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Wednesday
INTERVIEW: Japan’s Furukawa Electric

expects auto sector to boost copper demand
TOKYO Furukawa Electric Co, which has several subsidiaries in Asia, said
Furukawa Electric Co expects the greatest rise in demand for its highly most of the copper products made internationally were copper
functional copper to come from the automotive sector followed by cables, including 78,000 tpy of cable in Indonesia, 36,000 tpy of cable
electronics, particularly smartphones in Vietnam, 12,000 tpy of magnet wire in Malaysia and 2,000 tpy of
“There have been sharp technological advances in the auto sector, trolley wire in China.
which requires highly functional copper,” Keiichi Kobayashi,
corporate senior vp, automotive and electronics material field, Copper vs aluminium
copper and high performance material products division, told Metal “Be it cables or other products, we can’t stop the substitution of
Bulletin sister title Copper Price Briefing. [copper with] aluminium,” Kobayashi said.
The growth in the auto market increases demand for the Aluminium’s key qualities are that it is lighter and cheaper than
company’s highly functional copper products, he said, adding that copper, he added.
demand from the electronic devices markets such as mobile phones However, copper has high performance functionality, he added,
was good but can fluctuate a lot. saying “for our business to be sustainable, we want to attract and
The company’s product share is comprised of 40% automotive, provide better functional products”.
40% electronics and 20% infrastructure. He added that three times the volume of aluminium was needed
He said that auto makers and electronic manufacturers shifted to provide the same functionality as copper.
their base from Japan to other countries in Asia, which led to “There is healthy competition [between the two metals]. Our
parts-makers shifting their production bases as well. conclusion is that copper is better than aluminium in terms of
“The reason for our presence in Southeast Asia is that we want to compactness and functionality,” he said.
have a base near our customers,” he said. Copper prices are expected to stay in the range of $7,200-7,500 per
The company set up production facilities in various countries to be tonne this year, he said.
close to clients, including original equipment manufacturers (OEMs) In 2016, copper prices will depend on China’s growth rate and
and auto-part makers, which prefer to source material locally but demand for the red metal. The price movement will also depend on
want Japanese quality. hedge fund and speculator activity on the London Metal Exchange.
The company expects to generate a total of 300,000 tpy of copper Furukawa Electric products include copper wires, automotive
products in 2015. Domestic output is expected to be 160,000 tpy of components and wiring harness, magnet wires, copper and copper
copper products. continued ››
Base metals 3 Ores & alloys 9 Raw materials 12

Minor & precious metals 15 Carbon steel 16 Stainless & special steels 22
Scrap & secondary 23 Comment & analysis 24 Prices 26
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Wednesday
alloy products such as plates, strips, pipes, rods, foils and wires,
functional surface products (plating) and electrodeposited copper
foil.
For the year ending March 31, 2014, the company’s net sales rose
0.8% year-on-year to 931.78 billion yen ($7.75 billion). Net profit
surged 56.8% to 5.61 billion yen ($46.67 million).
Japan’s Furukawa Group has 53 subsidiaries including Furukawa Access global copper news, prices and forecasts with
Electric.
Shivani Singh
shivani.singh@metalbulletinasia.com
Twitter: @ShivaniSingh_MB
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3 | Wednesday
Base metals METAL BULLETIN’S KEY PRICES: INDEXES

Price Change† Assessed
Alumina index fob Australia ($/t) 340.58 0.17% p 01 May 15
Charge chrome index 50% Cr cif
METAL BULLETIN’S KEY PRICES Shanghai ($/lb Cr) 0.79 0% 01 May 15
Daily base metal prices and premiums ($/t) Manganese ore index 44% Mn cif
Tianjin ($/dmtu) 3.02 -0.33% q 01 May 15
Manganese ore index 38% Mn fob Port
LME copper cash settlement 6,410.00 5.25% p 05 May 15 Elizabeth ($/dmtu) 2.28 -4.2% q 01 May 15
Daily copper premium (in-whs MB Index CFR Turkey HMS 1&2 (80:20)
Rotterdam) 46.67 16.67% p 05 May 15 (North Europe material) 269.58 -0.05% q 01 May 15
Daily copper premium (in-whs HMS 1&2 ferrous scrap index (80:20)
Shanghai) 69.29 -1.01% q 05 May 15 fob Rotterdam ($/t) 253.11 2.74% p 01 May 15
Daily copper premium (in-whs
Singapore) 30.00 -6.25% q 30 Apr 15
LME aluminium cash settlement 1,910.50 2.28% p 05 May 15 METAL BULLETIN’S KEY PRICES: ASSESSMENTS
Daily aluminium premium (in-whs Price Change† Assessed
Rotterdam) 103.30 -38.98% q 05 May 15
Ferro-chrome, 6-8% C, basis 60% Cr,
Daily aluminium premium (in-whs del European consumers ($/lb Cr) 0.97-1.01 0% 01 May 15
Shanghai) 235.00 0% 05 May 15
Silico-manganese, basis 65-75% Mn,
Daily aluminium premium (cif MJP) 227.50 0% 05 May 15 15-19% Si, del European consumers
Daily aluminium premium (in-whs (¤/t) p 01 May 15
840-865 1.19%
Singapore) 205.00 1.65% p 05 May 15 Ferro-silicon, basis 75% Si, del
LME zinc cash settlement 2,400.00 4.26% p 05 May 15 European consumers (¤/t) 1,200-1,250 1.24% p 01 May 15
Daily zinc premium (in-whs Ferro-titanium, 70% Ti, ddp ($/kg) 5.40-5.60 -1.79% q 01 May 15
METAL BULLETIN’S KEY PRICES: INDEXES
Rotterdam) 110.00 0% 29 Apr 15 Ferro-manganese, basis 78% Mn, del
Daily zinc premium (in-whs Shanghai) 111.25 2.7% p 30 Apr 15 European consumers (¤/t) 720.00-740.00 0% 01 May 15
LME nickel cash settlement 14,130.00 6.8% p 05 May 15 Ferro-molybdenum, basis 65-70% Mo,
Daily nickel premium (in-whs in-whs Rotterdam ($/kg Mo) 19.00-19.40 -2.78% q 01 May 15
Rotterdam) 168.17 0% 10 Oct 14 Molybdic oxide, in-whs Rotterdam
Daily nickel premium (in-whs ($/lb Mo) 7.60-7.70 -2.86% q 01 May 15
Shanghai) 166.67 13.64% p 30 Apr 15 Ferro-tungsten, basis 75% W, in-whs
LME lead cash settlement 2,140.00 2.15% p 05 May 15 Rotterdam ($/kg W) 33.30-34.00 -0.74% q 01 May 15
LME tin cash settlement 16,010.00 -1.63% q 05 May 15 Cobalt (low-grade) in-whs Rotterdam
($/lb) 13.20-14.20 0% 01 May 15
Cobalt (high-grade) in-whs Rotterdam
($/lb) 13.50-14.40 1.82% p 01 May 15
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4 | Wednesday
“The support of our financing partners in committing to our
revolving credit facility is most encouraging, while our success is also
dependent upon our partnerships with our key associates.
“As Noble Agri builds out its existing operations the prospects for
our two key start-ups, X2 Resources and Harbour Energy, with over $15
METAL BULLETIN’S KEY ALUMINIUM PRICES billion available for acquisitions, are very exciting,” Alireza said in a
Price Change† Assessed statement.
Alumina index fob Australia ($/t) 340.58 0.17% p 01 May 15 The company has increased the level of disclosure in its filings, it
Group 1 pure 99% Al & litho scrap, said, by showing earnings for more of its divisions and making
del UK (£/t) 1,160-1,200 0% 29 Apr 15 quarterly disclosures that previously it did on an annual basis.
Cast aluminium wheels, del UK (£/t) 1,240-1,300 2.42% p 29 Apr 15 The company has recently faced questions about its business and
LME aluminium cash settlement ($/t) 1,910.50 2.28% p 05 May 15 accounting, and said it would take legal action against an entity
Daily aluminium premium, duty-unpaid called Iceberg Research, which had made various claims about the
(in-whs Rotterdam) ($/t) 103.30 -38.98% q 05 May 15 trading company.
Daily aluminium premium, duty-unpaid Alex Harrison
(in-whs Shanghai) ($/t) 235.00 0% 05 May 15 aharrison@metalbulletin.com
Daily aluminium premium (cif MJP) Twitter: @alexharrison_mb
($/t) 227.50 0% 05 May 15
Daily aluminium premium, duty-unpaid
(in-whs Singapore) ($/t) 205.00 1.65% p 05 May 15
Extrusion billet premium, 6063, LONDON
duty-paid, in-whs Rotterdam ($/t)
LM24 pressure diecasting ingot (del
615-650 -1.94% q 01 May 15 BHP’s Cerro Matoso back up and running as
UK consumers) (£/t) 1,480-1,520 0% 29 Apr 15 ferro-nickel strike ends
LM6/LM25 gravity diecasting ingot
(del UK consumers) (£/t) 1,650-1,680 0% 29 Apr 15 A strike at Cerro Matoso, BHP Billiton’s Colombian ferro-nickel
DIN226 pressure diecasting ingot operation, has come to an end, after an agreement was reached
(del European consumers) (¤/t) 2,080-2,140 0.36% p 01 May 15
between workers and the company, Cerro Matoso has confirmed.
“Sintracerromatoso [the union] has lifted the illegal work stoppage
LONDON that began on April 14,” the company said in a statement.
Profit slips in Noble’s mining and metals Workers had been blocking access to the ferro-nickel mine and
refinery in protest against a lengthening in work hours due to
division on aluminium, steel raw materials concerns about the impact of the change on the health of workers.
The strike led BHP to declare force majeure on at least some of its
Profits at Noble Group’s mining and metals division fell by 33% ferro-nickel shipments.
year-on-year in the first quarter on a weak performance in Cerro Matoso said that the company and the striking union have
aluminium and continued pressure on the steel industry, which buys signed a document stating that it will now suspend the decision to
coke, coal and iron ore from the trading company. extend working hours, except for non-mining workers. It would,
Profit before interest and tax in the mining and metals division fell however, still seek to implement the planned hours within 30 days
to $52.9 million from $78.8 million in January-March 2014. following monitoring and advice on potential health issues from the
“Weak results in aluminium as demand flattened and margins Labour Ministry.
declined, but alumina margins were robust with strong demand “Once operations are normalised and in a more complex financial
from smelters and firm pricing,” the company said. scenario, the company will resume its productivity drive begun in
Net profit for Noble Group, which also trades oil, gas and coal, were 2014, continuing with measures to lower costs,” the statement said.
$107 million in the first quarter, up almost $350 million on the Cerro Matoso is the world’s second largest producer of ferro-nickel
preceding quarter. Net profit was down $45 million on the first and one of the lowest-cost producers. Located near the town of
quarter of 2014 when the company benefited from exceptional Montelíbano in northern Colombia, the asset combines a lateritic
conditions in the energy market as a result of the Polar vortex. nickel ore deposit with a low-cost ferro-nickel smelter. The smelter
“The investments we have made in our oil, power and gas, and produces high-purity, low-carbon ferro-nickel granules.
metal, franchises over the past few years continue to drive the growth Cerro Matoso’s production totalled 44,300 tonnes of nickel in
of our bottom line, as well as the increasing diversity of our business ferro-nickel form in the full year 2014, BHP said in its 2014 annual
model,” Noble Group ceo Yusuf Alireza said in a conference call. report.
“Our more traditional China-related commodities, iron ore, freight The operation is among the assets being spun off by BHP into its
and coal, continue to face significant headwinds, with sentiment in new South32 unit.
these sectors at historic lows,” sharpening Noble’s belief in the A shareholder vote on the demerger is scheduled for May 6.
strength of its diversified business model, Alireza said. Fleur Ritzema
On the base metals that Noble trades, there were “robust sales in fritzema@metalbulletin.com
copper to North America and Asia, with increased supply from the Twitter: FleurRitzema_MB
western US… [and] strong performance in zinc, lead and nickel with
an increase in both tonnage and profitability, securing access to high
quality product from key partners”, the company said.
The company also said leaders have committed $2.25 billion to
Noble’s revolving credit facility, which will be completed on
schedule.
continued ››
5 | Wednesday
The company also sold 1.99 million tonnes wmt ore to the two
domestic high-pressure acid leach plants it has stakes in. The
shipment was up from 1.8 million wmt in the same period last year.
Deepali Sharma
deepali.sharma@metalbulletinasia.com
LONDON
EMED still in talks on long-term financing; SINGAPORE
expects to enter binding documentation Glencore’s Q1 copper output down
by mid-May Glencore’s first-quarter copper output fell 9% due to lower grades
Copper junior EMED Mining is still in discussions with its three largest from the Alumbrera mine, mine sequencing at Antamina and a
shareholders on reaching a long-term financing solution for the planned maintenance shutdown at Collahuasi.
continuing development of its flagship Rio Tinto copper project in Copper production from its own sources in the first quarter ended
southern Spain. March 31 was 350,700 tonnes, compared with 385,600 tonnes a year
The company has agreed non-binding terms for an equity ago.
financing structure with “several parties”, including its strategic Total African copper produced from own sources rose 4% to 110,700
investors, and plans to enter binding documentation by mid-May. tonnes. This reflected a ramp-up in production at Mutanda and
For now, EMED has said it “remains in dialogue” with the three Katanga, which was offset by lower production at Mopani due to
largest shareholders – Trafigura, Orion Mine Finance (Master) Fund I temporary stope restrictions that reduced the amount and grades of
LP and Hong Kong Xiangguang International Holdings, which is an ore mined after a minor geotechnical event at Mufulira underground
affiliate of Yanggu Xiangguang Copper Co (XGC). Trafigura, Orion and mine at the end of 2014.
Hong Kong Xiangguang are the strategic investors. Glencore’s share of copper production at Collahuasi in Chile in the
At the same time, EMED “continues to monitor expenditures”, it first quarter was 46,000 tonnes, 12% lower than in the same period
said, adding that it believes its working capital position is sufficient the previous year, mainly because less ore was milled because of a
to provide time to enter binding definitive documentation for the planned shutdown in February.
equity financing structure. The company’s share of copper production at Antamina in Peru
It has “a number of potential sources” for short-term financing to was 27,800 tonnes, 19% lower than in the same period a year ago.
meet its working capital requirements, which the board of directors Its share of copper production from Alumbrera, Lomas Bayas,
“continues to evaluate should this be needed”. EMED plans to Antapaccay and Punitaqui, all in South America, fell 19% year-on-
publish its financial statements for 2014 on May 8. year to 68,900 tonnes, mainly due to lower grades and lower output
“We continue to progress our discussions with a view to at Alumbrera.
concluding the financing structure that will enable the company to Glencore’s Australian copper production fell 10% to 64,100 tonnes.
complete phase 1 of our development and production programme, The company said custom copper cathode production rose 42% in
following which the focus will be on expansion plans,” EMED ceo the first quarter to 115,700 tonnes, as production at Pasar in the
Alberto Lavandeira said in a statement. Philippines was limited in 2014 because of damage caused by
“We remain on track to commence production as planned and typhoon Haiyan.
look forward to updating the market as we work towards restarting Custom copper anode production in the first quarter was 125,100
operations at this historic project.” tonnes, in line with the same period last year.
Claire Hack Shivani Singh
chack@metalbulletin.com shivani.singh@metalbulletinasia.com
Twitter: @clairehack_mb Twitter: @ShivaniSingh_MB
SINGAPORE SHANGHAI
Nickel Asia’s earnings jump on higher ore GLENCORE AT A GLANCE: Q1 production
sales, prices results
Nickel Asia’s net income rose 281% year-on-year to 675.8 million Summary of Glencore’s 2015 first-quarter production results.
pesos ($15.12) on higher ore sales volumes and prices, it said on (Own-sourced output volume, y-o-y % change)
Tuesday May 5.
Shipments of nickel ore to China increased from 278,000 wet metric Coking coal
tonnes (wmt) to 1.08 million wmt in the first quarter, the company 1.5 million tonnes, 0%
said.
Ore shipments to Japan amounted to 313,000 wmt compared with Semi-soft coking coal
566,000 wmt in 2014. 1 million tonnes, 11%
An additional 111,000 wmt of ore was shipped to Australia during
the first quarter, Nickel Asia said. Ferro-chrome
For export sales, the company achieved an average price of $32.44 385,000 tonnes, 15%
per wmt, higher than the average of $21.98 realised last year.
“Following the momentum established in the first three months, Nickel
overall shipment volumes should be stronger this year,” Gerard H 23,800 tonnes, 7%
Brimo, president and ceo, said in a statement.
continued ››
6 | Wednesday
“The evolution of our margins is the consequence of an intensive
work of costs control, as well as the pursuit for the markets that offer
better premiums,” Paranapanema’s ceo Christophe Malik Akli said in
a statement.
“In the quarter, due to a more challenging scenario in the
Copper domestic market, Paranapanema has exported more, taking
350,700 tonnes, –9% advantage of the values of premiums in the international market”,
he added.
Zinc Exports accounted for about 52% of the company’s revenues in the
356,200 tonnes, 16% first quarter, mainly from cathodes.
Total net revenues stood at 1.2 billion Brazilian Reais in the first
Lead quarter, 11% higher than in the previous year.
75,800 tonnes, –4% Paranapanema produced a total of 125,653 tonnes of copper
cathodes and copper products in the first three months of 2015, up by
Cobalt 6% from the corresponding months of 2014.
4,400 tonnes, –4% Total sales volumes grew to 71,864 tonnes in the quarter, 12%
higher from January-March of 2014.
Gold Danielle Assalve
200,000 oz, -16% danielle.assalve@metalbulletin.com
Catherine Yates Twitter: dassalve_mb
catherine.yates@steelfirstasia.com
SHANGHAI
SINGAPORE China Minmetals appoints new chairman
Glencore’s Q1 zinc output up 16% The Chinese government appointed He Wenbo to replace Zhou
Glencore’s zinc output was up 16% year-on-year to 356,200 tonnes Zhongshu to be the chairman of China Minmetals, one of the
in the first quarter, driven by expansions at Mount Isa and McArthur country’s largest trading firms, on Monday May 4.
River in Australia. He Wenbo joined Minmetals in August last year as gm.
Production at Kazzinc in the January-March 2015 period, including Born in 1955, He worked with Chinese steelmaker Baosteel Group
from third party feed, was 75,100 tonnes, unchanged year-on-year. as gm for 6 years before he joined Minmetals.
Output from Glencore’s own resources at Kazzinc was 46,200 Beijing didn’t disclose who will take the position as Minmetals gm
tonnes in the quarter, down 6% year-on-year on lower head grades. and what Zhou Zhongshu’s new posting will be.
Australia’s Mount Isa and McArthur River projects produced 193,000 Kiki Kang
tonnes of zinc in concentrates, 32% higher than in the first quarter of kiki.kang@metalbulletinasia.com
2014. Wechat: KikiKang_MB
Glencore’s nickel output was 23,800 tonnes, up 7% year-on-year.
New Caledonia Koniambo produced 2,200 tonnes of nickel in
ferro-nickel in the first quarter. NEW YORK
Australia’s Murrin Murrin produced 7,900 tonnes of nickel, up 1%
year-on-year.
US aluminium antitrust case rulings upheld
Texas-based subsidiary Sherwin Alumina produced 300,000 A US federal judge has reaffirmed her previous rulings dismissing the
tonnes of alumina, 22% lower than the prior-year period. The London Metal Exchange, Goldman Sachs Group Inc and several other
reduction was due to the temporary suspension of production at one investment banks and warehousing companies from antitrust
of the five digesters in mid-2014, based on weak market conditions litigation accusing them of purposeful manipulation of aluminium
for Atlantic alumina, Glencore said. supplies to drive up prices.
Deepali Sharma Judge Katherine B Forrest ruled in US District Court in New York that
deepali.sharma@metalbulletinasia.com London Metal Exchange Ltd and parent company Hong Kong
Exchanges & Clearing Ltd, New York-based Goldman Sachs, Baar,
Switzerland-based Glencore Plc, New York-based JPMorgan Chase Co,
SÃO PAULO Glencore-owned Pacorini Metals AG and Henry Bath & Son Ltd, which
Paranapanema reverses losses with was part of JPMorgan before it was sold in October to Geneva-based
Mercuria Energy Group Ltd, were dismissed from multiple lawsuits
$24.5m net profit in Q1 filed by a number of aluminium consumers.
The order upheld previous rulings dismissing the LME, Hong Kong
Paranapanema has reported a net profit of 74.2 million Brazilian Exchanges & Clearing, Glencore and Henry Bath due to lack of
Reais ($24.5 million) in the first quarter of 2015, reversing the losses jurisdiction.
from a year earlier. Forrest cited the Foreign Sovereign Immunities Act when the LME
In the first three months of 2014, the Brazilian copper producer had was originally dismissed in August 2014, noting at the time that “the
a net loss of 14.6 million Reais. court itself initially found this result somewhat surprising and
Adjusted earnings before interest, tax and amortisation (Ebtida) counterintuitive. Nevertheless, it is dictated by the prevailing case
nearly doubled in the annual comparison, reaching 108.9 million law”.
Reais from January-March 2015. The latest ruling also confirms the dismissal of Hong Kong
Gross margin improved for the sixth consecutive quarter, reaching Exchanges & Clearing, which was not dismissed from the case until
10.3%, from 6.9% in the corresponding period of 2014. continued ››
7 | Wednesday
“This [rise] is principally due to an increase of 58% at KOV open pit,
where four new Caterpillar 793D haul trucks were commissioned in
the second quarter of 2014,” the company added.
According to Katanga, tonnes of copper ore mined in the first
quarter were comparable to the fourth quarter of 2014 despite
March, and upholds the dismissals of Goldman Sachs, JPMorgan and dewatering issues encountered at KOV during the rainy season in
Pacorini Metals. The judge reportedly said then that no specific facts Congo.
were presented to suggest the companies were involved in unlawful This effect also resulted in a lower average copper grade achieved
conduct, and “speculative generalisations” weren’t enough to let as higher grade material at the pit bottom was not as accessible, it
the litigation go forward. noted.
Representatives from Goldman Sachs, Glencore, JPMorgan and The average copper grade across the miner’s operations for the first
Pacorini Metals declined comment on the ruling. The LME and Henry quarter period was 3.57%, compared to 4.22% in the fourth quarter
Bath & Son did not respond to requests for comment. and 4.03% in the same period of 2014.
This report was first published by American Metal Market. Katanga said the company produced 852 tonnes of cobalt metal in
editorial@metalbulletin.com the first quarter, up from 478 tonnes year-on-year amid improved
recoveries on higher volumes.
Copper cathode output meanwhile rose to 37,133 tonnes in the first
NEW YORK quarter from 31,574 tonnes in the same period of the prior year. This
HudBay workers strike at Manitoba mines was largely the result of lower mined grades at KOV open pit, where
mining was impacted by bad weather leading to variable grade feed
Some 180 unionised workers at HudBay Minerals Inc’s mines in at the Kamoto concentrator, the company said.
Manitoba have gone on strike following a breakdown in contract Finished copper metal produced at Katanga’s Luilu metallurgical
negotiations, although the company does not expect to change its plant increased by 18% year-on-year, driven by the increased
production guidance. volumes throughput although partly offset by the lower mined
Members of the International Association of Machinists and grades.
Aerospace Workers (IAM) went on strike May 2 after rejecting the Katanga Mining operates a large-scale copper-cobalt mine
company’s contract offer, with union leaders saying it fell short on complex in Congo through two joint ventures, Kamoto Copper
wage increases and did not address concerns about health-care Company and DRC Copper and Cobalt Project.
plans, contractors and the grievance procedure. Andrea Hotter
“From the beginning, management’s attitude toward us has been ahotter@metalbulletin.com
hostile,” an IAM representative said in a statement. “We offered to Twitter: @andreahotter
assist management with a controlled shutdown of all operations in
the event of a strike, but they rejected this offer outright. They believe
they can run the equipment without us, but we repair and maintain NEW YORK
this equipment and it will break down if it is not maintained
properly. This could have been avoided.”
US zinc premiums hold steady in slow
The Toronto-based mining company said it tried to avoid a strike. market
“HudBay sought a mutually negotiated agreement over several
months and does not believe the strike action is necessary,” the The US spot special-high-grade zinc premium held steady this past
company said. “HudBay remains committed to the bargaining week, with unusual market sluggishness preventing a shift upward,
process and hopes the union leadership will engage in good-faith market participants said.
negotiations.” “Demand hasn’t picked up,” one seller said. “I would have hoped
HudBay expects operations to continue. “A comprehensive it would have picked up by now, but nothing [...] April has been a
contingency plan is in place and the company expects operations to quiet month, which is surprising.”
continue and production guidance to be maintained,” it said. Metal Bulletin sister publication AMM’s assessment of the special-
The company’s 777 Mine in Manitoba produces about 25,000 tpy of high-grade zinc premium has remained at 8 to 9 cents per lb since
copper and 51,000 tpy of zinc, while its Lalor Mine produces about March 19.
59,000 tpy of zinc, 5,000 tpy of copper and 43,000 oz of gold “Business is definitely softer – not dramatically, but enough to
equivalent annually, according to HudBay’s website. deter the premium from moving up at all. We would have thought
This report was first published by American Metal Market. we’d be a little busier than we are now. [...] Usually this is
editorial@metalbulletin.com gearing-up time for businesses in the summer getting prepped for
the third quarter,” one buyer source said.
“Since the beginning of the year, business has been sporadic, but
NEW YORK not consistent. [...] I would rather have it somewhat busier more
Katanga Mining sees jump in Q1 copper ore consistently than these sporadic spurts where it’s hectic and then
just dies again,” he added.
output “Certain industries are doing better than others. Steel mills, for
example, aren’t taking the maximum on their minimum-maximum
Glencore-owned Katanga Mining saw a leap in its first quarter contracts, so die casters need to move some metal. Other die casters
copper ore production, largely as a result of higher output at the KOV are (incredibly) busy, depending on the customer base they’re
open pit mine, it said. dealing with,” a second buyer source said.
Copper ore production for the three-month period rose by 38% Low steel production has been cited as a key factor contributing to
from the same period of 2014, reaching 1.84 million tonnes from 1.33 oversupply in the special-high-grade zinc spot market. US steel mills
million tonnes previously.
continued ››
8 | Wednesday
LONDON
Spread log May 2015: Aluminium
The European aluminium spread log
operated at an average capacity utilisation rate of 72.2% for the week
ended April 25, down from 76.6% for the equivalent week last year. Week ended May 1
Meanwhile, the buyers dismissed the idea that the strike at Alumina Aluminium Billet
HudBay Minerals Inc’s Manitoba mines will impact premiums. $340.58 | $2,008.01 | $2,510.55
Members of the International Association of Machinists and 16.96% 79.98%
Aerospace Workers union this week provided written notice to
Toronto-based HudBay to commence strike action May 2, although The European aluminium spread log features an assessment of the
the company does not expect any interruption to its zinc metal spread between the MB alumina index from the previous Friday,
operation. the LME aluminium price weekly average from the previous week
“HudBay isn’t big enough as an entity to do anything to the US plus the average daily MB duty-unpaid ingot premium from the
premium market,” the first buyer source said. “They don’t ship previous week, and the LME price weekly average plus the MB billet
enough material directly to the US, so I wouldn’t anticipate any major premium midpoint from the previous Friday.
shortages.” Jethro Wookey
However, the strike “may affect local Canadian premiums if it is jwookey@metalbulletin.com
lengthy”, he noted. Twitter: @jethrowookey_mb
“I don’t think [the strike] will affect too many people anytime
soon,” the second buyer said. “HudBay can always buy zinc to fulfill
contracts if they run out.”
This report was first published by American Metal Market.
editorial@metalbulletin.com
NEW YORK
US aluminium billet upcharge flat amid
slack demand
US aluminium billet spot upcharges remained steady through the
end of April, with consumers reportedly filling their needs with
long-term deals.
Metal Bulletin sister publication AMM’s latest assessment of the
6063 extrusion billet upcharge held steady at 12.5 to 13 cents per lb, a
level at which it has remained since early April, when it was at 13 to
13.5 cents per lb.
“There’s no increase I’m aware of on spot,” one trader said. “I
don’t think the demand has picked up enough yet for spot.”
“Billet is getting a bit tight and we are sold out until July, so I see
the premium firming up,” a second trader said.
The effect of increased imports on the spot market also was noted
by traders, although there is no consensus over the potential impact
of China’s decision to remove export taxes on aluminium alloy bar
and rod.
“I think we will see a lot of metal come out of China, if they do let it
go. They can make some good stuff. People aren’t sure about their
reliability,” the first trader said.
“I don’t know how keen my customers would be to take in Chinese
billet,” a third trader said.
9 | Wednesday
Ores & alloys
The company produces silico-manganese in Norway and ferro-

