del US midwest Among the minor metals contracts, cobalt traded at $80,000t
3.40
by 1700 GMT, while the molybdenum contracted was untraded on
3.30 LMEselect on 30 January.
0.054
3.20
Comex Cu: Metal defies equity swoon
3.10 0.053 The Comex copper price for the most active month fell slight-
ly Tuesday as sharp declines in equities and crude were partly
3.00
0.053 offset by dollar weakness and an uptick in copper stocks.
2.90 Comex's most active month contract settled at $3.189/
lb, marginally down from Monday’s $3.194/lb and down for a
2.80 0.052
19 Oct 17 21 Nov 17 26 Dec 17 30 Jan 18 fourth consecutive day. March Comex has fallen by 4¢/lb in
the past four days after it rose 11.75¢/lb on 24 January. The

Copyright © 2018 Argus Media group Page 5 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Commentary

March Comex price remains below the average for the month $1.03/lb for clean 6063 scrap.
of $3.2143/lb. The Argus midwest transaction price closed at $1.1258/
The three main US equity indices fell for a second day, lb on Tuesday from $1.1077/lb a week earlier. All-in prices
with the Dow down 1.3pc as investors are concerned over ris- have been boosted by a higher midwest premium for P1020,
ing interest rates. which rose last Wednesday on market concerns about the
WTO crude plummeted by nearly 2pc to $64.29bl in morn- Trump administration’s Section 232 investigation.
ing trading, also tugging on the red metal.
The decline in copper was partly limited by a weak dollar US aluminum mill-grade scrap $/lb
and a withdrawal of material from LME warehouses. P1020 US midwest transaction 5052 clips
The US dollar index erased the prior day's gains in early 1100 & 3003
1.20
trade but ended the day little changed. The greenback has
weakened most days in the past three weeks and is near a
three-year low, giving copper strength. 1.10
LME copper stockpiles fell for a second consecutive day,
dropping by 0.7pc the last two days, which boosted the metal 1.00
price. Still, LME stock gains of 46pc last week have put
downward pressure on copper. LME stockpiles are up by 52pc 0.90
for 2018.
Investors will be watching President Donald Trump as he
0.80
deliveries his first State of the Union address later in the day. 3 Nov 17 4 Dec 17 2 Jan 18 30 Jan 18
Investors will be paying close attention to his remarks on the
administration's planned $1trillion infrastructure program, ex-
pected to be Trump's main economic focus this year and likely EU copper: Premiums unchanged
to be a driver of metal demand should it come to fruition. European copper premiums were unchanged in the last week.
The Argus premium for grade A copper cathode in-ware-
US Al: Mill, extruder scrap spreads widen house Rotterdam was assessed at $30-45/t on 30 January,
Mill-grade scrap spreads were weaker Tuesday as most US unchanged from the previous assessment on 23 January.
rolling mills have finished February purchases and the Argus The premium for grade A copper cathode delivered
midwest transaction price was higher. southern Europe was also unchanged at $40-55/t in the same
Mixed low-copper clip spreads weakened to 37-40¢/lb period.
under the Argus midwest transaction price from 35-37¢/lb in Trading activity has remained low with buyers put off by
the prior week, as transaction prices stayed unchanged at the high LME copper price.
74-76¢/lb. Three-month copper on the LME traded at $7,093/t on 30
Painted siding spreads also widened, weakening to January, up from $6,949/t on 23 January.
41-43¢/lb under from 39-40¢/lb under. Prices declined to LME copper stocks increased by 46pc to 308,650t on 29
70-72¢/lb from 71-72¢/lb. January from 211,775t on 22 January, their highest level since
Extrusion scrap spreads were also wider as midwest July 2017.
consumers moved further ahead in purchasing goals and cut In Asia, LME stocks increased to 175,900t from 102,375t
back on spot activity. Benchmark clean, bare 6063 scrap over the same period.
widened to 15-16¢/lb under from 13-16¢/lb under in the Stocks increased by 30,775t in Singapore, 25,250t in Busan,
prior week, as prices rose to 97-98¢/lb from 95-98¢/lb. South Korea, 10,975t in Port Klang, Malaysia and 6,525t in
Truck transportation issues have caused extruders in the Kaohsiung, Taiwan.
south — which were paying scrap prices close to midwest Inventories were 11,475t higher at 80,050t in Rotterdam in
prices before Hurricane Harvey — to hike bids as high as the Netherlands and 675t lower at Hull in the UK.

Copyright © 2018 Argus Media group Page 6 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Commentary

Stocks also increased at New Orleans in the US where Bismuth


12,550t was delivered out. The range for 99.99pc metal was flat at $4.90-5.10/lb after
falling by 5¢/lb a week earlier. Demand from bronze and
EU copper scrap: Scrap discounts stable bismuth alloy producers was down following an increase
Discounts for bare bright remained stable despite a higher in orders in the previous week. But tight margins on metal
level of US material reported to have been offered into imported from Europe and China supported offer prices in
Europe. the interim.
The bare bright cash spread was assessed at 95-96pc of US suppliers looked to recent environmental inspections and
the LME copper spot price, unchanged from the previous lower output in China for signs of a rising Western market.
assessment on 23 January.
Last week a greater level of US material was being of- Cadmium
fered into Europe as Chinese buying slowed ahead of the The range for 99.99pc metal was unchanged at $1.10-1.15/lb
lunar New Year holiday next month. in the past week and prices for 99.95pc metal were flat at
Discounts for #2 European copper scrap have held at the $1.05-1.10/lb. Offer prices were steady in line with interna-
lower 84-86pc level established earlier this month. tional markets and stable costs for restocking the metal.
The #1 cash spread was assessed unchanged at 90-91pc US traders tested offers but were turned down by solder
of the LME spot price over the same period. and alloy producers. As a result, suppliers opted to step
The spread for 70/30 brass scrap was also unchanged at back from the spot market and focus on meeting annual
88-90pc. contract requirements.
Three-month copper on the LME traded at $7,093/t on
30 January, up from $6,949/t on 23 January. Cobalt
Spot demand outpaced supply in the past week, lifting
US minor metals: Indium rallies on shortage prices for 99.8pc metal to $37.90-38.50/lb from $36.25-
The indium market rallied as Western producers remained 37.50/lb a week earlier. Foundries and alloy producers made
sold out and Chinese suppliers lifted their export prices several 1-5t purchases of cut and broken cathode, driven
early in the week. by medical and aerospace alloy demand. Supplier stocks
Climbing spot market sales to foundries pushed cobalt remained relatively low as higher prices increased financing
prices up in the past week. Selenium prices moved up as costs for traders. Domestic suppliers were reluctant to sell
the weaker dollar resulted in higher import prices. below the market, encouraged by strong forward demand
and expectations of higher prices later in the year.
Antimony
Prices for 99.65pc grade metal were steady at $3.85-4.00/ Indium
lb in the past week. Low consumer demand and resistance The market for 99.99pc grade metal rallied for a third
to higher prices undercut efforts by traders and distributors straight week, increasing to $300-315/kg from $290-310/
to raise their offer prices. Domestic suppliers continued to kg. Shortages of crude indium and metal continued to lift
press for higher prices, reflecting an increase in Chinese international and domestic prices. Lower production during
export prices over the past 2-3 weeks. environmental inspections has cut into availability in recent
Suppliers were waiting for the end of the Chinese lunar new weeks, and the approaching lunar new year holiday set off a
year holiday — during which producers suspend operations wave of buying before Chinese suppliers shut down.
— before adjusting prices. US battery and alloy producers US traders struggled to restock metal below $300/kg, with
made inquiries for several metal lots for delivery into the non-Chinese producers sold out on quarterly and annual con-
second quarter, rather than within 30 days. tracts. Spot demand remained strong with several 100-300kg

Copyright © 2018 Argus Media group Page 7 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Commentary

orders. Electronics and low-melt alloy producers continued tained their offer prices from a week earlier.
to make inquires and purchases as there was no sign of the Steel mills and specialty equipment manufacturers made
supply tightness easing in February. inquiries for a handful of 200-500kg lots by the end of
the week but concluded few deals. Steady import prices
Magnesium prompted most suppliers to observe the direction of inter-
Prices for 99.9pc grade metal fell to $1.40-1.45/lb from national markets before changing their offer prices.
$1.40-1.50/lb a week earlier. Traders and dealers lowered
their offer prices to attract spot buying interest. The move US silicon 5-5-3 min 98.5% Si fob US ware- $/lb
was largely unsuccessful with wrought aluminum alloy and 1.45
magnesium alloy producers well supplied from annual con- 1.40
tract shipments.
1.35
Domestic suppliers were reluctant to cut prices further,
citing steady import costs for metal from Turkey, Russia and 1.30
Israel. 1.25

