WEBINAR: Lithium-Ion Battery Chemistries Will Continue To Evolve'

DAILY
Wednesday 26 August 2020 | Number 9679.3

www.metalbulletin.com
WEBINAR: Lithium-ion battery chemistries

‘will continue to evolve’
LONDON aluminium oxide [NCA] batteries will remain important. ESS is a
Capacity in the current lithium-ion battery chemistries will [completely new area], and there will be other chemistries as
continue to increase in the years ahead while new technological well,” he added.
developments will lead to the creation of new types of batteries, “I think there will be investment and room for all these
according to William Adams, Fastmarkets’ head of battery raw technologies, and I expect the capacities of all of these to
materials research. grow,” he said.
Lithium is a key ingredient in the manufacturing of batteries It was not clear whether hydroxide or carbonate would be the
for electric vehicles (EVs) and energy storage systems (ESSs), preferred form of lithium battery-grade compounds for the
and lithium demand for both uses is expected to soar in coming next generation of EVs.
years with the shift to a greener economy gaining pace. “Both will be used,” Adams said. “I think we will see more
“We’re at the very early stages of this electrification era, and I lithium hydroxide needed as we move to the higher nickel ratio
think the market is going to grow rapidly. It’s not just about EVs; batteries, while LFP batteries tend to use more carbonate.”
it is also about ESS… There will be room for all the battery The use of batteries for energy storage was expected to soar
technologies to find their suitable area,” Adams said during a between 2020 and 2030 in Europe, supporting the growth of
recent Fastmarkets’ webinar on how the electric vehicle flexible electricity assets while new renewable capacity ramps
markets will behave in the wake of the Covid-19 pandemic. up in the region’s key economies.
Different performance requirements for EV and ESS usage Investments in green mobility and renewable sources of
were leading to an evolution of separate markets for lithium-ion electricity were high on the agendas of the EU member states,
batteries. to comply with energy transition targets.
“A lithium-iron-phosphate [LFP] battery may make sense in With EV sales increasing, additional renewable capacity was
China because of the current subsidy situation [for the purchase being installed alongside the growth in ESSs, and demand for
of EVs] and because, for city cars, you might not need long the key raw materials used in batteries, such as lithium, was
ranges - although the new LFP batteries can achieve longer expected to grow.
ranges as well,” Adams said. Click here to listen again to Fastmarkets’ webinar, How will
“But I think that when the European [EV] market grows, electric vehicle markets behave post Covid-19?
lithium-cobalt-oxide [NMC] and lithium nickel cobalt DALILA OUERGHI
Base metals 3 Carbon steel: Longs 15 Ferrous raw materials 20

Minor & precious metals 6 Semi-finished 17 Prices 24
Carbon steel: Flats 9 Ferrous scrap 19
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Resourcing the
New Energy Economy
The promise of the new
energy economy is just that:
promise. At the same time
forecasts show future
runaway demand, most
materials fueling the new
economy are in over-supply
with historically low prices.
How do you make sense of a

market that is inevitable and
transformative on one hand,
and underperforming all the
same?
Find out now

3
FASTMARKETS’ KEY PRICES: INDICES
Base metals
Alumina index fob Australia ($/t)
Charge chrome index 50% Cr cif
Price Change† Assessed
283.06 6.95% p 25 Aug 20
Shanghai ($/lb Cr) 0.69 0% 25 Aug 20

FASTMARKETS’ KEY PRICES Manganese ore index 44% Mn cif
Tianjin ($/dmtu) 4.21 -0.71% q 21 Aug 20
Daily base metal prices and premiums ($/t)
Manganese ore index 37% Mn fob Port
Price Change† Assessed Elizabeth ($/dmtu) 3.33 -3.76% q 21 Aug 20
LME copper cash settlement 6,544.50 0.8% p 25 Aug 20 Manganese ore index 37% Mn cif
Weekly copper premium (cif Tianjin China ($/dmtu) 4.08 -1.69% q 21 Aug 20
Rotterdam) 40.00-50.00 0% 25 Aug 20 MB Index CFR Turkey HMS 1&2 (80:20)
Daily copper premium (cif Shanghai) 50.00-70.00 -6.25% q 25 Aug 20 (North Europe material) 276.05 -0.06% q 25 Aug 20
Daily copper premium (in-whs HMS 1&2 ferrous scrap index (80:20)
Shanghai) 65.00-75.00 -4.11% q 25 Aug 20 fob Rotterdam ($/t) 259.38 -0.28% q 21 Aug 20
LME aluminium cash settlement 1,733.00 0% 25 Aug 20 Copper concentrate Asia-Pacific
index TC import $/dmt 44.00 -1.35% q 21 Aug 20
Daily aluminium premium DUP (in-whs
Rotterdam) 95.00-105.00 8.11% p 25 Aug 20 Copper concentrate Asia-Pacific
index RC import US cents/lb 4.40 -1.35% q 21 Aug 20
Twice weekly aluminium premium DP
(in-whs Rotterdam) 120.00-125.00 4.26% p 25 Aug 20 Zinc concentrate spot treatment
charge (TC) cif Asia Pacific, $/t 165.00-185.00 2.94% p 31 Jul 20
Weekly aluminium premium (cif
Shanghai) 90.00-95.00 -22.92% q 25 Aug 20 FASTMARKETS’ KEY PRICES: ASSESSMENTS
Twice weekly aluminium premium (cif
MJP) 70.00-80.00 3.45% p 25 Aug 20 Price Change† Assessed
Weekly aluminium premium (cif MKP) 90.00-100.00 0% 25 Aug 20 Ferro-chrome, 6-8% C, basis 60% Cr,
del European consumers ($/lb Cr) 0.80-0.94 0.58% p 25 Aug 20
Twice weekly aluminium premium (dlvd
US MW) 0.135-0.145 -1.75% q 28 Feb 20 Silico-manganese, basis 65-75% Mn,
15-19% Si, del European consumers (€/t) 830-870 -2.3% q 21 Aug 20
LME zinc cash settlement 2,462.00 0.55% p 25 Aug 20
Ferro-silicon, basis 75% Si, del
Weekly zinc premium (fca duty-paid European consumers (€/t) 900-930 0.55% p 21 Aug 20
Rotterdam) 80.00-100.00 0% 25 Aug 20
Ferro-titanium, 70% Ti, ddp ($/kg) 3.30-3.85 0% 19 Aug 20
Weekly zinc premium (in-whs
Shanghai) 80.00-90.00 0% 25 Aug 20 Ferro-manganese, basis 78% Mn, del
European consumers (€/t) 850.00-880.00 0% 21 Aug 20
LME nickel cash settlement 14,880.00 1.9% p 25 Aug 20
Ferro-molybdenum, basis 65-70% Mo,
Weekly nickel premium (cif Shanghai) 90.00-110.00 -9.09% q 25 Aug 20 in-whs Rotterdam ($/kg Mo) 19.50-19.95 0.13% p 21 Aug 20
LME lead cash settlement 1,984.50 1.04% p 25 Aug 20 Molybdic oxide, in-whs Rotterdam ($/lb Mo) 7.70-7.90 -1.27% q 21 Aug 20
LME tin cash settlement 17,435.00 -0.26% q 25 Aug 20 Ferro-tungsten, basis 75% W, in-whs
Rotterdam ($/kg W) 23.85-25.00 -2.3% q 21 Aug 20
Cobalt (low-grade) in-whs Rotterdam ($/lb) 15.25-15.50 0.65% p 25 Aug 20
Cobalt (high-grade) in-whs Rotterdam ($/lb) 15.25-15.50 0.65% p 25 Aug 20
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4
Base metals registered cathodes, which is also at its lowest level since March 2020.
Fastmarkets’ benchmark grade-A cathode premium, cif
Shanghai stood at $50-70 per tonne on Tuesday, compared to
$65-82 per tonne at the start of August.
FASTMARKETS’ KEY ALUMINIUM PRICES JULIAN LUK

SÃO PAULO
Alumina index fob Australia ($/t) 283.06 6.95% p 25 Aug 20
Group 1 pure 99% Al & litho scrap, del UK (£/t) 1,110-1,150 0% 19 Aug 20
PEOPLE MOVES: Appian appoints former
Cast aluminium wheels, del UK (£/t) 900-930 1.1% p 19 Aug 20 Petrobras’ exec to be social, environmental
LME aluminium cash settlement ($/t) 1,733.00 0% 25 Aug 20 advisor
Daily aluminium premium, duty-unpaid
(in-whs Rotterdam) ($/t) 95.00-105.00 8.11% p 25 Aug 20 London-based mining private-equity company Appian Capital
Weekly aluminium premium, Advisory has appointed Nelson Silva, a former director at Brazilian
duty-unpaid (cif Shanghai) ($/t) 90.00-95.00 -22.92% q 25 Aug 20 state-owned oil company Petrobras, to be its senior safety and
Twice weekly aluminium premium (cif MJP) ($/t) 70.00-80.00 3.45% p 25 Aug 20 social performance adviser, it said on Monday August 24.
Weekly aluminium premium, duty-free Silva will take the role of assisting with environmental, health,
(cif MKP) ($/t) 90.00-100.00 0% 25 Aug 20 safety and community issues on Appian’s mining portfolio, the
Twice weekly aluminium premium, dlvd company added.
(US MW) (cents/Ib) 93.53-95.53 0.8% p 24 Aug 20
Appian operates copper and nickel mines in Brazil, and has
Extrusion billet premium, 6063,
duty-paid, in-whs Rotterdam ($/t) 220-250 2.17% p 21 Aug 20 minority stakes in gold and other mineral assets in Burkina Faso,
LM24 pressure diecasting ingot (del Côte d’Ivoire, Canada, Tanzania and Australia.
UK consumers) (£/t) 1,165-1,215 3.48% p 19 Aug 20 “This reaffirms our commitment to best-in-class [health, safety
LM6/LM25 gravity diecasting ingot and environmental] practices,” founder and chief executive officer
(del UK consumers) (£/t) 1,400-1,430 0.35% p 19 Aug 20
Michael Scherb said. “[Silva’s] significant experience with some of
DIN226 pressure diecasting ingot
the world’s leading companies will be a real asset to our business,
(del European consumers) (€/t) 1,290-1,340 0.77% p 21 Aug 20
further strengthening our robust policies and procedures.”
Aluminium ingot ADC 12 spot (MJP) $/tonne 1,660-1,680 0% 19 Aug 20
Silva was Petrobras’ chief strategy officer from August 2016 to
December 2018, and CEO for the South American branch of
LONDON UK-headquartered oil company BG Group from 2009 to 2016. He
Chinese copper cathode buyers fobbed off previously led the aluminium business at BHP and was a marketing
with sand-filled cargoes and sales director at Vale.
Appian hired former Anglo American Brasil CEO Paulo Castellari
A few containers of non-registered copper cathode from Africa last year to head its Brazilian operations, ahead of the restart of the
were found to be filled with sand upon arrival in China, Santa Rita nickel unit in late 2019, and also to develop its Serrote
Fastmarkets learned. copper-gold deposit.
The containers, each carrying over 100 tonnes of refined copper RENATO ROSTÁS
originally, departed from the port of Beira in Mozambique and were
headed to China in the past two months. SÃO PAULO
The containers of copper cathode, which belong to two parties Bolivian zinc-lead miner San Cristóbal
- one Africa-based copper producer and one Asian trading house halts production as Covid-19 toll rises
- were broken into at the port of Beira, according to a source with
direct knowledge of the matter. Bolivia-based zinc-lead producer Minera San Cristóbal halted
In July, the logistics issues in South Africa led to the diversion of production indefinitely on Monday August 24 to ensure its workers’
Asia-bound metal cargoes to other African ports including Beira, health and safety, because the local Covid-19 infection rate has
Walvis Bay in Namibia and to Dar Es Salaam in Tanzania. climbed, the company said.
Thieves are said to have removed the copper cathode from the Employees and contractors have been removed from the site
containers and then filled the containers with sand of a similar since August 19 and would be kept away until August 26, the miner
weight, a second source said. said in a statement published on its official website on Monday.
The incident has been reported to the police in Mozambique and The company will then come up with a plan to restart activities in
the investigation is still ongoing, the first source said. a safe manner, it added.
The alleged theft has come at a time when copper has become According to San Cristóbal, there were 41 confirmed cases of
one of the top performers in the base metals complex in the past Covid-19 among direct and indirect employees between May 1 and
two months. For example, the London Metal Exchange three-month August 9, with 27 of these cases not resolved. Another 23 people
copper price hit a fresh 2020 high of $6,707 per tonne on Wednesday suspected of being infected were under analysis, it said.
August 19 due to positive macro dynamics. Additionally, there was one confirmed death from Covid-19, San
The news of the copper theft is said to have dealt a blow to Cristóbal said.
buyers’ confidence in booking copper cargoes from Africa, which is a Minera San Cristóbal is owned and operated by Sumitomo, and is
key source of equivalent-grade copper cathode to China, sources Bolivia’s largest mining operation. It has capacity for around 1,500
told Fastmarkets. tonnes per day of zinc-silver and lead-silver concentrates, according
Fastmarkets’ copper EQ cathode premium, cif Shanghai to its website.
plummeted to a five-month low at $10-20 per tonne on Tuesday It had previously been idled between the end of March and late
August 25, compared to $25-35 per tonne a fortnight prior. May. It then carried out a 15-day quarantine period in the first half of
The drop is in line with the decline in the cif Shanghai premium for June, all due to the Covid-19 pandemic.
continued ›
5
Base metals of non-ferrous metals from complex materials.

ZN is a fourth-generation family-owned business based in
Monterrey, Mexico, specialized in zinc recycling and value-added
zinc compounds production.
“[San Cristóbal] will maintain reduced [numbers of] on-site CRISTINA BELDA
personnel to guard the plant as long as this suspension lasts,” the
company said. “[The company] reiterates its commitment to NEW YORK
overcome the delicate situation caused by the Covid-19 pandemic.” Nevada’s Pumpkin Hollow resumes
Zinc concentrate treatment charges (TC) have been recovering in copper production
the past two months, with previously halted mines reopening and
increasing production. US miner Nevada Copper has restarted milling operations at its
Fastmarkets’ assessment for zinc spot concentrate TC, cif China, underground copper project at Pumpkin Hollow, the company said
was $165-185 per tonne on July 31, up from $160-180 per tonne a on Monday August 24.
month before, and higher than a 19-month low of $155-170 per tonne Copper production at the project - located in Yerington, Nevada
on May 29. - was temporarily suspended due to the impact of the Covid-19
RENATO ROSTÁS pandemic, but the processing plant restarted on August 20, Nevada
Copper said.
SHANGHAI “There are approximately 160,000 tonnes of stockpiled material
Chinese aluminium imports up more than at surface available for immediate processing, and the stockpiled
sixfold in July ore will be supplemented with additional development ore,” the
company said.
China’s imports of unwrought aluminium and aluminium products Currently, the ore is being hoisted via Pumpkin Hollow’s East
soared by more than sixfold on a year-on-year basis in July, while North ventilation shaft, and material will continue to be hoisted
copper shipments also increased, but to a lesser degree, Chinese from that shaft until work on the main shaft has been completed.
customs data, seen by Fastmarkets on Monday August 24, shows. Nevada Copper remains “on track” to commence hoisting via the
main shaft in the fourth quarter.
Aluminium Pumpkin Hollow is the first major US copper project to commence
• July imports: 391,237 tonnes, up by 570% year on year, up by 35% production in the past decade.
month on month RIJUTA DEY BERA
• January-June imports: 1,207,830 tonnes, up by 284.4% year on year
Copper
• July imports: 762,211 tonnes, up by 81.5% year on year, up by 16%
month on month
• January-June imports: 3.603 million tonnes, up by 34% year on year
HUI LI
MADRID
Jean Goldschmidt International,
Zinc Nacional JV acquire Harz-Metall
zinc recycling business
Jean Goldschmidt International (JGI) and Zinc Nacional (ZN) have
entered into an agreement to acquire the zinc recycling business of
Harz-Metall GmbH (HMG) in Lower Saxony, Germany.
The transaction is subject to different conditions regarding the
transfer of the real estate of HMG, JGI said in a release on Friday
August 21. The company did not disclose the price for the deal.
“For purposes of this acquisition, JGI and ZN established Harz
Oxid GmbH, a joint venture where each company holds equal
ownership interests,” the statement said.
The zinc recycling business (ZRB) unit of HMG is a German
company that recycles electric-arc furnace dust provided by the
steel industry in Europe. ZRB produces Waelz oxides via the recycling
process that is distributed to refineries in Europe.
HMG is part of the German Recylex group and applied for
protective shield proceedings on May 14, 2020. On August 1, 2020,
insolvency proceedings were opened as debtor-in-possession
proceedings.
JGI SA is a company specialized in the trading of non-ferrous
metals bearing materials including selenium, tellurium, indium,
germanium, cobalt and cadmium contained in complex residues,
and owns the company Hidrometals SA, specialized in the recycling
6
Minor & The price rally has been driven by trader buying and some
consumers switching to metal instead of cobalt hydroxide as a
precious metals
feedstock in cobalt sulfate production.
More than half of the global supply of cobalt comes from the
DRC, with Glencore estimating that in 2019 bout 11% of exported
cobalt from the DRC was from artisanal mines.
FASTMARKETS’ KEY MINOR METAL PRICES This proportion was as high as 20% in 2018 when prices hit
multi-year highs of up to $44 per lb, a level not seen since 2008.
Fairphone, Signify and Sono Motors are also among the founding
Antimony, ingots (regulus), in-whs
Rotterdam ($/t) 5,400-5,600 0.46% p 21 Aug 20 members of the FCA.
Antimony, MMTA standard grade II, MICHAEL GREENFIELD
in-whs Rotterdam ($/t) 5,350-5,600 0% 21 Aug 20
Bismuth, min 99.99% Bi, in-whs LONDON
Rotterdam ($/lb) 2.60-2.70 0% 21 Aug 20
Trade Log: Cobalt standard grade,
Cobalt (standard-grade) in-whs
Rotterdam ($/lb) 15.25-15.50 0.65% p 25 Aug 20 in-whs Rotterdam, $/lb
Cobalt (alloy-grade) in-whs Rotterdam ($/lb) 15.25-15.50 0.65% p 25 Aug 20
The Cobalt standard grade, in-whs Rotterdam, $/lb trade log
Cobalt sulfate, Co 20.5%, China
ex-works (yuan/tonne) 55,000-56,000 -1.77% q 21 Aug 20 including business, bids and offers reported to Fastmarkets.
Indium, min 99.99% In, in-whs Fastmarkets publishes trades logs for its key price assessments
Rotterdam ($/kg) 140-170 0% 21 Aug 20 and indices to bring more transparency into the markets it covers
Manganese flake, in-whs Rotterdam and the pricing process it applies.
($/tonne) 1,570-1,610 0.95% p 21 Aug 20
Selenium, min 99.5% Se, in-whs Fastmarkets assessed Cobalt standard grade, in-whs
Rotterdam ($/lb) 6.25-7.50 0% 21 Aug 20
Rotterdam, $/lb at 15.25-15.5 on Tuesday Aug 25, 2020.
Tellurium, min 99.9% Te, in-whs ($/kg) 47.00-60.00 0% 21 Aug 20
• Bid at $15.50
• Offer at $15.25 for standard tonnage
LONDON • Offer at $15.25-15.50
Glencore, Huayou create body to • Offer at $15.35-15.50
‘professionalize’ artisanal mining • Offer at $15.40
• Offer at $15.45 for small tonnage (discarded - forward)
Cobalt producers Huayou and Glencore are founding members of a • Offer at $15.50
new body aiming to develop artisanal and small-scale miners in the • Offer at $15.70 for small tonnage
Democratic Republic of the Congo (DRC). • Offer at $16.00
The objectives of the Fair Cobalt Alliance (FCA) include • Prices indicated at $15.25-15.50
supporting the professionalization of site management and • Prices indicated at $15.25-15.50
instilling best practice across the artisanal mining sector to develop • Prices indicated at $15.25-15.50
health and safety, and minimize the environmental harm caused by • Prices indicated at $15.50-16.00
producing cobalt. • Sale at $14.85 for standard tonnage (discarded - offgrade)
The alliance will also focus on working toward childfree labor in • Sale at $15.40 for small tonnage
mines and the wider community.
“Responsible industrial and artisanal mining both play a critical Any data submitted under a Data Submitter Agreement (DSA) will
role in the DRC’s economy, as well as providing consumers with the not be published.
battery minerals needed to power a greener economy,” David Fastmarkets uses its expert judgment to exclude outlying or
Brocas, head of cobalt marketing and trading at Glencore, said. unrepresentative numbers, and discount or discard prices that it
“The FCA is a vehicle for businesses all along the supply chain to believes may otherwise be questionable and/or unreliable.
collaborate with the DRC government and civil society to transform PRICING@FASTMARKETS.COM
the artisanal mining sector into a source of fair, safe and responsibly
mined cobalt,” Brocas added. LONDON
Assured supply of responsibly sourced cobalt units has long been Trade Log: Cobalt alloy grade,
an issue for companies in the supply chain. in-whs Rotterdam, $/lb
Multinational companies, such as automotive manufacturers,
have joined the cobalt supply chain while vehicle electrification The Cobalt alloy grade, in-whs Rotterdam, $/lb trade log including
continues to grow and this has placed a spotlight on the mining of business, bids and offers reported to Fastmarkets.
cobalt in the DRC, a major source of the mined material. Fastmarkets publishes trades logs for its key price assessments
This scrutiny has resulted in some consumers looking to source and indices to bring more transparency into the markets it covers
cobalt from mines outside of the DRC so that their respective supply and the pricing process it applies.
chains are transparent and to avoid potentially unethical or
environmentally harmful practices. Fastmarkets assessed Cobalt alloy grade, in-whs Rotterdam,
Fastmarkets’ benchmark price for cobalt standard grade, in-whs $/lb at 15.25-15.5 on Tuesday Aug 25, 2020.
Rotterdam stood at $15.25-15.50 per lb in the latest daily • Bid at $15.50
assessment on Monday August 24. • Offer at $15.35-15.65
The price is unchanged from the previous day but has risen from • Offer at $15.40
$13.75-14.15 per lb on July 30. • Offer at $15.70 for small tonnage
continued ›
7
Minor &
precious metals
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9
Carbon steel DNIPRO