manganese in France. It bought the assets from Brazilian miner Vale
in mid 2012.
Janie Davies
METAL BULLETIN’S KEY NOBLE ALLOYS AND ORE PRICES jdavies@metalbulletin.com
Price Change† Assessed Twitter: @janiedavies_mb
Molybdic oxide, in-whs Rotterdam
($/lb Mo) 7.60-7.70 -2.86% q 01 May 15
Molybdic oxide, USA ($/lb Mo) 7.50-7.70 -2.56% q 30 Apr 15 LONDON
Ferro-molybdenum, basis 65-70% Mo,
in-whs Rotterdam ($/kg Mo) 19.00-19.40 -2.78% q 01 May 15 PRICING NOTICE: Metal Bulletin proposes
Tungsten, APT, in-whs Rotterdam
($/mtu) 240.00-250.00 -2% q 01 May 15
changes to FeTi, Ti scrap pricing
Ferro-tungsten, basis 75% W, in-whs
Rotterdam ($/kg W) 33.30-34.00 -0.74% q 01 May 15 Metal Bulletin is examining the way it prices ferro-titanium and
Ferro-vanadium, basis 70-80% V, titanium scrap in Europe and is now looking at the possibility of
in-whs Rotterdam ($/kg V) 19.50-20.00 2.6% p 01 May 15 introducing new quotations.
Vanadium pentoxide, min 98% V, ($/lb Spot markets for existing quotations have been relatively illiquid
V2O5) 3.60-3.95 0% 01 May 15 for some time and we are therefore seeking preliminary feedback
from the market on the plans for new quotations, as well as other
METAL BULLETIN’S KEY BULK ALLOYS AND ORE PRICES ways to expand our coverage of these markets.
Price Change† Assessed We are reintroducing proposals to begin quoting a price for
Charge chrome 50% Cr index cif “powdered” (0-2 mm) ferro-titanium, this time with a chemical
Shanghai ($/lb Cr) 0.79 0% 01 May 15 specification matching standard lumpy material, following interest
Manganese ore index 44% Mn cif from certain market participants.
Tianjin ($/dmtu) 3.02 -0.33% q 01 May 15 We would like to gauge interest in such a quotation, and are also
Manganese ore index 38% Mn fob Port looking for suggestions on how frequently it should be published – ie
Elizabeth ($/dmtu) 2.28 -4.2% q 01 May 15
whether twice a week would be possible, or perhaps once weekly or
Ferro-chrome, 6-8% C, basis 60% Cr, even fortnightly would be sufficient.
del European consumers ($/lb Cr) 0.97-1.01 0% 01 May 15
The existing European-delivered, duty-paid ferro-titanium spot
South African UG2 chrome ore concs,
basis 42% 157-161 -0.93% q 01 May 15 price will continue to be published alongside any new quotation.
Ferro-manganese, basis 78% Mn, del In the titanium scrap space, Metal Bulletin is proposing, as a
European consumers (¤/t) 720-740 0% 01 May 15 starting point, the introduction of a quotation for titanium scrap
Ferro-manganese, basis 78% Mn, solids and for titanium sponge, to be published in conjunction with
in-whs Pittsburgh ($/long ton) 935-950 0% 30 Apr 15 existing quotations for titanium scrap turnings.
Silico-manganese, basis 65-75% Mn, We are therefore seeking suggestions for the chemical
15-19% Si, del European consumers
(¤/t) p 01 May 15
840-865 1.19%
specifications, minimum tonnages, and payment terms to be used
Ferro-silicon, basis 75% Si, del
for these possible new quotations, as well as the frequency with
European consumers (¤/t) 1,200-1,250 1.24% p 01 May 15 which they should be published.
As these markets are understood to be relatively small, one source
has already put forward the possibility of publishing these prices on a
LONDON fortnightly or even a monthly basis.
Glencore posts higher ferro-chrome, We are also looking for ideas for possible changes to our titanium
turnings quotations. For example, it has been suggested that it may
manganese alloys production be feasible to publish a quotation only for turnings containing a
maximum of 0.5% tin, as the quotation for turnings containing
Glencore increased its ferro-chrome production by 15% year-on-year 0.5-2% tin is no longer needed.
in the first quarter of 2015, the company said on Tuesday May 5. On the other hand, we may find that a different turnings price is
Total ferro-chrome production reached 385,000 tonnes in Q1 2015, required and we are also looking for feedback on what that should
representing an increase of 8% on Q4 2014. be.
The production figures are attributable to Glencore’s 79.5% share All, some or none of these changes may be implemented during
of the Glencore-Merafe Chrome Venture. the coming months. It may also be that other proposals for changes
Ferro-manganese production rose to 35,000 tonnes, compared emerge over the course of this initial consultation. Any changes will
with 30,000 tonnes in the same period of 2014 and 29,000 tonnes in be announced in further price notices.
Q4 2015. Further consultations may therefore be required depending on the
Silico-manganese production rose 8% year-on-year to 385,000 feedback we receive and we will publish updates as and when
tonnes, flat against Q4 2014 production. appropriate.
“Manganese production [ferro-manganese and silico- Preliminary feedback on these proposals, as well as other
manganese combined] was 63,000 tonnes, 13% higher than in the suggestions for changes to our ferro-titanium and titanium scrap
comparable period, reflecting the decision to increase ferro- coverage, should be sent to Claire Hack at the email address below by
manganese production at the plant in France to meet higher Friday June 5.
demand,” Glencore said, adding that the company’s 2014 production Claire Hack
was below plant capacity. chack@metalbulletin.com
Glencore increased its manganese alloys production by 17% Twitter: @clairehack_mb
year-on-year in 2014, it said in March this year. continued ››
10 | Wednesday
NEW YORK
US ferro-alloy suppliers hopeful steel hike
signals recovery
SHANGHAI
China Minmetals and Ganzhou Tungsten US ferro-alloy suppliers are hopeful that a recent move by some
steelmakers to increase sheet prices is indicative of an improving
Assn keep May tungsten prices flat steel market, although spot ferro-alloy pricing remains largely
stagnant.
China Minmetals Nonferrous Metals (CMN) and Ganzhou Tungsten High carbon ferro-chrome remained unchanged this past week at
Assn (GTA) have kept their tungsten concentrate prices unchanged for $1.08 to $1.12 per lb, while ferro-silicon slipped on the low end of the
May. range to 88 to 92 cents per lb from 89 to 92 cents previously.
CMN kept its offer price for black tungsten concentrate, 65% Some suppliers contacted by Metal Bulletin sister publication AMM
content, at 86,000 yuan ($14,054) per tonne, while GTA set its average were buoyed by the news that several major steelmakers are looking
prediction price at the same level. to boost sheet prices by at least $20 per ton, but maintain that it is too
CMN also kept its May price for white tungsten concentrate at early to determine if ferro-alloy demand has reached a bottom.
85,000 yuan per tonne. “We’ll see if [the price increase] sticks. To me, it won’t be until the
“The export market is still quiet despite the cancellation of export end of the second quarter that there’s an improvement in demand,”
tax. But some are already sending shipments to overseas a source at one manganese alloy supplier said. “Steel capacity
warehouses, hoping for better demand and higher prices later on, utilisation rates have improved since hitting that low in early April.
when they can respond swiftly,” a major tungsten market source But from what I hear from my customers, it’s still week-by-week to
said. see how they’ll operate the following week.”
The revision in resource tax had little influence on tungsten prices, “It’s not a huge surprise that once people lose a bit of capacity
as it rose only to 6.5% from a previous range of 4-6%, the source [you’d] see them trying to move prices up,” a second supplier source
said. said.
China scrapped export tax on tungsten products, and revised the Meanwhile, ferro-vanadium inched up slightly to a range of $9.60
way it levies resource tax on tungsten concentrate from May. to $10 per lb from $9.50 to $9.80 previously, with suppliers cautiously
“Taxes or not, it is now more of a story of demand and supply,” the optimistic about price increases in the European market and a
source said. potential supply consolidation prompted by Evraz Highveld Steel &
GTA lowered its May average forecast price for ammonium Vanadium Ltd’s financial issues.
paratungstate to 130,000 yuan per tonne, from 133,000 yuan per “We did see a 28% increase in sales from March to April, so things
tonne last month. seem to be improving overall. We are projecting another 25%
Linda Lin [increase] in May,” a ferro-vanadium supplier source said. “I have
linda.lin@metalbulletinasia.com been informed by a couple of our contract customers that they have
seen order books fill up for a few weeks out now and expect orders to
continue to improve going forward. Therefore, I would expect that
SHANGHAI we have reached a bottom on [ferro-vanadium] pricing now, but will
China starts price-based resource tax on wait and see how things go.”
“I think vanadium is poised for a bit of a comeback. It may or may
tungsten, molybdenum conc not happen because of Highveld, but prices have already moved up
outside the US,” another supplier source said.
China has started levying resource taxes on molybdenum and Ferro-vanadium prices in Europe moved up to a range of $19.50 to
tungsten concentrates based on prices rather than volumes, $20 per lb May 1 from $19.20 to $19.60 previously, according to Metal
according to a statement from the State Council. Bulletin, having fallen as low as $18.90 to $19.20 per lb on April 22.
From May 1, China is charging an 11% resource tax on molybdenum This report was first published by American Metal Market.
concentrate. The rate is in line with market expectations. editorial@metalbulletin.com
Since 2012, China had been taxing molybdenum concentrates at
8-12 yuan ($1.3-2) per tonne, based on volumes mined.
The government has also started imposing a 6.5% resource tax on LONDON
tungsten concentrate.
Before the revision, tungsten concentrate of 65% content was
MANGANESE ORE INDEX: Low grade slides
subject to a resource tax of about 2,000 yuan per tonne based on again as high grade looks stable
volumes mined.
The central government has also decided to levy a 7.5%-11.5% Metal Bulletin’s 44% manganese ore index, cif Tianjin fell 1 cent to
resource tax on rare earths, depending on the province or region. $3.02 per dmtu.
The resource tax revision was widely regarded as a complementary Metal Bulletin’s 37% manganese ore index, fob Port Elizabeth fell
policy, as China recently announced it was scrapping its export tax on to $2.28 per dmtu, from $2.38 per dmtu a week previously.
tungsten, molybdenum and rare earths from May in response to a This drop reflects a change in the manganese content basis of the
WTO ruling. index specification to 37% from 38%.
Linda Lin The price would have been $2.33 per dmtu if the manganese
linda.lin@metalbulletinasia.com content had remained at 38%, meaning the normalisation function
of the index calculated a difference of about five cents between the
two grades at the time.
continued ››
11 | Wednesday
of the index calculated a difference of about five cents between the