1.20
Selenium
Prices for 99.5pc grade metal moved up to $17.50-19.25/lb 1.15

from $16.50-18.25/lb a week earlier on the weaker dollar, as 1.10


higher import costs more than offset low domestic demand.
1.05
Import prices were up early in the week, as the dollar 27 Apr 17 27 Jul 17 26 Oct 17 25 Jan 18
continued to fall against the yuan. But US battery, glass and
alloy producers made few inquiries and purchases and trad-
ing activity was expected to remain thin trading in the lead Oil futures: WTI drops as Ice Brent slows fall
up to the Chinese lunar new year holiday. Nymex light, sweet crude futures saw their largest day-to-
day drop in nearly two months today, widening their spread
Silicon to Ice Brent.
Prices for 98.5pc metal to be delivered within 30 days were Nymex March light, sweet crude futures settled lower
unchanged at $1.42-1.45/lb and prices for metal to be deliv- by $1.06/bl at $64.50/bl. It was the contract's largest drop
ered within 90 days were flat at $1.43-1.45/lb after rising a from the previous settlement since early December. Ice
week earlier. Trading volumes were down following a rise in March Brent fell by 44¢/bl to $69.02/bl. The Ice-WTI spread
20t sales early the prior week. widened to $4.52/bl.
Spot demand has remained low since the start of the year WTI-Houston's premium to the US crude benchmark
as alloy producers moved to first-quarter and first-half increased to about $1.95/bl to $2.05/bl, up from yesterday's
contracts signed in late 2017. Secondary aluminum alloy $1.80/bl to $1.90/bl range at about the same time.
producers were largely absent from the spot market. But A wider Brent-WTI supports demand for WTI on the US
domestic suppliers maintained their offer prices given the Gulf coast for both domestic and export buyers.
weakening US dollar against the Chinese yuan and low do- The Energy Information Administration will report inven-
mestic availability. tory survey results tomorrow.
Nymex February RBOB fell by 3.95¢/USG to $1.8954/
Tellurium USG and ultra-low sulfur diesel (ULSD) fell by 3.31¢/USG to
Prices for 99.95pc grade metal were assessed unchanged at $2.0717/USG. RBOB reached an intraday high of $1.9530/
$43-62/kg in the past week. Distributors and traders main- USG, its highest level since 31 August.

Copyright © 2018 Argus Media group Page 8 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

News

Nucor, SDI expect stable scrap prices ahead Nucor expects stronger 1Q as steel prices gain
US steelmakers Nucor and Steel Dynamics (SDI) expect US US steelmaker Nucor expects higher steel prices to boost its
domestic ferrous scrap prices to remain stable over the next first-quarter earnings even as scrap prices rise and winter
several months. weather-related outages impact some of its sheet mills.
"Over the next several months we’ll see relatively stable “We believe there is significant optimism in steel end-use
(scrap prices),” Nucor chief executive John Ferriola said markets and are encouraged by positive pricing momentum
today on the company’s earnings call. building throughout the quarter for all of our steel mill prod-
SDI’s chief executive Mark Millett forecasts steadiness ucts,” according to the company.
through the year. “Absent any massive impact from Turkey, Nucor expects improved raw materials segment earnings
I think we’re looking at scrap kind of sideways through the from the prior quarter. Performance of the company’s down-
year,” Millett said during SDI’s earnings call a week ago. stream steel products segment is expected to be negatively
The comments came after ferrous scrap prices rose by a impacted by typical seasonality.
$40-60/gross ton in December and January combined. Nucor achieved higher shipments in its steel mills segment
Nucor’s average ferrous metallics cost/short ton (st) in 2017 amid stronger performance at its sheet, bar and plate
melted rose to $317/st in the fourth quarter of 2017 from mills.
$236/st in the prior-year period. SDI’s cost rose to $300/st Total steel mill sales to outside customers rose by 9pc to
from $220/st. 26.5mn short tons (st) (24mn metric tonnes) in 2017 from a
Nucor’s average ferrous cost/st melted for all of 2017 year earlier.
rose to $307/st from $228/st a year earlier, while SDI’s rose Shipments of sheet products, Nucor’s largest product
to $293/st from $220/st. group, rose by 9pc to 10.6mn st. Bar shipments rose by 10pc
The steelmakers employ a blend of ferrous scrap and to 8mn st. Plate shipments increased to 2.3mn st from 2mn st,
scrap substitutes to produce steel, including pig iron and and structural product shipments were little changed at 2.3mn
direct reduced iron (DRI). st.
Nucor’s melt for its sheet products, its largest product Tubular shipments jumped to 917,000st in 2017 from
group, comprises 15pc pig iron, 20-30pc DRI and a combina- 86,000st a year earlier. The company did not explain the
tion of prime and obsolete scrap for the remainder. Hot bri- increase in its release, but shipments likely benefited from the
quetted iron (HBI), a premium form of DRI, has never been acquisitions of tubular product producers Southland Tube and
a preferred raw material for Nucor, according to Ferriola. It Independence Tube in 2016.
does not travel well or perform well in the furnace, he said. Improving energy market conditions may have also been a
The Charlotte, North Carolina-based company produces factor as many tubular products are used for drilling of oil and
DRI at its Trinidad production facility as well as at its Con- gas.
vent, Louisiana plant. The average price of West Texas Intermediate crude oil
But production at its Louisiana DRI production facility rose by 19pc to $51/bl in 2017, climbing above $60/bl in late-
was plagued by equipment failure for much of 2017. The December for the first time since 2015.
company responded by announcing in the fourth quarter of Overall operating rates at Nucor's steel mills increased to
2017 that it would be taking a holistic look at its processes 85pc in 2017 compared with 78pc in 2016.
and equipment in Louisiana to improve its reliability. The company’s average selling price increased by 15pc in
Ferriola said on the day's conference call that the Trini- 2017 from the prior year, while average scrap and scrap substi-
dad plant is "approaching world class production levels" and tute costs rose by 35pc to $307/st.
is already operating at world class quality. Sales across all company segments rose by 25pc to $20.3bn

Copyright © 2018 Argus Media group Page 9 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

News

in 2017 from $16.2bn a year earlier. Nucor’s profit rose to Ipsco Tubulars commences IPO
$1.32bn from $796.3mn. The North American unit of Russian steelmaker TMK ,
During the fourth quarter, shipments rose by 13pc to 6.5mn pipemaker Ipsco Tubulars, launched an initial public of-
st compared with the same quarter a year earlier. Sales rose fering (IPO) of shares of its common stock in a bid to raise
to $5.1bn in the fourth quarter from $3.96bn, while profit rose more than $500mn to pay off debt and for other corporate
to $384mn from $160mn. purposes.
The Houston-based company will sell 23.2mn shares
AK Steel expects 'solid' 2018 demand of its common stock at an initial offering price of $20-23/
Ohio-based AK Steel anticipates “solid” demand in several of share. Ipsco's parent company PAO TMK will sell 15.8mn
its key end-use markets after shipments fell in 2017 from a year shares, while Ipsco itself will sell 7.4mn shares. At an initial
earlier. offering price of $20-23/share, the stock is expected to sell
Still, first quarter 2018 earnings are expected to be impacted for a total valuation of $465-535mn.
by a $5mn in planned maintenance outages in addition to an The move comes amid improving energy market condi-
unplanned $30mn outage at the company’s Middletown Works in tions in North America and rising stock valuations.
Ohio. The company expects to use the proceeds from the of-
Lower 2017 shipments were led by weaker demand from the fering to repay a portion of the outstanding balance under
automotive industry, with a steady quarterly decline in shipments its revolving credit facility and retain the remainder for
lowering total volumes by 6pc from 2016. The company shipped general corporate purposes.
5.6mn short tons (st) (5.1mn metric tonnes) in 2017 compared Ipsco's common stock has been approved for listing on
with 5.9mn st the prior year. the New York Stock Exchange will trade under the ticker
Full-year 2017 flat-rolled prices rose by 7pc from a year earlier symbol "IPSC."
to $1,022/st, driving sales higher to $6.1bn from $5.9bn. Total Ipsco also said that it expects to grant the underwriters
2017 profit rose to $10mn compared with a loss of $7.8mn a year of its public offering a 30-day option to purchase an addi-
earlier. tional 3.5mn shares of common stock.
“We are enthusiastic about 2018 as we anticipate solid de- Ipsco last week said it expects higher shipments in 2018
mand in many of our key end-use markets," chief executive Roger from a year earlier as anticipated strength in North Ameri-
Newport said. can drilling activity and oil prices drive stronger demand
The company expects the automotive market to remain for oil country tubular goods (OCTG). The company shipped
healthy, higher spot market prices, and well-controlled service 800,000metric tonnes (t) of pipe in 2017, nearly doubling its
center inventories. 403,000t shipments a year earlier in the wake of a recovery
Compared to the prior quarter, the company expects flat- in North American energy markets.
rolled shipments and prices to be “marginally higher” in the first Ipsco Tubulars produces welded and seamless pipe and
quarter of 2018. connections for the oil and gas industry. The company oper-
Shipments at three of the company's five flat-rolled steel ates 11 pipe manufacturing facilities in the US and Canada,
product segments declined in the fourth quarter from a year including an electric arc furnace in Koppel, Pennsylvania
earlier. with an estimated annual crude steelmaking capacity of
Shipments of coated steel products, which accounted for 50pc 600,000short tons.
of total shipments, fell to 672,200st from 737,100st. Stainless and Ipsco Tubulars’ parent company TMK operates 27 pipe
electrical steel shipments fell to 195,600st from 207,500st. Sec- manufacturing plants in Russia, Europe and the Middle East
ondary steel shipments dropped to 33,600st from 40,000st. in addition to North America.
Hot rolled steel shipments rose to 179,100st from 169,500st
a year earlier, while shipments of cold-rolled steel increased to Egyptian Steel’s new micro-mill starts production
256,600st from 231,400st a year earlier. Egyptian Steel’s subsidiary National Port Said Steel (NPSS)
Fourth quarter flat rolled prices rose by 4pc to $1,024/st. has begun production at its micro-mill, located in Al Ain Al