ArcelorMittal restarts BF at Dunkirk plant
flat products in France

ArcelorMittal has restarted its blast furnace (BF) No3 at its Dunkirk
flat steel plant in France, the company told Fastmarkets on Tuesday
FASTMARKETS’ KEY FLAT STEEL PRICES August 25.
“We have restarted BF No3 in Dunkirk and it is currently in its
ramp up phase,” the company’s spokesman said.
HRC, EU imports (cfr main EU port,
northern Europe) (€/t) 410-415 0% 19 Aug 20 ArcelorMittal announced its plans to resume production in the
HRC, EU imports (cfr main EU port, middle of July after the equipment was idled from March 23 this
southern Europe) (€/t) 385-400 0% 19 Aug 20 year, when steel demand dropped due to the economic effects of
HRC, CIS exports (fob stowed main the lockdown measures intended to control the spread of Covid-19.
Black Sea port) ($/t) 480-490 1.57% p 25 Aug 20 ArcelorMittal Dunkirk has three BFs with a combined capacity
HRC, UAE imports (cfr Jebel Ali) of about 7 million tonnes per year of pig iron and 5.1 million tpy of
($/t) 530-540 0% 25 Aug 20
hot-rolled flat steel, according to Fastmarkets’ Capex quarterly
HRC, Turkish imports (cfr main
Turkish port) ($/t) 495-500 1.02% p 21 Aug 20 service.
HRC, Latin America exports (fob The Dunkirk plant mainly supplies flat steel products to the
stowed main Latin American port) ($/t) 540-550 0.93% p 21 Aug 20 automotive industry, trading sources said.
HRC, commodity grade, US imports Fastmarkets’ daily steel hot-rolled coil index, domestic, exw
(cfr Gulf port) ($/short ton) 460-520 6.52% p 19 Aug 20 Northern Europe was calculated at €442.83 ($522.79) per tonne on
HRC, US Midwest index (fob mill) Tuesday August 25, down by just €0.92 per tonne day on day from
($/short ton) 483-483 2.07% p 24 Aug 20
€443.75 per tonne on Monday, however, the index was also up by
HRC, China export index (fob main
China port) ($/t) 510-510 0.5% p 25 Aug 20 €18.33 per tonne week on week and up by €34.62 per tonne month
HRC, South East Asia imports (cfr on month.
Vietnam) ($/t) 508-508 1.09% p 24 Aug 20 Tuesday’s index was based on deals heard at €435-450 per tonne
HRC, Saudi Arabia imports (cfr main ex-works as well as “workable” prices reported at similar level,
port) ($/t) 540-550 0.46% p 25 Aug 20
Fastmarkets heard.
CRC, EU imports (cfr main EU port,
northern Europe) (€/t) 465-470 0% 19 Aug 20 ArcelorMittal has been offering HRC at €500 per tonne ex-works,
CRC, EU imports (cfr main EU port, but these were not included in the index after buyers deemed them
southern Europe) (€/t) 470-480 0% 19 Aug 20 “unworkable.”
CRC, CIS exports (fob stowed main The high offers, however, showed that steel mills will insist on
Black Sea port) ($/t) 530-555 0% 25 Aug 20 higher prices for HRC as soon as market activity recovers from the
CRC, UAE imports (cfr main Jebel Covid-19 pandemic, which is likely to be in late August or early
Ali) ($/t) 570-580 2.22% p 25 Aug 20
September, sources told Fastmarkets.
CRC, Turkish imports (cfr main
Turkish port) ($/t) 550-560 0% 21 Aug 20 Some market participants believe that the target prices could be
CRC, Latin America exports (fob reached in a couple of months if market conditions do not change.
stowed main Latin American port) ($/t) 565-570 0% 21 Aug 20 MARIA TANATAR
CRC, US imports (cfr Gulf) ($/short
ton) 660-720 9.52%
p 19 Aug 20
BURSA
CRC, US domestic (fob mill) ($/short
ton) 650-650 1.56%
p 20 Aug 20 GULF FLAT STEEL IMPORTS: Prices keep rising
CRC, China export (fob main China despite limited demand
port) ($/t) 560-565 0.9% p 25 Aug 20
Flat steel import prices in the United Arab Emirates and Saudi
Arabia continued to edge up this week, despite demand still being
weak, sources told Fastmarkets on Tuesday August 25.
No deals were heard during the week because of liquidity problems
in the UAE, as well as buyers preferring to wait for prices to fall.
UAE
Offer prices for hot-rolled coil from Japan were heard in the UAE at
$540-550 per tonne cfr, and one buyer was bidding $530 per tonne
cfr for Japanese HRC.
Fastmarkets’ weekly price assessment for steel HRC, import, cfr
Jebel Ali, UAE, was unchanged at $530-540 per tonne on August 25/
Chinese suppliers were offering 1mm hot-dipped galvanized coil
(HDG) with 275 grams per square meter zinc coating at $680-690 per
tonne cfr during the week, rising from $660-670 per tonne last week.
And India-origin HDG was on offer to the UAE at $730-750 per
tonne cfr, rising from $710-730 per tonne cfr last week.
No bookings were heard, however.
One buyer said that $710-720 per tonne cfr would be a workable
price for HDG from India.
continued ›
10
Carbon steel from $520 per tonne fob last week.

The trader said mills had raised their offers because some of them
flat products
had diverted more volumes back to the domestic market where
prices are more stable.
But mills might agree to lower export prices now that trading has
dropped in the domestic market, he said.
Fastmarkets’ weekly price assessment for steel HDG, import, cfr Export activity remained low, with buyers in Vietnam being able
Jebel Ali, UAE, was $680-720 per tonne on August 25, up from to buy cheaper cargoes from India.
$660-710 per tonne on August 18. A Vietnam-based trader said a deal involving 20,000 tonnes of
The price difference between material from China and India re-rolling-grade HRC was concluded earlier this week at $517 per
reflects the fact that India-origin HDG is quality assured and tonne cfr Vietnam. That is equivalent to around $507 per tonne
certified for use in the UAE by the authorities there. fob China.
Cold-rolled coil, meanwhile, was on offer at $580-590 per tonne But sources said buyers in Vietnam might be willing to buy Chinese
cfr from China to the UAE, rising from $560-570 per tonne cfr products soon if transaction prices continued to rise, since the latest
offered last week. transaction is about $7 per tonne higher than last week’s deals.
But no deals were heard.
As a result, Fastmarkets’ weekly price assessment for steel CRC, Market chatter
import, cfr Jebel Ali, UAE, was $570-580 per tonne on August 25, “Mills raised their export offers because they allocated limited
rising from $560-565 per tonne on August 18. cargoes for the overseas market, since most buyers were not willing
to meet their asking prices. But Chinese exports might pick up if
Saudi Arabia mills agree to sell at lower prices, especially since domestic trading
Import offer prices for HRC in Saudi Arabia were heard at $550 per activity is weakening,” a second Zhejiang-based trader said.
tonne cfr from South Korea and China.
And HRC from Asia was on offer at $50-560 per tonne cfr. Shanghai Futures Exchange
But no bookings were heard, sources told Fastmarkets. The most-traded October HRC futures contract closed at 3,938
Fastmarkets’ weekly price assessment for steel HRC, import, cfr yuan per tonne on Tuesday, up by 1 yuan per tonne from Monday.
Saudi Arabia, was $540-550 per tonne on August 25, narrowing MIRANDA SONG
upward from $535-550 per tonne on August 18.
SERIFE DURMUS SINGAPORE
Vietnam steel exports more than double
SHANGHAI on strong Chinese demand
CHINA HRC: Export offers rise amid stable
domestic market Vietnamese steel exports more than doubled in June to 882,019
tonnes from 428,361 tonnes in May and remained high in July at
Export offers for Chinese hot-rolled coil have risen by $5 per tonne on 885,366 tonnes, data from Vietnam’s customs showed this month.
Tuesday August 25 compared with a week earlier on a stable China was the key destination for Vietnamese steel in both
domestic market, though thin trading has raised doubts among months, importing 489,685 tonnes in June and 401,930 tonnes in July.
sources about whether the increases would stick. High prices in domestic Chinese markets, an open arbitrage
window, the short shipping time compared with other origins such
Domestic as India and the Middle East, as well as the free trade agreement
• Eastern China (Shanghai): 4,040-4,060 yuan ($584-587) yuan per (FTA) between the Association of South East Asian Nations (Asean)
tonne, unchanged and China meant China was a natural customer for Vietnamese
Domestic prices were stable during the day but trading activity steel mills.
further weakened amid rising inventory levels. Major Vietnamese steel mills have seen booming business to
A Shanghai-based trader said that the drop was due to pessimism China in the past two months, with major blast furnace (BF)-based
generated by losses in the futures market in the afternoon. producer Formosa Ha Tinh Steel Corp sending at least 120,000
The sentiment among market participants is largely mixed. tonnes of hot-rolled coil to China.
Some of them believe prices will weaken further on an expected Other BF-based producers such as Hoa Phat Group and electric-
rise in stock levels due to traders in Shanghai booking cargoes from arc furnace and induction furnace-based producers including An
the north. Hung Tuong Steel have also sent large quantities of billet to China,
But others said that prices could remain high, particularly should causing a corresponding spike in demand for steelmaking raw
China’s monetary easing policies continue to provide upward material ferrous scrap.
momentum to HRC futures market, which would in turn bolster the Vietnam imported 449,142 tonnes of ferrous scrap in June and
spot market. 522,112 tonnes in July. This compares with just 373,401 tonnes in May.
The strong demand has caused import prices in Vietnam to
Export increase, with key supplier Japan also increasing its export prices.
• Fastmarkets’ steel hot-rolled coil index export, fob main port Fastmarkets’ steel scrap HMS 1&2 (80:20), cfr Vietnam has
China: $509.61 per tonne, down $0.43 per tonne increased continually to $305 per tonne cfr Vietnam as of August
A Zhejiang-based trader believes transactions might be concluded 21 from an intra-year trough of $230-235 per tonne cfr Vietnam on
just below $510 per tonne fob, the same as last week, even though April 3.
several major mills had raised their offers on Tuesday. The steel scrap H2 export, fob main port Japan assessment also
A major mill in northern China and a steelmaker in eastern China climbed to ¥27,000-27,500 ($255-260) per tonne on August 19 from
are offering HRC at $525 per tonne fob this week, up by $5 per tonne an intra-year low of ¥19,000-19,500 per tonne on April 8.
continued ›
11
Carbon steel cwt delivered. On Monday August 24, SSAB Americas followed with
a letter stating that it would increase its plate prices by $40 per ton
flat products
effective immediately for non-contract orders.
“Good luck collecting that. Transaction prices are going the other
way,” the midwestern distributor said. “It may happen in a few
months, but it ain’t happenin’ now. Demand is very slow.”
“One induction furnace-based producer has sent at least On August 14, Baker Hughes reported that the number of active
200,000 tonnes of billet to China so far this year,” a trader in US oil and gas rigs descended to yet another record low of 244. On
Vietnam told Fastmarkets this week. August 21, however, the tally increased for the first time since March.
Chinese import demand was also caused by China’s worst floods The rig count was more than 1,000 as recently as April 2019.
in 20 years disrupting supply chains and steelmaking operations The only consistent bright spots for plate are naval shipbuilding
along the Yangtze River. and localized highway projects, according to market participants. A
“China purchased at least 200,000 tonnes of billet, rebar and wire major federal infrastructure investment is not expected until
rods for the post-flood reconstruction efforts,” a trader in east Asia perhaps 2021.
told Fastmarkets recently. A large plate consumer said mills may have reduced their output
Southeast Asian buyers were the other key consumers of enough to push lead times out and eventually secure higher prices
Vietnamese steel. by this fall - but the current round of attempted hikes probably
Cambodia imported 151,005 tonnes from Vietnam in June and cannot be collected immediately.
157,126 tonnes in July, while Thailand imported 45,330 tonnes in June “Does it stick? I don’t think it sticks in terms of an immediate bump,
and 55,892 tonnes in July. but I do think plate will make a small, steady increase and could get to
Malaysia imported 38,725 tonnes in June and 49,351 tonnes in July. this $27-per-cwt-to-$28-per-cwt base in the coming two to three
PAUL LIM months,” that consumer said. There are plate mills with holes to fill in
production, which means at least some mills will chase orders with
NEW YORK price, and I think that will affect the market getting this level.”
US plate price slides after mills undercut Grace Asenov in New York contributed to this report.
each other DOM YANCHUNAS
Prices for carbon steel plate in the United States retreated to an NEW YORK
almost-four-year low after market participants said evidence has US hot-rolled coil index moves back above
mounted that there simply will not be much demand for plate in $24/cwt
2020.
Producers thought prices had already bottomed this summer, but Hot-rolled coil prices in the United States have climbed back above
at least two US mills discounted prices again in August. Demand $24 per hundredweight ($480 per short ton) on modestly rising
remains weak in end-use sectors ranging from the oil and gas demand and longer lead times.
industry to manufacturers of rail cars and other heavy equipment. Fastmarkets’ daily steel hot-rolled coil index, fob mill US was
Fastmarkets’ price assessment for steel cut-to-length plate carbon calculated at $24.16 per cwt ($483.20 per ton) on Monday August
grade, fob mill US dropped to $25 per hundredweight ($500 per short 24, up by 2.5% from $23.57 per cwt on Friday August 21 and up by
ton) on Friday August 21 from $26 per cwt ($520 per ton) on Friday 2.1% from $23.67 per cwt a week ago on August 17.
August 14. The assessment had been unchanged since early July, This marks the index’s highest since June 24, when the price was
stuck at what was already its lowest point since autumn 2016. calculated at $24.33 per cwt. The price last rose above $24 per cwt
Reeling US plate prices continue on a path of convergence with on August 18, before retreating late last week.
domestic hot-rolled coil prices. In summer 2019, plate was more than Inputs were received between $23 per cwt and $26 per cwt,
$10 per cwt higher than HRC - a differential that has virtually creating a spread of $3 per ton.
disappeared. Last week, Fastmarkets’ daily steel hot-rolled coil
index, fob mill US registered inputs as high as $26 per cwt and Heard in the market
settled at $23.57 per cwt on Friday. Lead times ranged from four to five weeks for mini-mills and
“They are selling plate at $40 a ton above hot roll - or even lower stretched up to seven weeks and higher for some integrated mills.
than hot roll, which I find crazy,” a trading source said. “The plate Market participants reported that market liquidity had decreased.
mills must be trying to fill the next rollings.” While sources mostly described demand as rising slightly, some
This month, at least two mills dropped their cut-to-length price by reported demand as flat.
$1-1.50 per cwt as they struggled to entice orders, according to three Others said that some service centers were building inventory
distributors. Multiple producers are offering material in because they now expect prices to rise from here and many had
geographical regions where they don’t usually bother trying to previously kept their inventories lean, fearing prices might fall.
compete. Inventories at service centers remain low but were expected to
A particular mill “made some back-door deals, and it’s putting rise soon, once service centers receive shipments from orders placed
some pressure on the market,” a midwestern distributor said. Now in prior weeks and months.
that the Fastmarkets assessment has touched the $25-per-cwt And some mills reportedly have been quietly raising prices -
mark, “the market is trying to find some kind of bottom here,” that without announcing a price increase - by raising their offering price
distributor said. when buyers make an order inquiry, sources said.
Now facing the likelihood of higher ferrous scrap costs, at least Even amid growing expectations that demand and prices will
two mills are attempting price increases. On the same day as the continue to inch upward, market participants described the market
most recent Fastmarkets assessment, Nucor sent out a customer as volatile and unpredictable, noting that it may take time for the
letter indicating that it is setting its cut-to-length price at $28 per market to exhibit more stability.
continued ›
12
Carbon steel €460-465 per tonne cfr Antwerp.

