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Tuesday 19 March 2019 | Number 9604.2

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FOCUS: Zambian copper industry warns

new tax regime will hit investment, jobs
LONDON One of the controversial measures facing intense opposition is the
In less than two weeks, the Zambian government is set to introduce replacement of the 16% value-added tax (VAT) with a
a new series of tax measures: rocketing tax rates have prompted non-refundable sales tax announced in a budget speech in 2018.
some copper producers to shut down their operations, while others
have cut production and costs to keep their businesses running in SALES TAX RATE UNKNOWN
the world’s sixth largest copper producing country. Zambia Revenue Authority has confirmed with Fastmarkets the
A tax regime comprising a new sales tax and an increase in implementation timeline for the sales tax is April 1, 2019.
mineral royalty tax (MRT), which will no longer be deductible, will “The modalities for this tax are currently being prepared by
transform the landscape of Zambia’s copper industry. government through the Ministry of Finance. These modalities
Zambia is home to Africa’s largest copper mine, Kansanshi, as include the rates that shall apply. We shall soon make available to
well as other major sites including Sentinel and Konkola. the public all information regarding this tax,” a ZRA spokesman said
In 2018, Zambia produced 998,400 tonnes of copper metal by email on March 13.
contained in mined concentrate, according to the World Bureau of No official notice of the rate of the new sales tax has been
Metal Statistics (WBMS). It is second only to neighboring Democratic released, and Zambian copper miners and smelters have reported
Republic of Congo (DRC) as Africa’s biggest copper source. hearing mixed information.
To extract more tax revenue from the copper sector, the Zambian Fastmarkets talked to three major metal companies operating
government has defied threats from miners and smelters that they businesses in Zambia who all offered different estimates on the sales
will pull out of investments and followed through with plans to carry tax rates ranging 3-10%. There are also no available details for
out reforms. taxable items.
Under the proposed tax regime, the effective tax rate for “There’s a two-page document. It just looks like a random
Zambia’s mining companies could rise to 86.3%, adding to pressures printout made with Microsoft Publisher. It states that the new sales
on miners at a time when the outright copper price is under $7,500 tax rate will be 10%. But it didn’t mention the details - whether the
per tonne, according to a report by Ernst & Young. 10% is on the exports of metals, buying of chemicals, it didn’t say
That represents a substantial rise from the current 61.5% as anything,” a producer source, who has seen a document, said.
calculated by the accounting firm’s advisory arm, making Zambia A second producer source also said the company has been
the least competitive among 12 major mining countries. continued ›

Base metals 3 Exchange news 16 Stainless & special 26

Ores & alloys 7 Carbon steel: Flats 17 Ferrous scrap 27
Non-ferrous raw materials 11 Carbon steel: Longs 21 Ferrous raw materials 29
Minor & precious metals 12 Semi-finished 23 Prices 34

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Tuesday 19 March 2019 | Number 9604.2

informed by the government that the sales tax rate is 10%. U-TURN UNLIKELY ON NEW TAX POLICY
Meanwhile, a third source said a Chinese-owned smelting Despite threats of layoffs and shutdowns, the Zambian government
operation in Zambia received a proposal of sales tax rates between is unlikely to roll back the new tax measures in the near future, based
3-5%, spurring speculation that rates will vary across different on a general bullish outlook for copper prices and a bet that
companies in Zambia. economic losses would be limited.
“It could be the case that there are different rates for different “The government will have a sense that they can raise taxes
companies after all there are not so many major players in Zambia,” because the mines will ultimately pay for it because the market will
the first producer source said. be strong,” David Manley, senior economic analyst at the Natural
Meanwhile, government exemptions on certain transactions and Resource Governance Institute, said.
products could cause the final sales tax rate to differ from company “If prices were to crash I imagine this would go away and in fact
to company, the source added. this is what happened previously,” Manley, formerly a senior
Another difference between the current VAT and the new sales tax economist in the Zambia Revenue Authority, added.
is that the latter will be non-refundable. However, while the VAT is Citing an expected uptick in Chinese copper demand, one copper
currently refundable, various Zambian copper producing company analyst expects the red metal price to reach $8,000 per tonne this
sources told Fastmarkets they have not received refunds from the year, he said at Fastmarkets’ International Copper Conference in
government for six months to a year. Amsterdam last week. This compares with the current level of
“There has always been delays. We haven’t received VAT refunds $6,400 per tonne.
for over one year already. The Zambian government kept telling us While the Zambian government casts hope on the new tax regime
they will pay us later when they have cash,” the third Zambian revenues lifting the country out of debt, the metals industry remains
producer source said. skeptical of the structure.
“They are not going anywhere - won’t see any increase in tax
NON-DEDUCTIBLE MRT ‘LEADS TO DOUBLE-TAXATION’ revenue at all. It is just wishful thinking of Zambian [government].
Another new measure coming this year is related to a mineral Attracting investment will – but that can’t be done by introducing
royalty tax (MRT), a tax applied as a consideration of the extraction taxes that they don’t understand themselves,” the third source said.
of minerals. The debate between the Zambian government and mining
As part of the measures, the sliding scale for the MRT of 4-6% has companies escalated when Zambia Chamber of Mines said it
been increased by 1.5 percentage point, and the duty will no longer expects over 21,000 job losses as a result of the tax reform.
be tax deductible from corporate income tax. First Quantum, owner of Sentinel and Kansanshi, is mulling a
The increase in scale could already mean an actual 25-37.5% layoff of 2,500 staff in Zambia in the first quarter this year, while the
increase in the MRT, according to the EY report. suspension of Chambishi refinery has already put 351 jobs on hold.
“The government in Zambia don’t understand what they’ve done. “On previous occasions when companies have laid off workers, it’s
They similarly don’t understand that making royalty non-deductible happened to an extent but never as much as companies have
against corporate tax is double-taxation in anybody’s language. But threatened. It might be that the companies have cried wolf too
challenged with this they slip into denial,” the second producer many times,” Manley said.
source said. Yet producer sources do not think alike.
Under the new tax regime, EY calculated that the effective tax “The market economy will do its work - their policies will first fend
rate for Zambian miners could be over 105% if the copper price off the overseas investors, then dampen the domestic economy,”
surpasses $7,500 per tonne. the second producer source said.
Changes to the regime are likely to drain investment in the sector, “[The government] won’t retreat for now. It can’t lose face. But
and result in slower growth, reduced employment and lower tax two years later they will have to remove everything - tariffs, sales tax
revenue in the medium term, the advisory report said. and non-deductible MRT,” the source predicted.
ARCHIE HUNTER, JULIAN LUK
COPPER, COBALT IMPORTS DUTY ALREADY LEADING
TO CLOSURES
In under three months, the impact of some new tax measures,
namely the 5% import duty on copper and cobalt concentrates,
have already surfaced in Zambia. The import duty came info effect
at the start of 2019.
ERG decided last month to halt its 55,000 tonne-per-year
Chambishi copper refinery as the rising tariff will be charged on the
raw feed from its Boss Mine and Frontier Mine in DRC.
As long as the tax is still in place, there is slim chance of
production resumption, Fastmarkets understands.
Other Zambian copper smelters, Vedanta’s Konkola Copper
Mines (KCM) and CNMC’s Chambishi, which both receive
DRC-origin feed, also plan to cut their capacities this year.
Part of the DRC copper concentrates freed up from capacity cuts
are piling up in Zambia’s bonded zone as a result. Some are pending
export to Europe, Taiwan, and China, although some will still
possibly be brought into Zambia.
“I fear what we’ll see are more examples like Chambishi [refinery],
where the cost of doing business is just so high that mines will slip into
either maintenance or closure entirely,” the second producer said.