Copyright © 2018 Argus Media group Page 10 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

News

Sokhna on the Red Sea coast. year from 1.9mn t in 2016. This accounted for 1.4mn t of
The plant, which will produce steel from scrap, has a contained aluminium in 2017, up by 5pc compared with the
total production capacity of 830,000t/yr — 530,000t/yr of previous year.
rebar with a 10-25mm diameter and 300,000t/yr of 130mm Chinese aluminium demand was strong last year with
square billet. aluminium output increasing by 2.2pc to 32.3mn t, despite
The mill is expected to reach its nameplate capacity capacity cuts as a result of environmental measures to cut
within the next three months, Italian industrial engineering industrial pollution.
firm Danieli, which supplied the machinery, said. China announced in November that it will place a 1pc
The plant is Egyptian Steel’s fourth — the company also impurity threshold on all non-ferrous scrap imports, which
operates a 350,000t/yr rebar mill in Port Said, a 300,000t/ was confirmed on 11 January. The announcement contrib-
yr wire rod and rebar mill in Alexandria and a 530,000t/yr uted to zorba importers' shift towards higher-grade product
rebar and 300,000t/yr billet plant in Beni Suef. towards the end of last year.
Egypt overtook South Africa in 2017 to become Africa’s The three-month aluminium price on London-based met-
largest steelmaking country, as its crude steel output rose al exchange the LME increased by a third last year, reaching
by 35pc on the year to 6.8mn t, according to the World $2,251/t on 29 December.
Steel Association.
A number of new projects in Egypt are due to come CFTC fines banks for metals trade manipulation
online in the coming years, which will boost output further. The Commodities Futures Trading Commission (CFTC) has
The Suez Canal Authority will build a 1.2mn t/yr rebar and levied fines totaling $45mn against Deutsche Bank and UBS for
wire rod plant in Ain Sokhna, while steelmaker El Marakby allegedly allowing their traders to manipulate precious metals
plans to commission a new 400,000t/yr rebar and wire rod trading while a third fine for $1.6mn was levied against HSBC
mini-mill. Securities for alleged spoofing.
Cairo imposed anti-dumping duties on 6 June 2017 on The CFTC issued an order requiring Deutsche Bank and
rebar imports originating in China, Turkey and Ukraine, Deutsche Bank Securities to pay $30mn in monetary penalties
which has probably reduced supply in the Egyptian market and to undertake remedial relief in order to settle charges. The
and allowed for local producers to proceed with plans for order finds that from February 2008-September 2016, Ger-
new capacities. But the country's imported scrap require- many’s Deutsche Bank, through certain precious metals traders,
ments are also rising, posing competition for other seaborne “engaged in a scheme to manipulate the price of precious met-
buyers, and supporting higher scrap prices at the time when als futures contracts by utilizing a variety of manual spoofing
demand for the finished product lacks momentum. techniques. . .and by trading in a manner to trigger customer
stop-loss orders.” The announcement was made yesterday in
China's zorba imports rise in December conjunction with the Justice Department and the FBI.
China's imports of zorba increased on the year in December, The CFTC said the alleged spoofing involved bidding or
with the aluminium content of the scrap rising owing to offering with the intent to cancel orders before execution.
buyers purchasing higher-grade material, Chinese customs “Spoofing is a particularly pernicious example of bad actors
data show. seeking to manipulate the market through the abuse of technol-
China's total zorba imports were up by 14pc at 202,374t ogy,” CFTC’s Division of Enforcement Director James McDonald
in December from 177,947t a year earlier. said.
The average aluminium grade of Chinese zorba imports The agency issued an order filing and settling charges
increased over the same period to 68pc from 66pc a year against Swiss-based UBS, requiring it pay $15mn civil fine and
earlier. undertake remedial relief. The order finds that from January
Total aluminium content in imported zorba was 17pc 2008-December 2013, UBS, by and through certain precious
higher on the year at 136,914t in December. metals traders, “attempted to manipulate” the prices of pre-
China's zorba imports were up by 13pc at 2.2mn t last cious metals futures contracts on the Comex by using manual

Copyright © 2018 Argus Media group Page 11 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

NEWS

spoofing techniques to trigger customers top-loss orders. Argus Tungsten


The CFTC also issued an order filing and settling charges
Monthly Outlook
against UK-based HSBC Securities, requiring it pay a $1.6mn civil
penalty for “engaging in numerous acts of spoofing” with re-
The Argus Tungsten Monthly Outlook provides full
spect to precious metals prices on the Comex. The CFTC found
12-month price projections for all aspects of the
that one of HSBC’s traders in its New York City office engaged global tungsten market, as well as analytical insight
in spoofing. It ordered it to cease and desist from violating the into the key factors affecting the market: supply,
demand, trade and trends.
CFTC’s prohibition against spoofing and ordered the bank to
implement and strengthen its controls and training to detect Incorporating historical prices and analysis from
and deter spoofing. In accepting HSBC’s offer of settlement, the MetalPages.com and MetalPrices.com, it also
provides cumulative average indexes, global trade
CFTC recognizes the bank’s cooperation in the investigation. flows and analysis of crucial developments in
"The bank has provided substantial and proactive coopera- tungsten applications.
tion with the government's investigation and has enhanced
controls and surveillance to help ensure that the underlying
Sign up for a free trial today at:
conduct does not occur in the future," Deutsche Bank said in a
argusmedia.com/tungsten-outlook
statement. The two other banks did not immediately provide
statements.
The CFTC announced the filing against six individuals of
federal court enforcement actions in US district courts in Texas,
Illinois and Connecticut, alleging they engaged in spoofing and
“manipulative and deceptive” schemes on the Chicago Mercan-
tile Exchange (CME) and/or on precious metals futures markets.