Deals for material from India were heard last week at €415 per
flat products
tonne cfr Antwerp.
In addition, buyers have turned to European producers because
there is no alternative material being imported into the EU from
overseas. And European steelmakers have not resumed operations
Sources reported no significant changes in demand among fully, after idling equipment during the Covid-19-related lockdowns
market segments. in spring. As a result, buyers were being forced to accept the price
rise, market sources said.
Quote of the day Last week, Liberty Steel Group resumed operations at one of the
“The market is too volatile. I can’t figure it out. The peaks and valleys blast furnaces at its Ostrava steelworks after nearly four months of
are so dramatic. I’d rather go to Vegas and play blackjack,” one downtime.
midwestern distributor said. MARIA TANATAR
Index calculation SHANGHAI

Inputs from the prior pricing session were carried over within the China’s daily crude steel output rises slightly
producer and distributor sub-indexes due to a lack of liquidity. in mid-August
ROBERT ENGLAND
Member mills of the China Iron & Steel Association (Cisa) raised their
DNIPRO crude steel and finished steel output in mid-August, but their
EUROPE HRC WRAP: Official offers rise, finished steel inventories dropped, according to data released on
driving deal prices upward Tuesday August 25.
Domestic prices for steel hot-rolled coil across Europe increased August 11-20 output
further over the week to Friday August 21, supported by significant • Crude steel: 2.16 million tonnes per day, up by 0.35%
offer increase announced by some European mills. • Finished steel: 2.07 million tpd, up by 3.45%
Fastmarkets’ daily steel hot-rolled coil index, domestic, exw • Hot metal: 1.91 million tpd, down by 0.56 %
Northern Europe, was calculated at €433.75 ($513.83) per tonne on
Friday, up by €14.58 per tonne week on week and up by €26.08 per Mills’ finished steel inventory
tonne month on month. • 13.73 million tonnes, down by 266,600 tonnes (1.91%)
Friday’s index was based on deals and achievable prices heard at
€430-440 per tonne ex-works. Spot market inventory
One big steelmaker increased its offers to €500 per tonne • Hot-rolled coil: 1.77 million tonnes, unchanged
ex-works last week, but this price was not included in the index after • Cold-rolled coil: 1.15 million tonnes, down by 0.9%
buyers deemed it “unworkable.” The high offers, however, showed • Plate: 830,000 tonnes, down by 1.2%
that steel mills will insist on higher prices for HRC as soon as market • Wire rod: 2.04 million tonnes, down by 1.4%
activity recovers, which is likely to be in late August or early • Rebar: 6.39 million tonnes, down by 2.7%
September, sources told Fastmarkets. • Total (all five major products): 12.18 million tonnes, down by
Official offers of HRC in Italy have been heard at €470 per tonne 230,000 tonnes (1.9%).
ex-works. Cisa’s output data for the preceding 10 days can be found here.
European steelmakers have been seeking higher prices for HRC JESSICA ZONG
because flat steel prices in the region have been recovering too
slowly to reflect the rising costs of iron ore, market sources said. DNIPRO
Fastmarkets’ daily index for iron ore 62% Fe fines, cfr Qingdao, EUROPE HRC: Domestic prices jump on short
rose to $127.38 per tonne on August 21, up by $4.94 per tonne week supply, low output
on week.
Bullish sentiment in the market was supported by a lack of The domestic price of hot-rolled coil in Northern Europe jumped
“workable” import offers, an anti-dumping case into Turkish HRC, day-on-day on Monday August 24, supported by the absence of
tougher anti-dumping measures that came into force in July this competitive imports and reduced domestic output, sources have
year, and an expected seasonal demand recovery in September. told Fastmarkets.
Offers of HRC from Turkey to Northern Europe have been heard at Fastmarkets’ daily steel hot-rolled coil index, domestic, exw
Northern Europe, was calculated at €443.75 ($523.40) per tonne on
STEEL HOT-ROLLED COIL INDEX Monday, up by €10.00 per tonne from €433.75 per tonne on August 21.
(exw Northern Europe)
The index was also up by €24.58 per tonne week on week and up
Price Day-on-day
Date of assessment by €35.54 per tonne month on month.
(€/tonne) €/tonne change
Monday’s index was based on “workable” prices heard at
Monday August 17 419.17 0
€430-460 per tonne ex-works as well as offers reported at €440 per
Tuesday August 18 424.50 ▲5.33 tonne ex-works.
Wednesday August 19 427.50 ▲3.00 One big steelmaker increased its offer to €500 per tonne ex-works
Thursday August 20 431.88 ▲4.38
last week, but this was not included in the index after buyers
deemed it “unworkable.” The high offers, however, showed that
Friday August 21 433.75 ▲1.87
steel mills will insist on higher prices for HRC as soon as market
Source: Fastmarkets activity recovers, which is likely to be in late August or early
continued ›
13
Carbon steel price in effect at that time.

Generally, buying activity in the HR sheet market in the region
flat products
was good during the assessment week. But buyers were still
skeptical about further hikes.
“Demand is good, but it is not booming,” one source said.
“Actually, we expect it to slow in upcoming weeks, so we are not sure
September, sources told Fastmarkets. about that 43,000 [roubles per tonne, cpt] mills want to get.”
Although buying activity has remained weak through “Now bullish exports encourage mill to push for increases at
mid-August, due to seasonal slowdowns, domestic HRC prices in home, but the uptrend is not likely to last,” a second source said.
Europe have been gradually rising since late July, and price recovery Fastmarkets’ weekly price assessment for steel hot-rolled coil,
was expected to gather pace in September, when trading activity export, fob Black Sea, CIS was $475-480 per tonne on August 17,
traditionally revives. narrowing up from $460-480 per tonne a week earlier.
Buyers have turned to European producers because there is no And Fastmarkets’ weekly price assessment for steel cold-rolled
alternative material being imported into the EU from overseas. At sheet, domestic, cpt Moscow, Russia was 47,000-47,500 roubles
the same time, European steelmakers have not resumed operations per tonne on August 24, up from 46,000-47,000 roubles per tonne
fully, after idling equipment during the Covid-19-related lockdowns last week.
in spring. As a result, buyers were being forced to accept the price One stockist said one of local producers suggested a purchase
rise, market sources said. price for CR sheets in August at 47,000 roubles per tonne but he was
“Demand is stronger, which is a normal situation for late summer- not sure if he was going to accept it.
early September,” a Northern European producer said. One of the key local suppliers, Novolipietsk Steel (NLMK), offered
“Inventories are at a comfortable level, but buyers are ready to CR sheet prices for August at around 47,500 roubles per tonne cpt,
negotiate new deals at higher prices because there are only few while another supplier, Severstal was said to be targeting the
import offers in the market, and they are too high compared with substantially higher level of 49,000 roubles per tonne. That price was
domestic prices,” he added. not included in the assessment as long as it was not considered
“In addition, there is less blast furnace capacity running after workable by buyers.
lockdown, and this drives prices up because mills are offering Fastmarkets’ weekly price assessment for steel plate, domestic,
October production now,” he said. cpt Moscow, Russia was 41,000 roubles per tonne on Monday,
Rising iron ore costs, anti-dumping and anti-subsidy narrowing from 40,500-42,000 roubles per tonne last week
investigations into Turkish HRC by the EU, as well as the toughening Magnitogorsk Iron & Steel Works (MMK) indicated its target level
of import safeguard measures, have also supported the domestic for September at 41,000 roubles per tonne, while other suppliers
price recovery. were yet to announce their offers, sources said.
In the meantime, official offers of HRC in Italy have been reported Alchevsk Iron & Steel Works - an asset in eastern Ukraine, a region
at €470 per tonne ex-works, and market sources expected that currently controlled by pro-Russia rebels - was offering few tonnages
deals would be done at €430-440 per tonne ex-works in early at 38,5000 roubles per tonne cpt, according to sources.
September, when market activity begins to recover after the JULIA BOLOTOVA
summer lull.
MARIA TANATAR LONDON
EU GREEN STEELMAKING: Salzgitter to offer
DNIPRO ‘green’ strip steel by end-2020
RUSSIA FLAT STEEL: Market moves up
on bullish offers German steelmaker Salzgitter is to offer “green” strip steel to the
market before the end of this year, the company announced last
Flat steel suppliers to Russia’s Central Federal District around week.
Moscow increased offer prices in the week to Monday August 24, Before the end of this year, the company will be able to offer a
encouraged by solid exports and good demand. range of green strip steel products in specified grades and
Fastmarkets’ weekly price assessment for steel hot-rolled sheet, dimensions, it said on August 18. The company is moving on “vibrant
domestic, cpt Moscow, Russia was 42,000-43,000 roubles ($562- interest being expressed in these materials,” it added.
575) per tonne including 20% VAT on Monday, up from 41,000- To enable production, one of the two continuous casting lines at
42,000 roubles per tonne last week. the Peine steelworks will be fitted out to cast steel slab. The products
In dollar terms, however, the price was practically unchanged will have a CO2 footprint less than one-quarter that of previous
due to the weakening of the value of the Russian currency against steels, which will be achieved by using the “highest quality scrap
the dollar. processed in an electric-arc furnace,” the company told Fastmarkets.
The conversion rate was 74.78 roubles to $1 on August 24, But these low-CO2 products will be higher in price than traditional
compared with 72.84 roubles to $1 on August 17, according to strip steel based on iron ore and coking coal, it added.
exchange rate website Oanda.com. “For self-evident technological reasons, high-quality strip steel
The converted dollar price at the time of the previous assessment products fall within the domain of integrated steelworks,” executive
on August 17 was $563-576 per tonne. board chairman Prof Heinz Jörg Fuhrmann said.
One stockist said he agreed a purchase price for HR sheets of “Our pioneering SALCOS [SAlzgitter Low CO2 Steelmaking]
42,000 roubles per tonne last week, while mills’ target for September project is intended to move step by step toward low-CO2 hydrogen-
is 43,000 roubles per tonne cpt. based metallurgy. In a few months’ time, we will be marking another
Traders that have stocking agreements with steel mills receive milestone on this journey with the arrival of the first ‘green’ strip
material into stock without payment and can buy agreed tonnages steel,” he added.
from the stocks they hold at any time during a given period at the “For a large number of our customers, it is important to take
continued ›
14
Carbon steel
flat products
delivery of a real, physical, reduced-CO2 product, rather than being
satisfied with more or less theoretical projections of receiving
products with reduced CO2 footprints,” he said. “We are delighted
to be able to meet these demands within a short period of time.”
Salzgitter is conducting a feasibility study for the construction of
a direct-reduced iron (DRI) plant with an upstream hydrogen
electrolyzer.
The industry race is currently on to see who will be able to bring
so-called “green” or low/zero carbon emission steel to the market
first.
Ascoval announced late last year that it would switch to green
production for long products such as rails through the use of
recycled scrap steel, and not by the blast furnace technique
typically used for these high-end products.
And Ovako has reported the successful use of hydrogen to heat
steel before rolling.
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15
Carbon steel “Oil and gas is still deader than dead,” a producer agreed, but
that source argued that the automotive segment was the brightest
long products
spot for the SBQ market right now, and that demand from other
segments has been improving slightly as well.
“We’re hearing a lot of good things with automotive,” the
distributor said. “We’ve seen an uptick in business during August.”
FASTMARKETS’ KEY LONG STEEL PRICES Meanwhile, other sources said service centers continue to run
lean inventories.
“Service centers are playing it very close to the chest in terms of
Rebar, China export index (fob main
China port) ($/t) 483-483 0% 25 Aug 20 building inventory, and that’s having an effect on pricing,” a second
Rebar, EU import (cfr main EU port, distributor said.
northern Europe) (€/t) 405-425 0% 19 Aug 20 A third distributor source echoed that sentiment, saying: “It
Rebar, EU import (cfr main EU port, doesn’t seem like customers are ordering much, so I’m expecting
southern Europe) (€/t) 400-410 0% 19 Aug 20 inventory levels to remain low through [the third quarter] with most
Rebar, CIS exports (fob stowed main service centers.”
Black Sea port) ($/t) 430-440 0% 25 Aug 20
Other sources said that any uptick in buying activity is likely to
Rebar, Turkish exports (fob main
Turkish port) ($/t) 430-440 0% 20 Aug 20 recede as the November presidential election approaches, noting
Rebar, UAE imports (cfr Jebel Ali) that market participants will be reluctant to procure material until
($/t) 463-470 0% 25 Aug 20 the political uncertainty passes.
Rebar, US imports (cfr Gulf) ($/short Still, some participants said there were signs that the market may
ton) 540-550 0% 19 Aug 20 have hit a bottom for the time being, especially given the positive
Rebar, US domestic (fob mill) ($/short outlook for September’s ferrous scrap trade.
ton) 560-560 0% 19 Aug 20
“That’ll reduce some discounting,” the first distributor said of
Rebar, South East Asia imports (cfr
Singapore) ($/t) 435-440 0% 24 Aug 20 expected higher ferrous scrap prices.
Rebar, Southern Europe exports (fob Fastmarkets is hosting a webinar, “Insights to Drive Success in the
main port) (€/t) 390-410 0% 19 Aug 20 2020 HRC Contract Season,” on September 9. Click here to sign up.
PATRICK FITZGERALD
NEW YORK
Scrap, weak demand lower SBQ steel prices SHANGHAI
in US CHINA REBAR: Domestic prices lose upward
momentum on sliding futures
Special bar quality (SBQ) steel prices in the United States have
declined once again due to persistent demand weakness and lower China’s domestic rebar prices stopped rising on Tuesday August 25
raw material costs, according to market sources. amid lower trading activity due to weaker futures.
On the hot-rolled side of the market, Fastmarkets’ monthly price
assessment for steel bar hot-rolled special bar quality (SBQ) 1-inch Domestic
round 1000 series (carbon), fob mill US slipped to $31.25 per • Eastern China (Shanghai): 3,640-3,670 yuan ($526-530) per tonne,
hundredweight ($625 per short ton) on Friday August 21, down by 25 unchanged
cents (0.8%) from July’s $31.50 per cwt. Buyers cut their procurement rates amid losses in the futures
On the cold-finished side, Fastmarkets’ assessment for steel bar market, which kept sellers from raising prices further.
cold-finished 1-inch round 1018 (carbon), fob mill US declined to Several traders reported that their sales volumes had dropped by
$49.25 per cwt ($985 per ton), down by 75 cents (1.5%) from $50 per 40-50% from Monday’s levels.
cwt one month earlier. Market participants largely took a wait-and-see approach amid
Although SBQ base prices remain unchanged, sources said the mixed signals of weakening rebar futures and a bullish outlook
discounts were still available. for spot demand in September.
Some SBQ producers work off a three-month rolling average for
scrap surcharges, while others work according to their own internal Export
formula to calculate a monthly surcharge that is then passed along • Fastmarkets’ steel reinforcing bar (rebar) index export, fob China
to customers, Fastmarkets understands. main port: $482.50 per tonne, unchanged
The consumer buying price for steel scrap No1 busheling, delivered Chinese mills’ workable prices were estimated at $480-485 per
mill Chicago - a key input material in the production of SBQ steel - tonne fob, unchanged from a day earlier.
slid by $20 per gross ton during this month’s ferrous scrap trade, No deals were concluded.
settling at $260 per gross ton on August 6.
Market chatter
Market overview “A policy meeting [between the People’s Bank of China, the Ministry of
According to market participants, demand for SBQ remains weak Housing & Urban-Rural Development and developers] over financing
overall. for the housing sector was held on August 20, but nothing has been
“SBQ is the most challenged [steel] market out there right now,” reported about what was discussed. As such, no one knows if it has any
a consumer source told Fastmarkets. bearing on the rebar market,” an industry analyst in Shanghai said.
According to one distributor, the mining, oil and gas, and heavy Market participants are expecting regulations to be adjusted to
truck segments remain sore points. reduce the leverage ratio of housing companies and prevent a break
Indeed, the number of drill rigs running in the United States fell to in the capital chain at some real estate companies that are heavily
record low of 244 rigs during the week ended August 14. in debt.
continued ›
16
Carbon steel said. “Not sure I believe it holds true for November and December if
we start seeing an increase in Covid-19 [cases].”
long products
Fastmarkets is hosting a webinar, “Insights to Drive Success in the
2020 HRC Contract Season,” on September 9. Click here to sign up.
PATRICK FITZGERALD
Billet DNIPRO
As at 3pm, billet was being traded at 3,410 yuan per tonne including RUSSIA REBAR: Mills push for higher prices
value-added tax in Tangshan, unchanged from a day earlier.
Offers for Vietnamese billet were heard around $450 per tonne cfr Prices for steel rebar in Russia’s Central Federal District around
China, $5 per tonne higher than late last week. Moscow moved up in the week to Monday August 24 on bullish offers
Buyers did not take these up and instead placed bookings with from producers while buyers doubt the scale of increase the market
suppliers in Tangshan for cargoes to be delivered in two months, at can actually accept, sources told Fastmarkets.
prices of about $15 per tonne below the import offers, sources said. Fastmarkets’ weekly price assessment for steel reinforcing bar
(rebar), domestic, cpt Moscow, Russia was 36,000-37,500 roubles
Shanghai Futures Exchange ($481-501) per tonne on Monday, including 20% VAT, up from 35,000
The most-traded January rebar futures contract closed at 3,704 yuan roubles per tonne last week.
per tonne on Tuesday, down by 28 yuan per tonne from a day earlier. Key domestic suppliers indicated their offers for September
JESSICA ZONG material at 37,000-37,500 roubles per tonne, while buyers assessed
the workable level at 36,000-36,500 roubles per tonne at the
NEW YORK highest, Fastmarkets heard
CHQ wire rod price falls, high-carbon price At the same time, construction activity remained strong during
flat in US the assessment week, sources said.
“Demand is good, the order intake is healthy. I guess August this
Declining ferrous scrap costs pushed the price of cold-heading year will be better in terms of volumes than last year,” one trader
quality (CHQ) wire rod lower, while the price for high-carbon wire said.
rod was unchanged, Fastmarkets learned. Further, several sources told Fastmarkets they believe Russian
Fastmarkets’ assessment for steel wire rod cold-heading quality, mills have been limiting rebar tonnages to the domestic market to
ddp settled at $35.50 per hundredweight ($710 per short ton) on artificially support price hikes.
Friday August 21, down 2.7% from $36.50 per cwt last month. “We are short of some diameters, that’s true. In August, we
The cost of steel scrap No1 busheling, delivered mill Chicago, a key received less material than we ordered from mills,” the second
feedstock for CHQ wire rod production, fell by $20 per gross ton trader said.
during August’s ferrous scrap trade. Fastmarkets understands CHQ In the secondary market, the price for rebar from large traders
wire rod producers pass along the lower cost of No1 busheling to was around 39,000-40,000 roubles per tonne, narrowing from
buyers. 37,000-37,500 roubles per tonne last week, sources told
Fastmarkets’ assessment for steel wire rod (high carbon), fob Fastmarkets.
mill US was unchanged at $34 per cwt ($680 per short ton) on JULIA BOLOTOVA
August 21.
According to a consumer source, demand for CHQ wire rod going
into the automotive end market is dependent on platform, with the
auto fastener business going into the sports utility vehicle and truck
segments “booming” at present.
Additionally, prices should see upward pressure as a result of next
month’s ferrous scrap trade.
Demand for high-carbon wire rod is said to be improving as well.
“We have seen a steady, yet slow, trend upward for late summer
and beginning of 4th quarter,” a high-carbon wire rod consumer
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17
Carbon steel semi- (rebar), import, cfr Jebel Ali, UAE, on a theoretical-weight basis was
$463-470 per tonne on Tuesday, unchanged week on week.
finished products
Oman was reported offered rebar at $463-476 per tonne cpt UAE
but again no major deals were heard, sources said.
SERIFE DURMUS
FASTMARKETS’ KEY SEMI-FINISHED STEEL PRICES