two grades at the time.
The price for May 1 briefly appeared as $2.33 per dmtu, with a basis
of 38% as the amendment was processed through the pricing
Market participants noted that several producer offers that had database. This has now been updated.
been rolled over from the previous week were rejected by consumers. The price history will remain unchanged and will be accessed as
Other offers were lowered week-on-week to secure business, normal but will show the date of the change to 37% from 38%.
according to the data points reported to Metal Bulletin over the past
two weeks.
But prices are approaching production costs, meaning the recent The new specification is as follows:
downward trend is decelerating, a market source told Metal Bulletin. Price description: Manganese ore index, 37% manganese, fob Port
“The market is stable for now. Prices are getting close to cost of Elizabeth
production so everyone knows they’re as far down as they can go, Manganese content: Base 37%, Range 35% to 39%
and some producers have cut back,” the source said. Iron content: Base 5%, Maximum 16%
Metal Bulletin’s 38% manganese ore index stood at $2.53 per Silica content: Base 6%, Maximum 12%
dmtu, fob Port Elizabeth a month ago. Phosphorous content: Base 0.04%, Maximum 0.16%
Metal Bulletin’s 44% manganese ore index, cif Tianjin stood at Alumina content: Base 1%, Maximum 8%
$3.20 per dmtu a month ago. Moisture content: Base 4%, Maximum 12%
Janie Davies Others contents: (sulphur, calcium, magnesia)
jdavies@metalbulletin.com Loading port: Port Elizabeth (South Africa)
Twitter: @janiedavies_mb Unit measure: US$ per dry metric tonne unit, fob Port Elizabeth,
South Africa
Granularity: 5.5mm-75mm
LONDON Form: Lumps
PRICING NOTICE: Correction of 37% Publication: Weekly
Trade size: 5,000mt
manganese ore index price on May 1 2015 Payment method: Cash or equivalent
Loading window: Six weeks
Metal Bulletin corrected the price of its 37% manganese ore index,
fob Port Elizabeth to $2.28 per dmtu on May 1. If you have any questions about the reason for these changes or
The price had briefly appeared as $2.33 per dmtu based on a about participating in the index, please contact Janie
manganese content of 38%, as Metal Bulletin processed a Davies: jdavies@metalbulletin.com
specification amendment through its pricing database. If you have any questions about price history or how these changes
Metal Bulletin changed the manganese ore content for its 38% may affect your use of the index, please contact Inaki
Manganese ore index to 37% manganese on May 1. Villanueva: ivillanueva@metalbulletin.com
If you have any questions about this, please contact Janie Davies: Janie Davies
jdavies@metalbulletin.com jdavies@metalbulletin.com
Janie Davies Twitter: @janiedavies_mb
jdavies@metalbulletin.com
Twitter: @janiedavies_mb
LONDON
PRICING NOTICE: Metal Bulletin amends
manganese ore index base to 37% Mn
Metal Bulletin changed the manganese ore content for its 38%
manganese ore index to 37% manganese on May 1 2015 and
amended its name accordingly.
This follows a consultation announced on February 19 and a notice
published on April 2.
Participants in the market are increasingly reporting 37%
manganese content to Metal Bulletin, rather than 38%. All other
reported contents will be normalised to 37% from May 1. The change
from 38% to 37% will usually mean less normalisation will be
necessary.
It also means the final index price will be slightly lower than when
it was normalised to 38%, reflecting the slightly lower manganese
content.
Metal Bulletin’s index price for 37% manganese ore, cif Tianjin fell
to $2.28 per dmtu on May 1, from $2.38 per dmtu a week previously.
The price would have been $2.33 per dmtu if the manganese
content had remained at 38%, meaning the normalisation function
12 | Wednesday
Raw materials Companies’ Creditors Arrangement Act (CCAA) earlier this year and
have started restructuring proceedings.
Cliffs does not anticipate any exposure to Bloom Lake creditors
“throughout the entire CCAA process”, Goncalves said.
METAL BULLETIN’S KEY IRON ORE PRICES This report was first published by American Metal Market.
cfr main China port $ per dry metric tonne editorial@metalbulletin.com
Iron ore index (62% fe) 58.70-58.70 -1.97% q 05 May 15
Iron ore pellet index cfr Qingdao SINGAPORE
(65% fe) 86.28-86.28 5.21% p 30 Apr 15 IRON ORE DERIVATIVES WRAP: Prices
continue to climb
NEW YORK
Major iron ore projects won’t happen, International over-the-counter iron ore prices rallied on Tuesday May
5, followed by strong futures prices and an active seaborne market,
Cliffs says sources told Metal Bulletin sister title Steel First.
Major expansions announced by large global iron ore majors that are Forward curve
“terrorising” the market will not materialise, according to Cliffs May $58.50/59.00
Natural Resources’ top executive. Jun $57.50/58.00
“They are basically terrorising the market with the prospect of Jul $56.75/57.25
capex that at the end of the day will not be deployed,” chairman, Aug $56.00/56.50
president and ceo Lourenco Goncalves said during an earnings Q3 $56.00/56.50
conference call. Q4 $54.50/55.00
“Do you know why they will not be deployed? Because board Q1 2016 $53.50/54.00
members are a lot more responsible than ceos. They are not bullish, Q2 2016 $52.50/53.00
they have fiduciary duties and they are responsible for what actions 2016 $51.75/52.25
they take.” 2017 $51.25/52.25
Projects likely will be delayed, much like Anglo-Australian mining
company BHP Billiton’s recent decision to postpone a port The Chinese domestic ferrous futures contract, the most-traded
debottlenecking project in Western Australia that would have September iron ore contract on the Dalian commodity Exchange, hit
boosted its production capacity. In addition, Rio de Janeiro-based its daily upper limit of 4%, and closed the session at 433.50 yuan ($71)
Vale said that the company would be willing to shutter high-cost, per tonne, up by 8.50 yuan ($1.40) per tonne from Monday.
low-quality capacity to improve margins after logging a $3.1-billion Metal Bulletin’s 62% Fe iron ore index rose to $58.70 per tonne, up
net loss in the first quarter. by $1.15 per tonne
“So, long story short, these big projects are not coming,” Goncalves Metal Bulletin’s daily iron ore 58% Fe premium index was $0.97
said. higher at $52.96 per tonne cfr Qingdao.
“When the rubber meets the road, you are going to see a lot more
like the BHP decision to postpone the debottlenecking project, just to The following outright trades were heard:
save [a] meagre $600 million – not billion. They are starting to count May: $56.75, $57.00, $57.25, $57.50, $57.65, $57.75, $58.00, $58.25,
their money. That’s a good thing.” $58.50
Iron ore prices will need to rise from today’s “artificially low” levels Jun: $55.50, $55.75, $56.00, $56.25, $56.40, $56.50, $56.65, $56.75,
to generate enough cash flow to complete major projects, he said. $57.00, $57.25, $57.50
Despite the possible delays to major capacity expansions, Cliffs is Jul: $55.00, $55.25, $55.75
not bullish on the prospects for the seaborne iron ore market, which Aug: $54.50
Goncalves called a “horrible business” as global production is still Q3: $54.00, $54.25, $54.35, $54.50, $54.75, $54.85, $54.90, $55.00,
climbing while Chinese steel demand is faltering. “I put myself and $55.40, $55.50, $55.75
Cliffs on the side of the ones that take these things at face value – that Q4: $52.85, $53.00, $53.25, $53.30, $53.50, $54.00, $54.25, $54.50
it is what it is – so the seaborne [iron ore] market is doomed, is Q1: $52.50
cursed, is a place not to be in,” he said. 2016: $50.25, $51.00, $51.75
This means Cliffs is looking to exit iron ore production in Australia
sooner rather than later. The following spreads were traded:
“I can’t wait to get out of Australia. That’s the bottom line, because May/Jun: $1.00, $1.10, $1.25
I already shut down completely in Canada and as soon as I get to the Jun/Jul: $0.75
mine end-of-life in Australia I am out of there,” he said. Q3/Q4: $1.25, $1.50
The Cleveland-based mining company operates the Q4/Q1: $1.00
Koolyanobbing iron ore mining complex in Western Australia, where
it has already stopped operations at one of the three mining pits and Volumes
reduced its fly-in/fly-out work force by 20%, according to Goncalves. The Singapore Exchange cleared 397,000 tonnes of 62% Fe swaps and
The mining complex has about three-and-a-half years of operations 1.20 million tonnes of 62% Fe futures on May 4.
left, he said. Shu Zhu
Cliffs subsidiaries and affiliates responsible for the Bloom Lake shu.zhu@steelfirstasia.com
Mine in Quebec sought protection from creditors under Canada’s
continued ››
13 | Wednesday
The miner’s average export price for coking coal during January-
March was $112 per tonne fob, down 17% from $135 per tonne fob a
year earlier. Export prices for its semi-soft product averaged $84 per
tonne fob, down by almost one-fifth from $104 per tonne fob in the
SHANGHAI first quarter of 2014.
Seaborne iron ore prices rise on increased The company said in February that it planned to cut coal
production from its Australian operations by 15 million tonnes this
demand, strong futures year because of the tough market. Its West Wallsend underground
coal mine in New South Wales will be mothballed next year.
The seaborne iron ore market gained further ground on Tuesday May Glencore produced 6 million tonnes of coking coal, 3.5 million
5 as most traders raised offers on increased buying activity and a tonnes of semi-soft coking coal and 54.6 million tonnes of thermal
strong futures performance. coal in Australia for export in 2014.
The Metal Bulletin 62% Fe Iron Ore Index now stands at $58.70 per Catherine Yates
tonne, a rise of $1.15. catherine.yates@steelfirstasia.com
The Metal Bulletin 58% Fe Iron Ore Premium Index now stands at
$52.96 per tonne, a rise of $0.97.
The most-traded September iron ore contract on the Dalian SHANGHAI
Commodity Exchange rose by its daily limit of 4%, closing at 433.50
yuan ($70.84) per tonne on Tuesday. The price was also up 3.3% from
Seaborne iron ore market strengthens
Monday. after May break
Metal Bulletin’s index for 62% Fe iron ore was calculated at $58.70
per tonne cfr China on Tuesday, up $1.15 from the previous day. The seaborne iron ore market gained ground on Monday May 4 on a
“We raised our offer for a late-May delivery cargo of 62.5% Fe higher futures curve, with increased enquiries and higher deal prices,
Newman fines to $58.50 per tonne cfr and our offer for a cargo of 62% prompting some traders to withdraw offers in anticipation of further
Fe Mining Area C fines to $58 per tonne cfr, and we are close to signing rises.
a deal with the buyer at the offered level,” a Shanghai-based trader The most-traded September iron ore contract on the Dalian
told Steel First. Commodity Exchange closed at 425 yuan ($69) per tonne, up 11.50
A mill source in Hebei province said he was looking to buy a May yuan ($1.80) per tonne from last Thursday, the last trading day before
delivery cargo of 62% Fe MNP (Mining Area C, Newman or Pilbara a three-day public holiday in the country.
Blend fines) at $57.50 per tonne cfr but the offers he had received “We offered early-May delivery 62% Fe Pilbara Blend fines at $55
were far above that level. per tonne cfr China in the morning, but we withdrew the offer in the
Some spot offers for May delivery cargoes of 62% Fe Pilbara Blend afternoon due to the higher futures and swaps, waiting for further
fines and Newman fines were heard at $60.50-61.50 per tonne cfr movement,” a Beijing-based trader told Steel First.
during the day. Those for June delivery were heard at $58.50 per Morning bids for the trader’s cargo were in the region of $54 per
tonne cfr. tonne cfr, he added.
One Beijing-based trader raised his offer for an early-May delivery A Shanghai-based trader was offering May delivery 62% Fe MNP
cargo of 62% Fe Pilbara Blend fines to $58.50 per tonne cfr in the (Mining Area C fines, Newman or Pilbara Blend fines) at $56 per tonne
morning, but withdrew it in the afternoon on expectations of further cfr this morning, before adopting a similar strategy of withdrawing to
rises. the sidelines.
A second Beijing-based trader said he did not have enough On Global Ore a 100,000-tonne June arrival cargo of 62% Fe Pilbara
cargoes to sell due to increased demand from mills. Blend fines was sold at $57 per tonne cfr China. A 190,000-tonne June
On the Beijing Iron Ore Trading Center (Corex), a 90,000-tonne arrival cargo of same material was sold at $57.75 per tonne cfr on the
cargo of 61.3% Fe Jimblebar fines was sold at $55 per tonne cfr this same platform, late on Monday afternoon.
afternoon. The cargo has a laycan of May 21-30. On the Beijing Iron Ore Trading Center (Corex), an 80,000-tonne
A 135,900-tonne cargo of 64.82% Fe Carajas iron ore fines was sold cargo of 62.5% Fe Newman fines was sold at $58.70 per tonne cfr. The
on the same platform at $67.80 per tonne cfr. The cargo has a bill of cargo has a laycan of May 21-30.
lading on April 16. Deal prices were higher than Thursday’s Metal Bulletin’s 62% Fe
Chinese port prices edged up by 10-15 yuan per wet tonne, with index which stood at $56.18 per tonne cfr China.
Pilbara Blend fines traded at 420-425 yuan per wet tonne at Vale sold a 86,356-tonne cargo of 61.70% Fe SSFG (Standard Sinter
Shandong ports. The price can be translated to a seaborne equivalent Feed Guaiba) at $57.01 per tonne via tender. The cargo will arrive in
of $59.10-59.90 per tonne cfr. Singapore on May 12.
editorial@metalbulletinasia.com A Southern Chinese trader sold a cargo of SSFG priced against a 62%
Fe index with premium of $1 per tonne. The cargo will arrive in
Singapore in late May.
SHANGHAI “All our offers for seaborne cargoes are index-based rather than
Glencore’s met coal output up 4% in Q1 fixed price, and enquiries have risen,” the trader added.
Trade at Chinese ports was moderate with prices unchanged.
Glencore’s metallurgical coal production rose by just over 4% Pilbara Blend fines were heard traded flat at 405-415 yuan per wet
year-on-year in the first quarter of 2015, on higher volumes of tonne at Shandong ports. The deal can be translated to seaborne
semi-soft material. equivalent of $56.80-58.30 per tonne cfr.
Coking coal output from its Australian assets was flat during the editorial@steelfirstasia.com
period at 1.5 million tonnes, while semi-soft coking coal production
rose 11% to 1 million tonnes, the Swiss commodities major said in its
latest report on Tuesday May 5.
14 | Wednesday
NEW YORK
Cliffs plans US DR pellet plant in Minnesota “MBR provides valuable market intelligence such
Cliffs Natural Resources is planning to build a direct-reduced (DR) as production statistics, forecast and pricing data.
pellet facility in Minnesota to supply mini-mills in the Midwest, I would highly recommend this report.”
according to its top executive. Akira Nozaki, General Manager, Sumitomo
“We are working very closely with the state of Minnesota to put in
place the first DR [plant] in the state to supply the Midwest
mini-mills with pellets, so we are not sitting still,” chairman,
president and ceo Lourenco Goncalves said. A Strategic Five Year Market Outlook for the
Southeast Asian
Asked during an earnings conference call Goncalves said the plant
would initially add five million tons to the market, but added that
Steel and Raw

“this [could] become 10 [million tons] very quickly”.
In October 2014, Goncalves said that mini-mills might be the “next
big thing” for Cleveland-based Cliffs.
Materials Industry
“The electric arc furnace (EAF) [accounts for] 60% of steel
production [in the USA]. Integrated is only 40%, so we are just
catering to the smaller portion of the business,” he said.
Cliffs also is considering a direct-reduced iron (DRI) plant at some
stage, although the company has not looked in detail at the potential
capital expenditure required for such a venture, according to
Goncalves.
“Depending on how the pellet thing pans out, we may also pursue
the production of DRI,” he said.
New&
Also boosting the company’s prospects are the renewal of Exclusive
long-term agreements with domestic integrated steelmakers, which for 2014
are now the focus for Cliffs after years of prioritising investments
elsewhere.
“I am telling [domestic steelmakers] we replaced the board, the
shareholders put me here, because I believe in the US iron ore
business,” Goncalves said.
Supply agreements with Chicago-based ArcelorMittal USA begin to
expire in late 2016, but Goncalves is confident of renewing the two
contracts for “close to 10 million tons of (iron ore) pellets”.
Meanwhile, Cliffs is closing a mine in Michigan because of the
reduced requirements from domestic steelmakers, caused by the
growth steel imports.
This report was first published by American metal Market.
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15 | Wednesday
Minor & precious metals
published at the same time on the last UK working day of each

month.
All other aspects of the specification will remain unchanged.
The full specification for the new price assessment will be as

follows:
METAL BULLETIN’S KEY MINOR METAL PRICES Description: China magnesium, min 99.9%, domestic
Price Change† Assessed Price: yuan per tonne, ex-works
Antimony, ingots (regulus), in-whs Mg: 99.9% Min
Rotterdam ($/t) 8,800-9,000 0% 01 May 15 Form: ingot
Antimony, MMTA standard grade II, Packaging: 1T/package
in-whs Rotterdam ($/t) 8,750-8,900 0% 01 May 15 Lot size and tolerance: 10T±0.2~0.3%
Bismuth, min 99.99% Bi, in-whs Payment terms: cash on spot
Rotterdam ($/lb) 6.75-7.30 -0.71% q 01 May 15
Assessment: On Wednesday and Friday by Metal Bulletin’s Shanghai
Cobalt (low-grade) in-whs Rotterdam
($/lb) 13.20-14.20 0% 01 May 15 office, except when that office is closed for public holidays. Such
Cobalt (high-grade) in-whs Rotterdam
times will be notified well in advance.
($/lb) 13.50-14.40 1.82% p 01 May 15 Publication: Between 2pm and 3pm London time on Wednesday
Indium, min 99.99% In, in-whs
Rotterdam ($/kg) 480-520 -7.83% q 01 May 15 Description: Chinese magnesium export
Manganese flake, in-whs Rotterdam Price: $ per tonne, fob China main ports
($/tonne) 1,900-1,950 0% 01 May 15 Mg: 99.8% Min
Selenium, min 99.5% Se, in-whs Form: ingot
Rotterdam ($/lb) 17.50-21.50 0% 01 May 15
Packaging: 1 tonne per package
Tellurium, min 99.9% Te, in-whs
($/kg) 92.50-112.50 0% 01 May 15 Lot size and tolerance: 10 tonne ± 0.2-0.3%
Payment terms: LC or TT
Assessment: On Wednesday and Friday by Metal Bulletin’s Shanghai
SHANGHAI office, except when that office is closed for public holidays. Such
Glencore cobalt output down 4% in Q1 times will be notified well in advance
Publication: Between 2pm and 3pm London time on Wednesday
Glencore’s cobalt output fell by 4% year-on-year in the first quarter
to 4,400 tonnes, the company reported on Tuesday May 5. Description: Chinese silicon metal, export
The company mainly attributed the fall to a maintenance Price: $ per tonne, fob main China ports
shutdown at its cobalt circuit at Mutanda. Cobalt production was Si: 98.5% Min;
3,500 tonnes at its African copper project in the first quarter, down Fe: 0.5% Max;
8% from the same period last year. Al: 0.5% Max;
The company reaped 200 tonnes of cobalt metal from its nickel Ca: 0.3% Max;
operations, including Sudbury, Raglan and Nikkelverk, unchanged Form: lump
from the same period last year. Packaging: 1000kg per package
It produced 700 tonnes of cobalt metal at Australia-based Murrin Lot size and tolerance: 20 tonnes
Murrin, up from 600 tonnes a year ago. Payment terms: TT
Linda Lin Assessment: On Wednesday and Friday by Metal Bulletin’s Shanghai
linda.lin@metalbulletinasia.com office, except when that office is closed for public holidays. Such
times will be notified well in advance
Publication: Between 2pm and 3pm London time on Wednesday
SHANGHAI
PRICING NOTICE: Proposal to price Metal If you have any comments or queries about the proposal, please
contact Ellie Wang, the reporter responsible for these metals
Bulletin’s Chinese silicon and magnesium assessments, at ellie.wang@metalbulletinasia.com.
weekly If you have any questions about Metal Bulletin’s general pricing
methodology and policy, please contact Paolo Sorze at psorze@
Metal Bulletin is proposing to change the frequency of assessment for metalbulletin.com or aharrison@metalbulletin.com.
its Chinese silicon and magnesium prices from twice a week (on The consultation for this proposal will close on Tuesday May 28.
Wednesday and Friday) to once a week (on Wednesday), subject to Ellie.Wang
the results of a market consultation. ellie.wang@metalbulletinasia.com
The change will apply to:
Silicon export from mainland China, 98.5% $/tonne, fob
Non-Ferrous Metals Magnesium Metal MB Chinese free market min
99% Mg, ex-works RMB/tonne Magnesium min 99.8% Mg, fob China
main ports $ per tonne From May 28, Chinese silicon and magnesium
prices will be published in the price book every Wednesday between
2pm and 3pm London time on Wednesday, while monthly averages
Non-Ferrous Metals Magnesium Metal Chinese Free Market Averages
99.8% fob China main ports $ per tonne will continue to be
16 | Wednesday
METAL BULLETIN’S KEY SEMI-FINISHED STEEL PRICES
Carbon steel