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27 - 28 February | Battery Conference
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Copyright © 2018 Argus Media group Page 12 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Announcements

Changes to US foundry scrap timing Currently the US east coast bulk ferrous scrap prices are
Argus is proposing to change the timing of its US foundry scrap assessed weekly as a low-high range using a netback calcula-
assessments. tion.
Under this proposal, Argus would assess its specialty Argus is proposing this change to provide more up-to-date
consumer ferrous scrap prices on or before the 15th day of a values for its US east coast bulk ferrous scrap prices.
calendar month. Argus will accept comments on this change up to 23 Febru-
Argus currently assesses those prices on or before the 10th ary. To discuss comments on this proposal, please contact
day of a calendar month. Sean Davidson at sean.davidson@argusmedia.com or +1 713
This change would apply to Argus’ delivered foundry, 360 7519. Formal comments should be marked as such and may
specialty consumer ferrous scrap assessments: in Chicago be submitted via e-mail to metalprices@argusmedia.com or
for black/foundry busheling (PA0018933), clean auto cast by post to Sean Davidson, Argus Media, 2929 Allen Parkway,
(PA0018936), clean fresh cast iron borings (PA0018938), Suite 700, Houston, Texas 77019 and received by 23 February.
ductile-quality shredded clips (PA0018939), low-alloy punch- Please note, formal comments will be published after the con-
ings (PA0018952), P&S 2ft (PA0018980) and #1 machine cast sultation period unless confidentiality is specifically requested.
(PA0018926); in Philadelphia for black/foundry busheling
(PA0018934) and P&S 2ft (PA0018981); and for Cleveland/ Termination of US ferrous composite prices
Youngstown clean auto cast (PA0018937). Argus is proposing to terminate four US ferrous composite
Argus is proposing this change to better represent the period prices.
during which a larger majority of the market concludes it trade. Under this proposal, Argus would terminate its US compos-
Argus will be accepting comments on this change up to ite prices for #1 HMS (PA0019621), shredded (PA0019622), #1
23 February. To discuss comments on this proposal, please busheling (PA0019623) and P&S 5ft (PA0019624).
contact Sean Davidson at sean.davidson@argusmedia.com or +1 Argus is proposing to terminate these composite prices be-
713 360 7519. Formal comments should be marked as such and cause they serve the same purpose of offering a cross section
may be submitted via e-mail to metalprices@argusmedia.com of critical ferrous markets as Argus’ national index prices.
or by post to Sean Davidson, Argus Media, 2929 Allen Parkway, Also under this proposal, Argus would rename its US
Suite 700, Houston, Texas, 77019 and received by 23 February. national index prices for #1 HMS, shredded, #1 busheling to
Please note, formal comments will be published after the con- reference “composite del US”.
sultation period unless confidentiality is specifically requested. Argus will be accepting comments on this change up to
23 February. To discuss comments on this proposal, please
Change to USEC bulk ferrous scrap prices contact Sean Davidson at sean.davidson@argusmedia.com or +1
Argus is proposing to change the pricing methodology for its 713 360 7519. Formal comments should be marked as such and
US east coast bulk export ferrous scrap prices. may be submitted via e-mail to ore@argusmedia.com or via
Under this proposal, Argus would assess its US east coast post to Sean Davidson, Argus Media, 2929 Allen Parkway, Suite
bulk export ferrous scrap fob New York prices daily as single 700, Houston, Texas, 77019 and received by 23 February.
price points.
Argus would calculate the New York HMS 1/2 (80:20) bulk Change to weekly US pig iron, HBI timings
export assessment (PA0018945) daily as a netback from the Argus is proposing to change the day on which weekly prices
daily HMS 1/2 (80:20) cfr Turkey price assessment and the for US pig iron and HBI are assessed.
midpoint of the weekly New York-Turkey bulk freight assess- Under this proposal, Argus would assess and publish weekly
ment (PA0019102). Argus would also calculate the US east prices for US pig iron and HBI on Thursday. These changes
coast bulk export prices for shredded (PA0019058) and P&S would apply to cfr New Orleans prices for basic pig iron from
5ft (PA0019017) daily at differentials to the New York HMS 1/2 all regions (PA0019445), from Ukraine/Russia (PA0019090)
(80:20) bulk export price using the prevailing Turkish market and from Brazil (PA0019087), for hot briquetted iron (HBI)
price differentials for these scrap grades to the daily HMS 1/2 (PA0019075) and for nodular pig iron (PA0019091).
(80:20) cfr Turkey index. Argus would also apply this change to pig iron prices deliv-

Copyright © 2018 Argus Media group Page 13 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

ANNOUNCEMENTS

ered to Chicago for basic (PA0019088) and nodular (PA0019092) historic price assessments, Argus will exclude VAT from market
product and delivered to Pittsburgh for basic (PA0019089) and information until further notice before considering it for inclu-
nodular (PA0019093) product. sion in these assessments.
These prices are currently assessed and published on Argus will accept comments on this proposal up to 12
Fridays. February 2018. To discuss the proposal, please contact Ronan
Argus is proposing these changes to align the day on which Murphy (scrap markets editor) at ronan.murphy@argusme-
its pig iron assessments are made globally. dia.com or ++44 20 7199 6535. Formal comments should be
Argus will be accepting comments on this change up to marked as such and may be submitted by email or by post to
23 February. To discuss comments on this proposal, please Ronan Murphy, Argus Media Ltd, Lacon House, 84 Theobald’s
contact Sean Davidson at sean.davidson@argusmedia.com or +1 Road, London, WC1X 8NL, UK and received by 12 February
713 360 7519. Formal comments should be marked as such and 2018. Please note, formal comments will be published after
may be submitted via e-mail to metalprices@argusmedia.com the consultation period unless confidentiality is specifically
or via post to Sean Davidson, Argus Media, 2929 Allen Parkway, requested.
Suite 700, Houston, Texas, 77019 and received by 23 February.
Please note, formal comments will be published after the con-
sultation period unless confidentiality is specifically requested.
Early
B
Change to Metal Prices holiday assessments ends ird
5 Jan on
Argus Antimony
th
Argus is proposing to change when it assesses prices that are uar
affected by public holidays and weekends. 2018 y
Under this proposal, Argus would assess prices in its Metal
Prices report on the first working day after a holiday in the
Conference 2018
Securing Critical Supply for Antimony in a Tight Market
region from which the prices are assessed.
Currently Argus assesses prices in Argus Metal Prices on the 28 Feb – 1 March 2018 | Singapore
last working day prior to a holiday in the region from which
Conference Highlights:
the prices are assessed.
▸ Emerging opportunities from new antimony
Argus is proposing these changes to allow additional time for
applications
activity to develop in spot markets during holiday affected periods.
▸ Rising antimony price spark interest from investors
Argus will be accepting comments on this change up to
23 February. To discuss comments on this proposal, please ▸ Lead-acid battery recycling – The game changer?
contact Sean Davidson at sean.davidson@argusmedia.com or +1 ▸ Flame retardant manufacturers seeking alternatives
to antimony
713 360 7519. Formal comments should be marked as such and
may be submitted via e-mail to metalprices@argusmedia.com
or by post to Sean Davidson, Argus Media, 2929 Allen Parkway,
Suite 700, Houston, Texas, 77019 and received by 23 February.
Please note, formal comments will be published after the con-
sultation period unless confidentiality is specifically requested.

Possible VAT inclusion in A3 ferrous scrap assessments


Argus seeks feedback from market participants on the possible
inclusion of value-added tax (VAT) in its weekly A3 fca for cen-
tral European Russian mills (roubles/t and $/t) and A3 fca for
Urals mills (roubles/t and $/t) ferrous scrap price assessments.
The proposal follows a change in Russian law that subjects all For enquiries, please contact:
scrap operations to VAT, with effect from 1 January 2018. asiaconferences@argusmedia.com
For the avoidance of doubt and to maintain continuity with

Copyright © 2018 Argus Media group Page 14 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Markets

Ferrous scrap prices, global Ferrous scrap differentials to HMS 1/2 (80:20) cfr Turkey $/t
Timing Price ± Timing Differential ±

Daily $/t 75/25 30 Jan -3.00 nc


HMS 1/2 80:20 cfr Turkey 30 Jan 348.80 -3.70
85/15 30 Jan +1.50 nc
HMS 1/2 75:25 fob Rotterdam 30 Jan 321.90 -3.70
90/10 30 Jan +3.00 nc
HMS 1/2 80:20 fob Rotterdam diff to 75:25 30 Jan +3.00 nc
Shredded 30 Jan +5.00 nc
Shredded fob Rotterdam 30 Jan 329.90 -3.70
P&S 30 Jan +10.00 nc
A3 cfr Marmara 30 Jan 339.20 -5.80
Bonus 30 Jan +10.00 nc
A3 fob Russia/Ukraine Black Sea 30 Jan 299.00 -7.50
Bundles 30 Jan +20.00 nc
Weekly

HMS 1/2 (80:20) containerised cfr Taiwan $/t 26 Jan 342.50 -7.50 Bushelling 30 Jan +15.00 nc