Slab, CIS exports (fob stowed main
Black Sea port) ($/t) 430-435 0.58% p 25 Aug 20
Slab, Brazil export (fob main port)
($/t) 420-430 1.19%
p 21 Aug 20
Slab, South East/East Asia (cfr main
port) ($/t) 445-445 1.71% p 24 Aug 20
Slab, Iran export (fob Iranian port)
($/t) 390-395 0% 19 Aug 20
Billet, CIS exports index (fob Black
Sea port) ($/t) 400 0.76% p 25 Aug 20
Billet, Turkish exports (fob main
Turkish port) ($/t) 420-425 0% 20 Aug 20
Billet, Turkish imports (cfr main
Turkish port) ($/t) 410-420 0% 20 Aug 20
Billet, UAE imports (cfr Jebel Ali)
($/t) 440-445 -1.12%
q 25 Aug 20
Billet, Latin American exports (fob
stowed main Latin America port)
($/t) 400-410 10.2% p 21 Aug 20
Billet, Indian exports (fob main
India port) ($/t) 400-405 0% 21 Aug 20
Billet, South East Asia imports (cfr
main port) ($/t) 435-440 1.74% p 25 Aug 20
Billet, Iran export (fob Iranian
ports) ($/t) 390-395 0.26% p 19 Aug 20
Billet, Egypt imports (cfr main
port) ($/t) 415-430 0% 20 Aug 20
BURSA
GULF STEEL BILLET, REBAR: Weak demand
pushes some prices down
Prices for steel rebar and billet in the United Arab Emirates
decreased slightly this week because of weak demand, market
sources said on Tuesday August 25.
Domestic rebar
Rebar producers in the UAE have been offering the product at
1,800-1,830 dirhams ($490-498) per tonne ex-works for orders with
September-production since August 17, with deals heard over the
week at 1,750 dirhams per tonne ex-works.
General demand for long steel in the country was weak, where
monthly rebar consumption has fallen by about 25-30% since the
start of the Covid-19 pandemic, sources in the UAE told Fastmarkets.
Fastmarkets’ weekly price assessment for steel reinforcing bar
(rebar), domestic, exw UAE was 1,800-1,830 dirhams per tonne on
August 25, falling from 1,800-1,830 dirhams per tonne on August 18.
Billet imports
Billet was offered at $440-445 per tonne cpt from Oman, down
from $445-450 per tonne cpt offered last week but no major deals
were heard, Fastmarkets was told.
Fastmarkets’ weekly price assessment for steel billet, import, cfr
Jebel Ali, UAE was $440-445 per tonne cfr on August 25, falling from
$445-450 per tonne on August 18.
Rebar imports
Fastmarkets’ weekly price assessment for steel reinforcing bar
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19
Ferrous scrap line with a strengthening dollar, because mills buy most of their raw
materials in dollars and sell their finished products in Turkish lira.
On August 25, the Turkish currency was trading at 7.40 lira to $1 at
the time of publication, compared with 7.28 lira to $1 on Friday
FASTMARKETS’ KEY FERROUS SCRAP PRICES August 21, according to Oanda.com.
CEM TURKEN
MB Index CFR Turkey HMS 1&2 (80:20)
(North Europe material) 276.05 -0.06% q 25 Aug 20
LONDON
MB Index CFR Turkey HMS 1&2 (80:20) Tata Steel launches mobile app for sourcing
(USA material) 283.71 -0.06% q 25 Aug 20 steel scrap
MB Index Shredded India import cfr
($/t) 309.47 -0.05%
q 21 Aug 20 The steel recycling division of Tata Steel has announced it is
HMS 1&2 ferrous scrap index (80:20) launching a mobile app for sourcing steel scrap in India, the
fob Rotterdam ($/t) 259.38 -0.28% q 21 Aug 20
company said on August 19.
HMS 1&2 (80:20) UK export fob main
port ($/t) 265-267 0% 21 Aug 20 The app - named FerroHaat - claims to be a world first and aims to
HMS 1&2 (80:20) Taiwan import cfr source steel scrap from traders in India. The app is a step toward
($/t) 265-270 1.9% p 25 Aug 20 organizing the currently disorganized Indian scrap supply chain, while
US Index domestic Midwest No1 also providing a reliable source of scrap metal for the industry and
busheling ($/gross ton) 258.31 -7.09% q 10 Aug 20 creating a circular economy in India’s steel sector, the company said.
US Index domestic Midwest shredded In addition, Tata Steel hopes to lower its dependency on steel
($/gross ton) 235.71 -2.47% q 10 Aug 20
imports, which aligns with the country’s National Steel Policy that
Vietnam ferrous scrap ($/t) 305-305 2.52% p 21 Aug 20
targets a steel production capacity of 300 million tonnes per year by
2030-31. Steel recycling and reduced scrap imports are key to
MUGLA achieving this, the company added.
DAILY STEEL SCRAP: Mills resume scrap India is the world’s second-largest steel scrap importer and
purchases, prices inch up accepted 7.05 million tonnes of steel scrap in 2019, up by 11.4% year on
year, figures from the Bureau of International Recycling (BIR) showed.
Turkish steel producers resumed deep-sea scrap purchasing on India produced 111.25 million tonnes of steel in 2019, up by 1.8% year on
Tuesday August 25 after more than two weeks out of the market, year, World Steel Association (Worldsteel) data suggested.
sources told Fastmarkets. Additionally, Indian Prime Minister Narendra Modi is also pushing
A steel mill in the Marmara region booked a Baltic Sea cargo, for the country to become “Atmanirbhar Bharat” - meaning
comprising 38,000 tonnes of HMS 1&2 (80:20) at $283 per tonne, self-reliant India - and his government is keen to push this new policy
1,500 tonnes of bonus scrap at $293 per tonne and 1,500 tonnes of through, Fastmarkets understands.
busheling at $298 per tonne cfr. The app is a live 24/7 market place to sell scrap and will include
The same mill booked a second Baltic Sea cargo, comprising different sections for business transactions, a snapshot of the
24,500 tonnes of HMS 1&2 (80:20) at $283 per tonne, 7,000 tonnes supplier’s account and market information, among other features,
of bonus at $293 per tonne and 1,500 tonnes of rail at $298 per the company announced.
tonne cfr. “Scrap buying and selling is a tedious affair. The prices change by
And the mill also booked a US cargo of HMS 1&2 (80:20) at $287.50 the hour, making users apprehensive and vulnerable. The FerroHaat
per tonne cfr - although the full composition of the cargo was not app makes transactions easy and user friendly. The best part is that it
clear at the time of publication. collaborates with existing scrap yards and traders and provides them
Previous deep-sea sales had been done at $285 per tonne cfr for with a transparent platform with stability in prices. Large
US- and Baltic Sea-origin HMS 1&2 (80:20) on August 7, leading the transactions can now be done with a click of a few buttons,” Yogesh
daily scrap indices to inch up on August 25. Bedi, chief executive of the steel recycling business at Tata Steel, said.
Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), The company has said the platform will, hopefully, remove the
North Europe origin, cfr Turkey, was calculated at $276.05 per tonne elements of uncertainty in the business.
on August 25, up by $1.92 per tonne day on day. Tata Steel recently announced it was commissioning what it said
And the daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, is the first scrap recycling plant in the country and has commenced
cfr Turkey, was $283.71 per tonne on Tuesday, also up by $1.92 per trials at the site in Rohtak, Haryana. The plant will source feedstock
tonne day on day, leaving the premium for US material over from end-of-life vehicle (ELV) scrap, obsolete household scrap,
European scrap flat at $7.66 per tonne. construction and demolition scrap and industrial scrap,
Steel mills in Turkey have generally been seeking lower scrap prices Fastmarkets understands.
over the past two weeks by staying away from the deep-sea market. CARRIE BONE
However, steady demand in the US domestic market and
recovering demand for Turkish long steel products has prevented
scrap prices from falling, sources told Fastmarkets.
“The mills could buy [HMS 1&2 (80:20)] scrap at $280-285 per
tonne cfr last week. But, the demand in the US domestic market
recovered before the Turkish mills returned,” a Turkish source said.
“Besides, the Turkish lira weakened further against US dollar,
bringing domestic rebar prices higher and triggering the rise in
demand from the local market,” he added.
Domestic prices for long steel products in Turkey typically rise in
20
Ferrous raw supply brought iron ore prices to a 6.5-year high earlier in August.
They have fallen since, with consumption in China slowing down.
materials
Fastmarkets’ index for iron ore 62% Fe fines, cfr Qingdao, was
most recently calculated at $122.99 per tonne on Tuesday, down
from $125.23 per tonne a day before and lower than the
aforementioned recent high of $129.32 per tonne on August 20.
FASTMARKETS KEY IRON ORE PRICES RENATO ROSTÁS
cfr main China port $ per dry metric tonne

SHANGHAI
COKING COAL DAILY: Seaborne prices flat;
Iron ore index (62% fe) 122.99-122.99 -4.34% q 25 Aug 20
Iron ore pellet index cfr Qingdao
China waiting while India buying
(65% fe) 139.27-139.27 3.82% p 21 Aug 20
Seaborne coking coal prices across the board remained flat on
Tuesday August 25, while India was actively purchasing seaborne
SÃO PAULO premium mid-volatility hard coking coal and Chinese market
Vale inaugurates 3mln-tpy iron ore grinding participants were looking forward to October, sources said.
hub at China’s Ningbo-Zhoushan port
Fastmarkets indices
Brazilian miner Vale has inaugurated an iron ore grinding hub at a Premium hard coking coal, fob DBCT:
terminal owned by the China-based Ningbo-Zhoushan Port Group $104.41 per tonne, up $0.32 per tonne
(NZP), with three production lines and capacity for as much as 3
million tonnes per year, the company said on Tuesday August 25. Premium hard coking coal, cfr Jingtang:
The first product to be designed at the grinding hub will be GF88, $114.64 per tonne, up $0.01 per tonne
high-grade fines made from iron ore produced in Carajás (IOCJ), the
top-tier deposit owned by Vale in northern Brazil. According to Vale, Hard coking coal, fob DBCT:
it will provide a “green” solution to pellet production and help $85.19 per tonne, unchanged
steelmakers to reduce their carbon emissions.
“GF88 is a truly ‘green’ mineral product. It enjoys high iron Hard coking coal, cfr Jingtang:
content, low impurities and low loss-on-ignition characteristics,” $98.29 per tonne, unchanged
the company’s ferrous director, Marcelo Spinelli, said at the
inauguration. “It also deploys a unique, innovative and A 75,000-tonne cargo of premium mid-vol hard coking coal, with
environmentally friendly production process, which has no need for September 20-29 laycan, was traded at $101 per tonne fob Australia
heating or water and generates no tailings.” on Tuesday August 25.
The grinding hub is located in the Shulanghu ore transfer terminal On August 24, a 75,000-tonne cargo of premium mid-vol hard
at Zhoushan, in the eastern Chinese province of Zhejiang. It is a part coking coal, with September 20-29 laycan, was traded at $101.80 per
of the Ningbo-Zhoushan port, operated by NZP. tonne fob Australia, with an option to replace it with another brand
Vale had previously collaborated with NZP in 2016 to create of premium mid-vol hard coking coal at $100.80 per tonne fob
Brazilian Blend Fines (BRBF) with Vale’s material. Both companies Australia, Fastmarkets learned.
then signed a grinding service contract to launch new iron ore “Those cargoes will probably go to India. With premium mid-vol
products in China in December 2019. hard coking coal demand from India robust, the premium mid-vol
Offering steelmaking solutions with a lower carbon footprint is hard coking coal price in the fob market is going to be a bit
one of Vale’s objectives to comply with the climate change stronger,” a trader in Singapore said.
standards set out in the Paris Agreement. The company also entered One trader source from India was cautious, saying that the
into a non-binding agreement with Kobe and Mitsui in July to form a country’s spot market demand for seaborne coking coal only
low-emissions steel joint venture. represented a smaller percentage of total demand with the majority
Vale was directly or indirectly involved in two major environmental of demand coming from long-term contracts.
disasters in Brazil during a four-year period. In 2015, a tailings dam “So India alone can’t buy much seaborne material in the spot
failed at Samarco, its iron ore pellet joint venture with BHP, which market,” the trader added.
led to the plant being idled. Then another dam collapsed at the No transactions were heard in the cfr market today, with few
company’s Córrego do Feijão mine in 2019, killing 270 people. steel mills in China allocated coking coal import quotas for 2020,
Afterward, the Brazilian miner started to decommission its sources told Fastmarkets. As a result, there were few price changes
tailings dams of the “upstream” variety, similar to the one that for seaborne material in the cfr market, sources added.
failed at Córrego do Feijão. And it committed to stricter social and Traders pointed out that there would be more transactions in
environmental standards, in what the company called a “New Pact October, however, because steel mills could possibly procure
with Society.” November-laycan cargoes of coking coal using their import quotas
The goals linked to the Paris Agreement were divided into lower for 2021.
carbon emissions from the company’s own energy use, from third
parties, and further downstream – all to reduce the carbon footprint Dalian Commodity Exchange
of steelmakers. Vale hopes to achieve all three goals by 2050. The most-traded January 2021 coking coal contract closed at 1,218.50
“With the [launch] of GF88 in China, together with other yuan ($176.12) per tonne on Tuesday, up by 0.50 yuan per tonne.
high-quality iron ore products and blends, Vale will continue to The most-traded January 2021 coke futures contract closed at
contribute to China’s greener future,” Spinelli said. 1,921 yuan per tonne, down by 16.50 yuan per tonne.
A combination of strong Chinese demand and overall lower LI MIN
continued ›
21
Ferrous raw Key drivers

The iron ore futures market continued on a downtrend for a fifth
materials
trading day on the Dalian Commodity Exchange (DCE), where the
value of the most-traded January futures contract decreased by
2.3% compared with one day earlier.
Meanwhile, the iron ore September swap contract on the
DNIPRO Singapore Exchange (SGX) followed the downtrend and dropped by
Voestalpine to restart small BF at its about $3 per tonne in afternoon trading, before rebounding to a loss
Linz plant of just $2.48 per tonne by 6pm local time.
A new round of restrictions on sintering in the Tangshan area, to
Austrian steelmaking group Voestalpine plans to resume operation control air pollution, had been implemented last night, sources
of a small blast furnace (BF) at Linz in Austria, the company said on said. This affected the demand for iron ore fines and eased trading
Friday August 21. sentiment, resulting in a drop in the futures market. But the
Production from the unit was temporarily shut down in March, physical market at ports in China maintained prices similar to
following the abrupt slump in customer demand caused by those heard on Monday.
Covid-19. “The iron ore futures market reacted to the restriction information
“The gradual revival of demand - which is most pronounced in the and some market participants started to take short positions on the
automotive, electrical and processing industries - has led to an DCE, so swaps on the SGX went down as well. However, the low
increased need for high-quality steel grades, making this step inventory of Australian fines is still supporting prices at ports at a
possible,” Voestalpine said. similar level to yesterday,” a trader in Shanghai said.
“The first signs of recovery were also evident in the mechanical Sources also commented on the performance of iron ore lump
engineering and energy segments, for which the site in Linz also under the sintering restriction.
produces high-quality steel product,” it added. “Usually, iron ore lump will perform well when there is a restriction
The Voestalpine Steel Division operates one large and two small on sintering that could affect the demand for fines,” a buyer source
BFs at the site in Linz, which together have pig iron production in southern China said. “But it still takes time to consume the high
capacity for around 5 million tonnes per year. inventory of lump at ports in China, so the price of lump may not
Another two BFs are located at the headquarters of the Metal recover in the short term until miners reduce their shipments.”
Engineering Division, in Donawitz, and produce as much as 1.5
million tpy of pig iron. Quote of the day
One of the two BFs in Donawitz was scheduled for interim repairs “The market is depressed due to the less-positive news that
from June to October, and will only be restarted when customer pollution-control measures in the Tangshan region, and port
demand requires, the company said. congestion in Qingdao and Tangshan due to military exercises
In Europe, Voestalpine runs about 50 companies across Austria, nearby, have limited some cargo flows into the affected areas,” a
Germany, Belgium and France. trader in Singapore said.
MARIA TANATAR
Trades/offers/bids heard in the market
SINGAPORE • Vale, Globalore, 85,000 tonnes of 62% Fe Brazilian Blend fines,
IRON ORE DAILY: Prices down amid Tangshan traded at $121.20 per tonne cfr China, laycan September 19-28.
sintering restrictions • Rio Tinto, Globalore, 170,000 tonnes of 62% Fe Pilbara Blend fines,
traded late on Monday at $124.30 per tonne cfr China, laycan
Prices for iron ore fines went down on Tuesday August 25, with market September 8-17.
sources saying that the restrictions on sintering in the Tangshan area • Beijing Iron Ore Trading Center (Corex), 95,000 tonnes of 62.2% Fe
of northern China have affected demand expectations. Pilbara Blend lump, traded at the September average of a 62% Fe
index plus its lump premium, plus a discount of $0.50 per tonne,
Fastmarkets iron ore indices laycan August 30-September 8.
62% Fe fines, cfr Qingdao: • BHP, tender, 90,000 tonnes of 57% Fe Yandi fines, traded at the
$122.99 per tonne, down by $2.24 per tonne. October average of two 62% Fe indices plus a discount of $1.77 per
tonne, laycan September 23-October 2.
62% Fe low-alumina fines, cfr Qingdao: • BHP, tender, another 110,000 tonnes of 57% Fe Yandi fines, traded
$121.20 per tonne, down by $3.58 per tonne. at the October average of two 62% Fe indices plus a discount of
$1.77 per tonne, laycan September 23-October 2.
58% Fe fines high-grade premium, cfr Qingdao: • BHP, Globalore, 90,000 tonnes of 62% Fe Jimblebar fines, offered
$109.59 per tonne, down by $1.62 per tonne. at the September average of two 62% Fe indices plus a discount of
$2.15 per tonne, laycan September 16-25 (bid made at the
65% Fe Brazil-origin fines, cfr Qingdao: September average of two 62% Fe indices plus a discount of $2.80
$131.50 per tonne, down by $2.10 per tonne. per tonne).
• Corex, 80,000 tonnes of 63% Fe Newman Blend lump, offered at
62% Fe fines, fot Qingdao: the September average of a 62% Fe index on an fob Australia basis
957 yuan per wet metric tonne (implied 62% Fe China Port Price: plus a lump premium of $0.0420 per dry metric tonne unit, laycan
$128.37 per dry tonne), up by 1 yuan per wmt. September 16-25.
• Corex, 170,000 tonnes of 61.5% Fe Pilbara Blend fines, offered at
63% Fe Australia-origin lump ore premium, cfr Qingdao: the August average of a 62% Fe index plus a premium of $5.10 per
$0.0450 per dry metric tonne unit (dmtu), up by $0.0100 per dmtu. tonne, laycan August 24-September 2.
continued ›
22
Ferrous raw premium of $2 per tonne, laycan September 26-October 5.