Slab, CIS exports (fob stowed main
Black Sea port) ($/t) 295-315 0% 04 May 15
Slab, Latin American exports (fob
stowed main Latin America port) ($/t) 295-310 0% 01 May 15
METAL BULLETIN’S KEY STEEL LONG PRODUCT PRICES
Billet, CIS exports (fob stowed main
Price Change† Assessed Black Sea port) ($/t) 368-372 0.68% p 04 May 15
Rebar, China export (fob main China Billet, Turkish exports (fob main
port) ($/t) 350-360 4.41% p 01 May 15 Turkish port) ($/t) 400-420 3.8% p 30 Apr 15
Rebar, EU import (cfr main EU port, Billet, Turkish imports (cfr main
northern Europe) (¤/t) 400-420 0% 29 Apr 15 Turkish port) ($/t) 380-385 0.66% p 30 Apr 15
Rebar, EU import (cfr main EU port, Billet, UAE imports (cfr Jebel Ali)
southern Europe) (¤/t) 400-420 0% 29 Apr 15 ($/t) p 05 May 15
375-390 4.79%
Rebar, CIS exports (fob stowed main Billet, Latin American exports (fob
Black Sea port) ($/t) 380-395 0% 04 May 15 stowed main Latin America port)
Rebar, Turkish exports (fob main ($/t) 400-420 0% 01 May 15
Turkish port) ($/t) 460-465 2.21% p 30 Apr 15 Billet, Indian exports (fob main
Rebar, UAE imports (cfr Jebel Ali) India port) ($/t) 405-410 0% 01 May 15
($/t) p 05 May 15
445-450 0.56%
Rebar, US imports (cfr Gulf) ($/short
ton) 410-410 0% 01 May 15 SHANGHAI
Rebar, Latin America exports (fob
stowed main Latin American port) ($/t) 500-510 0% 01 May 15
Chinese CRC export market deflates further
amid slack trade
METAL BULLETIN’S KEY STEEL FLAT PRODUCT PRICES
Price Change† Assessed China’s cold rolled coil export prices hit a new low over the past week,
HRC, EU imports (cfr main EU port, as overseas buying remained sluggish amid a flagging domestic
northern Europe) (¤/t) 370-380 0% 29 Apr 15
market.
HRC, EU imports (cfr main EU port,
southern Europe) (¤/t) 380-390 -3.75% q 29 Apr 15
Base export transaction prices for SPCC 1.0mm CRC were in the range
of $415-420 per tonne fob for July shipment on Tuesday May 5, down
HRC, CIS exports (fob stowed main
Black Sea port) ($/t) 350-375 -1.36% q 04 May 15 $5 on the week. Prices are now at their lowest level since Steel First
HRC, UAE imports (cfr Jebel Ali) started assessing the product in May 2009. The range was flat with
($/t) q 05 May 15
380-400 -0.64% Metal Bulletin sister publication Steel First’s latest price assessment
HRC, Turkish imports (cfr main on Friday, however.
Turkish port) ($/t) 370-380 -0.66% q 01 May 15 Base export offer prices for the same product were at $420-430 per
HRC, Latin America exports (fob tonne fob for July shipment, also $5 per tonne lower on the week.
stowed main Latin American port) ($/t) 400-420 -1.2% q 01 May 15
“Most of my clients are still staying away from imports at the
HRC, commodity grade, US imports
(cfr Gulf port) ($/short ton) 390-420 0% 01 May 15
moment, due to weak overseas demand as well as lack of confidence
in the Chinese domestic steel market,” a Shanghai-based trader said.
HRC, China export (fob main China
port) ($/t) 360-365 0% 01 May 15 Transactions have been quite sparse over the past few days, forcing
CRC, EU imports (cfr main EU port, some mills to agree to lower prices to generate sales, he added.
northern Europe) (¤/t) 440-450 -0.56% q 29 Apr 15 An export manager with a northern Chinese mill told Steel First
CRC, EU imports (cfr main EU port, that it remains difficult for mills to raise offers despite the recent
southern Europe) (¤/t) 450-460 -2.15% q 29 Apr 15 gains in iron ore, as the market is unsettled and there is still
CRC, CIS exports (fob stowed main downside risk.
Black Sea port) ($/t) 430-470 1.69% p 04 May 15
Metal Bulletin’s index for 62% Fe seaborne iron ore fell by a total of
CRC, UAE imports (cfr main Jebel
Ali) ($/t) 450-455 0% 05 May 15
$3.70 per tonne during the last two days of April, before rising $1.37 per
tonne to $57.55 per tonne cfr China on Monday May 4.
CRC, Turkish imports (cfr main
Turkish port) ($/t) 450-460 -3.29% q 01 May 15 In Shanghai, domestic SPCC 1.0mm CRC was traded at 2,980-3,010
CRC, Latin America exports (fob yuan ($487-492) per tonne including VAT on Tuesday, widening
stowed main Latin American port) ($/t) 510-540 0% 01 May 15 downwards by 10 yuan per tonne from levels a week earlier. Prices are
CRC, US imports (cfr Gulf) ($/short at their lowest level since August 2004.
ton) 500-540 0% 01 May 15 Meanwhile, the country’s export prices for hot-dip galvanized coil
CRC, China export (fob main China have remained flat for nearly a month. Base transaction prices for
port) ($/t) 415-420 -1.18% q 01 May 15
1.0mm 120g zinc coated HDG were in the range of $480-485 per tonne
CRC, 1mm and below, China import
(cfr main China port) ($/t) 720-730 0% 27 Feb 15
for July shipment on Tuesday May 5, their lowest since Steel First
started assessing the product in July 2007.
editorial@steelfirstasia.com
continued ››
17 | Wednesday
clear sign that the slowdown in [US gross domestic product] growth
during the winter months was caused by factors that are mostly
transitory in nature,” GMC’s US vp of sales operations, Kurt McNeil,
said.
LOS ANGELES Ford saw a 5.4% sales increase to 222,498 vehicles in April,
Boost for steelmakers as new regulations including an 8% uptick in sales of the F-Series pickup, which
continued to suffer supply issues following the changeover to use of
insist on heavier plate in rail tankers an aluminium body, instead of steel. Demand for Ford’s small cars
and electric vehicles was still down, with C-Max sales falling by 15.2%
Producers of steel plate are set to benefit from new regulations in in April and Focus sales slipping by 5.3%.
North America requiring 30% heavier steel plate be used for rail Ford announced last month that it will lay off about 700 workers at
tankers hauling crude oil and other flammable liquids. its plant in Wayne, in the US state of Michigan, which manufactures
Last week, the US Department of Transportation and Canadian both these vehicles.
regulators issued rules that will affect the upgrade of about 154,000 FCA US, the company formed by the merger of Fiat and Chrysler,
tank cars during the next decade as well as the production of new cars. recorded sales growth of 5.8% to 189,027 vehicles last month, and
The regulations come after numerous derailments, some of which Toyota Motor Sales USA reported sales growth of just 1.8% to 203,329
have resulted in fatalities and serious fires. vehicles.
The new regulations require the thickness of tank car shells be Only American Honda Motor Co saw a sales decline in April, with
increased to a minimum of 9/16-inch-thick TC-128 Grade B sales of 130,068 vehicles down by 1.8% from a year earlier, continuing
normalised plate, up from 7/16-inch plate. In addition, tank car a downward trend from March.
jackets will be required to use 11 gauge A1011 sheet steel or its This report was first published by American Metal Market
equivalent, which an industry source believes to be in line with the editorial@metalbulletin.com
current requirements.
“We commend both governments for enacting these meaningful
enhancements to tank car safety standards,” said William Furman, LOS ANGELES
chairman and ceo at Lake Oswego, Oregon-based Greenbrier, which
makes rail cars.
Pressure mounting on US steel beam
Furman had earlier recommended requirements that included pricing
9/16-inch plate. Greenbrier, which builds most of its rail cars in
Mexico, is “already delivering cars that meet these standards to our Pressure is mounting on the prices for wide-flange beams in the USA,
customers”, with nearly 1,000 of these already in the North American with market supply appearing to grow without a corresponding
rail fleet, Furman said. pick-up in demand.
Dallas-based Trinity Industries said the new regulations are “in Metal Bulletin sister title AMM’s price assessment for core sizes of
line” with its expectations. “Trinity’s rail subsidiaries are now in the wide-flange beams remains at $720 per ton ($36 per hundredweight)
process of reviewing schedules and will comply with these new fob mill, which reflects published producer prices.
regulations,” the company said. This price is viewed as relatively firm for most day-to-day
The strongest opposition to the new regulations was based not on business, but an increasing number of buyers have reported
the steel requirement, but for electronically controlled pneumatic discounts of as much as $40 per ton ($2 per cwt) below the published
(ECP) brakes, which the Association of American Railroads (AAR) level, in reaction to either imports or competition between domestic
labelled “an imprudent decision made without supporting data or mills. “They will move off that $36 [per cwt] if there’s considerable
analysis”. tonnage involved,” a service centre source said about the mills. The
The American Petroleum Institute (API) said the benefits from ECP number of tons is believed to depend on several factors, including
brakes would be “marginal at best”. local market conditions.
The AAR and API had earlier recommended that ½-inch-thick Imports are not helping, according to some mill sources.
plate be adopted instead of the heavier plate supported by The beam market is suffering from an “inventory overhang”, an
Greenbrier. executive at Steel Dynamics (SDI) said during an earnings conference
However, an API spokesman in Washington said that while his call last month, which he attributed to “a pretty large amount of
organisation believes ½-inch plate “would still be a good way to inflow steel that came in at the end of last year [and] in the last
go,” the new car design is “more or less” what API and AAR proposed, couple of months that needs to dissipate”.
with the exception of the requirement for ECP brakes. While SDI looks for this overhang to work off “as the weather
This report was first published by American Metal Market changes” and structural demand picks up, some market sources are
editorial@metalbulletin.com not so sure. A US Midwest service centre buyer described the beam
market as “weirdly quiet” at a time of year when warmer weather
normally tends to boost volumes.
NEW YORK A buyer in the northeast of the USA noted that demand does not
US carmakers report rising sales in April appear to be as strong as it was last year and is not as robust as he
would normally expect coming out of winter.
Most major carmakers in the USA reported increased sales in April 2015. Non-residential construction, a key market for structural steel, has
Leading the pack was General Motors (GMC) with a 5.9% rise to seen mixed results in 2015, with first-quarter project starts up by
269,056 vehicles sold, from 254,076 in the corresponding month last 9.7% from a year earlier, despite March starts falling by 18.5% in
year. The result came on strong sales of trucks and crossover vehicles, comparison with February, according to Dodge Data & Analytics.
which more than offset a 12% decline in passenger car sales. This report was first published by American Metal Market
“Consumer and commercial customer demand for pickups and editorial@metalbulletin.com
utility vehicles has been building since last autumn, and that’s a continued ››
18 | Wednesday
Metal Bulletin sister publication Steel First’s price assessment for

CIS-origin HRC exports stood at $350-375 per tonne fob Black Sea on
Monday May 4, down from $350-385 per tonne fob a week ago.
Ukraine’s Metinvest was heard late last week to have sold HRC to
LONDON Turkey at $370-375 per tonne cif, or $350-355 per tonne fob Black Sea.
SSAB’s Chuck Schmitt elected chairman of The latest deals to Turkey from Russia’s Magnitogorsk Iron & Steel
Works (MMK) were heard at $363 per tonne fob Black Sea, according to
AISI sources.
Meanwhile, Metinvest was heard to have sold its HR sheet to Africa
Chuck Schmitt, president of Swedish steelmaker SSAB’s Americas at $385 per tonne fob Black Sea, which is equivalent to and HRC price
business, has been elected chairman of the American Iron & Steel of $375 per tonne fob, excluding the cost of the cutting.
Institute (AISI), SSAB said on Tuesday May 5. “The market is supported by the growth in raw materials
The board of directors at AISI elected Schmitt on May 2 to serve as [supplies],” a CIS seller source said. “I think we have reached the
chairman until May 2016. bottom.”
“I am honoured that my industry colleagues have instilled their Metal Bulletin’s iron ore index for 62% Fe stood at $56.18 per tonne
trust and confidence in me, as we work together to turn obstacles cfr China on April 30, the latest date, up from $49.53 per tonne cfr on
into opportunities and ensure steel remains the backbone of the April 1.
American economy,” Schmitt said.
“I know Chuck will be a dynamic and effective leader for our work CRC
to combat unfair trade practices, enhance the competitiveness of the Steel First’s assessment for CIS export CRC prices, meanwhile, stood at
North American steel industry and steadfastly promote steel as the $430-470 per tonne fob Black Sea on May 4, up from $430-455 per
material of choice,” Thomas Gibson, president and ceo of AISI, said. tonne fob last week.
AISI has 19 integrated and electric furnace steelmaker members, Metinvest was heard to have sold some CRC at $450-460 per tonne
and around 125 associate members who are suppliers to or customers cif Turkey, or $430-440 per tonne fob Black Sea.
of the steel industry. Representatives of ArcelorMittal Dofasco, US The company was also heard to have sold some CRC to Africa at $438
Steel, Nalco, and USS-Posco Industries were also elected as new per tonne fob Black Sea.
members of the AISI board. MMK’s latest deal price for CRC to Europe was €420 ($470) per tonne
Nina Nasman, nnasman@steelfirst.com fob Black Sea.
Twitter: @NNasman_SF Apart from the MMK deal, market participants said there had been
no general upward movements in the market.
SÃO PAULO Plate

Usiminas investing $22m in distribution Steel First’s price assessment for CIS export plate remained at
$450-460 per tonne fob Black Sea on May 4. No new deals were heard
arm after signing auto pact over the past week.
editorial@steelfirst.com
Usiminas will invest 63 million Reais ($21.6 million) in its distribution
arm, Soluções Usiminas, to expand and modernise its service centre
in Brazil’s north-eastern Pernambuco state. BURSA
The investment is meant to upgrade the unit’s infrastructure and
equipment, following a partnership that the Brazilian steel and iron
Turkish steelmakers push up domestic HRC
ore producer entered into with the Fiat-Chrysler group to supply offers despite weak demand
products to a Jeep factory in the state.
Usiminas will be the carmaking unit’s main steel supplier. Local producers in Turkey increased their prices for hot rolled coil (HRC)
“The partnership increases Usiminas’ integration with the last week to reflect higher production costs.
automotive sector, as it allows the development of new steel An electric arc furnace (EAF) producer in the country was offering
technologies and the specialisation of our services,” Usiminas ceo HRC at $430-435 per tonne ex-works for July production, and buyers
Rômel Erwin de Souza said in a press release published last week. were bidding at $425-430 per tonne ex-works.
The company did not disclose the value of the deal with the Deals were heard at $425 per tonne ex-works.
automotive group or the volumes involved. Another producer offered HRC at $440 per tonne ex-works for June
Usiminas’ service centre in Pernambuco will be fed by steel goods production, with bids were at $430 per tonne ex-works, sources said.
produced at the company’s unit in Ipatinga city, in the Brazilian “We will have to accept price increases. Even billet is $410 per tonne
south-eastern state of Minas Gerais. now,” a trader said. “And price increases are good for the market, it
editorial@steelfirst.com improves sentiment. I think market will start gaining momentum
from now on.”
Market participants added that end-user demand is still not
MOSCOW strong, however.
CIS export HRC price down, CRC up, as Metal Bulletin sister publication Steel First’s weekly price
assessment for domestic HRC was $425-430 per tonne ex-works on
market shows mixed dynamics Friday, May 1, unchanged week-on week.
Cold rolled coil (CRC) was unchanged week-on-week at $530-535
The price of CIS-origin hot rolled coil (HRC) exports fell this week, per tonne ex-works.
while cold rolled coil (CRC) export prices began to inch upwards over editorial@steelfirst.com
the same period. continued ››
19 | Wednesday
solid manufacturing base and growing automotive sector, the

company said. Second-quarter shipments should be on par with
those in the first three months of the year, it forecast.
Lower prices for iron ore, slab, scrap and energy also provided a
NEW YORK tailwind, but a drop in costs won’t be entirely reflected even in the
USA’s TimkenSteel expects bottom in Q2 second quarter because of the time necessary for low-priced
raw-material inventories to be consumed, the company said.
TimkenSteel Corp.’s business could hit bottom in the second quarter Ternium’s capital expenditures totalled $83.8 million in the first
before rebounding, according to company executives. quarter, refurbishing iron ore reduction operations and upgrading
“In the second quarter, we could see the lowest revenues for the hot-rolling and galvanizing mills in Mexico and revamping steel-
year,” cfo Chris Holding said during an earnings conference call on and coke-making operations in Argentina.
Friday May 1. “Our energy-related customers have significantly Ternium lost $22.2 million in the first quarter in contrast to earnings
reduced orders and are rapidly taking inventory out of the channel.” of $188.2 million in the same period last year as sales slipped 1% to
Overall, this could be a “challenging” year for the US producer, $2.13 billion despite a jump of 3.8% in shipments to 2.43 million tons
given the slowdown in oil and gas and scrap devaluations in early from 2.34 million tons. The loss was driven by a $109.7-million
2015, ceo Ward J. “Tim” Timken Jr. said during the conference call. writedown related to Ternium’s investment in Usiminas, due in part
The Canton, Ohio-based steelmaker’s energy and distribution to weak steel demand in Brazil.
segment could see second-quarter shipments fall by about 50%, Ternium warned that it may have to restate its earnings for 2014
although revenues from its industrial and mobile segment are and the first quarter of 2015 because of disagreements with the US
expected to be line with the first quarter, Holding said. Securities and Exchange Commission (SEC) over the value of its
A “perfect storm” of lower energy demand, lower melt utilisation, investment in Usiminas. The company said it might ask for more time
inventory cuts and lower raw material spreads led TimkenSteel to to file its 2014 annual report.
forecast second quarter earnings before interest, tax, depreciation Usiminas’ two major shareholders – Ternium and Japan’s Nippon
and amortization of between breakeven and a $15-million loss, Steel & Sumitomo Metal Corp – have clashed over who should
according to a first-quarter earnings presentation. manage the company.
In response to tough market conditions, the company plans to trim This report was first published by American Metal Market.
annual costs by $25 million, including staff cuts and temporary plant editorial@metalbulletin.com
outages, Holding said during the conference call. Capital
expenditures will be cut to between $80 million and $90 million this
year, down from earlier guidance of $90 million to $100 million. SHANGHAI
Results should improve over the second half of 2015, according to
Timken. Base pricing on TimkenSteel’s oil- and gas-related products
Chinese HRC export prices flat amid thin
have held up well so far, although pricing pressure could materialise trading
in coming months if market conditions don’t improve, he said. “The
second quarter, just because of the confluence of events, is going to China’s hot rolled coil export prices stayed flat over the past week, as
be pretty bad, obviously. And we think it should be the bottom.” thin trading offset gains on the domestic market.
TimkenSteel posted first-quarter net income of $6.9 million, down Base export transaction prices for late-June/early-July
79.5% from $33.6 million in the same period last year on sales that commercial-grade, boron-containing HRC were at $360-365 per
dipped 0.2% to $388.7 million. Shipments increased 8.4% to 271,000 tonne fob on Monday May 4, unchanged since April 17.
tons, but scrap price changes and higher manufacturing costs offset Base export offer prices for late-June/July shipments of the same
the steady order book, the company said. TimkenSteel recorded a product were at $365-375 per tonne fob, also flat over the same
capacity utilisation rate of 66% in the first quarter, down from 74% in period.
the last three months of 2014. Several mills took advantage of the recent gains in the domestic
The company’s results beat the expectations of New York-based steel market to raise their offer prices slightly over the past few days,
Jefferies LLC, with earnings by both operating segments better than but they have yet to conclude any transactions since doing so,
Jefferies’ forecasts. according to trading sources.
“We expect shipments and earnings will improve into (the second “It’s still difficult to sell above $365 per tonne fob, as overseas
half), though to what magnitude is difficult to determine,” Jefferies demand remains weak. Sentiment among buyers does not seem to
analyst Luke Folta said in a May 1 research note. be getting any boost from the further increase in China’s domestic
This report was first published by American Market. market last week,” a Shanghai-based trader said.
editorial@metalbulletin.com Domestic HRC prices in China rose 70-80 yuan ($11-13) per tonne in
both the eastern and northern regions last week, in line with gains in
the iron ore market.
CHICAGO A Zhejiang-based trader expects little upward momentum for
Ternium in red as Brazil trumps Mexico Chinese export prices in the near term, as the domestic market began
to trend downwards in the latter part of last week. Competition on
Ternium SA plunged into the red in the first quarter on a writedown the export market also remained fierce due to cheap materials from
of its stake in Brazilian steelmaker Usinas Siderúrgicas de Minas Russia.
Gerais SA (Usiminas). editorial@steelfirstasia.com
Also denting earnings were lower steel prices in the USA and
Mexico, which the Luxembourg-based steelmaker said resulted from
high import volumes and bloated customer inventories.
Despite those headwinds, shipments to Mexico – Ternium’s main
market – remained strong in the first quarter thanks to the country’s continued ››
20 | Wednesday
has undergone minor alterations solely to circumvent [duties],” the