Shredded del mill north Europe €/t 26 Jan 281.40 nc HMS1 30 Jan +5.00 nc

Shredded del mill nouth Europe €/t 26 Jan 281.50 -12.20 New cutting 30 Jan +15.00 nc
A3 fca for central European Russian mills $/t 25 Jan 244.73 +3.00

A3 fca for central European Russian mills RUB/t 25 Jan 13800.00 +120.00 Ferrous scrap freight $/t
A3 fca for Urals mills $/t 25 Jan 236.75 +0.85 Timing Low High ±

A3 fca for Urals mills Rbs/t 25 Jan 13,350.00 nc Bulk export Los Angeles-South
26 Jan 22.00 23.00 nc
Korea (weekly)
Bulk export New York-Turkey
Ferrous scrap dealer selling prices fob (monthly) $/gt 26 Jan 23.00 24.00 nc
(weekly)
Houston St Louis
Containerised export Los Angeles-
9 Jan ± 9 Jan ± 29 Dec 8.00 10.00 nc
Taiwan (monthly)
#1 HMS 295.00 25.00 290.00 +45.00 Containerised export New York-
29 Dec 17.00 22.00 nc
#1 bushelling 375.00 40.00 360.00 +25.00 Mumbai (monthly)
#1 bundles 355.00 +25.00 Containerised export San Francis-
29 Dec 11.00 13.00 nc
Shredded 315.00 30.00 315.00 +30.00 co-Taiwan (monthly)
P&S, 5ft 310.00 30.00 305.00 +30.00 Containerised export Seattle-
29 Dec 23.00 28.00 nc
Machine shop turnings 250.00 30.00 225.00 +30.00 Taiwan (monthly)

Ferrous containerised scrap prices fas port (weekly) $/t


New York, 26 Jan Los Angeles, 26 Jan San Francisco, 26 Jan Seattle, 26 Jan
Low High ± Low High ± Low High ± Low High ±

HMS 1/2 (80:20) 325.00 335.00 +2.50 310.00 330.00 -15.00 305.00 325.00 -15.00 300.00 320.00 -5.00
Shredded 340.00 350.00 -2.50 325.00 345.00 -15.00 320.00 340.00 -15.00 315.00 335.00 -5.00
P&S, 5ft 345.00 355.00 +2.50 320.00 340.00 -15.00 315.00 335.00 -15.00 310.00 330.00 -5.00

Ferrous scrap export yard buying prices del (weekly) $/gt


Timing #1 HMS P&S, 5ft Shredder feed
Low High ± Low High ± Low High ±

Boston 26 Jan 285.00 295.00 -10.00 295.00 305.00 -10.00 210.00 220.00 -10.00
New York 26 Jan 295.00 305.00 -2.50 305.00 315.00 -2.50 210.00 220.00 -10.00
Philadelphia 26 Jan 295.00 305.00 -2.50 305.00 315.00 -2.50 220.00 230.00 nc
Houston 26 Jan 280.00 290.00 nc 290.00 300.00 nc 220.00 230.00 nc
Los Angeles 26 Jan 280.00 290.00 nc 290.00 300.00 nc 175.00 185.00 nc
San Francisco 26 Jan 280.00 290.00 -20.00 290.00 300.00 -20.00 170.00 180.00 -20.00
Seattle/Portland 26 Jan 270.00 280.00 nc 290.00 300.00 nc 205.00 215.00 nc

Copyright © 2018 Argus Media group Page 15 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Markets

Ferrous scrap prices by region (weekly) $/gt


Eastern, 26 Jan Midwest, 26 Jan Southeast, 26 Jan
Low High ± Low High ± Low High ±

#1 HMS 325.00 340.00 nc 305.00 320.00 nc 315.00 315.00 nc


#2 HMS 315.00 330.00 nc 300.00 315.00 nc 305.00 305.00 nc
Shredded 348.00 355.00 nc 325.00 330.00 nc 340.00 345.00 nc
P&S, 5ft 340.00 355.00 nc 330.00 335.00 nc 332.00 335.00 nc
#1 bushelling 370.00 395.00 nc 365.00 380.00 nc 380.00 385.00 nc

Ferrous scrap prices del consumer (monthly) $/gt


Cincinnati/ Cleveland/ Houston/
Birmingham Carolinas Chicago Dallas Detroit Philadelphia Pittsburgh Average
Indianapolis Youngstown San Antonio
9 Jan 5 Jan 5 Jan 5 Jan 8 Jan 9 Jan 4 Jan 9 Jan 5 Jan 8 Jan 30 Jan

#1 HMS 315.00 315.00 305.00 305.00 325.00 320.00 320.00 325.00 330.00 340.00 320.00
± +30.00 +23.00 +30.00 +30.00 +30.00 +40.00 +30.00 +30.00 +30.00 +30.00 nc
#2 HMS 310.00 320.00 330.00 320.00
± +30.00 +30.00 +30.00 nc
#1 bushelling 385.00 380.00 365.00 380.00 395.00 395.00 370.00 395.00 370.00 395.00 383.00
± +10.00 +20.00 +20.00 +25.00 +20.00 +30.00 +20.00 +40.00 +20.00 +20.00 nc
Factory bundles 395.00 410.00 390.00 390.00 415.00 400.00
± +10.00 +15.00 +20.00 +20.00 +20.00 nc
#1 bundles 370.00 380.00 395.00 375.00 370.00
± +20.00 +30.00 +20.00 +20.00 +20.00
Shredded 340.00 345.00 325.00 330.00 355.00 335.00 330.00 335.00 348.00 355.00 339.80
± +30.00 +28.00 +30.00 +30.00 +30.00 +30.00 +30.00 +30.00 +33.00 +25.00 nc
P&S, 5ft 335.00 332.00 335.00 335.00 340.00 325.00 330.00 340.00 340.00 355.00 336.70
± +30.00 +30.00 +30.00 +35.00 +25.00 +30.00 +30.00 +30.00 +30.00 +30.00 nc
Machine shop turnings 280.00 275.00 260.00 225.00 280.00 270.00 265.00 270.00 270.00 285.00 268.00
± +20.00 +30.00 +30.00 +30.00 +30.00 +30.00 +30.00 +30.00 +25.00 +30.00 nc
Tin can bundles 325.00 305.00 335.00 321.67
± +30.00 +20.00 +30.00 nc

Ferrous scrap prices (weekly) Ferrous scrap del foundry, specialty consumer (monthly) $/gt
Timing Low High ± Timing Price ±

US east coast bulk (fob New York) $/t Chicago


HMS 1/2 (80:20) bulk export 26 Jan 330.00 337.00 -5.50 Black/foundry bushelling 5 Jan 465.00 +20.00
P&S 5ft bulk export 26 Jan 340.00 347.00 -5.50 Clean auto cast 5 Jan 405.00 +20.00
Shredded bulk export 26 Jan 335.00 342.00 -5.50 Clean fresh cast iron borings 5 Jan 265.00 +30.00
US west coast bulk (fob Los Angeles) $/t Ductile-quality shredded clips 5 Jan 425.00 +20.00
HMS 1/2 (80:20) bulk export 26 Jan 347.00 352.00 -0.50 Low-alloy punchings 5 Jan 495.00 +20.00
P&S 5ft bulk export 26 Jan 357.00 362.00 -0.50 #1 machine cast 5 Jan 435.00 +20.00
P&S 5ft bulk export 26 Jan 352.00 357.00 -0.50 P&S, 2ft 5 Jan 395.00 +30.00
Composites del US consumer $/gt Cleveland
#1 bushelling composite 26 Jan 379.00 nc Clean auto cast 8 Jan 355.00 +30.00
#1 HMS composite 26 Jan 320.00 nc Philadelphia
P&S 5ft composite 26 Jan 338.00 nc Black/foundry bushelling 5 Jan 440.00 +20.00
Shredded composite 26 Jan 339.60 nc P&S, 2ft 5 Jan 400.00 +30.00

Copyright © 2018 Argus Media group Page 16 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Markets