• Corex, joint cargo, 110,000 tonnes of 57% Fe Yandi fines, offered at
materials
the September average of two 62% Fe indices plus a premium of
$2.80 per tonne; and 80,000 tonnes of 63% Fe Newman Blend
lump, offered at the September average of 62% Fe index plus its
lump premium, laycan September 6-15.
• Corex, joint cargo, 140,000 tonnes of 61.5% Fe Pilbara Blend fines,
offered at the August average of a 62% Fe index plus a premium of Port prices
$5 per tonne; and 50,000 tonnes of 62.3% Fe Pilbara Blend lump, Pilbara Blend fines were traded at 930-950 yuan per wmt in
offered at the August average of a 62% Fe index and its lump Shandong province, Tangshan and Zhanjiang city on Tuesday,
premium, plus a premium of $0.10 per tonne, laycan August 12-21. compared with 942-955 yuan per wmt on Monday.
• Corex, joint cargo, 95,000 tonnes of 61.5% Fe Pilbara Blend fines, The latest range was equivalent to about $124.67-127.43 per tonne
offered at the August average of a 62% Fe index plus a premium of in the seaborne market.
$5 per tonne; and 140,000 tonnes of 62.3% Fe Pilbara Blend lump,
offered at the August average of a 62% Fe index and its lump Dalian Commodity Exchange
premium, plus a premium of $0.10 per tonne, laycan August 15-24. The most-traded January iron ore futures contract closed at 813.50
• Corex, joint cargo, 140,000 tonnes of 61.5% Fe Pilbara Blend fines, yuan ($117.69) per tonne on Tuesday, down by 19 yuan per tonne
offered at the August average of a 62% Fe index plus a premium of from Monday’s close.
$4.80 per tonne; and 50,000 tonnes of 62.3% Fe Pilbara Blend Alex Theo in Singapore contributed to this article.
lump, offered at the August average of a 62% Fe index and its lump ZIHAO YU
premium, laycan August 24-September 2.
• Corex, 80,000 tonnes of 60.5% Fe Jimblebar fines, offered at the
August average of two 62% Fe indices plus a discount of $1 per
tonne, laycan August 26-September 4.
• Corex, another 80,000 tonnes of 60.5% Fe Jimblebar fines, offered
at the August average of two 62% Fe indices plus a discount of $1
per tonne, laycan August.
• Corex, joint cargo, 80,000 tonnes of 60.5% Fe Jimblebar fines,
offered at the September average of two 62% Fe indices plus a
premium of $3 per tonne; and 110,000 tonnes of 57% Fe Yandi fines,
offered at the September average of two 62% Fe indices plus a
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24
Price Change Assessed
Prices
For the latest prices go to http://www.metalbulletin.com/My-price-book.html
N. American special aluminium alloy
LME cash official
LME cash unofficial
1,383.5-1,383.5
1,383.5-1,383.5
3.25%
3.28%
p
p
25 Aug 20
24 Aug 20
LME 3 months official 1,405-1,405 3.31% p 25 Aug 20
NEW YORK
METAL FUTURES
BULLETIN’S KEY ALUMINIUM PRICES LME 3 months unofficial 1,405-1,405 3.31% p 24 Aug 20

Price Change †
Assessed
Price Change Assessed LME stocks (tonnes) 28,260 -0.42% q 24 Aug 20
Comex: Copper high grade cents/lb Copper grade A $
Settlement 292.25 0.85%
p 24 Aug 20 LME cash official 6,544.5-6,544.5 0.8% p 25 Aug 20
Open interest 228,533 2.07% p 21 Aug 20 LME cash unofficial 6,550-6,550 0.98% p 24 Aug 20
Stocks (short ton) 87,127 -1.23% q 21 Aug 20 LME 3 months official 6,525-6,525 0.59% p 25 Aug 20
Comex: Gold $/troy oz LME 3 months unofficial 6,532-6,532 0.84% p 24 Aug 20
Settlement 1,927.70 -2.89%
q 24 Aug 20 LME Tapo notional average price (NAP) 6,465.97 0.81% p 24 Aug 20
Open interest 550,110 0.78% p 21 Aug 20 LME stocks (tonnes) 95,525 -11.16% q 24 Aug 20
Stocks (troy oz) 37,020,029 -0.31% q 21 Aug 20 Lead $
Nymex: Palladium $/troy oz LME cash official 1,984.5-1,984.5 1.04% p 25 Aug 20
Settlement 2,165.5 -3.06%
q 24 Aug 20 LME cash unofficial 1,949.5-1,949.5 -0.33% q 24 Aug 20
Stocks (troy oz) 100,233 16.29% p 21 Aug 20 LME 3 months official 2,005-2,005 1.21% p 25 Aug 20
Nymex: Platinum $/troy oz LME 3 months unofficial 1,973-1,973 -0.08% q 24 Aug 20
Settlement 921.90 -4.48%
q 24 Aug 20 LME stocks (tonnes) 125,300 3.92% p 24 Aug 20
Stocks (troy oz) 453,682 3.7% p 21 Aug 20 Nickel $
Comex: Silver cents/troy oz LME cash official 14,880-14,880 1.9% p 25 Aug 20
Settlement 2,658.80 -3.82%
q 24 Aug 20 LME cash unofficial 14,788-14,788 1.39% p 24 Aug 20
Open interest 191,091 -2.35% q 21 Aug 20 LME 3 months official 14,923-14,923 1.85% p 25 Aug 20
LME 3 months unofficial 14,830-14,830 1.3% p 24 Aug 20
SHANGHAI FUTURES
LME stocks (tonnes) 238,494 -0.02% q 24 Aug 20
Tin $
Aluminium yuan/tonne 14,590 1.07% p 25 Aug 20
LME cash official 17,435-17,435 -0.26% q 25 Aug 20
Copper yuan/tonne 51,090 0.51% p 25 Aug 20
LME cash unofficial 17,383-17,383 -0.25% q 24 Aug 20
Nickel cathode yuan/tonne 116,960 1.09% p 25 Aug 20
LME 3 months official 17,365-17,365 -0.69% q 25 Aug 20
Tin ingot yuan/tonne 141,030 -0.97% q 25 Aug 20
LME 3 months unofficial 17,400-17,400 -0.17% q 24 Aug 20
Zinc yuan/tonne 19,875 -0.13% q 25 Aug 20
Steel rebar month 1 yuan/tonne 3,746 -1.19% q 25 Aug 20
Zinc special high grade $
LME cash official 2,462-2,462 0.55% p 25 Aug 20
LME cash unofficial 2,428-2,428 0.37% p 24 Aug 20
Weekly stocks deliverable
Aluminium (tonnes) 246,900 1.16% p 21 Aug 20
LME 3 months unofficial 2,454.5-2,454.5 0.68% p 24 Aug 20
Copper (tonnes) 172,266 0.12% p 21 Aug 20
Nickel cathode (tonnes) 34,160 -1.04% q 21 Aug 20
Cobalt min 99.3%
Tin ingot (tonnes) 3,584 -0.44% q 21 Aug 20
LME cash official 33,025-33,025 -0.06% q 25 Aug 20
Zinc (tonnes) 77,629 1.46% p 21 Aug 20
LME 3 months official 33,200-33,200 0% 25 Aug 20
Steel rebar (tonnes) 48,765 61.15% p 21 Aug 20
LME stocks (tonnes) 515 -7.21% q 24 Aug 20
Gold $/troy oz
DAILY METAL AND STEEL
London morning 1,947.55 -0.12% q 24 Aug 20
London forward LME settlement prices. All prices per tonne, unless otherwise stated, in LME
London afternoon 1,943.95 -1.46% q 24 Aug 20
warehouse, EU duty, if any paid for buyers account
Handy/Harman 1,943.95 -1.46%
q 24 Aug 20
Silver per troy oz
Aluminium high grade $
London spot pence 2,049 -0.34% q 24 Aug 20
Cash official 1,733-1,733 0% 25 Aug 20
London spot cents 2,688.5 -0.11% q 24 Aug 20
Cash unofficial 1,731.5-1,731.5 0.96% p 24 Aug 20
Handy/Harman 2,664.60 -2.65%
q 24 Aug 20
3 months official 1,773.5-1,773.5 0.2% p 25 Aug 20
Palladium $/troy oz
3 months unofficial 1,771.5-1,771.5 1.17% p 24 Aug 20
London morning 2,170 -0.37% q 24 Aug 20
LME Tapo notional average price (NAP) 1,731.75 0.18% p 24 Aug 20
London afternoon 2,195 -0.32% q 24 Aug 20
LME stocks (tonnes) 1,567,375 -1.46% q 24 Aug 20
Platinum $/troy oz
Aluminium alloy (A380.1/DIN/D12S) $
London morning 926 -3.04% q 24 Aug 20
LME cash official 1,342-1,342 3.63% p 25 Aug 20
London afternoon 930 -2.11% q 24 Aug 20
LME cash unofficial 1,342-1,342 3.23% p 24 Aug 20
LME 3 months unofficial 1,360-1,360 3.03% p 24 Aug 20
LME stocks (tonnes) 6,120 0% 24 Aug 20
† week-on-week change continued ›

25
Price Change Assessed MB BASE METAL PREMIUMS
Prices
Kuala Lumpur tin market
Tin $/tonne
ICDX
For
17,150 -1.15%
the latest prices go to http://www.metalbulletin.com/My-price-book.html
q 25 Aug 20
All prices $/tonne unless otherwise stated
*MB Copyright
Tin PB300 settlement price $/tonne 16,850 -2.77% q 09 Dec 19
Copper
METAL
Tin PB300BULLETIN’S KEY ALUMINIUM PRICES 30
volume, tonnes 200% p 09 Dec 19
Annual premium 8mm wire rod, cif
Price Change Assessed Nhava Sheva, $/tonne 130-175* -12.86% q 07 Sep 18
RAND FIXING PRICES Europe, EQ Grade, cathode, cif, $/tonne 25.0-35.0* 0% 25 Aug 20
Rand fixing prices per tonne for London Metal Exchange trade Rotterdam, Grade A, cathode, cif, $/tonne 40.0-50.0* 0% 25 Aug 20
Price Change† Assessed Germany, Grade A, cathode, delivered,
$/tonne 80.0-90.0* 0% 25 Aug 20
Copper 110,751.92 -2.48% q 25 Aug 20
North European warrants, Grade A
Aluminium 29,327.39 -3.25% q 25 Aug 20
cathode, in-warehouse, $/tonne 10.0-15.0* 0% 19 Aug 20
Lead 33,583.5 -2.24%
q 25 Aug 20
South European warrants, Grade A
Zinc 41,664.18 -2.72% q 25 Aug 20 cathode, in-warehouse, $/tonne 10.0-15.0* 0% 19 Aug 20
Nickel 251,812.75 -1.41% q 25 Aug 20 Leghorn, copper low-high premium,
Tin 295,050.76 -3.5% q 25 Aug 20 Grade A, cathode, cif, $/tonne 45.0-55.0* 0% 25 Aug 20
Japan, copper, Grade A, cathode, cif, $/tonne 75.0-80.0* 0% 25 Aug 20
South Korea, copper low-high
EXCHANGE RATES
premium, Grade A, cathode, cif, $/tonne 70.0-75.0* 0% 25 Aug 20
Price Change† Assessed Southeast Asian warrants, Grade A
LME settlement conversion rates cathode, in-warehouse, $/tonne 15.0-25.0* 0% 19 Aug 20
$/£ 1.3135 -0.3% q 25 Aug 20 East Asian warrants, Grade A
cathode, in-warehouse, $ per tonne 15.0-25.0* 0% 19 Aug 20
$/¥ 106.4300 0.92%
p 25 Aug 20
Southeast Asia, Grade A cathode,
$/€ 1.1813 -0.78%
q 25 Aug 20 cif, $ per tonne 65.0-75.0* 0% 25 Aug 20
Closing rates, midpoint Shanghai, EQ Grade, cathode, cif, $/tonne 10.0-20.0* -50% q 25 Aug 20
$/£ 1.3069 -0.23%
q 24 Aug 20 Shanghai, copper low-high premium,
$/¥ 105.8600 -0.2% q 24 Aug 20 Grade A, cathode, in-warehouse, $/tonne 65.0-75.0* -4.11% q 25 Aug 20
$/€ 1.1813 -0.46%
q 24 Aug 20 Shanghai, copper low-high premium,
Grade A, cathode, cif, $/tonne 50.0-70.0* -6.25% q 25 Aug 20
£/€ 1.1063 0.23%
p 24 Aug 20
Shanghai, copper cif ER, premium,
$/CNY 6.9128 -0.42%
q 24 Aug 20
Grade A, cathode, $/tonne 58.0-70.0* -5.88% q 25 Aug 20
Shanghai, copper cif SX-EW, premium,
BASE METALS ARBITRAGE Grade A, cathode, $/tonne 50.0-60.0* -4.35% q 25 Aug 20
Shanghai, copper bonded in-warehouse,
Price Change Assessed †
SX-EW, premium, Grade A, cathode, $/tonne 65.0-70.0* -4.26% q 25 Aug 20
Aluminium
Shanghai, copper bonded in-warehouse,
Import arbitrage, $/tonne -21.22* -64.53% q 25 Aug 20 ER, premium, Grade A, cathode, $/tonne 68.0-75.0* -5.3% q 25 Aug 20
Import arbitrage, yuan/tonne -146.99* -64.63% q 25 Aug 20 Taiwan, Grade A cathode, cif, $ per tonne 65.0-75.0* -3.45% q 25 Aug 20
Copper United States warrants, Grade A cathode,
Import arbitrage, $/tonne -64.55* 7.96% p 25 Aug 20 $/tonne 5.0-15.0* 0% 19 Aug 20
Import arbitrage, yuan/tonne -447.12* 7.65% p 25 Aug 20 Copper Cathode, Grade 1 premium,
Delivered Domestic US, US cents/pound 7.0-8.0* 0% 25 Aug 20
Nickel
Copper Cathode, Grade 1 premium,
Import arbitrage, $/tonne -413.51* 6.79% p 25 Aug 20 Delivered Domestic US, $/tonne 154.3-176.4* 0% 25 Aug 20
Import arbitrage, yuan/tonne -2,864.44* 6.48% p 25 Aug 20 Aluminium
Zinc Aluminium P1020A, in-warehouse
Import arbitrage, $/tonne -51.60* 32.75% p 25 Aug 20 Rotterdam duty-unpaid, spot low-high,
$/tonne 95.0-105.0* 8.11% p 25 Aug 20
Import arbitrage, yuan/tonne -357.43* 32.35% p 25 Aug 20
Aluminium P1020A, cif main Korea
ports, spot low-high, $/tonne 90-100* 0% 25 Aug 20
Aluminium P1020A, Southeast Asian
warrants, in-warehouse, $/tonne 10.0-20.0* 0% 19 Aug 20
Aluminium P1020A, East Asian
warrants, in-warehouse, $/tonne 10.0-20.0* 0% 19 Aug 20
Aluminium P1020A, cif Shanghai, spot
low-high, $/tonne 90.0-95.0* -22.92% q 25 Aug 20
Aluminium P1020A, South Korea, fca,
$/tonne 105.0-115.0* 0% 25 Aug 20
Aluminium P1020A, Shanghai,
in-warehouse, $/tonne 100.0-105.0* -21.15% q 25 Aug 20
Aluminium P1020A, Taiwan, cif,
$/tonne 85.0-95.0* -5.26% q 25 Aug 20
Aluminium P1020A, Italy, fca
duty-paid, spot, $/tonne 155.0-165.0* 0% 25 Aug 20
Aluminium P1020A, Spain, fca
duty-paid, $/tonne 150.0-160.0* 0% 25 Aug 20

26
Price Change Assessed Price Change Assessed
Prices
Aluminium P1020A, Turkey, cif
duty-unpaid, $/tonne
Aluminium ingot ADC 12 ex-works
For the latest
China, prices
duty-paid,
110.0-120.0* 9.52%
go to http://www.metalbulletin.com/My-price-book.html
yuan/tonne 13,300-13,700* 0%
p

25 Aug 20
19 Aug 20
India, 99.97% purity, cif, $/tonne
India, 99.99% purity, cif, $/tonne
South European warrants, 99.97%
50.0-100.0*
160.0-170.0*
0%
0%

18 Aug 20
18 Aug 20
purity, in-warehouse, $/tonne 10.0-15.0* 0% 19 Aug 20

Aluminium ingot ADC 12 spot, main US warrants, 99.97% purity,
METAL
Japanese BULLETIN’S KEY ALUMINIUM PRICES 1,660-1,680*
ports, $/tonne 0% 19 Aug 20 in-warehouse, $/tonne 20.0-30.0* 0% 19 Aug 20

Aluminium P1020A, cif main Japanese Price Change Assessed
US lead premium 99.97%, delivered
ports, spot low-high, $/tonne 70.0-80.0* 3.45% p 25 Aug 20 domestic, cents/lb 8.5-9.5* 0% 25 Aug 20
Aluminium P1020A, cif main Japanese US lead premium 99.99%, delivered
ports, quarterly, $/tonne 75.0-79.0* -6.1% q 15 Jul 20 domestic, cents/lb 10-12* 0% 25 Aug 20
Aluminium P1020A, in-warehouse
Nickel
Rotterdam duty-paid, spot $/tonne 120.0-125.0* 4.26% p 25 Aug 20
Shanghai, nickel low-high premium,
Aluminium 6063 extrusion billet, in-warehouse
99.8% purity in-warehouse, $/tonne 90.0-110.0* -9.09% q 25 Aug 20
Rotterdam duty-paid, spot, $/tonne 220.0-250.0* 2.17% p 21 Aug 20
Shanghai, nickel low-high premium,
Aluminium P1020A, free market
99.8% purity, full plate, cif, $/tonne 90.0-110.0* -9.09% q 25 Aug 20
delivered, cents per pound 93.53-95.53* 0.8% p 24 Aug 20
Shanghai, nickel premium, 99.80%
Aluminium P1020A, duty paid premium,
purity, briquette, duty-free, cif, $/tonne 100.0-120.0* -12% q 25 Aug 20
delivered Midwest, cents per pound 15-17* 0% 25 Aug 20
Southeast Asian warrants, min 99.80%
Aluminium P1020A, cif Baltimore
full plates, in-warehouse, $/tonne 100-140* 0% 19 Aug 20
premium, US cents/lb 4.75-5.25* 0% 25 Aug 20
Aluminium P1020A, US warrants,
briquettes, in-warehouse, $/tonne 10-15* 0% 19 Aug 20
in-warehouse, $/tonne 115.0-125.0* 0% 19 Aug 20
East Asian warrants, min 99.80% full
Aluminium P1020A, delivered Sao
plates, in-warehouse, $/tonne 100-140* 0% 19 Aug 20
Paulo region, spot, $/tonne 280.0-300.0* 11.54% p 25 Aug 20
East Asian warrants, min 99.80%
Aluminium P1020A, cif Brazilian main
briquettes, in-warehouse, $/tonne 10-15* 0% 19 Aug 20
ports duty-unpaid, spot, $/tonne 170.0-180.0* 4.48% p 25 Aug 20
North European warrants, min 99.80%,
Aluminium 6063 + 6060 extrusion
in-warehouse, $/tonne 20-50* 0% 19 Aug 20
billet, cif Brazilian main ports, spot
(premium over LME cash), $/tonne 250.0-270.0* 8.33% p 14 Aug 20 uncut cathodes premium indicator 60.0-100.0* 0% 25 Aug 20
Aluminium billet, delivered 4x4 cathodes premium indicator 210.0-250.0* 0% 25 Aug 20
duty-paid North Germany (Ruhr region) over briquettes premium indicator 20.0-80.0* 0% 25 Aug 20
LME 30-day pay, $/gross tonne 260.0-290.0* 1.85% p 21 Aug 20
Nickel 4x4 cathode premium, delivered
Aluminium billet, delivered consumer works US, US cents per pound 33-38* 0% 25 Aug 20
duty-paid Italy (Brescia area) over LME
Nickel briquette premium, delivered
60-day pay, $/gross tonne 260.0-290.0* 0% 21 Aug 20
consumer works US, US cents per pound 15-18* 0% 25 Aug 20
Aluminium billet, delivered duty-paid Spain
over LME 60-day pay, $/gross tonne 240.0-270.0* 6.25% p 14 Aug 20 Tin
Aluminium billet, cif Thailand duty-unpaid Rotterdam spot premium, 99.9% low
over LME cash pay, $/gross tonne 140.0-160.0* 0% 31 Jul 20 lead ingots, in-warehouse $/tonne 400-475* 0% 25 Aug 20
Aluminium billet, cif Japan duty-unpaid Rotterdam spot premium 99.9% ingot,
over MJP and LME cash pay, $/gross tonne 110.0-130.0* -11.11% q 20 Jul 20 in-warehouse $/tonne 325-400* 0% 25 Aug 20
Aluminium billet, cif Turkey (Marmara region) South East Asian warrants, min
duty-unpaid over LME cash pay, $/gross tonne 200.0-220.0* 0% 14 Aug 20 99.85% ingots, in-warehouse $/tonne 40-80* -25% q 19 Aug 20
Aluminium primary foundry alloy silicon 7 ingot, Shanghai spot premium, 99.9% ingots,
delivered duty-paid Germany, $/tonne 280.0-300.0* 3.57% p 14 Aug 20 cif, $/tonne 280-300* 0% 25 Aug 20
Aluminium primary foundry alloy silicon 7 ingot, Shanghai spot premium, 99.9% low
delivered duty-paid Eastern Europe, $/tonne 280.0-300.0* 3.57% p 14 Aug 20 lead ingots, cif, $/tonne 360-400* 0% 25 Aug 20
Aluminium primary foundry alloy Taiwan spot premium, 99.9% ingots,