steelmakers said in a petition filed with the Commerce Department
on Friday May 1.
“Because Chinese producers have shown that they have a long and
SINGAPORE widespread practice of attempting to circumvent [duties], the
China’s steel PMI up in April, but market Department should apply the ruling to all [cut-to-length] plate
imports from China, regardless of the producers or exporter,” they
remains divided said.
Chinese mills add inconsequential amounts of chromium or
China’s steel purchasing managers’ index (PMI) rose to an eight- titanium so that the material can be classified as an “alloy” when it is
month high in April, which hints of a pick-up for the country’s exported, Nucor and SSAB allege. That same plate is then sold as
sagging steel industry. standard ASTM A36 or A572 grade plate at “extremely low prices” in
The index stood at 48.2 points last month, compared with 43 the USA, they said.
points in March, according to data released by the China Federation As a result, imports of carbon and alloy Chinese plate to the USA
of Logistics & Purchasing (CFLP) on Friday May 1. doubled in 2014 from 2013 levels and have surged another 165% from
However, the index remained below the 50-point threshold for a January to March 2015, the steelmakers said. Meanwhile, prices have
twelfth consecutive month, an indication that the steel market was continued to fall, they noted.
still contraction. Most Chinese plate producers and exporters are subject to duties of
The sub-index for new orders reached a nine-month high in April, 128.59% because of a duty order, the steelmakers said, noting that
which means there was an improvement in demand. The raw the number may provide financial incentive enough for them to
materials purchase price sub-index also rebounded to its highest in resort to evasion.
five months, which indicates growing cost support, according to the Another incentive was provided when China’s Ministry of Finance
CFLP. cancelled a 9% value-added tax (VAT) rebate for exports of boron-
“The government is expected to introduce more policies to containing steel, Nucor and SSAB said. Chinese steelmakers
stimulate demand in the steel sector, and coupled with cost support responded by adding other alloys so that they could continue to
from raw materials, steel prices should experience a steady increase,” export and receive the VAT rebate, they said.
CFLP said. Chinese steelmaker Hunan Valin Xiangtan Iron & Steel Co may have
Views on China’s manufacturing sector remain divided, however. a particular interest in shipping “alloy” plate to the USA because its
The country’s official manufacturing PMI was at 50.1 points in April, anti-dumping margin on carbon cut-to-length plate is zero, Nucor
unchanged from a month earlier. and SSAB said. Appearing to ship no carbon cut-to-length plate to
“Due to an accumulation of positive factors in the domestic and the USA allows Hunan Valin to avoid any review by the US Commerce
international markets, coupled with the recent rebound in Department of its zero margin, they said. Hunan Valin might
commodities prices, such as crude oil, enterprises remain cautiously otherwise be subject to duties of more than 100%, the steelmakers
optimistic on future economic development,” the National Bureau of said.
Statistics’ senior statistician Zhao Qinghe said in a statement. AMM was unable to reach Hunan Valin for comment on Friday May 1.
The final HSBC China manufacturing PMI for April slid to 48.9 points The US Commerce Department has determined that plate
from 49.6 points in March, as total new orders fell “at the strongest producers in China have in the past evaded duties by adding trace
pace for a year” while production levels stagnated. amounts of boron, the steelmakers noted. The latest duty-evasion
“Fewer new orders appeared to stem from weaker domestic scheme, they allege, indicates “continued widespread [...] evasion
demand, as new business from abroad showed tentative signs of of duties”.
improvement. […] the PMI data indicate that more stimulus Nucor produces plate at mills in Hertford County, North Carolina
measures may be required to ensure the economy doesn’t slow from and Tuscaloosa, Alabama. SSAB operates plate mills in Mobile,
the 7% annual growth rate seen in [the first quarter],” Annabel Alabama, and Montpelier, Iowa.
Fiddes, an economist at Markit – which publishes the HSBC PMI – said This report was first published by American Metal Market.
in a commentary accompanying the release of the index on Monday editorial@metalbulletin.com
May 4.
editorial@steelfirstasia.com
CHICAGO
CHICAGO
US market views mixed on steel sheet
China evading steel plate duties, US mills increases
allege Steel sheet buyers in the USA are unsure whether increases
announced this past week will stop prices from falling further or
Nucor Corp and SSAB AB have accused Chinese plate producers of propel them higher.
trying to evade US anti-dumping duties by adding trace amounts of While it’s too early to say whether and to what extent the increases
alloying elements to cut-to-length steel plate. might stick, the market generally welcomed the move, industry
Charlotte, North Carolina-based Nucor and Stockholm-based SSAB sources said.
are asking the US Commerce Department to issue a final ruling on “I haven’t heard anyone say, ‘What are these guys doing?’ At the
their petition or start an anti-circumvention enquiry within 45 days very minimum this helps establish a bottom and gets people off the
because they say cheap Chinese plate is injuring domestic producers, fence,” one Midwest service centre source said.
Metal Bulletin sister publication AMM reported. Metal Bulletin sister publication AMM’s assessment of spot hot
“Chinese producers appear to be engaging in gamesmanship, rolled coil remained unchanged at $22 per hundredweight ($440 per
importing commodity-grade, carbon steel (cut-to-length) plate that continued ››
21 | Wednesday
Three other domestic flat steel producers east of the Rockies raised
prices by $20 per ton or more earlier this week.
West Coast steelmakers followed suit a day later.
ton), but cold rolled and galvanized steel appeared to react more editorial@metalbulletin.com
quickly, moving up 50 cents per cwt ($10 per ton). Spot prices for CRC
now stand at $28 per cwt ($560 per ton) compared with $27.50 per ton
($550 per ton) previously, while HDG increased to $32.50 per cwt ($650 NEW YORK
per ton) from $32 per cwt ($640 per ton).
Reported transactions differed largely depending on when orders
US merchant bar prices flat as buyers search
were placed. Those concluded after the announcement of increases for bottom
were higher, but they were offset by lower-priced deals made before
mills made hikes. Domestic merchant bar prices in the USA remained flat in April, with
HRC lead times were reported at three to four weeks, while those buyers searching for a bottom amid talk of discounts from mills
for CRC were about four to six weeks. Lead times for HDG were six looking to sell inventory.
weeks or more in some cases, market participants said. Metal Bulletin sister publication AMM’s price assessment for US
While most domestic mills announced price increases of at least products, including angles, channels and flat steel, held at
$20 per ton ($1 per cwt), NLMK USA set HRC prices at a minimum of $24 mill-listed prices, aided by sideways scrap prices and largely similar
per cwt ($480 per ton). One major domestic producer was said to be import pricing, leaving 2x2x0.25-inch angles unchanged at $36.15 per
considering doing the same when it opens its June order book – hundredweight ($723 per ton).
something that market sources said would amount to an increase of The price range for imported merchant bar narrowed to $600-620
$40 per ton ($2 per cwt). per ton from $600-640 previously, although few buyers purchased
A more bullish increase could be supported by previously hesitant import material.
buyers returning to the market in earnest, some market participants Discounts for domestic material are for companies buying floor
said. inventories from US mills, typically for transactions of more than 1,000
For example, a second Midwest service centre source said that his tons, one Midwest distributor source said. He declined to specify the
company had seen its busiest booking days of the year following the typical amount or range of such discounts.
price announcements. “The end-users believe this is happening. Domestic mills have built up merchant bar inventories, with sales
People are calling, and they want to lock in deals,” he said. declining by 5-10% from last year’s levels, he said, citing similarities
Lower flat rolled inventories, a drop in offshore orders and good across several mills.
demand are supporting the increase, some market participants said. The distributor’s sales to end users are down 5-8% from a year ago
However, others questioned how prices could improve significantly as agriculture and mining sectors have slowed amid a general
while many customers continued to buy hand-to-mouth. industrial slowdown, he added.
There is little to support prices doing more than moving sideways “It’s slowed down a little bit,” a distributor source in the north
in the absence of a trade petition or a recovery in the energy tubulars east said: “I’m concerned it’s quiet out there, [as] this is the time
sector, one steel buyer said. “I wish I could say it would stick. We’re all when things should start getting better. A lot of big jobs can get put
sick of devaluing our inventories and prices being down in the on hold if people get concerned about pricing. I hope we’re at the
basement. But nothing fundamentally has changed.” bottom,” he added.
A third Midwest service centre source echoed those concerns. “If Delaying construction jobs on fears of lower pricing is a problem
you don’t need steel, why would you buy it? Price doesn’t sell steel, because warm weather lasts only eight months in regions such as the
demand sells steel,” he said, adding that demand could be better. East Coast, he said.
Hurting the case for the increase are lead times that, while slightly Merchant bar imports from Turkey have slowed in recent months as
extended, remain short by industry norms, some market participants falling prices have unsettled service center buyers, according to one
said, which means many customers do not feel the need to load up merchant bar trader.
on inventory. Lead times from Turkey are long compared with lead times for
However, both camps agreed that prices have bottomed out at domestic steel and Mexican material, allowing Mexico to capture
least for the time being. market share, he said.
The same trend did not play out in the plate market, where prices “The pricing of Mexican [merchant bar] has been approximately
continued to slip on high import volumes, high inventories and tepid $20-30 per tonne less than Turkish [material], and they also have the
demand, industry participants said. logistical advantage in delivering truck-load quantities,” he said,
AMM’s assessment of spot cut-to-length plate dipped to $29.25 per pegging Mexican merchant bar at $620 per ton on a delivered basis.
cwt ($585 per ton) from $29.50 per cwt ($590 per ton) previously. This report was first published by American Metal Market.
“Plate is still soft,” a fourth Midwest service centre source said. editorial@metalbulletin.com
NEW YORK
AK Steel hikes flat steel price in USA
AK Steel is increasing its flat steel product prices by at least $20 per ton
($1 per hundredweight) “effective immediately with new orders”, the
steelmaker said on Thursday April 30.
22 | Wednesday
That increase of activity in service centres buying from each other,

rather than from US mills, will come as energy and automotive
end-markets pull demand in opposite directions.
Stainless & special steels
Interest in imports has also increased, according to sources who
attended the recent 2015 Forge Fair in the US city of Cleveland.
“We sell a fair amount to distribution [customers], and they seem
fairly cautious,” one US Midwest mill source said, who specialises in
METAL BULLETIN’S KEY STAINLESS STEEL PRICES cold-finished bar. “They’re not placing orders out as far as they
Price Change† Assessed would have traditionally.”
Grade 304 HR Sheet, Asia import (cif Service centre inventories industry-wide in the USA started to
East Asian port) ($/t) 1,980-2,100 0% 01 May 15 become “bloated” about a year ago. Optimistic about a US energy
Grade 304 2mm CRC, 2B Asia import boom, companies loaded up on SBQ material at the time, failing to
(cif East Asian port) ($/t) 2,100-2,200 0% 01 May 15 predict the current oil slump, one SBQ buyer in the north of the
Grade 304 2mm CR sheet EU export country said.
(fob N European port) (¤/t) 2,255-2,363 0% 01 May 15
“Their inventories have been so bloated that they’re just trying to
sell off [now],” the buyer source said. “They just want a clean start,
for when [prices] go back up.”
SHANGHAI US domestic mills increasingly sell directly to customers, even in
China’s stainless steel mills cut small volumes, bypassing the traditional service centre channels and
breaking old taboos, he added.
ferro-chrome prices for May Sometimes, a mill boosts efficiency with a larger base of
customers, even if individual orders are smaller, thanks to “certain
Three major Chinese stainless steel mills have cut their monthly synergies” from a diversified group of customers, one SBQ mill source
purchase prices for ferro-chrome by 50 yuan each for May delivery. said.
Baosteel set its ferro-chrome purchase price for May delivery at The second mill source was “optimistic” about business improving
6,400 yuan ($1045.87) per tonne, including delivery and with the this year.
entire payment in cash, sources said. Hot-rolled bar supply has been tightened by mill outages, the first
Baosteel cut its purchase volume to 20,000 tonnes, 5,000 tonnes mill source said, citing the idling of ArcelorMittal USA’s Indiana Harbor
less than it bought in April, sources added. bar mill in east Chicago and continuing “operational issues” at
Tsingshan Group cut its ferro-chrome purchasing price to 6,396 another US Midwest mill.
yuan per tonne for May. “We saw [US steelmaker] Nucor lead a price increase earlier this
The price includes delivery, and the full payment will be made in year, on leaded [SBQ product]. It really didn’t get much support, but I
cash. wouldn’t be surprised to see that tried again later in the year, if
Tsingshan Group will buy 40,000 tonnes of ferro-chrome in May, business ticks up,” he added.
sources said. The volume is the same as in April, when the group cut AMM’s price assessment for small-diameter (1in) cold-finished bar
its usual volume by 20,000 tonnes. is at $50.50 per hundredweight ($1,010 per ton) for 1018 carbon
Jiuquan Iron & Steel set its May high-carbon ferro-chrome rounds; $54 per cwt ($1,080 per ton) for 12L14 carbon leaded rounds;
purchase price at 6,400 yuan. and $69 per cwt ($1,380 per ton) for 4140 alloy rounds.
The group will purchase 30,000 tonnes in May, 5,000 tonnes more Hot-rolled rounds are at $40 per cwt ($800 per ton) for 1000-series
than in April, sources said. carbon material; and $47 per cwt ($940 per ton) for 4100-series alloy
Payment will be in the form of an acceptance draft and will include product.
delivery. These prices are all down by $1 per cwt ($20 per ton) from a week
Ellie Wang ago.
ellie.wang@metalbulletinasia.com This report was first published by American Metal Market
NEW YORK
US SBQ distributors paring stocks, awaiting
price rebound
US distributors of special bar quality (SBQ) material are seeking to
whittle down inventory, with few strategic or stock buys being made
amid quiet summer business, market participants have told Metal
Bulletin sister title AMM.
It could take until June or July before more-expensive steel
inventories, bought prior to February’s plunge in scrap prices, run out
at SBQ service centres, one distributor in the US Midwest said.
“Business is steady, but margins won’t see a rebound [until that
time frame],” the distributor said. “Service centres and steel
warehouses are playing a very tight inventory game. [There] will be
more inter-company business among them to save on buying
stock.”
23 | Wednesday
This put the premium for USA-origin HMS 1&2 (80:20) material over
Scrap & secondary
Northern European scrap at $7.71 per tonne on May 1.
The Turkish market was closed due to the Labour and Solidarity Day
holiday on May 1 and no deep-sea trades were heard.
METAL BULLETIN’S KEY FERROUS SCRAP PRICES
The most recent deep-sea trades were heard on April 28.
Price Change† Assessed A steel producer in the Izmir region booked a Baltic Sea cargo,
MB Index CFR Turkey HMS 1&2 (80:20) comprising 17,000 tonnes of HMS 1&2 (80:20) at $277 per tonne, 20,000
(North Europe material) 269.58 -0.05% q 01 May 15
tonnes of shredded at $282 per tonne and 4,000 tonnes of P&S (plate
HMS 1&2 ferrous scrap index (80:20)
fob Rotterdam ($/t) 253.11 2.74% p 01 May 15
and structural) at $287 per tonne cfr.
A steel mill in Iskenderun also booked a Baltic Sea cargo,
METAL BULLETIN’S KEY NON-FERROUS SCRAP PRICES comprising 18,000 tonnes of shredded at $279.50 per tonne and
10,000 tonnes of A4 auto bundle scrap at $284.50 per tonne cfr.
Baltic Sea-origin HMS 1&2 (80:20) usually trades at a $10 premium
Alumiminium scrap, group 1 pure 99%
Al & litho, del UK (£/t) 1,160-1,200 0% 29 Apr 15
over similar Northern Europe-origin material.
Turkish steel mills booked 35 deep-sea cargoes in April, totalling
Aluminium scrap, cast aluminium
wheels, del UK (£/t) 1,240-1,300 2.42% p 29 Apr 15 1.16 million tonnes, according to Steel First data.
Aluminium scrap, commercial pure Cem Turken
cuttings, del UK (£/t) 1,000-1,050 0% 29 Apr 15 cturken@steelfirst.com
LONDON
Drop in UK export prices curbs light iron
scrap price increase
Inter-merchant prices for light iron grade-5C scrap metal remained
stable in the UK this week, after export prices started to weaken,
sources told Metal Bulletin sister publication Steel First on Friday May 1.
Steel First’s price assessment for grade-5C light iron scrap stood
unchanged at £95-100 ($146-154) per tonne delivered on May 1.
The price of fragmentiser feed showed a clear upswing throughout
April, following a similar trend in the export market.
However, sources said that exporters were forced to lower their
prices as a result of the unfavourable exchange rate, thus stopping an
increase in the light iron price.
“UK suppliers have dropped their offer prices for exports by about
£5 [$8] per tonne, but I haven’t heard any movement on the price of
frag feed,” one source said.
UK export prices for HMS 1&2 (80:20) remained stable at $255-257
fob main UK port on May 1. This represented an increase of $17 per
tonne compared with the previous month.
Metal Bulletin’s daily index for ferrous scrap delivered to Turkey,
based on Northern Europe-origin HMS 1&2 (80:20), jumped to $269.71
per tonne on April 24 and has remained by and large stable since
then.
It closed at $269.58 on May 1, which represents a $15.60 increase
compared with the first day of April.
Sterling rose to £1 to $1.54 on May 1, from £1 to $1.51 a week before,
according to Oanda.com.
editorial@steelfirst.com
BURSA
DAILY SCRAP REPORT: Turkish steel mills out
of market for national holiday
Metal Bulletin sister title Steel First’s daily Turkey import scrap indices
remained unchanged at the end of the week as there have been no
deep-sea trades heard since April 28.
The daily index for Northern Europe-origin HMS 1&2 (80:20) closed
at $269.58 per tonne cfr on Friday May 1, unchanged day-on-day.
The daily USA-origin index closed at $277.29 per tonne cfr, also
unchanged day-on-day.
24 | Wednesday
Don’t forget that China is short on bauxite, a key raw material in

the aluminium supply chain, and that it is also looking to clamp-
down on the high pollution - and strain on energy and water
Comment & analysis infrastructure - smelting can bring.
That China’s customs policies generally follow its national
aspirations is clear.
But the loophole allowing the export of material that is later
NEW YORK remelted is antithetical to the government’s goal, something that is
HOTTER ON METALS: Gaming the aluminium unlikely to have gone unnoticed in Beijing.
While the flurry of metal into the west – particularly the USA, but
rebate system also to Europe earlier in the process – has not helped market bulls
arguing the market is in a structural surplus, it seems to have
Over the past year, aluminium companies have had their fair share of significantly slowed if not halted, for now.
complaints against the exporting patterns of Chinese extruders. Aluminium industry participants say that they doubt the market
A year ago, allegations that China had been quietly exporting will see a structural flood of metal because the Chinese government
extrusions and remelting them into billet before sending it onto the will ultimately either stop exporters from gaming the system, or
USA were centred on Mexico as the conduit country. change policies to bring exporters back in line with their national
Later in the year, and perhaps due to the threat of a trade goals.
complaint, the focus of attention switched to Vietnam and Malaysia. What is more likely, they say, is that China will politely listen to
The metals industry watched as Chinese exports of aluminium international feedback but make its decisions based on national
extrusions to Vietnam and Malaysia soared, with the majority interest.
reportedly coming from one exporter in the northeast of China. Fortunately for western aluminium producers, the national
Customs data shows that extrusions exports to Malaysia were 25,212 interests of China are more aligned with their own than they might at
tonnes in 2013. By 2014, they had reached 202,461 tonnes and first think.
accounted for a quarter of the entire year of Chinese extrusions Andrea Hotter
exports. ahotter@metalbulletin.com
In Vietnam, extrusions exports rose from 6,529 tonnes in 2013 to Twitter: @andreahotter
40,523 tonnes in 2014.
To be clear: none of this is illegal. China is perfectly entitled to
export extrusions and whatever other form of aluminium products it LONDON
likes to each of Vietnam, Malaysia and Mexico.
What has irked producers is exactly what caused them ire last year
COMMENT: Analysts becoming friendlier to
– the allegation that by exporting via a third-party nation and copper as dollar drops, China creaks
remelting the products into billet form afterwards, the Chinese
extruders were avoiding anti-dumping duties. Fundamental analysts may find the 6% rally in copper prices this
The extra ingredient designed to add fire to the flames this time week hard to rationalise, even if it did coincide with further evidence
around, however, is the entirely unproven allegation that the price of of tightening in mine supply, as shown by a drop in treatment and
the exported products was inflated in order to capture a bigger refining charges and cuts to miners’ production guidance.
rebate on the value-added tax. However, from a macroeconomic and technical perspective, the
Chinese aluminium product exports currently enjoy tax rebates of outlook for prices got a little brighter this week. With the dollar
up to 15%. weakening and China becoming more accommodating in its
It is not a stretch to understand where the hypothesis that monetary policy, there could still be room for copper prices to run in
extruders are gaming the rebate system comes from. Similarly, trade the weeks ahead, some analysts now believe.
data for aluminium in Vietnam and Malaysia shows a mismatch At nearly $6,400 per tonne, copper is now trading at its highest
between imports from China and exports elsewhere, relative to local level so far this year, and has rallied a full $1,000 from the nadir seen
consumption. in January, when bearish Chinese funds staged a spectacular attack
But proving a deliberate attempt to play the system is far harder, on copper prices on the London Metal Exchange and Shanghai
with complaints via international organisations such as the World Futures Exchange.
Customs Organization likely to take a long time. They had good reason to do so: Chinese demand was wheezing
This has led disgruntled aluminium companies in the west to under the weight of structural economic reforms and acute credit
conclude that perhaps the best way to fight the situation is to wait for constraints to an extent not widely appreciated by those outside the
it to sort itself out naturally. country.
To a certain extent, that has already started. However, with the dollar surging and supply cranking up, western
funds had plenty of reasons to be bearish, and many lent their
National policy weight to the sell-off.
Economics are still the central driver for Chinese aluminium exports, Four months on, the manufacturing slowdown and credit squeeze
and the reasons behind the relative flood of material to Vietnam and in China remain a concern. However, with evidence of both now
Malaysia were high regional premiums and an increased total metal plain to see, many analysts expect the government to take a more
price. accommodative stance towards the economic sectors it is trying to
When that total price fell, as it has in the past several months, then reform – the metals industry included.
so too has the incentive for exports diminished. The People’s Bank of China cut interest rates to promote lending in
At the same time, central government policy is still aimed at March, and many analysts expect it to announce further stimulus
creating a value-add industry, designed to avoid exports of primary measures in the coming weeks.
aluminium and focus instead on exports of rolled products. continued ››
25 | Wednesday
Copper
4th
Meanwhile, in the USA, the economic conditions that led to an
astonishing 20% surge in Bloomberg’s spot dollar index in the year to
Recycling
March are also starting to look shaky.
On Friday, manufacturing and consumer sentiment data both
came in below expectations, helping to lift the copper price to fresh
intraday highs of $6,420 in the afternoon, as the dollar racked up a
0.6% intraday loss against the euro.
The data added to evidence that the US economy’ outperformance Conference
is fading, as the Federal Reserve Board had signalled earlier in the
week in a dovish statement that added to the dollar’s slide. 17-19 June 2015
“These aren’t the markets we were brought up with, but bad data
from the US weakens the dollar and the copper price rises,” Robin
Bhar, commodities analyst at Societe Generale, told Copper Price
Hotel Melia Sarria, Barcelona
Briefing.
Collectively, the expectations of softer economic reforms in China Confirmed speakers include:
and a slowdown in the US economy have provided a salve for
l Miquel Garcia, Managing Director, La Farga, Spain
dollar-priced commodities in general and copper prices in particular, l Murat Bayram, Director & Head of European Non-Ferrous,
other analysts said. EMR Ltd, Germany
“We are generally positive towards base metals right now but l Dan Smith, CEO, Dan Smith Commodities Research, UK
copper in particular has seen a reversal of many of the factors that l Laura Montelatici, Scrap Procurement Manager, KME SRL, Italy
took it lower,” Guy Wolf, Marex Spectron’s global head of market l Norbert Zonneveld, Executive Secretary, EERA, Netherlands
analytics, said. l Klaus Hieronymi, Chairman of the Environmental Board, Europe,
ME and Asia, Hewlett Packard, Germany
“US economic data is weak, which has stopped the dollar rally, and
l Alessandro Casini, Sales Manager Refining Services – Recyclables,
China is now stimulating, which will help demand fears. On top of Umicore Precious Metals Refining, Belgium
that, supply disruptions are running above average. So, while short l Carmelo Brocato, Commercial Director, Continuus Properzi SpA, Italy
covering is largely done, it is not as though people are exposed to the l Emmanouel Fountoukis, Metals Division Director, Halcor, Greece
upside,” he said. l Liu Jianmin, Chairman,
Having turned bullish on copper on February 5 on the basis that China National Resources Recycling Association, China
the extreme short positioning in LME copper contracts had peaked, l Michael Lion, Chairman & Director,
Sims Metal Management Asia Ltd, China
Marex Spectron now thinks the price could hit $6,800 over the
l Marc Blasco, Area Manager Spain,
summer. Steinert Elektromagnetbau GmbH, Spain
Such a price would undoubtedly look rich to most people operating
in the physical market, but the investors and analysts who were so Sponsor:
bearish on copper at the start of the year might look more kindly on
the red metal if the dollar slide continues.
Mark Burton
Editor
Copper Price Briefing
mburton@metalbulletin.com
Twitter: @mburtonmb
“A conference providing knowledge

exchange on many points of interest.”
Thanos Stergiou, General Manager, Bianatt S.A
Tel: +44 (0) 20 7779 7222