Finished steel prices Steel feedstock prices $/t


Timing Low High ± Timing Price ±

Daily $/t Iron ore fines 62% Fe (ICX) cfr Qingdao (daily) $/t 30 Jan 73.40 -0.50
HRC cfr Asean 30 Jan 584.80 +0.50
Basic pig iron (weekly)
HRC fob China 30 Jan 581.10 +0.30
ex-works Tangshan (Hebei) domestic inc VAT
Rebar fob China 30 Jan 533.20 +0.80 26 Jan 2495.00 -57.00
Yn/t
Rebar cfr Asean 30 Jan 552.50 nc Russia fob Black Sea $/t 25 Jan 375.00 nc
Rebar fob Turkey 30 Jan 555.00 -2.50
Ukraine fob Black Sea $/t 25 Jan 375.00 nc
Wire rod export, fob China 30 Jan 572.50 +0.10
New Orleans, cfr (weekly)
Weekly
HBI $/t 26 Jan 287.50 nc
Plate fob Black Sea $/t 30 Jan 590.00 nc
Basic pig iron (all regions) $/t 26 Jan 402.50 -2.50
Rebar ex-works Turkey (inc. VAT) $/t 25 Jan 676.92 +1.54
Rebar ex-works Turkey (inc. VAT) TRY/t 25 Jan 2535.00 -31.30 Basic pig iron (Ukrainian/Russian) $/t 26 Jan 402.50 -2.50
Rebar cpt Moscow $/t 25 Jan 625.04 -7.55 Basic pig iron (Brazilian) $/t 26 Jan 402.50 -2.50
Rebar cpt Moscow RUB/t 25 Jan 35245.00 -555.00 Nodular pig iron $/t 26 Jan 490.00 nc
Rebar fob Black Sea $/t 25 Jan 540.00 nc Chicago pig iron, del (weekly)
Wire rod fob Black Sea $/t 25 Jan 562.50 -12.50
Basic $/t 26 Jan 416.50 -2.50

Steel billet Nodular $/t 26 Jan 504.00 nc

Timing Price ± Pittsburgh pig iron, del (weekly)


Basic $/t 26 Jan 422.50 -2.50
fob Black Sea (weekly) $/t 30 Jan 490.00 nc
Tangshan ex works inc VAT Yn/t (daily) 30 Jan 3,580.00 -10.00 Nodular $/t 26 Jan 510.00 nc

Copper and brass prices (weekly) Copper and brass prices (weekly)
Timing Low High ± Timing Low High ±

Copper cathode premiums Bare bright del US next active month


24 Jan -0.1700 -0.1400 -0.0150
Grade A del US midwest premium $/lb 24 Jan 0.0500 0.0575 0.0000 spread $/lb
Grade A del US midwest transaction Bare bright del US transaction $/lb 30 Jan 3.0270 3.0570 -0.0010
30 Jan 3.2270 3.2345 -0.0010
$/lb Motors cif China $/lb 25 Jan 0.2600 0.2700 nc
Grade A premium del southern Europe Radiators del US $/lb 24 Jan 1.9800 2.0100 +0.0350
30 Jan 40.00 55.00 nc
$/t Red brass solids del US $/lb 24 Jan 2.3200 2.3500 -0.0050
Grade A premium in-warehouse Rot- 360 rod borings del US $/lb 24 Jan 2.1800 2.2000 +0.0200
30 Jan 30.00 45.00 nc
terdam $/t Yellow brass cif Asia ports $/lb 25 Jan 2.1800 2.1900 +0.0350
Copper, brass scrap export prices Brass alloy scrap
#1 wire and tube cif Asia cash spread C200-series del US cash spread $/lb 24 Jan -0.1600 -0.1400 -0.0025
25 Jan -0.2125 -0.2025 +0.0005
$/lb C200-series del US next active spread
24 Jan -0.1800 -0.1600 nc
#1 wire and tube cif Asia next active $/lb
25 Jan -0.2300 -0.2200 +0.0050
month spread $/lb C200-series del US zinc cash spread
24 Jan -0.1200 -0.1000 -0.0600
#1 wire and tube del Europe cash $/lb
30 Jan 90.00 91.00 0.00
spread $/t C260 (70:30) del US transaction $/lb 30 Jan 2.5637 2.5837 -0.0041
#1 wire and tube del US cash spread C260 (70:30) cash spread del Europe $/t 30 Jan 88.00 90.00 0.00
24 Jan -0.2000 -0.1800 -0.0025
$/lb C260 (70:30) del Europe transaction
30 Jan 2.3985 2.4533 -0.0067
#1 wire and tube del US next active $/lb
24 Jan -0.2200 -0.2000 nc
month spread $/lb C210 transaction price del US $/lb 30 Jan 2.9414 2.9614 -0.0016
#1 wire and tube del US transaction C220 transaction price del US $/lb 30 Jan 2.8659 2.8859 -0.0020
30 Jan 2.9770 2.9970 -0.0010
$/lb C230 transaction price del US $/lb 30 Jan 2.7903 2.8103 -0.0026
#2 cif Asia ports cash spread $/lb 25 Jan -0.3275 -0.3175 +0.0105 C240 transaction price del US $/lb 30 Jan 2.7148 2.7348 -0.0030
#2 cif Asia ports next active month C270 transaction price del US $/lb 30 Jan 2.49 2.51 -0.00
25 Jan -0.3450 -0.3350 +0.0150
spread $/lb Brass/bronze alloys del US
#2 cif Asia ports transaction $/t 30 Jan 2.8495 2.8595 -0.0010 C83600 25 Jan 2.7800 2.8000 nc
#2 del Europe cash spread $/t 30 Jan 84.00 86.00 0.00 C84400 25 Jan 2.5900 2.6100 nc
Bare bright cif Asia cash spread $/lb 25 Jan -0.1125 -0.1025 +0.0005 C87300 25 Jan 3.5000 3.5200 nc
Bare bright cif Asia next active month C87500 25 Jan 3.2700 3.2900 nc
25 Jan -0.1300 -0.1200 +0.0050
spread $/lb C95800 25 Jan 3.2900 3.3100 nc
Bare bright del Europe cash spread $/t 30 Jan 95.00 96.00 0.00 C89833 25 Jan 3.4600 3.5100 nc
Bare bright del US cash spread $/lb 24 Jan -0.1500 -0.1200 -0.0175 C89836 25 Jan 3.5300 3.5800 nc

Copyright © 2018 Argus Media group Page 17 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Markets

Aluminium prices (weekly) Aluminium prices (weekly)


Timing Low High ± Timing Low High ±

Aluminium premiums Aluminium secondary smelter scrap del US


P1020 duty paid cif Japan forward 1-1-3 sows 25 Jan 0.6700 0.7000 -0.0250
24 Jan 103.00 103.00 0.00
quarter $/t
Aluminium-copper radiators 25 Jan 1.4300 1.4500 +0.0450
P1020 duty paid spot cif Japan $/t 24 Jan 95.00 110.00 102.50
High grade turnings 25 Jan 0.5700 0.5800 +0.0100
P1020 duty paid 3-month in-
24 Jan 160.00 170.00 4.00 Mixed 2000/7000 solids 25 Jan 0.6100 0.6200 nc
warehouse Rotterdam $/t

P1020 duty paid spot in-warehouse Mixed 2000/7000 turnings 25 Jan 0.5200 0.5300 nc
24 Jan 160.00 170.00 4.00
Rotterdam $/t
MLC 25 Jan 0.6400 0.6500 +0.0100
P1020 duty unpaid 3-month in-
24 Jan 90.00 100.00 0.00
warehouse Rotterdam $/t Old cast 25 Jan 0.6100 0.6300 +0.0050
P1020 duty unpaid spot in-ware-
24 Jan 90.00 100.00 0.00 Old sheet 25 Jan 0.5900 0.6100 +0.0100
house Rotterdam $/t
Painted siding 25 Jan 0.6100 0.6300 nc
P1020 US midwest spot $/lb 24 Jan 0.1100 0.1200 +0.0113
Tweak 25 Jan 0.5800 0.5900 nc
P1020 US midwest transaction $/lb 30 Jan 1.1206 1.1311 -0.0103
Twitch 25 Jan 0.7100 0.7150 +0.0150

6061 billet US spot $/lb 24 Jan 0.1050 0.1150 +0.0025 Aluminium secondary alloy prices

ADC 12 fob China $/t 30 Jan 2,005 2,025 nc


6063 billet del US spot $/lb 24 Jan 0.0950 0.1050 +0.0025
ADC 12 cif Japan $/t 30 Jan 2,015 2,035 nc

6063 billet del US transaction $/lb 30 Jan 1.2156 1.2361 -0.0103 319.1 del US $/lb 25 Jan 1.0400 1.0600 +0.0150