silicon 7 ingot/T-bar premium, delivered cif, $/tonne 280-300* 0% 25 Aug 20
duty-paid P1020A Midwest US, US cents/Ib 6.0-9.0* 0% 14 Aug 20 Baltimore premium, 99.85% ASTM grade
Aluminium primary foundry alloy A ingots, in-warehouse $/tonne 400-500* 0% 25 Aug 20
silicon 7 ingot, cif delivered US midwest premium, 99.85% ASTM
duty-unpaid over P1020A Turkey, $/tonne 150.0-160.0* 0% 14 Aug 20 grade A ingots, delivered $/tonne 450-540* 0% 25 Aug 20
Aluminium annual primary foundry Zinc
alloy silicon 7 ingot, cif main
North European warrants, min 99.995%
Japanese ports, $/tonne 120.0-140.0* 0% 24 Jan 20
SHG ingots, $/tonne 5.0-20.0* 0% 19 Aug 20
Aluminium annual primary foundry
MB EU: Special high grade, fca
alloy silicon 7 ingot, cif main South
Rotterdam, $/tonne 80.0-100.0* 0% 25 Aug 20
Korean ports, $/tonne 90.0-120.0* -4.55% q 24 Jan 20
Malaysia fca, 99.995%, $/tonne 85.0-95.0* 0% 25 Aug 20
Lead
Southeast Asia cif, 99.995%, $/tonne 90.0-110.0* -4.76% q 25 Aug 20
North European warrants, min 99.97%
ingots, in-warehouse, $/tonne 10.0-15.0* 0% 19 Aug 20 Singapore, zinc premium, 99.995%
purity, fca $/tonne 85.0-95.0* 0% 25 Aug 20
ingots, in-warehouse, $/tonne 10.0-20.0* 0% 19 Aug 20 Shanghai, zinc low-high premium,
99.995% purity, in-warehouse, $/tonne 80.0-90.0* 0% 25 Aug 20
East Asian warrants, min 99.97%
ingots, in-warehouse, $/tonne 10.0-20.0* 0% 19 Aug 20 Shanghai 99.995% purity, cif $/tonne 70.0-80.0* 0% 25 Aug 20
Southeast Asia, min 99.97% cif, $/tonne 70.0-85.0* 0% 18 Aug 20 Taiwan 99.995% purity SHG ingots,
cif $/tonne 90.0-100.0* 0% 25 Aug 20
Southeast Asia, 99.99% cif, $/tonne 125.0-145.0* 0% 18 Aug 20
Antwerp 99.995% purity, duty-paid
Taiwan, 99.97% purity, cif, $/tonne 70.0-90.0* 0% 25 Aug 20 fca $/tonne 80.0-100.0* 0% 25 Aug 20
Taiwan, 99.99% purity, cif, $/tonne 100.0-120.0* 0% 25 Aug 20
27
Prices
Italy 99.995% purity, duty-paid fca
$/tonne
Italy 99.995% purity, delivered
For the latest
duty-paid
145.0-155.0* 0%
prices go to http://www.metalbulletin.com/My-price-book.html
$/tonne 170.0-190.0* 0%
25 Aug 20
25 Aug 20
Lead
Lead concentrate spot treatment
charge (TC) high silver CIF China,
$/tonne 135-145* 0% 31 Jul 20
US warrants 99.995% purity, Lead concentrate spot treatment
METAL BULLETIN’S
in-warehouse $/tonne KEY ALUMINIUM PRICES 5.0-10.0* 0% 19 Aug 20 charge (TC) low silver CIF China,

MB US: Special high grade, cents/Ib Price Change Assessed
80-8.50* 0% 25 Aug 20 $/tonne 130-140* 0% 31 Jul 20
Lead concentrate (TC) high silver,
annual benchmark, $/tonne 98* 0% 03 Jun 19
Lead concentrate (TC) low silver,
annual benchmark, $/tonne 99* 0% 15 Mar 18
Zinc
BASE METALS UK: Special high grade, delivered
monthly average price £/tonne 1,910* 5.12% p 03 Aug 20
Zinc concentrate spot treatment
Alumina
charge (TC) CIF Asia-Pacific $/tonne 165-185* 2.94% p 31 Jul 20
MB Chinese free market, metallurgical
Zinc concentrate spot treatment
grade, delivered duty-paid, yuan/tonne 2,330.0-2,360.0* 1.96% p 20 Aug 20
charge (TC) deliverd North China
Alumina Index fob Australia 283.06* 6.95% p 25 Aug 20 yuan/tonne 5,200-5,500* 0.94% p 31 Jul 20
Alumina Index fob Brazil -6.33* 13 Aug 20 Zinc concentrate spot treatment
Alumina Index fob Brazil, inferred charge (TC) deliverd South China
Brazil price $ per dry metric ton 276.73* 25 Aug 20 yuan/tonne 5,300-5,500* 8% p 31 Jul 20
Aluminium Shanghai bonded zinc stocks, tonnes 53,000-60,000* -12.4% q 31 Jul 20
Shanghai bonded aluminium stocks, tonnes 2,000-3,000* 0% 31 Jul 20

Bauxite
fob Kamsar, Guinea $/dmtu 34* 6.25% p 20 Aug 20
fob Trombetas, Brazil $/dmtu 36* 5.88% p 20 Aug 20
Copper & Brass
Producer premium
Aurubis European Grade A cathode
ex-works $/tonne 96.0 11.63% p 01 Oct 18
Codelco: Contract Grade A cathode
(average) 98.0 11.36%
p 26 Sep 18
South Africa: Palabora copper rod
7.90mm, Rand/tonne 122,503.290 8.22% p 31 Jul 20
Blister copper 98-99% spot RC cif
China $ per tonne 135-155* 19.83% p 31 Jul 20
Blister copper 98-99% annual
benchmark RC cif China $ per tonne 125-133* -21.82% q 30 Dec 19
Copper concentrate Asia-Pacific
Index RC import, US cents/lb 4.40* -1.35% q 21 Aug 20
Copper concentrate Asia-Pacific
Index TC import, $/tonne 44* -1.35% q 21 Aug 20
Shanghai bonded copper stocks,
tonnes 230,000-244,000* 1.94% p 24 Aug 20
Nickel
Nickel pig iron high grade NPI content
10-15% contract price delivered duty-paid
China yuan per nickel unit price 1,000-1,100* 5.53% p 21 Aug 20
Nickel pig iron high grade NPI content
10-15% spot price China yuan per
nickel unit price 1,060-1,100* 3.85% p 21 Aug 20
Shanghai bonded nickel stocks, tonnes 13,600-21,800* 3.51% p 31 Jul 20
Nickel ore
Laterite ore with 1.5% nickel
content cif China, $/tonne 53-55* 3.85% p 21 Aug 20
Nickel ore 1.8% basis cif China, 15-20% Fe,
water content: 30-35%, Si:Mg ratio less
than 2, lot size 50,000 tonnes, $/tonne 73-75* 2.78% p 21 Aug 20
Nickel sulfate min 21%, max: 22.5%;
cobalt 10ppm max, China ex-works,
yuan/tonne 25,500-25,800* 0.98% p 21 Aug 20

28
PRECIOUS METALS Price Change Assessed
Prices

Iridium
For
MBthefreelatest prices
market: mingo
to http://www.metalbulletin.com/My-price-book.html
99.9%, $/troy oz
Cobalt hydroxide payable indicator, min
30% Co, cif China, % payable of Fastmarkets’
standard-grade cobalt price (low-end)
Cobalt tetroxide min 72.6% Co
76.5-77* -0.32% q 21 Aug 20
in-warehouse 1,580-1,700* 0% 21 Aug 20 delivered China yuan/tonne 220,000-225,000* -1.11% q 21 Aug 20

METAL
JohnsonBULLETIN’S
Matthey baseKEY ALUMINIUM
price: (unfab) PRICES Cobalt sulfate, Co 20.5% min, China
$/troy oz (08 hrs)
1,645 0%
Price Change Assessed 25 Aug 20 ex-works, yuan/tonne 55,000-56,000* -1.77% q 21 Aug 20
Englehard base price: $/troy oz 1,660 0% 25 Aug 20 Gallium
Palladium MB free market $/kg 160-165* 0% 21 Aug 20
European free market: min 99.9%, MB China domestic, min 99.99%,
$/troy oz in-warehouse 2,161-2,205* 0.32% p 21 Aug 20 yuan/kg 1,100-1,150* 5.63% p 19 Aug 20
Englehard base price: $/troy oz 2,205 0.32% p 25 Aug 20 Germanium
Johnson Matthey base price: (unfab) Germanium dioxide MB free market $/kg 900-1,100* 0% 21 Aug 20
$/troy oz (08 hrs) 2,193 -2.01% q 25 Aug 20
Germanium metal $/kg Rotterdam 1,050-1,200* 0% 21 Aug 20
Platinum
Germanium metal MB China domestic,
European free market: min 99.9%, min 99.999%, yuan/kg 7,000-7,600* 0% 19 Aug 20
$/troy oz in-warehouse 911-925* -3.82% q 21 Aug 20
Hafnium
Englehard base price: $/troy oz 936 -2.9% q 25 Aug 20
Hafnium 1% Zr max, in-warehouse
Johnson Matthey base price: (unfab) global locations, $/kg 900-1,000* 0% 14 Aug 20
$/troy oz (08 hrs) 933 -4.31% q 25 Aug 20
Indium
Rhodium
MB free market $/kg 140-170* 0% 21 Aug 20
European free market: min 99.9%,
$/troy oz in-warehouse 11,600-12,600* 3.42% p 25 Aug 20 MB China domestic, min 99.99% yuan/kg 920-950* 3.03% p 19 Aug 20
Englehard base price: $/troy oz 12,600 5% p 25 Aug 20 Magnesium

Johnson Matthey base price: (unfab) European free market $ per tonne 1,970-2,050* 0% 21 Aug 20
$/troy oz (08 hrs) 12,400 3.33% p 25 Aug 20 China free market min 99.9% Mg, fob
Ruthenium China main ports, $ per tonne 1,900-1,930* 0% 21 Aug 20
European free market: min 99.9%, MB Chinese free market min 99.9% Mg,
$/troy oz in-warehouse 210-300* 0% 21 Aug 20 ex-works yuan/tonne 12,700-12,800* -1.16% q 21 Aug 20
Englehard base price: $/troy oz 280 0% 25 Aug 20 Manganese flake

Johnson Matthey base price: (unfab) MB free market 99.7%, $/tonne 1,570-1,610* 0.95% p 21 Aug 20
$/troy oz (08 hrs) 270 0% 25 Aug 20 Electrolytic manganese flake basis
99.7%, fob China $/tonne 1,440-1,490* 0% 21 Aug 20
MINOR METALS Rhenium in-warehouse Rotterdam duty paid
Price Change† Assessed Metal pellets, min 99.9% $/Ib 500-650* 0% 14 Aug 20
Antimony APR catalytic grade $/kg Re 1,000-1,200* -4.35% q 14 Aug 20
MB free market Regulus, min 99.65%, Selenium
max Se 50 ppm, max 100 ppm Bi, MB free market $/Ib 6.25-7.5* 0% 21 Aug 20
$/tonne in-warehouse Rotterdam 5,400-5,600* 0.46% p 21 Aug 20
MB China domestic, min 99.9%, yuan/kg 90-135* -4.26% q 21 Aug 20
MMTA Standard Grade II, $/tonne
in-warehouse Rotterdam 5,350-5,600* 0% 21 Aug 20 Silicon
MB Chinese free market MMTA Standard Grade 441, min 99% Si in-warehouse
Grade II, delivered duty-paid yuan/tonne 36,500-37,500* 0.68% p 19 Aug 20 Rotterdam, €/tonne 1,550-1,650* 0% 21 Aug 20
Arsenic Grade 553, min 98.5% Si in-warehouse

Rotterdam, €/tonne 1,520-1,600* 0% 21 Aug 20
MB free market $/Ib 1.10-1.5* 0% 14 Aug 20
US free market cents/Ib 93-96* 0% 20 Aug 20
Bismuth
Export from mainland China min
MB free market $/Ib 2.60-2.70* 0% 21 Aug 20 98.5%, $/tonne fob 1,420-1,480* 1.05% p 21 Aug 20
MB China domestic, min 99.99%, Tantalite
yuan/tonne 40,000-41,500* 2.52% p 21 Aug 20
Tantalite, basis 25% min Ta2O5, cif
Cadmium China, $ per lb Ta2O5 61-63* 0% 21 Aug 20
MB free market min 99.95% cents/Ib 87-100* -1.58% q 21 Aug 20 Tellurium
MB free market min 99.99% cents/Ib 95-110* 0% 21 Aug 20 MB free market 99.9-99.99%, $/kg 47-60* 0% 21 Aug 20
Chromium MB China domestic, min 99.99%,
MB free market alumino-thermic min yuan/kg 410-420* 1.22%
p 21 Aug 20
99% $/tonne 5,750-6,000* -0.42% q 21 Aug 20 Titanium
Cobalt MB free market ferro-titanium 70%
MB free market alloy-grade $/Ib 15.25-15.5* 0.65% p 25 Aug 20 (max 4.5% Al) $/kg Ti d/d Europe 3.30-3.85* 0% 19 Aug 20
MB free market standard-grade $/Ib 15.25-15.5* 0.65% p 25 Aug 20 Titanium ores $/tonne
MB high-grade, weighted average of Rutile conc min 95% Tio2 bagged,
all confirmed international trades, $/lb 15.45* 2.52% p 21 Aug 20 fob/Aus 1,300-1,350 0% 20 Aug 20
MB low-grade, weighted average of Rutile bulk conc min 95% Tio2
all confirmed international trades, $/lb 15.40* -2.22% q 25 Aug 20 fob/Aus 1,150-1,200 0% 20 Aug 20
MB China domestic, min 99.8% Ilmenite concentrate, 47-49% Tio2
yuan/tonne 283,000-293,000* 2.86% p 21 Aug 20 cif China 220-240 0% 20 Aug 20
Cobalt hydroxide index min 30% Co,
cif China, $/lb 11.82* 1.63% p 21 Aug 20
29
NOBLE ALLOYS & ORES Price Change Assessed
Prices

Molybdenum molybdic oxide
For the latest
Europe pricesmolybdic
drummed
oxide $/Ib Mo 7.70-7.90* -1.27%
†
q 21 Aug 20
Chrome ore $/tonne
Chrome ore cif main Chinese ports
South African UG2 chrome ore concs,
index basis 42% 133* 0% 25 Aug 20
Molybdenum MB drummed molybdic oxide
METAL BULLETIN’S
Mo, in-whs Busan, $/Ib KEY ALUMINIUM PRICES 7.70-7.90* -3.41% q 21 Aug 20 Turkish lumpy 40-42% cfr main Chinese ports 190-195* 0% 25 Aug 20

US canned molybdic oxide $/Ib Mo Price Change Assessed
7.75-8* 0.96% p 20 Aug 20 Chrome Ore inventories at the main
ports of Tianjin, Qinzhou,
Ferro-molybdenum Lianyungang and Shanghai, million tonnes 3.43-3.69* -0.97% q 24 Aug 20
Basis 65% min, in-warehouse Rotterdam Ferro-manganese
$/kg Mo 19.5-19.95* 0.13% p 21 Aug 20
basis 78% Mn (scale pro rata)
US free market 65-70% Mo $/Ib standard 7.5% C €/tonne 850-880* 0% 21 Aug 20
in-warehouse Pittsburgh 8.85-9.10* 3.46% p 20 Aug 20
US free market 78% Mn standard 7.5%
Tungsten C $/long ton in-warehouse Pittsburgh 1,165-1,220* 0% 20 Aug 20
Rotterdam & Baltimore cif APT, 88.5% US free market medium carbon duty-paid
WO3, duty-free $/mtu 205-210* 0% 21 Aug 20 fob Pittsburgh, 80% min Mn 1.5% max C $/Ib 0.85-0.92* 0% 20 Aug 20
Export from mainland China APT Chinese MB Chinese free market min 65% Mn
No1 grade, min 88.5% WO3, S/mtu fob 210-215* 0% 19 Aug 20 max 7.0% C in-warehouse China yuan/tonne 5,200-5,300* 0% 21 Aug 20
MB Chinese free market concentrate Manganese ore
65% Wo3 in-warehouse China yuan/tonne 85,000-86,000* 1.79% p 19 Aug 20
44% Mn index, cif Tianjin $/dmtu of
Ferro-tungsten metal contained 4.21* -0.71% q 21 Aug 20
Basis 75% W min $/kg W in-warehouse 37% Mn index, fob Port Elizabeth
Rotterdam duty-unpaid 23.85-25* -2.3% q 21 Aug 20 $/dmtu of metal contained 3.33* -3.76% q 21 Aug 20
Vanadium 37% Mn index, cif Tianjin $/dmtu of
Ferro-vanadium basis 78% min, fob, metal contained 4.08* -1.69% q 21 Aug 20
China $/kg V 29.5-30.5* 0% 20 Aug 20 base 37% Mn port index, range
Ferro-vanadium basis 78% min, free 35-39%, fot Tianjin yuan/dmtu 35.5* -1.93% q 21 Aug 20
delivery duty paid consumer plant, base 44% Mn port index, range
1st grade, Western Europe $/kg V 24.80-25.30* 3.09% p 21 Aug 20 42-48%, fot Tianjin yuan/dmtu 38* -1.55% q 21 Aug 20
US free market ferro-vanadium $/Ib Inventories at the main ports of
in-warehouse Pittsburgh 9.80-10.70* 5.13% p 20 Aug 20 Tianjin and Qinzhou, million tonnes 5.34-5.53* 1.12% p 24 Aug 20
Vanadium pentoxide 98% min, fob, Ferro-nickel
China $/Ib V205 6.90-7* 0% 20 Aug 20
China premium, 26-32% nickel
Vanadium pentoxide min 98%, contained, cif China, $/tonne -1,500--1,300* 0% 27 Jul 20
in-warehouse Rotterdam $/Ib V205 5.10-5.60* 0% 21 Aug 20
Ferro-silicon
Lumpy basis 75% Si (scale pro rata),
BULK ALLOYS major European destinations, €/tonne 900-930* 0.55% p 21 Aug 20
Price Change† Assessed US free market $/Ib in-warehouse

Pittsburgh lumpy basis 75% Si - imported 0.80-0.84* 0% 20 Aug 20
Ferro-chrome $/lb Cr
Export from mainland China, min 75%
China import charge chrome 50% Cr Si, 7.5% C, $/tonne, fob 1,040-1,100* 0% 19 Aug 20
index, cif Shanghai, duty-unpaid 0.69* 0% 25 Aug 20
MB Chinese free market min 75% Si,
Ferro-Chrome European Benchmark in-warehouse China, yuan/tonne 5,700-5,900* 0% 19 Aug 20
Indicator, Lumpy Cr charge basis 52%
(and high carbon), $ per Ib 1.18* 0% 25 Aug 20 Silico-manganese
Spot 6-8% C basis 50% Cr delivered Lumpy basis 65-75% Mn basis 15-19%
duty paid China yuan/tonne 5,900-6,200* 0.41% p 25 Aug 20 Si (scale pro rata), major European
destinations, €/tonne 830-870* -2.3% q 21 Aug 20
Contract 6-8% C basis 50% Cr
delivered duty paid China yuan/tonne 5,800-6,000* 0% 25 Aug 20 US free market $/Ib in-warehouse
Pittsburgh 0.49-0.51* 0% 20 Aug 20
Lumpy Cr charge basis 52% Cr (and
high carbon) quarterly 1.14* 0% 01 Jul 20 MB Chinese free market min 65% Mn
max 17% Si in-warehouse duty-paid
High carbon 6-8.5% C basis 60-70% Cr China yuan/tonne 5,900-6,000* -2.06% q 21 Aug 20
max 1.5% Si, major European destinations 0.80-0.94* 0.58% p 25 Aug 20
65% min Mn 16% min Si $/tonne fob India 880-910* 2.29% p 21 Aug 20
0.10% C average 65-70% Cr 1.53-1.75* 0% 18 Aug 20
European low carbon in-warehouse
0.06% C max - 65% Cr 1.56-1.79* 0% 18 Aug 20
Low phosphorous Cr min 65% C max 7%
Si max 1% p max 0.015% Ti max 0.05% 0.85-0.96* 0% 18 Aug 20
High-carbon ferro-chrome 57-65% Cr,
cif duty-updaid Japan, $/lb 0.67-0.70* -2.84% q 13 Aug 20
High carbon ferro-chrome 57-65% Cr,
cif duty-unpaid South Korea, $/lb 0.65-0.68* -4.32% q 13 Aug 20
US free market low carbon duty-paid fob Pittsburgh
US free market in-warehouse Pittsburgh
6-8% C basis 60-65% Cr max 2% Si 0.86-0.97* 0% 20 Aug 20
0.05%C - 65% min Cr 1.85-1.90* 0% 20 Aug 20
0.10% C - 62% min Cr 1.66-1.70* -1.18% q 20 Aug 20
0.15% C - 60% min Cr 1.5-1.60* -1.9% q 20 Aug 20