Email: marketing@metalbulletin.com
Web: www.metalbulletin.com/events/crc
26 | Wednesday
Prices
Price Change Assessed
Copper Grade A $
LME Cash official 6,405.0-6,410.0 5.21% p 05 May 15
For the latest prices go to http://www.metalbulletin.com/My-price-book.html
LME Cash unofficial 6,424.0-6,426.0 6.4% p 01 May 15
NEW YORK FUTURES LME 3 months official 6,407.0-6,408.0 5.31% p 05 May 15
METAL BULLETIN’S KEY ALUMINIUM PRICES
Price Change† Assessed LME 3 months unofficial 6,408.0-6,410.0 6.18% p 01 May 15
(Comex) Copper high grade cents/lb LME Tapo Notional Average price
(NAP) 6,362.0 5.96% p 01 May 15
Settlement 292.40 5.41% p 04 May 15
LME Stocks (tonnes) 341,325 0.86% p 01 May 15
Open interest 165,548 7.59% p 01 May 15
Stocks (short ton) 23,492 -2.27% q 01 May 15 Lead $
(Comex) Gold $/troy oz
Settlement 1,186.80 -1.38% q 04 May 15
LME 3 months official 2,136.5-2,137.0 2.03% p 05 May 15
Open interest 410,701 -3.01% q 01 May 15
LME 3 months unofficial 2,118.0-2,120.0 2.07% p 01 May 15
Stocks (troy oz) 7,762,270 0.13% p 01 May 15
LME Stocks (tonnes) 170,250 -7.89% q 01 May 15
(Nymex) Palladium $/troy oz
Nickel $
Settlement 782.65 0.06% p 04 May 15
Stocks (troy oz) 153,750 -17.31% q 01 May 15
(Nymex) Platinum $/troy oz
Settlement 1,150.20 -0.22% q 04 May 15
Stocks (troy oz) 130,194 -0.04% q 01 May 15
(Comex) Silver cents/troy oz
Tin $
Settlement 1,641.80 0.17% p 04 May 15
LME Cash official 16,005-16,010 -1.57% q 05 May 15
Open interest 177,810 -5.42% q 01 May 15
LME Cash unofficial 15,970-16,070 2.07% p 01 May 15
LME 3 months official 16,025-16,050 -0.93% q 05 May 15
SHANGHAI FUTURES
LME 3 months unofficial 16,000-16,100 2.07% p 01 May 15
Aluminium yuan/tonne 13,275 -0.04% q 05 May 15
Zinc Special High Grade $
Copper yuan/tonne 45,830 4.23% p 05 May 15
Zinc yuan/tonne 17,000 0.5% p 05 May 15
Weekly Stocks Deliverable
Aluminium (tonnes) 256,915 3% p 24 Apr 15
Copper (tonnes) 208,285 -9.77% q 24 Apr 15
Zinc (tonnes) 157,192 0.34% p 24 Apr 15
Cobalt min 99.3%
DAILY METAL AND STEEL LME Cash official 29,700-30,200 -0.17% q 05 May 15
London forward “LME settlement prices. All prices per tonne, unless otherwise stated, in LME 3 months official 29,700-30,200 -0.5% q 05 May 15
LME warehouse, EU duty, if any paid for buyers account.” LME Stocks (tonnes) 465 0% 01 May 15
Price Change† Assessed Molybdenum $
Aluminium High Grade $ LME Cash official 17,000.0-17,500.0 1.47% p 05 May 15
Cash official 1,910.0-1,910.5 2.28% p 05 May 15 LME 3 months official 17,000.0-17,500.0 1.47% p 05 May 15
Cash unofficial 1,912.0-1,914.0 3.63% p 01 May 15 LME Stocks (tonnes) 120.0 11.11% p 01 May 15
3 months official 1,925.0-1,926.0 3.44% p 05 May 15 Steel Billet
3 months unofficial 1,918.0-1,920.0 5.09% p 01 May 15 LME Cash official 290.0-300.0 0% 05 May 15
LME Tapo Notional Average price LME Cash unofficial 290.0-300.0 -0.17% q 01 May 15
(NAP) 1,919.0 6.44% p 01 May 15 LME 3 months official 305.0-315.0 0% 05 May 15
LME Stocks (tonnes) 3,880,125 0.97% p 01 May 15 LME 3 months unofficial 305.0-315.0 0% 01 May 15
Aluminium Alloy (A380.1/DIN/D12S) $ LME Stocks (tonnes) 65.0 0% 01 May 15
LME 3 months official 1,800.0-1,810.0 -0.14% q 05 May 15
LME 3 months unofficial 1,800.0-1,810.0 -0.28% q 01 May 15
N. American Special Aluminium Alloy
LME Cash official 1,845.0-1,845.5 0% 05 May 15
LME Cash unofficial 1,853.5-1,863.5 -0.21% q 01 May 15
LME 3 months unofficial 1,880.0-1,890.0 0% 01 May 15
continued ››
27 | Wednesday
XXMay
6 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.2
94XX.1 Copyright © 2002-2014
2002-2015 Metal Bulletin
Gold
$/troy oz Price Change Assessed Price Change Assessed
London morning 1,187.40 -1.17% q 05 May 15 MB free market US: High-grade
London afternoon 1,175.95 -0.6% q 01 May 15 cathode premium indicator, $/tonne 132.0-143.0* 0% 30 Apr 15
Handy/Harman 1,190.60 -0.78% q 04 May 15 Aluminium
Silver per troy oz Aluminium P1020A, in-warehouse
London Spot pence 1,085.33 1.64% p 05 May 15 Rotterdam duty unpaid, spot low-high,
$/tonne 80.0-140.0* -31.25% q 05 May 15
London Spot cents 1,642.0 0.61% p 05 May 15
Aluminium P1020A, in-warehouse
Handy/Harman 1,662.5 1.25% p 04 May 15 Rotterdam duty unpaid, spot weighted
Palladium $/troy oz average, $/tonne 103.30* -38.98% q 05 May 15
London morning 782.0 1.16% p 05 May 15 Aluminium P1020A, cif Korea (Gwangyang
or Busan), spot low-high, $/tonne 223.00-255.00* 0% 05 May 15
London afternoon 772.0 -0.26% q 01 May 15
Aluminium P1020A, cif Korea (Gwangyang
Platinum $/troy oz or Busan), spot weighted average, $/tonne 226.56* 0% 05 May 15
London morning 1,143.0 0.18% p 05 May 15 Aluminium P1020A, in-warehouse
London afternoon 1,127.0 -0.09% q 01 May 15 Singapore, spot low-high, $/tonne 190.0-220.0* -2.38% q 05 May 15
Kuala Lumpur tin market Aluminium P1020A, in-warehouse
Singapore, spot weighted average, $/tonne 205.00* 1.65% p 05 May 15
Tin $/tonne 16,050.0 -1.53% q 05 May 15
Johor, spot low-high, $/tonne 190.0-220.0* -2.38% q 05 May 15
EXCHANGE RATES
Price Change† Assessed Johor, spot weighted average, $/tonne 205.00* 0% 05 May 15
LME Settlement Conversion Rates Aluminium P1020A, cif Shanghai, spot
$/£ 1.5117 -1.12% q 05 May 15 low-high, $/tonne 0.0-220.0* -55.1% q 05 May 15
$/Yen p 05 May 15
120.4900 1.29% Aluminium P1020A, cif Shanghai, spot
weighted average, $/tonne 235.00* 0% 05 May 15
$/¤ 1.1121 1.62% p 05 May 15
Aluminium P1020A, cif main Japanese
Closing Rates, Midpoint ports, spot low-high, $/tonne 220.0-250.0* 0% 05 May 15
$/£ 1.5117 -0.61% q 04 May 15 Aluminium P1020A, cif main Japanese
$/Yen p 04 May 15
120.1550 0.85% ports, spot weighted average,
$/tonne 227.50* 0% 05 May 15
$/¤ 1.1161 2.55% p 04 May 15
£/¤ 1.3544 -3.08% q 04 May 15 Rotterdam duty-paid, spot $/tonne 160.0-190.0* -20.45% q 01 May 15
MB BASE METAL PREMIUMS Rotterdam duty-paid, for delivery three
All prices $/tonne unless otherwise stated months forward, $/tonne 160.0-190.0* -20.45% q 01 May 15
*MB Copyright Price Change Assessed † Aluminium P1020A, cif main Japanese
ports, quarterly, $/tonne 380.0* -10.59% q 01 Apr 15
Copper Aluminium 6063 extrusion billet,
Rotterdam, Copper low-high premium, in-warehouse Rotterdam duty-paid, spot
Grade A, cathode, in-warehouse, $ $/tonne 615.0-650.0* -1.94% q 01 May 15
per tonne 30.0-65.0* 5.56% p 05 May 15 Aluminium P1020A, delivered US
Rotterdam, Copper average premium, midwest, spot, $/lb 0.143-0.148* -8.66% q 30 Apr 15
Grade A, cathode, in-warehouse $ per Aluminium P1020A, delivered Sao
tonne 46.67* 16.67% p 05 May 15 Paulo region, spot, $/tonne 500.0-550.0* -8.7% q 30 Apr 15
Leghorn, Copper low-high premium, Aluminium P1020A, cif Brazilian main
Grade A, cathode, cif, $ per tonne 45.0-70.0* 0% 04 May 15 ports duty-unpaid, spot, $/tonne 300.0-325.0* -16.67% q 23 Apr 15
Leghorn, Copper average premium,
Grade A, cathode, cif, $ per tonne 63.75* 0% 04 May 15 Lead
South Korea, Copper low-high Rotterdam, Lead low-high premium,
premium, Grade A, cathode, cif, $ per tonne 60.0-70.0* 0% 30 Apr 15 99.97% purity, in warehouse, $ per
tonne 30.0-60.0* 0% 05 May 15
South Korea, Copper average premium,
Grade A, cathode, cif, $ per tonne 65.00* 1.56% p 30 Apr 15 Rotterdam, Lead average premium,
99.97% purity, in warehouse, $ per
Singapore, Copper low-high premium, tonne 45.00* 0% 05 May 15
Grade A, cathode, in warehouse, $
per tonne 25.0-35.0* -7.69% q 30 Apr 15 Singapore, Lead low-high premium,
Singapore, Copper average premium, tonne 30.0-45.0* 0% 30 Apr 15
Grade A, cathode, in warehouse, $ per
tonne 30.00* -6.25% q 30 Apr 15 Singapore, Lead average premium,
Shanghai, Copper low-high premium, tonne p 30 Apr 15
35.00* 7.69%
Grade A, cathode, in-warehouse, $
per tonne 60.0-80.0* 0% 05 May 15 MB US: High Grade ingot premium
indicator, $/Ib 0.110-0.140* 0% 30 Apr 15
Shanghai, Copper average premium,
Grade A, cathode, in-warehouse $ per MB Battery grade free market premium
tonne 69.29* -1.01% q 05 May 15 in warehouse ¤/tonne 85.0-135.0* 0% 05 May 15
Shanghai, Copper low-high premium, Nickel
Grade A, cathode, cif $ per tonne 60.0-80.0* -3.45% q 05 May 15 Shanghai, Nickel Low-High Premium,
Shanghai, Copper average premium, 99.8% Purity in warehouse $ per tonne 150.0-180.0* 10% p 30 Apr 15
Grade A, cathode, cif $ per tonne 69.29* -4.43% q 05 May 15 Shanghai, Nickel average Premium,
Johor, Copper low-high premium, Grade A, 99.8% Purity in warehouse $ per tonne 166.67* 13.64% p 30 Apr 15
cathode, in-warehouse, $ per tonne 25.0-25.0* -23.08% q 30 Apr 15 uncut cathodes premium indicator 40.0-110.0* 0% 05 May 15
Johor, Copper average premium, Grade A, 4x4 cathodes premium indicator 180.0-250.0* 0% 05 May 15
cathode, in-warehouse $ per tonne 25.00* -21.88% q 30 Apr 15 continued ››
28 | Wednesday
XXMay
6 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.2
94XX.1 Copyright © 2002-2014
Price Change Assessed Price Change Assessed

briquettes premium indicator 30.0-160.0* 0% 05 May 15 Lead
US: melting premium indicator $/Ib 0.200-0.250* 0% 30 Apr 15 Germany: (VDM) virgin soft, ¤/tonne 2,100.00-2,110.00 -1.64% q 01 May 15
plating premium indicator $/Ib 0.650-0.700* 0% 30 Apr 15 European Automotive battery premium free market (Eurobat)
Tin in warehouse Rotterdam ¤/tonne
MB European free market Soft lead (average) 159.91* 0% 01 May 15
Spot premium 99.9% $ per tonne 475-600* 0% 01 May 15 Ca/Ca grid grid lead (average) 418.15* 0% 01 May 15
Spot premium 99.85% $/tonne 250-350* 0% 01 May 15 Connector lead (average) 536.48* 0% 01 May 15
MB US free market: Grade A tin European Industrial battery premium free market (Eurobat)
premium $/Ib 0.24-0.29* 0% 30 Apr 15 in warehouse Rotterdam ¤/tonne
Zinc Stand-by refined or soft lead
Rotterdam, Zinc low - high premium, (average) 247.39* 0% 01 May 15
99.995% purity, in warehouse, $ per Traction refined or soft lead
tonne 105.0-115.0* 0% 29 Apr 15 (average) 241.37 0% 01 May 15
Rotterdam, Zinc average premium, , For an explanation of these premia, see http://www.eurobat.org/statistics
tonne 110.00* 0% 29 Apr 15 Zinc
South Korea, Zinc low-high premium, Germany: (VDM) virgin, ¤/tonne 2,270.00-2,310.00 0.44% p 01 May 15
99.995% purity, in warehouse, $ per UK: Special high grade, delivered
tonne 135.0-140.0* 0% 30 Apr 15 monthly average price £/tonne 1,645* 6.68% p 01 May 15
South Korea, Zinc average premium,
tonne 139.50* 0% 30 Apr 15 PRECIOUS METALS
Johor, Zinc low-high premium, Price Change† Assessed
99.995% purity,in warehouse, $ per tonne 80.0-100.0* 0% 30 Apr 15
Iridium
Johor, Zinc average premium, 99.995%
purity, in warehouse, $ per tonne 90.00* 1.12% p 30 Apr 15 MB free market: min 99.9%, $/troy oz
in warehouse 560-610* 0% 01 May 15
Singapore, Zinc low-high premium,
99.995% purity, in warehouse, $ per Johnson Matthey base price: (unfab)
tonne 80.0-115.0* 0% 30 Apr 15 $/troy oz (08.00 hrs) 580 0% 01 May 15
Singapore, Zinc average premium, Englehard base price: $/troy oz 575 0% 01 May 15
99.995% purity, in warehouse, $ per Palladium
tonne 101.25* 8% p 30 Apr 15
European free market: min 99.9%,
Shanghai, Zinc low-high premium, $/troy oz in warehouse 780-785* 0.64% p 01 May 15
tonne 105.0-115.0* 2.33% p 30 Apr 15 Englehard base price: $/troy oz 785 1.29% p 01 May 15
Shanghai, Zinc average premium, Johnson Matthey base price: (unfab)
99.995% purity, in warehouse, $ per $/troy oz (08.00 hrs) 785 0.64% p 01 May 15
tonne 111.25* 2.7% p 30 Apr 15 Platinum
MB US: Special high grade, $/Ib 0.080-0.090* 0% 30 Apr 15 European free market: min 99.9%,
MB EU: Special high grade, fca $/troy oz in warehouse 1,145-1,150* 0.44% p 01 May 15
Rotterdam, $/tonne 130.0-155.0* -3.39% q 29 Apr 15 Englehard base price: $/troy oz 1,150 1.5% p 01 May 15
Johnson Matthey base price: (unfab)
$/troy oz (08.00 hrs) 1,148 0.26% p 01 May 15
BASE METALS
Rhodium
European free market: min 99.9%,
Aluminium $/troy oz in warehouse 1,135-1,170* 0% 01 May 15
MB Chinese free market, Metallurgical grade, Englehard base price: $/troy oz 1,140 0.44% p 01 May 15
delivered, duty paid RMB/tonne 2,400.0-2,520.0* 0% 01 May 15 Johnson Matthey base price: (unfab)
Alumina Index fob Australia 340.58* 0.17% p 01 May 15 $/troy oz (08.00 hrs) 1,145 0.88% p 01 May 15
Copper & Brass Ruthenium
Producer premium European free market: min 99.9%,
$/troy oz in warehouse 47-52* 0% 01 May 15
(Codelco): contract 2015 Grade A
cathode (average) 112.0 0% 01 Jan 15 Englehard base price: $/troy oz 50 0% 01 May 15
Germany: (VDM) Electro, ¤/tonne Johnson Matthey base price: (unfab)
wirebar (DEL): 5,647.8-5,676.5 0.48% p 01 May 15 $/troy oz (08.00 hrs) 50 0% 01 May 15
cathodes: 5,540.0-5,640.0 -0.18% q 01 May 15
South Africa: Palabora copper rod
7.90mm, Rand/tonne 81,581.650 0% 01 May 15
Nickel
Nickel pig iron high grade NPI
content 10-15% contract price delivered
duty paid China RMB per nickel unit
price 950.00-990.00* 0% 05 May 15
Nickel pig iron high grade NPI
content 10-15% spot price China RMB per
nickel unit price 950.00-980.00* -0.52% q 05 May 15
continued ››
29 | Wednesday
XXMay
6 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.2
94XX.1 Copyright © 2002-2014
MINOR METALS
Germanium
Price Change† Assessed Germanium dioxide MB free market
Antimony $/kg 1,275-1,350* 0% 01 May 15
MB free market Regulus, min 99.65%, Germanium metal $/kg Rotterdam 1,875-1,945* -1.04% q 01 May 15
max Se 50 ppm, max 100 ppm Bi, Germanium metal MB China domestic,
$/tonne in warehouse Rotterdam 8,800-9,000* 0% 01 May 15 min 99.999%, RMB/kg 11,000-11,600* 0% 01 May 15
MMTA Standard Grade II, $/tonne in Indium
warehouse Rotterdam 8,750-8,900* 0% 01 May 15
MB free market $/kg 480-520* -7.83% q 01 May 15
MB Chinese free market
MB China domestic, min 99.99% RMB/kg 2,200-2,400* 0% 01 May 15
MMTA Standard Grade II, delivered
duty paid RMB/tonne 50,500-51,000* 0% 01 May 15 Indium Corp ingots min 99.97% $/kg
fob 745.00 0% 01 May 15
Arsenic Magnesium
MB free market $/Ib 0.70-0.80* 0% 01 May 15 European free market $ per tonne 2,260-2,300* 0% 01 May 15
Bismuth China free market
MB free market $/Ib 6.75-7.30* -0.71% q 01 May 15 min 99.8% Mg, fob China main ports,
MB China domestic, min 99.99%, $ per tonne 2,200-2,230* 0% 01 May 15
RMB/tonne 92,000-93,000* 0% 01 May 15 MB Chinese free market min 99% Mg,
Cadmium ex-works RMB/tonne 12,900-13,300* 0% 01 May 15
MB free market min 99.95% cents/Ib 50.00-55.00* 0% 01 May 15 Manganese Flake
MB free market min 99.99% cents/Ib 52.00-57.00* 0% 01 May 15 MB free market $/tonne 1,900-1,950* 0% 01 May 15
Chromium Mercury
MB free market alumino-thermic min MB free market $ per flask 2,250-2,850* 0% 01 May 15
99% $/tonne 8,700-9,100* 0% 01 May 15 Rhenium in warehouse Rotterdam duty paid
Cobalt Metal Pellets, min 99.9% $/Ib 1,275-1,375* 0% 01 May 15
MB free market High Grade $/Ib 13.50-14.40* 1.82% p 01 May 15 APR catalytic grade $/kg Re 2,775-2,925* 0% 01 May 15
MB free market Low Grade $/Ib 13.20-14.20* 0% 01 May 15 Selenium
MB high-grade, weighted average of MB free market $/Ib 17.50-21.50* 0% 01 May 15
all confirmed international trades,
$/lb p 01 May 15
14.36* 9.28% MB China domestic, min 99.9%, RMB/kg 290-330* 0% 01 May 15
MB low-grade, weighted average of Selenium dioxide, MB China domestic,
all confirmed international trades, min 98%, RMB/kg 195-200* 0% 01 May 15
$/lb p 01 May 15
14.00* 1.74% Silicon
Cobalt free market cut cathodes/rounds MB free market ¤/tonne 2,380-2,450* 0% 01 May 15
MB/LME premium discount (including US free market cents/Ib 138-140* 0% 30 Apr 15
Falconbridge, Vale Inco, Sumitomo
Metal Mining, Jiangsu (KLK) Jinchuan) Export from mainland China
In warehouse Rotterdam $ per Ib 0.43* 72% p 01 May 15 min 98.5%, $/tonne fob 1,980-1,990* 0% 01 May 15
Cobalt free market cut cathodes/rounds Tellurium
MB/LME premium discount (including
Falconbridge, Vale Inco, Sumitomo MB free market $/kg 92.50-112.50* 0% 01 May 15
Metal Mining, Jiangsu (KLK) Jinchuan) MB China domestic, min 99.99%,
In warehouse Rotterdam $ per tonne 938.50* 68.16% p 01 May 15 RMB/kg 520-540* 0% 01 May 15
Cobalt free market ingots MB/LME Titanium
premium discount (including K1A and MB free market ferro-titanium
K1AY) In warehouse Rotterdam $ per Ib -0.44* -27.87% q 01 May 15
70% (max 4.5% Al) $/kg Ti d/d Europe 5.40-5.60* -1.79% q 01 May 15
Cobalt free market ingots MB/LME
premium discount (including K1A and Titanium Ores $/tonne
K1AY) in warehouse Rotterdam Rutile conc min 95% Tio2 bagged,
$ per tonne 980.10* -172.43% q 01 May 15 fob/Aus 800-900 0% 01 May 15
Cobalt free market broken Rutile bulk conc min 95% Tio2
cathodes/briquettes MB/LME premium fob/Aus 810-850 0% 01 May 15
discount (including Chambishi, Tocantins,
Ilmenite bulk conc min 54% Tio2 fob/
CTT, Ambatovy,ICC, Murrin Murrin)
Aus 100-120 0% 01 May 15
$ per Ib 0.34* -780% q 01 May 15
Cobalt free market broken
cathodes/briquettes MB/LME premium
discount (including Chambishi, Tocantins,
CTT, Ambatovy,ICC, Murrin Murrin)
$ per tonne 749.20* -832.36% q 01 May 15
MB China domestic, min 99.8%
RMB/tonne 217,000-220,000* 0% 01 May 15
Cobalt tetroxide min 72.6% Co
delivered China RMB/tonne 161,000-165,000* 0% 01 May 15
Gallium
MB free market $/kg 230-270* 0% 01 May 15
MB China domestic, min 99.99%,
RMB/kg 1,180-1,220* 0% 01 May 15
continued ››
30 | Wednesday
XXMay
6 Month
20152015
| Metal
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Bulletin
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| Number
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9405.2
94XX.1 Copyright © 2002-2014
NOBLE ALLOYS & ORES Price Change Assessed
Price Change† Assessed Chrome Ore $/tonne