6063 extrusion duty paid spot in- A356.1 del US $/lb 25 Jan 1.0700 1.1000 +0.0300
24 Jan 340.00 370.00 nc
warehouse Rotterdam $/t
A360.1 del US $/lb 25 Jan 1.0600 1.0700 +0.0100
Aluminium mill, extruder scrap prices del US
A380.1 del US $/lb 25 Jan 0.9800 1.0000 +0.0150
10/10 extrusions 30 Jan 0.8400 0.8700 0.0400
A413.1 del US $/lb 25 Jan 1.0600 1.0800 +0.0150
1100 & 3003 30 Jan 0.9300 0.9600 0.0000 LM6 del UK £/t 29 Jan 1800.00 1860.00 nc

5052 clips 30 Jan 0.9450 0.9650 0.0150 LM24 del UK £/t 29 Jan 1620.00 1660.00 nc

LM25 del UK £/t 29 Jan 1800.00 1850.00 nc


6061 new, bare 30 Jan 0.9200 0.9300 0.0100
DIN 226 del Europe €/t 29 Jan 1810.00 1860.00 +20.00

6061 truck wheels 30 Jan 0.7600 0.7900 0.0000 DIN 230 del Europe €/t 29 Jan 2060.00 2125.00 +72.50

DIN 231 del Europe €/t 29 Jan 1860.00 1900.00 +45.00


6063 new, bare 30 Jan 0.9700 0.9800 0.0100
DIN 239 del Europe €/t 29 Jan 2025.00 2080.00 +22.50
A356 wheels 30 Jan 0.7600 0.7800 0.0000
B390 del US $/lb 25 Jan 1.1300 1.1500 +0.0150

Cans (UBC) 24 Jan 0.7600 0.7700 -0.0050 Aluminium scrap international prices

Taint/Tabor cif Asia port $/lb 26 Jan 0.6550 0.6650 -0.0025


EC wire 30 Jan 0.9700 1.0000 0.0200
Taint/Tabor cif China $/lb 26 Jan 0.6600 0.6650 nc

Litho sheet 30 Jan 0.8900 0.9200 0.0000 Tense cif China $/lb 26 Jan 0.6700 0.6800 +0.0050

Zorba cif China $/lb 26 Jan 0.7100 0.7400 nc


MLC 30 Jan 0.7400 0.7600 0.0000
Taint/Tabor del European smelter
26 Jan 1180.00 1320.00 +10.00
€/t
Painted siding 30 Jan 0.7000 0.7200 -0.0050
Tense del European smelter €/t 26 Jan 1250.00 1320.00 nc

Copyright © 2018 Argus Media group Page 18 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Markets

Stainless steel scrap prices Nickel premiums (weekly)


Timing Low High ± Timing Low High ±

1x1 inch premium (small lots) del


del US processor 25 Jan 0.69 0.70 +0.07
US $/lb
1x1 inch premium (truckloads) del
304 (18-8) solids (daily) $/lb 30 Jan 0.6400 0.6500 nc 25 Jan 0.59 0.60 +0.07
US $/lb
4x4 inch premium (small lots) del
25 Jan 0.49 0.50 +0.10
304 (18-8) turnings (daily) $/lb 30 Jan 0.5900 0.6000 nc US $/lb
4x4 inch premium (truckloads) del
25 Jan 0.39 0.40 +0.07
316 solids (daily) $/lb 30 Jan 0.8600 0.8700 nc US $/lb
4x4 inch premium (truckloads) del
30 Jan 2.0159 2.0259 -0.0113
US transaction $/lb
316 turnings (daily) $/lb 30 Jan 0.7700 0.7800 nc
Nickel cathode 4x4inch premium
25 Jan 420.00 460.00 nc
in-warehouse Rotterdam $/t
409/410 solids (weekly) $/gt 25 Jan 425.00 448.00 nc Nickel cathode full plate premium
25 Jan 300.00 350.00 nc
in-warehouse Rotterdam $/t
430 scrap solids (weekly) $/gt 25 Jan 515.00 526.00 nc Nickel briquette premium in-
25 Jan 340.00 365.00 nc
warehouse Rotterdam $/t
del import port $/lb (weekly)
Cupro-nickel scrap del US processor (daily) $/lb
304 (18-8) scrap solids cif Rot- Timing Low High ±
25 Jan 0.63 0.64 +0.03
terdam
C70600 (90:10) 30 Jan 2.7192 2.9073 -0.0088
304 (18-8) scrap solids cif Taiwan 25 Jan 0.63 0.64 +0.01 C71500 (70:30) 30 Jan 3.2299 3.4534 -0.0514
Monel 400 (R) 30 Jan 3.9071 4.1676 -0.1077
304 (18-8) scrap solids cif Japan 25 Jan 0.63 0.64 +0.01
Super alloys scrap del US processor (daily) $/lb
304 (18-8) scrap solids cif South Timing Low High ±
25 Jan 0.63 0.64 +0.01
Korea
Hastelloy C air melted 30 Jan 4.2806 4.7601 -0.0752
del US consumer $/lb (monthly) Hastelloy X air melted 30 Jan 3.5291 3.7439 -0.0571
Inconel 600 vacuum melted 30 Jan 4.3031 4.6299 -0.1311
Chrome contained in 304/316 solids 16 Jan 0.8500 0.8800 -0.15
Inconel 601 vacuum melted 30 Jan 3.3979 3.6915 -0.0910
Inconel 617 vacuum melted 30 Jan 5.9156 6.5275 +0.0308
Iron contained in 304/316 solids 16 Jan 0.1550 0.1650 +0.0075
Inconel 625 vacuum melted 30 Jan 4.0808 4.5030 -0.0786
Molybdenum contained in 316 Inconel 718 vacuum melted 30 Jan 4.2939 4.7264 -0.0818
16 Jan 7.50 8.00 +0.9500
solids Waspaloy vacuum melted 30 Jan 5.7003 6.2602 +0.0336
Nickel contained in 304/316 solids
16 Jan 80.00 83.00 nc Titanium scrap del US dealer/processor (weekly) $/lb
spread
Timing Low High ±

6Al 4V bulk weldable 25 Jan 2.35 2.55 0.00


Stainless steel coil ex-works US (monthly) $/lb 6Al 4V clips 25 Jan 1.50 1.70 0.00
Timing Low High ± 6Al 4V turnings aero quality 25 Jan 1.20 1.30 0.00
CP1 solids 25 Jan 1.70 1.85 0.00
301 surcharge Jan 18 0.5686 0.5686 +0.0592
CP2 solids 25 Jan 1.55 1.70 0.00
304 surcharge Jan 18 0.6133 0.6133 +0.0622
CP3/4 solids 25 Jan 1.45 1.55 0.00
316 surcharge Jan 18 0.8694 0.8694 +0.1233
Min 85% Ti non-tin-bearing mixed
301 price Jan 18 1.2826 1.4526 +0.0592 25 Jan 0.53 0.60 +0.03
turnings
304 price Jan 18 1.3525 1.5285 +0.0622
Min 85% Ti tin-bearing mixed
316 price Jan 18 1.8522 2.0862 +0.1233 25 Jan 0.53 0.60 +0.03
turnings
Turnings 90/6/4 max 0.5% Tin ddp
30 Jan 1.05 1.10 0.00
UK
Tool steel scrap del US processor (weekly) $/lb
Zinc prices (weekly)
Timing Low High ±
Timing Low High ±
H13 25 Jan 0.2741 0.3610 +0.0044
High grade del US premium $/lb 29 Jan 0.0800 0.0900 0.0000
M1 25 Jan 0.7232 1.0055 +0.0154
Special high grade del US transac-
M2 25 Jan 0.9767 1.2697 +0.0075 30 Jan 1.7059 1.7159 -0.0113
tion $/lb
M42 25 Jan 2.1289 2.4755 +0.0166 Special high grade in-warehouse
T1 25 Jan 1.8529 1.9852 -0.0117 29 Jan 135.00 145.00 0.00
Rotterdam premium $/t
T15 25 Jan 2.6685 2.9524 +0.0006 Old zinc diecast scrap del US $/lb 29 Jan 1.0100 1.0300 -0.0200

Copyright © 2018 Argus Media group Page 19 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Markets

Ferro-alloys and feedstock prices (weekly) Minor metals prices (weekly)


Timing Low High ± Timing Low High ±

Antimony min 99.65% cif US $/lb 30 Jan 3.85 4.00 nc

Charge chrome $/lb 25 Jan 1.09 1.14 nc Bismuth ingot min 99.99% $/lb 30 Jan 4.90 5.10 nc