30
CARBON STEEL - EUROPE CARBON STEEL - CIS
Prices

Northern Europe imports
For the latest prices
Fastmarkets
MB’s assessment of cfr prices for imported, non-EU origin, commercial-quality carbon

CIS exports (Black Sea)
Fastmarkets MB’s assessment of CIS mills’ prices for export outside the CIS of commercial-quality
steel, € per tonne cfr main EU port carbon steel, $ per tonne fob stowed main Black Sea port
METAL BULLETIN’S KEY ALUMINIUM PRICES
Rebar 405-425* 0% 19 Aug 20 Billet index 400* 0.76% p 25 Aug 20

Wire rod (mesh quality) Price Change Assessed
410-425* 0% 19 Aug 20 Slab 430-435* 0.58%
p 25 Aug 20
Plate (8-40mm) 450-460* 0% 19 Aug 20 Rebar 430-440* 0% 25 Aug 20
Hot rolled coil 410-415* 0% 19 Aug 20 Wire rod (mesh) 475-485* 0.52% p 25 Aug 20
Cold rolled coil 465-470* 0% 19 Aug 20 Heavy plate (8-50mm) 500-525* -1.91% q 25 Aug 20
Hot-dip galvanized coil 540-550* 0% 19 Aug 20 Hot rolled coil 480-490* 1.57% p 25 Aug 20
Southern Europe imports Cold rolled coil 530-555* 0% 25 Aug 20
Fastmarkets MB’s assessment of cfr prices for imported, non-EU origin, commercial-quality carbon Russia domestic
steel, € per tonne cfr main EU port Fastmarkets MB’s assessment of prices within Russia for commercial-quality carbon steel, rubles per
Rebar 400-410* 0% 19 Aug 20 tonne, carriage paid to (cpt) inc VAT
Wire rod (mesh quality) 405-410* 0% 19 Aug 20 Rebar 36,000-37,500* 5% p 24 Aug 20
Plate (8-40mm) 450-470* 0% 19 Aug 20 Hot rolled sheet 42,000-43,000* 2.41% p 24 Aug 20
Hot rolled coil 385-400* 0% 19 Aug 20 Cold rolled sheet 47,000-47,500* 1.61% p 24 Aug 20
Cold rolled coil 470-480* 0% 19 Aug 20 Plate 41,000-41,000* -0.61% q 24 Aug 20
Hot-dip galvanized coil 550-560* 0% 19 Aug 20
Southern Europe exports CARBON STEEL - MIDDLE EAST
Fastmarkets MB’s assessment of Southern Europe mills’ prices for export outside Southern Europe of Price Change† Assessed
commercial-quality carbon steel, € per tonne fob main Southern European port Turkish exports
Rebar 390-410* 0% 19 Aug 20 Fastmarkets MB’s assessment of Turkish mills’ prices for export of commercial-quality carbon steel, $
Wire rod (mesh quality) 405-420* 0% 19 Aug 20 per tonne fob main Turkish port
Northern Europe domestic Billet 420-425* 0% 20 Aug 20
Fastmarkets MB’s assessment of prices within the EU (excluding the UK) for commercial-quality Rebar 430-440* 0% 20 Aug 20
carbon steel of EU origin, € per tonne delivered basis point Wire rod (mesh quality) 475-485* 0% 20 Aug 20
Rebar 450-460* 0% 19 Aug 20 Merchant bars 480-490* 0% 20 Aug 20
Wire rod (mesh quality) 440-460* 0% 19 Aug 20 Structural pipe 555-575* 17.71% p 12 Aug 20
Sections (medium) 540-560* 0% 19 Aug 20 Hot rolled coil 500-520* 1.49% p 21 Aug 20
Beams 530-560* 0% 19 Aug 20 Hot dip galvanized 660-670* 0.38% p 21 Aug 20
Southern Europe domestic Turkish domestic
Fastmarkets MB’s assessment of prices within the EU (excluding the UK) for commercial-quality Fastmarkets MB’s assessment of prices within Turkey for commercial-quality carbon steel of Turkish
carbon steel of EU origin, € per tonne delivered basis point origin, $ per tonne ex-works
Rebar 425-440* 0% 19 Aug 20 Billet 420-425* 0% 20 Aug 20
Wire rod (mesh quality) 430-440* 0% 19 Aug 20 Hot rolled coil 510-520* 0.49% p 21 Aug 20
Sections (medium) 560-570* 0% 19 Aug 20 Cold rolled coil 580-590* -1.68% q 21 Aug 20
Beams 535-560* 0% 19 Aug 20 Hot dip galvanized 660-670* 0% 21 Aug 20
Central Europe domestic € per tonne ex-works Prepainted galvanized 770-780* 0% 21 Aug 20
Hot rolled coil 400-405* 0% 19 Aug 20 Fastmarkets MB’s assessment of prices within Turkey for commercial-quality carbon steel of Turkish
origin, TRY per tonne ex-works 18% VAT included
Poland domestic zloty per tonne ex-works
Rebar 3,790-3,810* -1.04% q 20 Aug 20
Rebar 1,900-1,940* 0% 21 Aug 20
Wire rod (mesh quality) 4,050-4,250* -1.19% q 20 Aug 20
Northern Europe € per tonne ex-works
Turkish imports
Plate (8-40mm) 480-510* 0% 19 Aug 20
Hot rolled coil index 442.83-442.83* 4.32% p 25 Aug 20 Fastmarkets MB’s assessment of prices for imported commercial-quality carbon steel, $ per tonne cfr
main Turkish port
Cold rolled coil 500-520* 0.99% p 19 Aug 20
Billet 410-420* 0% 20 Aug 20
Hot rolled coil 495-500* 1.02% p 21 Aug 20
Southern Europe € per tonne ex-works
Cold rolled coil 550-560* 0% 21 Aug 20
Plate (8-40mm) 450-470* 0% 19 Aug 20
UAE imports
Hot rolled coil 400-410* 0% 19 Aug 20
Fastmarkets MB’s assessment of prices for imported commercial-quality carbon steel, $ per tonne cfr
Jebel Ali
Billet 440-445* -1.12% q 25 Aug 20
Rebar 463-470* 0% 25 Aug 20
Hot dip galvanized coil 680-720* 2.19% p 25 Aug 20
Saudi Arabia imports
31
Prices
UAE domestic
Fastmarkets MB’s assessment of prices within UAE for commercial-quality carbon steel of UAE origin,
dirhams
For per tonne
the latest pricesex-works
Wire rod (low carbon)
Medium sections
Medium plate
570-590*
630-650*
600-640*
0.87%
-3.03%
-4.62%
p
q
q
18 Aug 20
30 Jul 20
19 Aug 20
Rebar 1,750-1,800* -2.2% q 25 Aug 20 Hot rolled coil (commodity) 460-520* 6.52% p 19 Aug 20
METAL
Iran BULLETIN’S KEY ALUMINIUM PRICES
exports Cold rolled coil 660-720* 9.52% p 19 Aug 20
Price
Fastmarkets MB’s assessment of prices quoted by Iranian suppliers forChange Assessed
commercial-quality carbon Hot dipped galvanized 0.012-0.015, G30 880-960* 10.84% p 19 Aug 20
steel to overseas buyers, $ per tonne fob Iranian ports OCTG API5CT - Casing J55 import
Billet 390-395* 0.26%
p 19 Aug 20 South Korean-made, cif Houston, $/short ton 700-750* 0% 28 Jul 20
Slab 390-395* 0% 19 Aug 20 OCTG API5CT - Casing J55 import
non-South Korean-made, cif Houston, $/short ton 690-710* 0% 28 Jul 20
Egyptian domestic
US domestic
Fastmarkets MB’s assessment of prices within Egypt for commercial-quality carbon steel of Egyptian
origin, E£ per tonne ex-works Fastmarket AMM’s assessment of prices within the USA for commercial-quality carbon steel of US or
Canadian origin, $ per short ton, delivery terms as indicated
Rebar 9,300-9,750* 0% 20 Aug 20
Rebar (fob mill) 560-560* 0% 19 Aug 20
Egyptian import
Plate (fob mill) 500* -3.85% q 21 Aug 20
Hot rolled coil Midwest index (fob mill) 483.20* 2.07% p 24 Aug 20
main port
Cold rolled coil (fob mill) 650* 1.56% p 20 Aug 20
Billet 415-430* 0% 20 Aug 20
Hot-dip galvanized coil (base)
Midwest (fob mill) 650* 1.56% p 20 Aug 20
CARBON STEEL - LATIN AMERICA OCTG API5CT - casing J55 (fob mill) 880-940* -0.55% q 28 Jul 20
Price Change† Assessed Fastmarket AMM’s assessment of prices within the USA for commercial-quality carbon steel of US or
Latin American exports Canadian origin, $ per hundredweight, delivery terms as indicated
Fastmarkets MB’s assessment of Latin American mills’ prices for export outside Latin America of Merchant bar 3 x 3 1/4 angle (fob mill) 34.25-34.25* 0% 31 Jul 20
commercial-quality carbon steel, $ per tonne fob stowed main Latin American port
Billet 400-410* 10.2% p 21 Aug 20
Slab, Brazil 420-430* 1.19% p 21 Aug 20
Wire rod mesh quality 490-500* 11.24% p 21 Aug 20
CARBON STEEL - ASIA
Heavy plate over 10mm 480-490* 0% 21 Aug 20
Hot rolled coil (dry) 540-550* 0.93% p 21 Aug 20
China exports
Fastmarkets MB’s assessment of Chinese mills prices for export of commercial-quality carbon steel, $
South America imports
per tonne fob main China port
Fastmarkets MB’s assessment of cfr prices for imported, commercial-quality carbon steel,
Rebar index 483-483* 0% 25 Aug 20
$ per tonne cfr main ports
Wire rod (mesh quality) 495-500* 0% 25 Aug 20
Plate 520-545* 1.91%
p 21 Aug 20
Heavy plate 500-510* 0% 25 Aug 20
Hot rolled coil index 510-510* 0.5% p 25 Aug 20
Galvanized coil 640-660* 1.17% p 21 Aug 20
Galvanized coil 1mm 605-610* 0.83% p 25 Aug 20
Galvalume coil 720-740* 2.1% p 21 Aug 20
Eastern China domestic
Argentina domestic $ per tonne ex-works
Fastmarkets MB’s assessment of prices in eastern China for commercial-quality carbon steel of
Fastmarkets MB’s assessment of prices within Argentina for commercial-quality carbon steel, $ per
Chinese origin, yuan per tonne ex-warehouse
tonne
Rebar 3,640-3,670* -0.27% q 25 Aug 20
Wire rod (mesh) 3,760-3,790* 0.27% p 21 Aug 20
Sections 3,750-3,780* 0.8% p 21 Aug 20
Galvanized coil 1,045-1,125* 0% 14 Aug 20
Plate 3,990-4,010* 0.13% p 21 Aug 20
Rebar 850-860* 0% 14 Aug 20
Hot rolled coil (min 2mm) 4,040-4,060* -0.86% q 25 Aug 20
Brazil domestic
Cold rolled coil (0.5 - 2 mm) 4,500-4,580* 1.91% p 21 Aug 20
Fastmarkets MB’s assessment of prices within Brazil for commercial-quality carbon steel, Reais per
Hot-dip galvanized coil 4,780-4,850* 2.88% p 21 Aug 20
tonne ex-works
Northern China domestic
Hot rolled coil 2,800-2,885* 2.62% p 14 Aug 20
Cold rolled coil 3,330-3,385* 7.44% p 14 Aug 20 Fastmarkets MB’s assessment of prices in northern China for commercial-quality carbon steel of
Chinese origin (Tangshan), yuan per tonne ex-works
Hot dip galvanized coil 3,590-3,660* 7.09% p 14 Aug 20
Billet 3,410-3,410* 0% 25 Aug 20
Fastmarkets MB’s assessment of prices within Brazil for commercial-quality carbon steel, Reais per
tonne delivered Fastmarkets MB’s assessment of prices in northern China for commercial-quality carbon steel of
Chinese origin, yuan per tonne ex-warehouse
Rebar 2,510-2,620* 3.85% p 14 Aug 20
Rebar 3,650-3,690* -0.41% q 21 Aug 20
CARBON STEEL - NAFTA
US imports
Fastmarkets MB’s assessment of prices for imported, non-Nafta origin, commercial-quality carbon
steel, $ per short ton cfr port Houston
Rebar 540-550* 0% 19 Aug 20
Merchant bars 630-650* 0% 31 Jul 20
32
Prices
Southeast Asia imports
Fastmarkets MB’s assessment of prices in Southeast Asia for commercial-quality carbon steel $ per
tonne
For the cfr
latest prices go to http://www.metalbulletin.com/My-price-book.html
US domestic
Fastmarkets AMM’s appraisal of prices within the USA for commercial-quality stainless steel of US or
Canadian origin, $ per hundredweight, fob
Billet 435-440* 1.74% p 25 Aug 20 Grade 304 coiled plate 109-109* 0.46% p 10 Aug 20
METAL
Slab BULLETIN’S
(Asia/East Asia) KEY ALUMINIUM PRICES 445-445* 1.71% p 24 Aug 20 Grade 316 coiled plate 149-149* -0.83% q 10 Aug 20
Hot
rolled coil (Vietnam) 508-508* 1.09% p 24 Aug 20
Price Change Assessed Grade 304 cold rolled sheet 118-118* 0.43% p 10 Aug 20
Rebar (Singapore) 435-440* 0% 24 Aug 20 Grade 316L cold rolled sheet 152-152* 0% 10 Aug 20
Wire rod (low carbon) 470-480* 1.6% p 24 Aug 20
Indian exports IRON ORE
Fastmarkets MB’s assessment of Indian mills’ prices for export of commercial-quality carbon steel, $ Price Change† Assessed
per tonne fob main India port 65% Fe Brazilian Index CFR Qingdao
Billet 400-405* 0% 21 Aug 20 (MBIOI-65-BZ-Index) $/tonne 131.5* -2.45% q 25 Aug 20
Plate (12-40mm) 460-480* 0% 21 Aug 20 Lump premium CFR Qingdao

(MBIOI-LP Index) cents per dmtu 4.5* 12.5% p 25 Aug 20
Hot rolled coil (commodity) 490-495* -2.96% q 21 Aug 20
Iron ore index (62% Fe) 122.99* -4.34% q 25 Aug 20
Iron ore index (62% LA) 121.20* -4.63% q 25 Aug 20
Indian imports
58% Fe Iron Ore Index (MBIOI-58) CFR
Fastmarkets MB’s assessment of prices for imported, non-EU origin, commercial-quality carbon steel, Qingdao on a 58% fe basis Daily Price
$ per tonne cfr main India port $/dry metric tonne 101.09* -3.4% q 25 Aug 20
Plate (20-60mm) 560-565* 0% 21 Aug 20 High grade Premium (MBIOI-58P) CFR
Qingdao on a 58% basis low alumina,
Hot rolled coil (commodity) 500-505* 0% 21 Aug 20
low phosphorous Daily Price $/dry metric tonne 8.5* 0% 25 Aug 20
Hot rolled coil (CR grade) 500-505* 0% 21 Aug 20
Iron Ore Implied 58% Fe high
Cold rolled coil 580-585* 0% 21 Aug 20 specification price 109.59* -3.15% q 25 Aug 20
Indian domestic Iron Ore product differential - PBF
delivered Qingdao, China CFR $/tonne 1.31* -195.62% q 25 Aug 20
Fastmarkets MB’s assessment of prices within India for commercial-quality carbon steel, rupees per
tonne ex-works Iron ore 62% Fe Pilbara Blend Fines
(MBIOI-PBF) $/tonne 124.30* -2.28% q 25 Aug 20
Billet 28,600-28,800* -7.87% q 21 Aug 20
Iron Ore 62% Fe China port price index 957* 1.59% p 25 Aug 20
Heavy plate 37,000-37,500* 0% 21 Aug 20
Implied 62% Fe China Port Price $ per tonne 128.37* 1.94% p 25 Aug 20
Iron ore pellet index cfr Qingdao (65% Fe) 139.27* 3.82% p 21 Aug 20
Cold rolled coil 44,750-45,000* 2.28% p 21 Aug 20
Iron ore concentrate index cfr
DRI 20,400-20,600* -5.96% q 21 Aug 20 Qingdao (66% Fe) 130* 3.79% p 21 Aug 20
Hot-dip galvanized coil 47,500-48,000* 2.14% p 21 Aug 20 Iron ore implied pellet premium over
Rebar 32,600-32,800* -2.97% q 21 Aug 20 the Fastmarkets MB 65% Fe Brazilian
iron ore index cfr Qingdao US$/tonne 4.83* -15.85% q 21 Aug 20
Iron ore DR-grade pellet premium
index Middle East reference, $/dmt 31* 0% 31 Jul 20
STAINLESS STEEL Metal Bulletin Indicator for US$/%
Al MBIOI Al-VIU cfr Qingdao -4.18* 2.96% p 24 Aug 20
Metal Bulletin Indicator for US$/%
Asia import Fe in iron ore fines cfr Qingdao 1.99* 4.19% p 24 Aug 20
$/tonne cif East Asian port Iron Ore Fines 65% Fe, % Fe value in
Grade 304 2mm CR coil 2B 1,950-2,000* 3.67% p 19 Aug 20 use cfr Qingdao $/dry metric tonne 2.10* 5% p 24 Aug 20
Grade 304 hot rolled coil 1,830-1,880* 3.06% p 19 Aug 20 Metal Bulletin Indicator for US$/%
Si MBIOI Si-VIU cfr Qingdao -1.53* -3.16% q 24 Aug 20
China domestic
Iron Ore Fines 62% Fe, 0.01%
yuan/tonne, in-warehouse
Phosphorous value in use MBIOI Phos-VIU cfr
Grade 304 2mm CR coil 14,500-14,900* 2.8% p 19 Aug 20 Qingdao US cent per dry metric tonne -0.32* -17.95% q 24 Aug 20
Grade 430 2mm CR coil 7,600-7,650* 2.69% p 19 Aug 20
EU domestic
COKING COAL
2mm 304 cold rolled stainless sheet, €/tonne
$ per metric tonne
N.Europe Base price 700-750* 0% 21 Aug 20
Alloy surcharge 1,345-1,367* 0% 21 Aug 20 Price Change† Assessed
N.Europe transaction 1,900-1,950* 0% 21 Aug 20 Premium hard coking coal index cfr China 114.64* -0.37% q 25 Aug 20
2mm 316 cold rolled stainless sheet, €/tonne Hard coking coal index cfr China 98.29* 0% 25 Aug 20
Base price 1,050-1,100* 0% 21 Aug 20 Premium hard coking coal index fob Australia 104.41* 0.89% p 25 Aug 20
Alloy surcharge 1,850-1,907* 0% 21 Aug 20 Hard coking coal index fob Australia 85.19* 0.2% p 25 Aug 20
304 stainless steel bright bar, €/tonne China hard coking coal Shanxi spot
market domestic delivered yuan/tonne 1,160-1,440* -0.38% q 24 Aug 20
Base price 950-1,000* 0% 21 Aug 20
65% CSR coke $/tonne fob China 290-295* 0% 25 Aug 20
Alloy surcharge 1,671-1,708* 0% 21 Aug 20
Low Vol PCI Index $ per dry metric
tonne cfr Jingtang 78.75* -0.05% q 25 Aug 20
Low Vol PCI Index $ per dry metric
tonne fob DBCT 65.47* 0.77% p 25 Aug 20