Lithium Ores Chrome ore cif main Chinese ports
Petalite 4.2% Li²O bagged fob South African UG2 chrome ore concs,
Durban $/tonne 170-265 0% 01 May 15 basis 42% 157-161* -0.93% q 01 May 15
Spodumene 7.25% Li²O cif Turkish lumpy 40-42% cfr main Chinese
Europe $/tonne 740-790 0% 01 May 15 ports 215-225* -2.22% q 01 May 15
Molybdenum Molybdic Oxide Ferro-manganese
Europe drummed molybdic oxide $/Ib Mo 7.60-7.70* -2.86% q 01 May 15 basis 78% Mn (Scale pro rata)
standard 7.5% C ¤/tonne 720-740* 0% 01 May 15
US canned molybdic oxide $/Ib Mo 7.50-7.70* -2.56% q 30 Apr 15
US free market 78% Mn standard 7.5%
Ferro-molybdenum C $/long ton in warehouse Pittsburgh 935-950* 0% 30 Apr 15
basis 65% min, in-warehouse Rotterdam US free market medium carbon duty
$/kg Mo 19.00-19.40* -2.78% q 01 May 15 paid fob Pittsburgh, 80% min Mn 1.5%
US free market 65-70% Mo $/Ib in max C $/Ib 0.96-0.97* 0% 30 Apr 15
warehouse Pittsburgh 8.75-9.25* 1.41% p 30 Apr 15 MB Chinese free market min 65% Mn
MB Chinese free market max 7.0% C in warehouse China
RMB/tonne 4,600-4,900* 0% 01 May 15
concentrate 45% Mo in warehouse
China RMB/mtu 1,080-1,100* 0% 01 May 15 Manganese Ore
Tungsten 44% Mn, Cif Tianjin $/dmtu of metal
contained q 01 May 15
3.02* -0.33%
European free market APT $/mtu 240-250* -2% q 01 May 15
37% Mn, Fob Port Elizabeth $/dmtu of
Export from mainland China metal contained 2.28* -4.2% q 01 May 15
APT Chinese No1 grade, min 88.5%
W03, S/mtu fob 250-265* 0% 01 May 15 Ferro-silicon
MB Chinese free market Lumpy basis 75% Si (Scale pro rata)
¤/tonne 1,200-1,250* 1.24% p 01 May 15
Concentrate 65% Wo3 in warehouse
China RMB/tonne 82,000-86,000* 0% 01 May 15 US free market $/Ib in warehouse
Pittsburgh lumpy basis 75% Si -
Ferro-tungsten imported 0.88-0.92* -0.55% q 30 Apr 15
Basis 75% W min $/kg W in warehouse Export from mainland China, min 75%
Rotterdam duty unpaid 33.30-34.00* -0.74% q 01 May 15 Si, 7.5% C, $/tonne, fob 1,220-1,240* 0% 01 May 15
Vanadium MB Chinese free market min 75% in
Ferro-vanadium basis 78% min, free warehouse China RMB/tonne 4,650-5,000* 0% 01 May 15
delivery duty paid consumer plant, Silico-manganese
1st grade, Western Europe $/kg V 19.50-20.00* 2.6% p 01 May 15 Lumpy basis 65-75% Mn basis 15-19%
US free market ferro-vanadium $/Ib Si (Scale pro rata) ¤/tonne 840-865* 1.19% p 01 May 15
in warehouse Pittsburgh 9.60-10.00* 1.55% p 30 Apr 15 US free market $/Ib in warehouse
Vandium pentoxide min 98%, Pittsburgh 0.51-0.53* 0.97% p 30 Apr 15
in-warehouse Rotterdam $ per Ib V205 3.60-3.95* 0% 01 May 15 MB Chinese free market min 65% Mn
Zircon max 17% Si in warehouse China
Foundry grade bulk $/tonne fob RMB/tonne 5,200-5,400* 0% 01 May 15
Australia 1,000-1,050 0% 01 May 15 65% min Mn 16% min Si $/tonne fob
Premium bulk $/tonne fob Australia 1,050-1,150 0% 01 May 15 India 790-840* 0% 05 May 15
BULK ALLOYS EUROPE

Price Change† Assessed Price Change† Assessed
Ferro-chrome $/lb Cr Northern Europe Imports
China import charge chrome 50% Cr Metal Bulletin’s appraisal of cfr prices for imported, non-EU origin, commercial-quality
index, CIF Shanghai, duty unpaid 0.79* 0% 01 May 15 carbon steel, ¤ per tonne cfr main EU port
Lumpy Cr charge basis 52% Cr (and Rebar 400-420* 0% 29 Apr 15
high carbon) quarterly 1.08* 0% 26 Mar 15
Wire rod (mesh quality) 430-440* 0% 29 Apr 15
6-8% C basis 60% Cr max 1.5% Si 0.97-1.01* 0% 01 May 15
Plate (8-40mm) 390-400* 0% 29 Apr 15
0.10% C average 60-70% Cr 2.02-2.08* 0% 01 May 15
Hot rolled coil 370-380* 0% 29 Apr 15
European low carbon in warehouse
0.06% C max - 65% Cr 2.05-2.10* 0% 01 May 15 Cold rolled coil 440-450* -0.56% q 29 Apr 15
Low phosphorous Cr min 65% C max 7% Hot-dip galvanized coil 525-530* 0% 29 Apr 15
Si max 1% p max 0.015% Ti max 0.05% 1.00-1.12* 0% 01 May 15 Southern Europe Imports
US free market in warehouse Pittsburgh Metal Bulletin’s appraisal of cfr prices for imported, non-EU origin, commercial-quality
6-8% C basis 60-65% Cr max 2% Si 1.080-1.120* 0% 30 Apr 15 carbon steel, ¤ per tonne cfr main EU port
US free market low carbon duty paid fob Pittsburgh Rebar 400-420* 0% 29 Apr 15
0.05%C - 65% min Cr 2.25-2.27* 0% 30 Apr 15 Wire rod (mesh quality) 430-440* 0% 29 Apr 15
0.10% C - 62% min Cr 2.08-2.11* -0.24% q 30 Apr 15 Plate (8-40mm) 390-400* 0% 29 Apr 15
0.15% C - 60% min Cr 2.05-2.07* 0% 30 Apr 15 Hot rolled coil 380-390* -3.75% q 29 Apr 15
Spot 6-8% C basis 50% Cr delivered Cold rolled coil 450-460* -2.15% q 29 Apr 15
duty paid China RMB/tonne 6,300-6,600* 0% 01 May 15
Hot-dip galvanized coil 505-510* 0% 29 Apr 15
Contract 6-8% C basis 50% Cr
delivered duty paid China RMB/tonne 6,200-6,500* 0% 01 May 15
continued ››
31 | Wednesday
XXMay
6 Month
20152015
| Metal
| Metal
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Bulletin
Daily
Daily
| Number
| Number
9405.2
94XX.1 Copyright © 2002-2014
Southern Europe Exports Turkish Domestic
Metal Bulletin’s appraisal of Southern Europe mills’ prices for export outside Southern Metal Bulletin’s appraisal of prices within Turkey for commercial-quality carbon steel of
Europe of commercial-quality carbon steel, ¤ per tonne fob main Southern European Turkish origin, $ per tonne ex-works.
port Billet 410-425* 2.45% p 30 Apr 15
Rebar 410-420* -0.6% q 29 Apr 15 Rebar 468-478* 3.84% p 30 Apr 15
Wire rod (mesh quality) 425-435* 0% 29 Apr 15 Wire rod (mesh quality) 480-490* 2.11% p 30 Apr 15
Northern Europe Domestic Hot rolled coil 425-430* 0% 01 May 15
Metal Bulletin’s appraisal of prices within the EU (excluding the UK) for commercial- Cold rolled coil 530-535* 0% 01 May 15
quality carbon steel of EU origin, ¤ per tonne delivered basis point
Turkish Imports
Rebar 430-450* 1.15% p 29 Apr 15
Metal Bulletin’s appraisal of prices for imported commercial-quality carbon steel, $ per
Wire rod (mesh quality) 420-430* 0% 29 Apr 15 tonne cfr main Turkish port.
Sections (medium) 510-530* 0% 29 Apr 15 Billet 380-385* 0.66% p 30 Apr 15
Southern Europe Domestic Hot rolled coil 370-380* -0.66% q 01 May 15
Metal Bulletin’s appraisal of prices within the EU (excluding the UK) for commercial- Cold rolled coil 450-460* -3.29% q 01 May 15
quality carbon steel of EU origin, ¤ per tonne delivered basis point
UAE imports
Rebar 435-450* 0.57% p 29 Apr 15
Metal Bulletin’s appraisal of prices for imported commercial-quality carbon steel, $ per
Wire rod (mesh quality) 430-445* 0% 29 Apr 15 tonne cfr Jebel Ali.
Sections (medium) 475-485* 0% 29 Apr 15 Billet 375-390* 4.79% p 05 May 15
Northern Europe ¤ per tonne ex-works Rebar 445-450* 0.56% p 05 May 15
Plate (8-40mm) 480-490* 0% 29 Apr 15 Hot rolled coil 380-400* -0.64% q 05 May 15
Hot rolled coil 400-420* 0% 29 Apr 15 Cold rolled coil 450-455* 0% 05 May 15
Cold rolled coil 470-500* 0% 29 Apr 15
Hot-dip galvanized coil 480-500* 0% 29 Apr 15 Iran Domestic
Southern Europe ¤ per tonne ex-works Metal Bulletin’s appraisal of prices within Iran for commercial-quality carbon steel of
Plate (8-40mm) 440-450* 0% 29 Apr 15 Iranian origin, million rials per tonne delivered warehouse Tehran.
Hot rolled coil 410-430* 0% 29 Apr 15 Rebar (12-25mm) 15.10-15.30* 0.66% p 29 Apr 15
Cold rolled coil 470-480* 0% 29 Apr 15 Plate 18.20-19.30* 0.54% p 29 Apr 15
Hot-dip galvanized coil 470-490* 0% 29 Apr 15 Hot rolled coil 17.70-19.80* 0% 29 Apr 15
Cold rolled coil 21.40-25.30* -0.85% q 29 Apr 15
Hot-dip galvanized coil 25.40-27.00* -0.19% q 29 Apr 15
CIS Iran Imports
Price Change† Assessed Metal Bulletin’s appraisal of prices quoted by overseas suppliers for commercial-quality
CIS Exports (Black Sea) carbon steel to Iranian buyers, $ per tonne cfr Iranian northern ports.
Metal Bulletin’s appraisal of CIS mills’ prices for export outside the CIS of commercial- Billet 390-400* -2.47% q 29 Apr 15
quality carbon steel, $ per tonne fob stowed main Black Sea Port. Rebar 420-440* -9.47% q 29 Apr 15
Billet 368-372* 0.68% p 04 May 15 Egyptian Domestic
Slab 295-315* 0% 04 May 15 Metal Bulletin’s appraisal of prices within Egypt for commercial-quality carbon steel of
Rebar 380-395* 0% 04 May 15 Egyptian origin, E£ per tonne ex-works
Wire rod (mesh) 395-400* 0% 04 May 15 Rebar 4,650-4,730* 0% 30 Apr 15
Heavy plate (10-50mm) 450-460* 0% 04 May 15
Hot rolled coil 350-375* -1.36% q 04 May 15
LATIN AMERICA
Cold rolled coil 430-470* 1.69% p 04 May 15
CIS Domestic
Latin American Exports
Metal Bulletin’s appraisal of prices within Russia for commercial-quality carbon steel of
CIS origin, Rubles per tonne, carriage paid to (cpt) inc VAT. Metal Bulletin’s appraisal of Latin American mills prices for export outside Latin America of
Rebar 24,600-24,750* 0% 04 May 15 commercial-quality carbon steel, $ per tonne fob stowed main Latin American port.
Hot rolled sheet 28,600-28,650* -0.35% q 04 May 15 Billet 400-420* 0% 01 May 15
Cold rolled sheet 34,400-34,500* -0.4% q 04 May 15 Slab 295-310* 0% 01 May 15
Rebar 500-510* 0% 01 May 15
Wire rod mesh quality 500-510* 0% 01 May 15
MIDDLE EAST
Heavy plate over 10mm 520-530* 0% 01 May 15
Price Change† Assessed Hot rolled coil (dry) 400-420* -1.2% q 01 May 15
Turkish Exports Cold rolled coil 510-540* 0% 01 May 15
Metal Bulletin’s appraisal of Turkish mills’ prices for export of commercial-quality carbon Galvanized coil 670-690* 0% 01 May 15
steel, $ per tonne fob main Turkish port.
Billet 400-420* 3.8% p 30 Apr 15
Rebar 460-465* 2.21% p 30 Apr 15
Wire rod (mesh quality) 475-485* 1.59% p 30 Apr 15
Merchant bars 490-500* 2.06% p 30 Apr 15
continued ››
32 | Wednesday
XXMay
6 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.2
94XX.1 Copyright © 2002-2014
NAFTA Indian Imports
Price Change† Assessed Metal Bulletin’s appraisal of prices for imported, non-EU origin, commercial-quality
carbon steel, $ per tonne cfr main India port.
US Imports
Plate (20-60mm) 400-405* 0% 01 May 15
Metal Bulletin’s appraisal of prices for imported, non-Nafta origin, commercial-quality
Hot rolled coil (commodity) 385-390* -1.27% q 01 May 15
carbon steel, $ per short ton cfr Gulf.
Hot rolled coil (CR grade) 385-390* -3.73% q 01 May 15
Rebar 410-410* 0% 01 May 15
Cold rolled 445-450* 0% 01 May 15
Merchant bars 600-620* -1.61% q 01 May 15
Wire rod (low carbon) 440-440* 0% 01 May 15 Indian Domestic
Medium sections 580-620* -4.76% q 01 May 15 Metal Bulletin’s appraisal of prices within India for commercial-quality carbon steel,
Medium plate 520-590* 0% 01 May 15 rupees per tonne ex-works.
Hot rolled coil (commodity) 390-420* 0% 01 May 15 Billet 26,100-26,200* 0% 01 May 15
Cold rolled coil 500-540* 0% 01 May 15 Heavy plate 34,500-35,000* 0% 01 May 15
Hot dipped galvanized 0.012-0.015, G30 650-700* 0% 01 May 15 Hot rolled coil 33,000-33,500* 0% 01 May 15
Hot dipped galvanized 0.019, G60 630-670* 0% 01 May 15 Cold rolled coil 36,000-36,500* 0% 01 May 15
DRI 17,000-17,100* 0% 01 May 15
US Domestic
Hot-dip galvanized coil 46,000-46,500* 0% 01 May 15
AMM’s appraisal of prices within the USA for commercial-quality carbon steel of US or
Canadian origin, $ per short ton, delivery terms as indicated.
Rebar (fob mill) 600-600* 0% 01 May 15 STEELBENCHMARKER™ PRICES
Wire rod (mesh quality delivered) 520* 0% 01 May 15 Price Change† Assessed
Plate (fob mill) 585* -0.85% q 01 May 15 Region: USA East of the Mississippi
Hot rolled coil (fob mill) 440* 0% 01 May 15 Standard plate ($/metric tonne) 644 -2.42% q 27 Apr 15
Cold rolled coil (fob mill) 560* 1.82% p 01 May 15 Standard plate ($/short ton) 584 -2.5% q 27 Apr 15
Hot-dip galvanized (base) (fob mill) 560* 1.82% p 01 May 15 Hot rolled coil ($/metric tonne) 498 -1.19% q 27 Apr 15
Hot rolled coil ($/short ton) 452 -1.09% q 27 Apr 15
ASIA
Cold rolled coil ($/metric tonne) 627 -2.94% q 27 Apr 15
Cold rolled coil ($/short ton) 569 -2.9% q 27 Apr 15
China Exports
Region: Mainland China
Metal Bulletin’s appraisal of Chinese mills prices for export of commercial-quality carbon Rebar 334 -0.3% q 27 Apr 15
steel, $ per tonne fob main China port.
Standard plate 335 -0.89% q 27 Apr 15
Rebar 350-360* 4.41% p 01 May 15
Hot rolled coil 333 0.91% p 27 Apr 15
Wire rod (mesh quality) 355-360* 0.7% p 01 May 15
Cold rolled coil 435 -2.03% q 27 Apr 15
Heavy plate 360-365* -2.03% q 01 May 15
Region: World Export Market
Hot rolled coil 360-365* 0% 01 May 15
Hot rolled coil ($/metric tonne) 390 -2.26% q 27 Apr 15
Cold rolled coil 415-420* -1.18% q 01 May 15
Galvanized coil 1mm 480-485* 0% 01 May 15
STAINLESS STEEL
Eastern China Domestic
Metal Bulletin’s appraisal of prices in Eastern China for commercial-quality carbon steel
of Chinese origin, yuan per tonne delivered warehouse Asia Import
Rebar 2,300-2,330* -0.22% q 05 May 15 $/tonne cif East Asian port
Wire rod (mesh) 2,350-2,420* 2.36% p 01 May 15 Grade 304 2mm CR coil 2B 2,100-2,200* 0% 01 May 15
Sections 2,350-2,420* 0.63% p 01 May 15 Grade 304 HR sheet 1,980-2,100* 0% 01 May 15
Plate 2,420-2,450* 0% 01 May 15 China Domestic
Hot rolled coil (min 2mm) 2,480-2,500* 1.22% p 05 May 15 yuan/tonne, in warehouse
Cold rolled coil (0.5 - 2 mm) 2,990-3,010* 0% 01 May 15 Grade 304 2mm CR coil 14,000-14,200* 1.81% p 01 May 15
Hot-dip galvanized coil 3,350-3,450* -0.73% q 01 May 15 Grade 430 2mm CR coil 7,700-7,800* -1.27% q 01 May 15
Southern China Domestic EU Export
Metal Bulletin’s appraisal of prices in Southern China for commercial-quality carbon steel ¤/tonne fob N.European port
of Chinese origin, yuan per tonne delivered warehouse Min 100 tonne lot
Rebar 2,650-2,780* 0.56% p 01 May 15 Grade 304 2mm CR sheet 2,255-2,363* 0% 01 May 15
Wire rod (mesh) 2,540-2,660* 1.17% p 01 May 15 EU Domestic
Sections 2,590-2,610* 0% 01 May 15 2mm 304 cold rolled stainless sheet, ¤/tonne
Plate 2,560-2,600* 0.58% p 01 May 15 Base price 1,050-1,090* 0% 01 May 15
Hot rolled coil (min 2mm) 2,560-2,580* 1.98% p 01 May 15 Alloy surcharge 1,205-1,273* 0% 01 May 15
Cold rolled coil (0.5 - 2 mm) 3,110-3,140* 0.16% p 01 May 15 304 stainless steel bright bar, ¤/tonne
Hot-dip galvanized coil 3,450-3,600* 0% 01 May 15 Base price 850-900* 0% 01 May 15
Indian Exports Alloy surcharge 1,635-1,731* 0% 01 May 15
Metal Bulletin’s appraisal of Indian mills’ prices for export of commercial-quality carbon
steel, $ per tonne fob main India port.
Billet 405-410* 0% 01 May 15
Plate (12-40mm) 480-485* 0% 01 May 15
Hot rolled coil (commodity) 390-405* 0% 01 May 15
Hot-dip galvanized coil 660-665* 0% 01 May 15
continued ››
33 | Wednesday
XXMay
6 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.2
94XX.1 Copyright © 2002-2014
FERROUS SCRAP Price Change Assessed
Price Change† Assessed USA export
UK ferrous scrap domestic AMM ferrous scrap export index $/tonne East Coast fob New York
The following is Metal Bulletin’s evaluation of UK prices for processed scrap delivered to HMS 1&2 (80:20) 251.50* 0% 27 Apr 15
consumers within the month listed. Prices may vary according to region and destination, Shredded 256.50* 0% 27 Apr 15
and should therefore be read in conjunction with editorial comment on the Scrap and USA domestic
Secondary Metals pages.
AMM Midwest Index $/gross ton delivered mill
£/tonne No1 heavy melting scrap 226.61* -0.36% q 10 Apr 15
Cut Grades No1 busheling 244.10* 1.77% p 10 Apr 15
OA plate and structural 160-170* 6.45% p 16 Apr 15 Shredded 253.33* 2.32% p 10 Apr 15
1&2 Old steel 145-155* 7.14% p 16 Apr 15
China domestic
12A/C New production heavy and
shovellable steel 160-170* 0% 16 Apr 15 yuan/tonne delivered mill
12D New production heavy and Heavy Scrap 1,410-1,510* -2.01% q 01 May 15
shovellable steel 170-180* 0% 16 Apr 15 Germany domestic
Bales and Cuttings ¤/tonne delivered at scrapyard, Source: BDSV
4A New steel bales 165-175* 6.25% p 16 Apr 15 No E2/8 (new steel scrap) 204.20 -1.64% q 02 Mar 15
4C New steel bales 160-170* 6.45% p 16 Apr 15 No E1 (old steel scrap) 185.40 -1.8% q 02 Mar 15
8A New loose light cuttings 145-155* 7.14% p 16 Apr 15 No E3 (old thick steel scrap) 207.00 -0.58% q 02 Mar 15
8B New loose light cuttings 140-150* 7.41% p 16 Apr 15 No E40 (shredded steel scrap) 214.30 -0.42% q 02 Mar 15
Turnings No E5 (steel turnings) 161.80 -1.52% q 02 Mar 15
UK inter-merchant 7B Heavy steel
turnings 85-95* 0% 16 Apr 15
Cast Iron
9A/10 Heavy and light cast iron 145-155* 7.14% p 16 Apr 15
9B/C Cylinder block scrap 165-175* 6.25% p 16 Apr 15
11A Cast iron borings 135-145* 7.69% p 16 Apr 15
Prices relate to new UK scrap specifications.
‡Please see MB.com for full explanation of price changes.
UK intermechant weekly price
£/tonne
5C Loose old light 95-100* 0% 01 May 15
UK ferrous scrap export
MB assessment $ fob main UK port
HMS 1&2 (80:20 mix) 255-257* 0% 01 May 15
Shredded 265-267* 0% 01 May 15
Indian imports
MB assessment $/tonnne cfr Nhava Sheva
MB Index CFR India Shredded 293.81* -1.16% q 01 May 15
HMS 1&2 (80:20 mix) 270-275* -1.8% q 01 May 15
Alloy steel scrap domestic
UK wholesale merchants’ stainless (£/tonne)
18/8 solids 820-860* 1.82% p 01 May 15
18/8 turnings 695-730* 1.79% p 01 May 15
12-13% Cr solids 160-170* 0% 01 May 15
16-17% Cr solids 180-190* 0% 01 May 15
Cif Europe stainless ¤ per tonne
18/8 solids 1,225-1,255* 3.55% p 01 May 15
18/8 turnings 1,040-1,065* 3.44% p 01 May 15
Rotterdam export
MB assessment $/tonnne fob Rotterdam
MB Index FOB Rotterdam HMS 1&2
(80:20) 253.11* 2.74% p 01 May 15
HMS 1&2 (70:30 mix) 244-246* 0% 01 May 15
Shredded 264-266* 0% 01 May 15
Turkish import
MB assessment $/tonne cfr main Turkish ports
MB Index CFR Turkey HMS 1&2 (80:20)
(North Europe material) 269.58* -0.05% q 01 May 15
HMS 1&2 (70:30 mix) 260-262* 0% 01 May 15
Shredded 280-282* 0% 01 May 15
continued ››
34 | Wednesday
XXMay
6 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.2
94XX.1 Copyright © 2002-2014
NON-FERROUS SCRAP EUROPE STEELBENCHMARKER™ SCRAP PRICES
Price Change† Assessed Price Change† Assessed
Aluminium Region: USA, East of the Mississippi
European free market MB assessment ¤/tonne Shredded scrap ($/metric tonne)** 250 0% 27 Apr 15
Floated Frag 1,410-1,460* 0% 01 May 15 Shredded scrap ($/gross ton)** 254 0% 27 Apr 15
Cast 1,350-1,410* 0% 01 May 15 No 1 heavy melting scrap ($/metric
Mixed turnings 6% 1,180-1,220* 0% 01 May 15 tonne) 223 -0.89% q 27 Apr 15
Germany per 1000kg No 1 heavy melting scrap ($/gross
ton) 227 -0.44% q 27 Apr 15
Pure cuttings 1,480-1,570 3.04% p 29 Apr 15
No 1 busheling scrap ($/metric
Commercial cast 1,350-1,450 2.19% p 29 Apr 15 tonne) 244 -0.81% q 27 Apr 15
H9 extrusions 1,810-1,910 1.64% p 29 Apr 15 No 1 busheling scrap ($/gross ton) 248 -0.8% q 27 Apr 15
Alloy turnings 1,160-1,260 3.86% p 29 Apr 15 **For shredded scrap the region is for all but the West Coast
Source: VDM
France per 1000kg SCRAP SUBSTITUTES
Pure cuttings 1,700-1,720 0% 28 Apr 15 Price Change† Assessed
Old rolled 850-900 0% 28 Apr 15 EU imports $/tonne
Commercial cast 1,020-1,050 0.98% p 28 Apr 15 Pig Iron imports cif Italy 280-285* -0.88% q 30 Apr 15
Source: Lettre d’Information Metaux Latin American exports $/tonne, delivery terms as stated
Italy per 1000kg Hot briquetted iron Venezuela 250-255* 0% 01 May 15
Pure cuttings 1,505-1,605 0.97% p 24 Apr 15 Pig iron fob Vitorio/Rio 245-255* 0% 01 May 15
Old mixed scrap 1,415-1,465 1.05% p 24 Apr 15 Pig iron fob Ponta da Maderia 255-260* 0% 01 May 15
Commercial cast 1,450-1,500 1.03% p 24 Apr 15 US Imports $/tonne cfr Gulf of Mexico
Source: Assomet Pig Iron 270-275* 0% 01 May 15
Copper CIS Exports $/tonne fob main port
Germany per 1000kg Pig iron Baltic Sea 310-320* -3.08% q 30 Apr 15
Copper wire (berry) 5,390-5,540 0.09% p 29 Apr 15 Pig iron Black Sea 260-265* -0.94% q 30 Apr 15
Heavy copper 5,040-5,220 0.1% p 29 Apr 15 China Domestic yuan/tonne delivered warehouse
Heavy brass 3,140-3,380 0.31% p 29 Apr 15 Pig Iron 1,640-1,700* 0% 01 May 15
Brass turnings (MS 58) 3,470-3,690 0.28% p 29 Apr 15
Brass sheet (MS 63) 3,790-4,000 0.26% p 29 Apr 15 CHINA IRON ORE
Source: Verein Deutscher Metallhandler cfr main China port $ per dry metric tonne
France per 1000kg Price Change† Assessed
Electro cuttings 5,180-5,200 0% 28 Apr 15 Iron ore index (62% fe) 58.70-58.70* -1.97% q 05 May 15
No 1 bright wire 4,930-4,950 0% 28 Apr 15 Iron ore pellet index cfr Qingdao
Mixed (96%) 4,800-4,850 -0.21% q 28 Apr 15 (65% fe) 86.28-86.28* 5.21% p 30 Apr 15
Brass plate cuttings 70/30 3,850-3,950 0% 28 Apr 15
Brass turnings 3,000-3,050 0% 28 Apr 15
UK NON-FERROUS SCRAP
Mixed brass 3,000-3,020 0% 28 Apr 15 Price Change† Assessed
Source: Lettre d’Information Metaux Aluminium - Actual Price
Italy per 1000kg £ per tonne
Electrolytic dd EN 12861-S-Cu-2 5,362-5,414 -0.7% q 24 Apr 15 Group 1 pure 99% & Litho 1,160-1,200* 0% 29 Apr 15
Enamelled wire EN 12861-S-Cu-3 5,200-5,252 -0.72% q 24 Apr 15 Commercial pure cuttings 1,000-1,050* 0% 29 Apr 15
New from tubes, strips etc EN Clean HE9 extrusions 1,150-1,200* 0% 29 Apr 15
12861-S-Cu-4 5,321-5,373 -0.71% q 24 Apr 15 Loose Old Rolled cuttings 760-800* 0% 29 Apr 15
Old from tubes, strips etc Baled old rolled 850-900* 0% 29 Apr 15
12861-S-Cu-7 5,047-5,099 -0.74% q 24 Apr 15
Commercial cast 920-970* 0% 29 Apr 15
EN12861-S-Cu-Zn-1-A-Cu 63.5% 4,050-4,127 -0.51% q 24 Apr 15
Cast wheels 1,240-1,300* 2.42% p 29 Apr 15
Mixed from valves/taps EN
12861-S-Cu-Zn-6 3,499-3,577 -0.59% q 24 Apr 15 Commercial turnings 750-800* 7.64% p 29 Apr 15
Several 95% m/m 12861-S-Cu-Zn-7 3,299-3,377 -0.63% q 24 Apr 15 Group 7 turnings 500-530* 0% 29 Apr 15
Source: Assomet Titanium
$/Ib cif
Turnings, unprocessed type 90/6/4
(O.5% Sn max) 1.10-1.30* -4% q 29 Apr 15
Turnings, unprocessed 90/6/4 (over
0.5% max 2% Sn) 0.95-1.15* -4.55% q 29 Apr 15
continued ››
35 | Wednesday
XXMay
6 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.2
94XX.1 Copyright © 2002-2014
NON-FERROUS FOUNDRY INGOTS