Cadmium min 99.95% $/lb 30 Jan 1.05 1.10 nc


Ferro-boron 17% B fob warehouse
25 Jan 1.32 1.37 nc
US $/lb Cobalt min 99.8% $/lb 30 Jan 37.90 38.50 +1.33

Ferro-chrome HC min 60-65% Cr Indium ingot min 99.99% $/kg 30 Jan 300.00 315.00 +7.50
6-8% C fob US warehouse (per lb 25 Jan 1.4200 1.4800 nc
Cr) $/lb
Magnesium min 99.9% $/t 30 Jan 3088 3197 -56

Ferro-chrome LC 60% Cr 0.15% C Manganese electrolytic metal min


25 Jan 2.14 2.18 +0.00 25 Jan 1.10 1.14 0.09
fob US warehouse $/lb 99.7% $/lb

Ferro-chrome LC min 60-65% Cr Selenium min 99.5% $/lb 30 Jan 17.50 19.25 1.00
0.05% C max 1.5% Si fob US ware- 25 Jan 2.3000 2.3600 nc
house (per lb Cr) $/lb Silicon 5-5-3 min 98.5% Si (30 days)
25 Jan 1.42 1.45 0.00
$/lb
Ferro-chrome LC min 60-65% Cr Silicon 5-5-3 min 98.5% Si (90 days)
0.10% C max 1.5% Si fob US ware- 25 Jan 2.2000 2.2500 +0.0050 25 Jan 1.43 1.45 0.00
$/lb
house (per lb Cr) $/lb
Tellurium min 99.95% $/kg 30 Jan 43.00 62.00 0.00
Ferro-manganese HC min 80% Mn
6-8% C fob North America ware- 25 Jan 1485.00 1535.00 +40.00
house $/gt Minor metals prices (monthly)
Timing Low High ±
Ferro-manganese MC 80% Mn 1-2% C
25 Jan 1.08 1.11 nc
fob North America warehouse $/lb
Chrome aluminothermic $/lb 29 Dec 3.90 4.05 +0.05

Molybdenum scrap 99.7% airmelt


29 Dec 10.30 11.80 +0.05
Molybdenum oxide min 57% $/lb 25 Jan 12.00 12.20 +0.35 del US consumer $/lb
Molybdenum scrap 99.9% pure
29 Dec 11.60 12.10 +0.60
vacuum del US processor $/lb
Ferro-molybdenum min 65% Mo
max 1.5% Si fob North America 25 Jan 12.75 13.10 +0.10 Nickel-Cobalt refinery scrap cobalt
29 Dec 9.00 9.35 +0.85
warehouse (per lb Mo) $/lb contained del US processor $/lb
Nickel-Cobalt refinery scrap nickel
29 Dec 2.10 2.25 0.00
contained del US processor $/lb
Ferro-silicon min 75% Si max 0.1% C
25 Jan 1.06 1.10 +0.05 Niobium (columbium) scrap vacuum
fob US warehouse (per lb Si) $/lb 29 Dec 32.00 35.00 0.00
del US consumer $/lb
Niobium (columbium) scrap vacuum
Ferro-titanium 70% Ti fob North 29 Dec 25.00 26.50 0.00
25 Jan 2.35 2.50 nc del US processor $/lb
America warehouse $/lb
Tantalum scrap 99.9% vacuum
29 Dec 170.00 185.00 -6.00
melted del US consumer $/lb
Ferro-tungsten 75% W fob North Tantalum scrap 99.9% vacuum
25 Jan 18.25 18.80 -0.15 29 Dec 150.00 160.00 0.00
America warehouse $/lb melted del US processor $/lb
Titanium 6Al 4V ingot fob US
29 Dec 8.00 8.25 0.00
Ferro-vanadium 78-82% V max 1.5% producer $/lb
Si fob North America warehouse 25 Jan 26.50 26.95 +0.40 Titanium 6Al 4V ingot in-warehouse
2 Jan 16.50 17.25 0.00
(per lb V) $/lb Rotterdam ($/kg)
Tungsten 99.9% scrap del US pro-
29 Dec 14.00 15.25 +1.62
Silico-manganese min 65% Mn 16% Si cessor $/lb
25 Jan 0.62 0.64 nc
fob North America warehouse $/lb Tungsten 99.9% scrap solids con-
29 Dec 18.50 19.50 +1.00
sumer price fob US processor $/lb
Tungsten carbide scrap inserts fob
29 Dec 8.50 8.75 +0.25
US processor $/lb
Tungsten carbide scrap rounds fob
29 Dec 8.65 9.15 +0.53
US processor $/lb

Copyright © 2018 Argus Media group Page 20 of 22


Argus Metal Prices Issue 18-20 Tuesday 30 January 2018

Markets

LME official cash close base metals $/t LME official base metal stocks t
30 Jan 29 Jan ± 30 Jan 29 Jan ±

Aluminium 1,084,875 1,085,475 -600


Aluminium
Aluminium alloy 13,840 13,920 -80
Cash buyer 2,228.00 2,251.00 -23.0 NASAAC 186,040 185,680 +360
Cash seller 2,229.00 2,251.50 -22.5 Copper 306,950 308,650 -1,700
Lead 135,750 136,700 -950
3-month buyer 2,225.00 2,257.00 -32.0
Nickel 359,292 360,714 -1,422
3-month seller 2,226.00 2,258.00 -32.0 Tin 1,750 1,750 nc
Aluminium alloy Zinc 174,400 176,275 -1,875

Cash buyer 1,950.00 1,850.00 +100.0


LME official cash close minor metals $/t
Cash seller 1,960.00 1,860.00 +100.0
30 Jan 29 Jan ±
3-month buyer 1,965.00 1,865.00 +100.0
Cobalt
3-month seller 1,975.00 1,875.00 +100.0
Cash buyer 79,750 79,750 nc
North American Special Alloy Aluminium Contract (NASAAC) Cash seller 80,250 80,250 nc
Cash buyer 1,880.00 1,895.00 -15.0 3-month buyer 80,000 79,750 +250
3-month seller 80,500 80,250 +250
Cash seller 1,880.50 1,905.00 -24.5
15-month buyer 79,905 79,655 +250
3-month buyer 1,910.00 1,935.00 -25.0 15-month seller 80,905 80,655 +250
3-month seller 1,915.00 1,940.00 -25.0 Molybdenum
Cash buyer 15,500 15,500 nc
Copper
Cash seller 16,000 16,000 nc
Cash buyer 7,048.00 7,061.00 -13.0 3-month buyer 15,500 15,500 nc
Cash seller 7,049.00 7,062.00 -13.0 3-month seller 16,000 16,000 nc
15-month buyer 15,715 15,715 nc
3-month buyer 7,092.00 7,105.00 -13.0
15-month seller 16,715 16,715 nc
3-month seller 7,093.00 7,107.00 -14.0
Lead CME Comex closing prices $/t
Cash buyer 2,620.00 2,641.00 -21.0 30 Jan 29 Jan ±
Cash seller 2,620.50 2,643.00 -22.5 Aluminium
3-month buyer 2,623.00 2,641.00 -18.0 Spot month 2,250.00 2,244.50 +5.50
Copper
3-month seller 2,625.00 2,643.00 -18.0
Spot month 7,004.08 7,006.28 -2.20
Nickel
Cash buyer 13,630.00 13,880.00 -250.0
SHFE official closing prices $/t
Cash seller 13,650.00 13,890.00 -240.0
30 Jan 29 Jan ±
3-month buyer 13,690.00 13,880.00 -190.0
Aluminium
3-month seller 13,700.00 13,890.00 -190.0 Spot month 2,278.17 2,302.60 -24.43
Tin Copper
Spot month 8,350.38 8,439.70 -89.32
Cash buyer 22,000.00 22,100.00 -100.0
Nickel
Cash seller 22,050.00 22,105.00 -55.0 Spot month 16,314.86 16,573.02 -258.15
3-month buyer 21,825.00 21,905.00 -80.0 Tin
Spot month 22,555.51 22,523.77 +31.74
3-month seller 21,910.00 21,910.00 nc
Zinc
Zinc Spot month 4,237.66 4,268.81 -31.15
Cash buyer 3,584.00 3,609.00 -25.0
Cash seller 3,584.50 3,609.50 -25.0 LME minor metal stocks t
3-month buyer 3,536.00 3,550.00 -14.0 30 Jan 29 Jan ±
3-month seller 3,536.50 3,550.50 -14.0 Cobalt 544 549 -5

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