33
FERROUS SCRAP Price Change Assessed
Prices

UK ferrous scrap domestic
For
Thethe latest prices
following
is Fastmarket
†
MB’s evaluation of UK prices for processed scrap delivered to consumers

Turkish import
Fastmarkets MB’s assessment $/tonne cfr main Turkish ports
MB index cfr Turkey HMS 1&2 (80:20)
(North Europe material) 276.05* -0.06% q 25 Aug 20
within the month listed. Prices may vary according to region and destination, and should be read in
METAL BULLETIN’S
conjunction KEY
with editorial ALUMINIUM
comment on thePRICES
Ferrous scrap pages. MB index cfr Turkey HMS 1&2 (80:20)
(United States material) 283.71* -0.06% q 25 Aug 20

£/tonne Price Change Assessed
HMS 1&2 (75:25 mix) 275-276* 0% 21 Aug 20
Cut grades
Shredded 283-290* 0% 21 Aug 20
OA plate and structural 125-140* 12.77% p 14 Aug 20
Turkish domestic
1&2 old steel 105-120* 15.38% p 14 Aug 20
Fastmarkets MB’s assessment delivered
12A/C new production heavy and
shovellable steel 150-165* 10.53% p 14 Aug 20 Melting scrap from shipbreaking ($/tonne) 270-276* 0% 24 Aug 20
12D new production heavy and Auto bundle scrap (Turkish lira/tonne) 1,870-2,085* -1.25% q 24 Aug 20
shovellable steel 155-170* 10.17% p 14 Aug 20 USA export
Bales and cuttings Fastmarket AMM ferrous scrap export index $/tonne East Coast fob New York
4A new steel bales 155-170* 10.17% p 14 Aug 20 HMS 1&2 (80:20) 261* 0% 19 Aug 20
4C new steel bales 145-160* 10.91% p 14 Aug 20 Shredded 266* 0% 19 Aug 20
8A new loose light cuttings 145-160* 10.91% p 14 Aug 20
USA domestic
8B new loose light cuttings 130-145* 12.24% p 14 Aug 20
Fastmarkets AMM Midwest index $/gross ton delivered mill
Turnings
No1 heavy melting scrap 205.33* 0.79% p 10 Aug 20
UK inter-merchant 7B heavy steel turnings 80-95* 20.69% p 14 Aug 20
No1 busheling 258.31* -7.09% q 10 Aug 20
Cast iron
Shredded 235.71* -2.47%
q 10 Aug 20
9A/10 heavy and light cast iron 115-130* 13.95% p 14 Aug 20
China domestic
9B/C cylinder block scrap 135-150* 11.76% p 14 Aug 20
yuan/tonne delivered mill
11A cast iron borings 70-80* 15.38% p 14 Aug 20
Heavy scrap 2,650-2,730* 0% 21 Aug 20
Prices relate to new UK scrap specifications
Japan export
Please see metalbulletin.com for full explanation of price changes
yen/tonne fob main port Japan
UK intermerchant weekly price
H2 27,000-27,500* 6.86% p 19 Aug 20
£/tonne
P&S 29,500-30,500* 5.26% p 19 Aug 20
5C loose old light 95-105* 5.26% p 21 Aug 20
Shindachi 29,500-30,500* 3.45% p 19 Aug 20
UK ferrous scrap export
Shredded 29,500-29,500* 5.36% p 19 Aug 20
Fastmarkets MB’s assessment $ fob main UK port
South Korea import
HMS 1&2 (80:20 mix) 265-267* 0% 21 Aug 20
H2 Japan origin, cfr main port,
Shredded 270-272* 0% 21 Aug 20 yen/tonne 29,000-29,700* 4.82% p 21 Aug 20
Bangladesh import HMS 1&2 (80:20 mix) deep-sea origin,
HMS 1&2 (80:20 mix) deep-sea origin, cfr, cfr, $/tonne 290-300* 3.51% p 21 Aug 20
$/tonne 307-310* 0.33%
p 20 Aug 20 Taiwan import
Indian import $/tonne cfr main port
Fastmarkets MB’s assessment $/tonnne cfr Nhava Sheva HMS 1&2 (80:20 mix) (USA material) 265-270* 1.9% p 25 Aug 20
MB index cfr India shredded 309.47* -0.05% q 21 Aug 20 Vietnam import
HMS 1&2 (80:20 mix) 280-290* 0.88% p 21 Aug 20 $/tonne cfr southern Vietnam
Alloy steel scrap domestic HMS 1&2 305-305* 2.52% p 21 Aug 20
UK wholesale merchants’ stainless (£/tonne) H2 Japan origin 280-287* 4.04% p 21 Aug 20
18/8 solids 840-850* 1.81% p 21 Aug 20 Germany domestic
18/8 turnings 715-725* 2.13% p 21 Aug 20 Fastmarkets MB’s assessment €/tonne delivered at mill
316 solids 1,240-1,250* 1.22% p 21 Aug 20 Grade E40 (shredded steel scrap) 230-245 3.26% p 12 Aug 20
316 turnings 1,055-1,065* 1.44% p 21 Aug 20 No E8 (thin new production steel scrap) 235-245 3.23% p 12 Aug 20
12-13% Cr solids 180-200* 0% 21 Aug 20 No E3 (old thick scrap) 225-240 3.33% p 12 Aug 20
16-17% Cr solids 225-240* 0% 21 Aug 20 Italy domestic
Cif Europe stainless € per tonne
Fastmarkets MB’s assessment €/tonne delivered at mill
18/8 solids 960-970* 0% 21 Aug 20
No E3 (old thick scrap) 205-230 -1.14% q 11 Aug 20
18/8 turnings 865-875* 0% 21 Aug 20
No E8 (thin new production steel) 230-240 -2.08% q 11 Aug 20
316 solids 1,370-1,390* 1.47% p 21 Aug 20
No E40 (shredded steel scrap) 220-240 0% 11 Aug 20
316 turnings 1,235-1,250* 1.43% p 21 Aug 20
Rotterdam export
Fastmarkets MB’s assessment $/tonnne fob Rotterdam
MB index fob Rotterdam HMS 1&2 (80:20) 259.38* -0.28% q 21 Aug 20
HMS 1&2 (75:25 mix) 259-260* 0% 21 Aug 20
Shredded 267-270* 0% 21 Aug 20

34
SCRAP SUBSTITUTES NON-FERROUS FOUNDRY INGOTS
Prices

EU imports $/tonne
For
Pigthe
ironlatest prices
imports
cfr Italy 345-350* -0.71% q 20 Aug 20

Aluminium UK £/tonne
Fastmarkets MB free market
Hot-briquetted iron cfr Italian LM24 pressure diecasting ingot 1,165-1,215* 3.48% p 19 Aug 20
METAL
ports BULLETIN’S KEY ALUMINIUM PRICES 280-280* 8.74%
p 20 Aug 20 LM6/LM25 gravity diecasting ingot 1,400-1,430* 0.35% p 19 Aug 20

Brazil exports $/tonne, delivery terms as stated Price Change Assessed NB: prices expressed delivered consumer works, LM series as specified in BS1490
Hot briquetted iron Venezuela 165-170* 0% 21 Aug 20 Aluminium Europe
Pig iron fob Vitorio/Rio Brazil 343-348* 1.62% p 21 Aug 20 Fastmarkets MB free market
Pig iron fob Ponta da Maderia Brazil 332-332* 0% 21 Aug 20 Duty paid delivered works pressure
US imports $/tonne cfr Gulf of Mexico diecasting ingot price (DIN226/A380)
- €/tonne 1,290-1,340* 0.77% p 21 Aug 20
Pig iron 340-345* 0% 21 Aug 20
Aluminum US $/Ib delivered Midwest
CIS exports $/tonne fob main port
A380.1 alloy 0.70-0.72* 1.43% p 20 Aug 20
Pig iron Baltic Sea 325-327* 0% 20 Aug 20
Pig iron Black Sea 330-343* -0.74% q 20 Aug 20
NON-FERROUS SCRAP EUROPE

Aluminium
European free market Fastmarkets MB assessment €/tonne
Floated frag 870-910* 0% 21 Aug 20
Cast 830-870* 0% 21 Aug 20
Mixed turnings 6% 710-770* 0% 21 Aug 20
UK NON-FERROUS SCRAP
Aluminium - actual price
£ per tonne
Group 1 pure 99% & Litho 1,110-1,150* 0% 19 Aug 20
Commercial pure cuttings 750-800* 0% 19 Aug 20
Clean HE9 extrusions 1,110-1,150* 0% 19 Aug 20
Loose old rolled cuttings 480-550* 0% 19 Aug 20
Baled old rolled 620-660* 0% 19 Aug 20
Commercial cast 650-700* 3.85% p 19 Aug 20
Cast wheels 900-930* 1.1% p 19 Aug 20
Commercial turnings 350-450* 0% 19 Aug 20
Group 7 turnings 230-250* 0% 19 Aug 20
Fastmarkets MB and LME aluminium scrap discounts
£ per tonne
Group 1 pure 99% & Litho 170-210* -5% q 19 Aug 20
Commercial pure cuttings 520-570* -1.8% q 19 Aug 20
Clean HE9 extrusions 170-210* -5% q 19 Aug 20
Loose old rolled cuttings 510-580* -4.39% q 19 Aug 20
Baled old rolled 400-440* -5.62% q 19 Aug 20
Commercial cast 360-410* -11.49% q 19 Aug 20
Cast wheels 130-160* -19.44% q 19 Aug 20
Commercial turnings 610-710* -3.65% q 19 Aug 20
Group 7 turnings 810-830* -2.96% q 19 Aug 20
Titanium
$/Ib cif
Turnings, unprocessed type 90/6/4
(0.5% Sn max) 0.60-0.65* 0% 19 Aug 20
Turnings, unprocessed 90/6/4
(over 0.5% max 2% Sn) 0.5-0.55* 0% 19 Aug 20
Copper scrap discount
cents/lb
No 2 copper (birch/cliff) imported
into China 94-96% cif China 28-33* 28.42% p 27 Jul 20

35
Low High
Monthly averages: MB free market min 99.8%, $/tonne

China free market min 99.8%, $/tonne
Selenium
2,000.00
1,904.00
2,100.00
1,934.00
July MB free market

min 99.5% in warehouse, $/lb
Silicon
6.30 7.70
Grade 441, min 99% Si in-warehouse

BASE METALS Rotterdam, €/tonne 1,570.00 1,660.00
Low High Titanium
Aluminium Ferro-Titanium, 70% (max 4.5% Al),
Aluminium P1020A, in-warehouse Rotterdam premium, duty unpaid, d/d Europe, $/kg 3.80 4.20
spot $/tonne 81.52 90.65
Aluminium P1020A, in-warehouse Rotterdam duty paid,
spot $/tonne 101.67 117.78
ORES & ALLOYS
Alumina
Low High
Index fob Australia 272.45
Molybdenum
Copper
Free market in warehouse
US High-grade cathode premium Europe drummed molybdic
indicator, $/tonne 132.28 154.32 oxide $/lb Mo 7.04 7.27
Nickel US canned molybdic oxide $/lb Mo 7.12 7.42
Free market in warehouse premium Ferro-molybdenum
Europe $/tonne Uncut cathodes 60.00 100.00 basis 65% min, in-warehouse
4x4 cathodes 210.00 250.00 Rotterdam, $/kg Mo 17.74 18.04
Briquettes 20.00 80.00 Tungsten
Tin European free market APT, $/mtu 205.00 212.00
European free market Ferro-tungsten
Spot Premium 99.9%, $/tonne 325.00 400.00 basis 75% W min, $/kg 24.77 26.14
Kuala Lumpur (ex-smelter), $/tonne 17,279.55 Vanadium
min 98%, in-warehouse Rotterdam,
V2O5, $/lb 5.10 5.50
Ferro-vanadium
MINOR METALS
basis 78% min, free delivery duty
Antimony paid consumer plant, 1st grade Western
MB free market Europe, $/kg V 22.78 23.55
Regulus 99.65%, max Se 50ppm, in warehouse,
US Free market 70-80%, $/Ib 9.32 9.64
$/tonne 5,210.00 5,415.00
MMTA Standard grade II, $/tonne 5,145.00 5,384.00
Bismuth
MB free market min. 99.99%, tonne lots, PRECIOUS METALS
in warehouse, $/lb 2.52 2.70 Gold
Cadmium London $/troy oz Morning 1,840.81
MB free market Afternoon 1,843.31
min 99.95%, in warehouse, cents/lb 92.60 102.00 London £/troy oz Morning 1,454.17
min 99.99%, in warehouse cents/lb 96.60 106.50 Afternoon 1,453.00
Cobalt $/troy oz Handy/Harman 1,846.51
MB free market Palladium
Alloy Grade, in warehouse, $/lb 13.88 14.21 Morning $/troy oz 2,035.65
Standard Grade, in warehouse, $/lb 13.82 14.17 Afternoon $/troy oz 2,040.39
Gallium Platinum: per troy oz
MB free market Morning $/troy oz 862.22
MB free market, $/kg 155.00 165.00 Afternoon $/troy oz 862.17
Germanium Rhodium
Dioxide MB free market min 99.99%, European free market
$/kg 900.00 1,100.00
min 99.9% in-warehouse, $/troy oz 6,691.30 9,147.83
Metal, Rotterdam, $/kg 1,050.00 1,200.00
Silver
Indium London
MB free market ingots, min 99.97%,
spot pence/troy oz 1,609.09
in warehouse, $/kg 142.00 170.00
spot cents/troy oz 2,040.50
Magnesium Handy/Harman cents/troy oz 2,064.71

36
Jan-July 2020 July
Monthly averages:
FOUNDRY INGOTS
Low High Low High average
$ $ $
Aluminium
Zinc ($)
LM24, £/tonne 1,084.00 1,150.00
Cash 1,773.50 2,466.25 2,162.24
LM6/LM25, £/tonne 1,390.00 1,434.00
3 months 1,793.00 2,449.50 2,172.89
Aluminium Europe €/tonne 1,216.00 1,274.00
Settlement 1,773.50 2,466.50 2,162.24
3 months seller 1,793.00 2,450.00 2,172.89
Cobalt ($)
Cash 27,500.00 34,500.00 28,556.52
3 months 28,500.00 35,000.00 28,576.09
Settlement 28,000.00 34,750.00 28,556.52
EXCHANGE RATES (CLOSING RATES) 3 months seller 28,500.00 35,250.00 28,576.09
$/£ 1.27 Aluminium Alloy ($)
$/yen 106.74 Cash 1,130.00 1,435.00 1,249.76
$/€ 1.15 3 months 1,150.00 1,430.00 1,251.74
Settlement 1,130.00 1,440.00 1,249.76
Copyright © 2002-2020 Fastmarkets 3 months seller 1,150.00 1,440.00 1,251.74
Fastmarkets MB monthly average prices are calculated on those price quotations formulated during Nasaa ($)
the month.
Cash 1,073.00 1,309.00 1,265.26
3 months 1,090.00 1,310.00 1,268.96
Settlement 1,073.00 1,309.00 1,265.26
LONDON METAL EXCHANGE 3 months seller 1,090.00 1,310.00 1,268.96
High, low and average July (23 days)
LME averages are mean of buyers and sellers except for
settlement and 3 months sellers.
Jan-July 2020 July
Low High average
LME SETTLEMENT CONVERSION RATES
$ $ $
$/£ 1.27
Aluminium ($) $/yen 106.77
Cash 1,421.50 1,810.25 1,639.35 $/€ 1.15
3 months 1,459.50 1,826.25 1,672.93
Settlement 1,421.50 1,810.50 1,639.35
3 months seller 1,459.50 1,826.50 1,672.93
Copper Grade A ($)
Cash 4,617.50 6,545.00 6,353.76
3 months 4,626.50 6,537.00 6,348.59
Settlement 4,617.50 6,545.00 6,353.76
3 months seller 4,626.50 6,537.00 6,348.59
Copper Grade A (£)
Settlement 3,832.48 5,192.80 5,014.90
3 months seller 3,834.35 5,183.16 5,008.26
Lead ($)
Cash 1,576.50 2,026.50 1,812.15
3 months 1,598.00 2,026.50 1,828.28
Settlement 1,576.50 2,027.00 1,812.15
3 months seller 1,598.00 2,027.00 1,828.28
Lead (£)
Settlement 1,262.96 1,551.35 1,430.42
3 months seller 1,283.30 1,546.97 1,442.40
Nickel ($)
Cash 11,055.00 14,287.50 13,341.35
3 months 11,142.00 14,365.00 13,388.83
Settlement 11,055.00 14,290.00 13,341.35
3 months seller 11,142.00 14,370.00 13,388.83
Tin ($)
Cash 13,387.50 18,195.00 17,452.96
3 months 13,385.00 18,141.00 17,375.48
Settlement 13,400.00 18,195.00 17,452.96
3 months seller 13,385.00 18,141.00 17,375.48


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DAILY

Wednesday 26 August 2020 | Number 9679.3

WEBINAR: Lithium-ion battery chemistries

Base metals 3 Carbon steel: Longs 15 Ferrous raw materials 20

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FASTMARKETS’ KEY PRICES: INDICES

Shanghai ($/lb Cr) 0.69 0% 25 Aug 20

Price Change† Assessed

Base metals of non-ferrous metals from complex materials.

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Carbon steel DNIPRO

flat products in France

Carbon steel from $520 per tonne fob last week.

Carbon steel €460-465 per tonne cfr Antwerp.

Index calculation SHANGHAI

Carbon steel price in effect at that time.

The civil engineering community is looking toward steel producers to provide

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FASTMARKETS’ KEY SEMI-FINISHED STEEL PRICES

Price Change† Assessed

Take a look at some of the articles published on copper markets.

cfr main China port $ per dry metric tonne

Ferrous raw Key drivers

Ferrous raw premium of $2 per tonne, laycan September 26-October 5.

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Price Change Assessed

† week-on-week change continued ›

Price Change Assessed MB BASE METAL PREMIUMS

† week-on-week change continued ›

Price Change Assessed Price Change Assessed

purity, in-warehouse, $/tonne 10.0-15.0* 0% 19 Aug 20

Aluminium primary foundry alloy Taiwan spot premium, 99.9% ingots,

Price Change Assessed Price Change Assessed

Aluminium Shanghai bonded zinc stocks, tonnes 53,000-60,000* -12.4% q 31 Jul 20

Shanghai bonded aluminium stocks, tonnes 2,000-3,000* 0% 31 Jul 20

† week-on-week change continued ›

PRECIOUS METALS Price Change Assessed

in-warehouse 1,580-1,700* 0% 21 Aug 20 delivered China yuan/tonne 220,000-225,000* -1.11% q 21 Aug 20

Englehard base price: $/troy oz 12,600 5% p 25 Aug 20 Magnesium

Englehard base price: $/troy oz 280 0% 25 Aug 20 Manganese flake

Arsenic Grade 553, min 98.5% Si in-warehouse

NOBLE ALLOYS & ORES Price Change Assessed

Price Change† Assessed US free market $/Ib in-warehouse

† week-on-week change continued ›

CARBON STEEL - EUROPE CARBON STEEL - CIS

Price Change Assessed Price Change Assessed

Price Change Assessed Price Change Assessed

Plate (12-40mm) 460-480* 0% 21 Aug 20 Lump premium CFR Qingdao

† week-on-week change continued ›