Aluminium UK £/tonne
MB free market
LM24 pressure diecasting ingot 1,480-1,520* 0% 29 Apr 15
LM6/LM25 Gravity diecasting ingot 1,650-1,680* 0% 29 Apr 15
NB: prices expressed delivered consumer works, LM series as specified in BS1490
Aluminium Europe
MB free market
Duty paid delivered works pressure
Log on to your
diecasting ingot price (DIN226/A380)
- ¤/tonne 2,080-2,140* 0.36% p 01 May 15
Price Book
Aluminum US $/Ib delivered Midwest
A380.1 alloy 0.98-1.00* 0% 30 Apr 15
AFFIMET ¤/tonne
AS12 3,430 5.38% p 01 Apr 15
AS12 UN 3,325 7.78% p 01 Apr 15
today
AS9 U3 2,700 9.76% p 01 Apr 15
AS5 U3 3,050 8.54% p 01 Apr 15
Reflects generally larger traded lots
VDM ¤/1000 kg delivered
DIN 226 2,510-2,610 0.79% p 29 Apr 15
DIN 231 2,590-2,690 0.76% p 29 Apr 15
Cutting-edge graphing technology enables you to:
DIN 311 2,570-2,670 0.77% p 29 Apr 15
• Track over 950 metals prices with ease
Aluminium Bronze £/tonne UK
AB1 ex-works 4,200 0% 28 Apr 15 • Quickly analyse and compare prices
AB2 ex-works 4,350 0% 28 Apr 15
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Source: C.F. Booth Ltd.
Brass UK £/tonne
SCB3 ex-works 3,450 1.47% p 05 May 15
High Tensile HTB1 ex-works 3,650 1.39% p 05 May 15
Gunmetal UK £/tonne
LG2 85/5/5/5 ex-works 4,250 1.19% p 05 May 15
LG4 87/7/3/3 ex-works 4,900 1.03% p 05 May 15
G1 1.15 PB ex-works 5,600 0% 28 Apr 15
Phosphor Bronze UK £/tonne
PB1 ex-works 5,850 0% 28 Apr 15
Phosphor Copper £/tonne
10% P ex-works 5,850 0% 28 Apr 15
15% P ex-works 5,950 0% 28 Apr 15
Zinc Alloys UK £/tonne
Brock Metal Co Contract Alloy Price (delivered UK, min 25 tonne lots)
Brock Metal ZL3 1,998 5.71% p 01 Apr 15
Brock Metal ZL5 2,026 5.69% p 01 Apr 15
Start using your Price Book today

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†
Change based on available assessed prices over a one-week period
* MB copyright
36 | Wednesday
Monthly averages:
Low High
Mercury
MB free market
April min 99.99%, $/flask in warehouse

Selenium
MB free market
2,250.000 2,850.000
min 99.5% in warehouse $/lb 17.944 22.056

BASE METALS Silicon
Low High MB free market ¤/tonne 2,380.000 2,450.000
Aluminium Titanium
Aluminium P1020A, in-warehouse Rotterdam duty unpaid, spot $/tonne Ferro-Titanium
Rotterdam premium 187.045 227.455 70% (max 4.5% Al), $/kg d/d Europe 5.500 5.656
Aluminium P1020A, in-warehouse Rotterdam duty paid, spot $/tonne
ORES & ALLOYS
H/G Cash $/tonne 250.000 292.222
Low High
Alumina
Index fob Australia 341.077 Molybdenum
Free market in warehouse
Copper Europe drummed molybdic
US High-grade cathode premium oxide $/lb Mo 7.894 8.067
indicator, $/tonne 132.000 143.000 US canned molybdic oxide $/lb Mo 7.900 8.100
Nickel Ferro-molybdenum
Free market in warehouse premium basis 65% min, in-warehouse Rotterdam,
Europe $/tonne uncut cathodes 35.000 105.000 $/kg Mo 19.800 20.278
4x4 cathodes 180.000 250.000
Tungsten
briquettes 30.000 160.000
European free market APT $/mtu 248.333 260.000
US Melting $/lb 0.200 0.250
Ferro-tungsten
Plating $/lb 0.650 0.700
basis 75% W min 33.861 34.756
Tin
Vanadium
European free market
min 98%, in-warehouse Rotterdam, $/lb V2O5 3.633 3.972
Spot Premium 99.9% $/tonne 456.250 600.000
Ferro-vanadium
Spot premium 99.85% $/tonne 250.000 350.000
basis 78% min, free delivery duty paid consumer plant,
Kuala Lumpur (ex-smelter) $/tonne 16,052.73
1st grade Western Europe $/kg V 19.189 19.589
US Free market 70-80% 9.800 10.007
MINOR METALS
Antimony PRECIOUS METALS
MB free market Gold
Regulus 99.65%, max Se 50ppm, London $/troy oz Morning 1,198.25250
$/tonne in warehouse 8,622.222 8,897.222 Afternoon 1,197.91000
MMTA Standard grade II $/tonne 8,516.667 8,780.556 London £/troy oz Morning 802.27250
Bismuth Afternoon 800.88300
MB free market $/troy oz Handy/Harman 1,198.93
min. 99.99%, $/lb, tonne lots in Palladium
warehouse 6.739 7.450
Morning $/troy oz 764.70000
Cadmium Afternoon $/troy oz 768.80000
MB free market
Platinum: per troy oz
min 99.95%, cents/lb in warehouse 51.667 58.222
Morning $/troy oz 1,151.15000
min 99.99%, cents/lb in warehouse 55.000 61.778
Afternoon $/troy oz 1,150.10000
Cobalt
Rhodium
MB free market
European free market
High Grade, $/lb in warehouse 12.833 13.861
min 99.9% in warehouse, $/troy oz 1,140.625 1,185.000
Low Grade, $/lb in warehouse 12.722 13.678
Silver
Germanium Dioxide
London
MB free market min 99.99%, $/kg 1,275.000 1,350.000
spot pence/troy oz 1,092.08650
Rotterdam $/kg 1,895.556 1,975.556
spot cents/troy oz 1,631.90000
Indium Handy/Harman cents/troy oz 1,634.10
MB free market
Ingots min 99.97%, $/kg in warehouse 516.111 593.333
Magnesium
MB free market
min 99.8%, $/tonne 2,260.000 2,300.000
China free market min 99.8% 2,200.000 2,230.000
continued ››
37 | Wednesday
XXMay
6 April2015
2014
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.2
93XX.5 Copyright©©Metal
2002-2015
BulletinMetal
Limited,
Bulletin
2013
FOUNDRY INGOTS Jan-Apr 2015 Apr

Low High Low High Average
Aluminium $ $ $
LM24 1,458.000 1,494.000 Zinc ($)
LM6/LM25 1,644.000 1,672.000 Cash 1,984.50 2,355.25 2,206.51
Aluminium Europe ¤/tonne 2,022.500 2,101.250 3 months 2,004.75 2,324.00 2,209.36
Phosphor Bronze Settlement 1,985.00 2,355.50 2,206.90
PB1 ex-works £/tonne 5,850.000 3 months seller 2,005.00 2,325.00 2,209.88
Zinc Alloy Cobalt ($)
10 tonne lots ZL3 £/tonne 1,998.000 Cash 26,450.00 31,580.00 28,679.00
3 months 26,600.00 31,750.00 28,908.50
EXCHANGE RATES (CLOSING RATES) Settlement 26,700.00 31,880.00 28,790.00
$/£ 1.4968 3 months seller 26,850.00 32,000.00 29,101.00
$/yen 119.5379 Molybdenum ($)
$/¤ 1.0814 Cash 16,100.00 21,000.00 17,210.00
3 months 16,300.00 21,000.00 17,210.00
Copyright © 2002-2015 Metal Bulletin Settlement 16,350.00 21,500.00 17,445.00
Metal Bulletin monthly average prices are calculated on those 3 months seller 16,550.00 21,500.00 17,435.00
price quotations formulated during the month. Aluminium Alloy ($)
Cash 1,705.00 1,875.00 1,791.88
3 months 1,725.00 1,885.00 1,802.40
LONDON METAL EXCHANGE Settlement 1,710.00 1,880.00 1,795.80
3 months seller 1,730.00 1,890.00 1,806.55
High, low and average April (20 days)
LME averages are mean of buyers and sellers except for Nasaa ($)
settlement and 3 months sellers. Cash 1,735.00 2,020.00 1,866.74
Jan-Apr 2015 Apr 3 months 1,777.50 2,057.50 1,893.75
Low High Average Settlement 1,740.00 2,025.00 1,868.70
$ $ $ 3 months seller 1,780.00 2,060.00 1,897.50
Aluminium ($) Steel Billet ($)
Cash 1,741.75 1,909.25 1,816.80 Cash 295.00 490.00 297.75
3 months 1,746.25 1,903.75 1,807.65 3 months 305.00 490.00 310.00
Settlement 1,742.00 1,909.50 1,817.13 Settlement 300.00 500.00 302.75
3 months seller 1,746.50 1,904.00 1,807.97 3 months seller 310.00 500.00 315.00
Copper Grade A ($)
Cash 5,390.25 6,307.00 6,027.96
LME SETTLEMENT CONVERSION RATES
3 months 5,368.50 6,246.00 6,019.00
$/£ 1.4952
Settlement 5,390.50 6,309.00 6,028.48
$/yen 119.594
3 months seller 5,369.00 6,247.00 6,019.75
$/¤ 1.0783
Copper Grade A (£)
Settlement 3,563.73 4,180.93 4,032.24
3 months seller 3,551.87 4,173.38 4,028.85
Lead ($)
Cash 1,695.75 2,124.25 1,999.35
3 months 1,697.00 2,110.00 2,001.06
Settlement 1,696.00 2,124.50 1,999.80
3 months seller 1,698.00 2,111.00 2,001.72
Lead (£)
Settlement 1,117.51 1,377.67 1,337.21
3 months seller 1,130.48 1,379.79 1,339.33
Nickel ($)
Cash 12,257.50 15,452.50 12,779.75
3 months 12,315.00 15,535.00 12,829.13
Settlement 12,260.00 15,455.00 12,782.75
3 months seller 12,320.00 15,540.00 12,836.25
Tin ($)
Cash 14,757.50 19,737.50 15,979.00
3 months 14,757.50 19,737.50 16,007.00
Settlement 14,765.00 19,750.00 15,985.50
3 months seller 14,760.00 19,750.00 16,020.75

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