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Tuesday 19 March 2019 | Number 9604.2

FASTMARKETS’ KEY PRICES: INDICES

Base metals
Alumina index fob Australia ($/t)
Charge chrome index 50% Cr cif
Price Change† Assessed
403.19 2.34% p 18 Mar 19

Shanghai ($/lb Cr) 0.85 0% 15 Mar 19

FASTMARKETS’ KEY PRICES Manganese ore index 44% Mn cif
Tianjin ($/dmtu) 6.58 2.81% p 15 Mar 19
Daily base metal prices and premiums ($/t)
Manganese ore index 37% Mn fob Port
Price Change† Assessed Elizabeth ($/dmtu) 5.47 -0.36% q 15 Mar 19
LME copper cash settlement 6,492.00 0.89% p 18 Mar 19 Manganese ore index 37% Mn cif
Weekly copper premium (cif Tianjin China ($/dmtu) 6.14 0% 15 Mar 19
Rotterdam) 38.00-50.00 0% 12 Mar 19 MB Index CFR Turkey HMS 1&2 (80:20)
Daily copper premium (cif Shanghai) 45.00-72.00 3.54% p 18 Mar 19 (North Europe material) 318.67 0.47% p 18 Mar 19
Daily copper premium (in-whs HMS 1&2 ferrous scrap index (80:20)
Shanghai) 45.00-65.00 4.76% p 18 Mar 19 fob Rotterdam ($/t) 298.70 1.13% p 15 Mar 19
LME aluminium cash settlement 1,879.00 2.68% p 18 Mar 19 Copper concentrate Asia-Pacific
index TC import $/dmt 69.00 -7.13% q 15 Mar 19
Daily aluminium premium DUP (in-whs
Rotterdam) 85.00-92.00 1.72% p 18 Mar 19 Copper concentrate Asia-Pacific
index RC import US cents/lb 6.90 -7.13% q 15 Mar 19
Twice weekly aluminium premium DP
(in-whs Rotterdam) 1,160.00-1,160.00 -3.33% q 15 Mar 19 Zinc concentrate spot treatment
charge (TC) cif Asia Pacific, $/t 215.00-250.00 3.33% p 22 Feb 19
Weekly aluminium premium (cif
Shanghai) 95.00-105.00 0% 12 Mar 19 FASTMARKETS’ KEY PRICES: ASSESSMENTS
Twice weekly aluminium premium (cif
MJP) 100.00-115.00 10.26% p 15 Mar 19 Price Change† Assessed
Weekly aluminium premium (cif MKP) 90.00-110.00 2.56% p 12 Mar 19 Ferro-chrome, 6-8% C, basis 60% Cr,
del European consumers ($/lb Cr) 0.98-1.14 0.95% p 15 Mar 19
Twice weekly aluminium premium (dlvd
US MW) 0.193-0.195 0% 15 Mar 19 Silico-manganese, basis 65-75% Mn,
15-19% Si, del European consumers (€/t) 1,000-1,030 1% p 15 Mar 19
LME zinc cash settlement 2,840.00 2.38% p 18 Mar 19
Ferro-silicon, basis 75% Si, del
Weekly zinc premium (fca duty-paid European consumers (€/t) 1,130-1,180 -1.7% q 15 Mar 19
Rotterdam) 100.00-117.00 -1.36% q 12 Mar 19
Ferro-titanium, 70% Ti, ddp ($/kg) 5.00-5.20 4.08% p 13 Mar 19
Weekly zinc premium (in-whs
Shanghai) 140.00-150.00 0% 12 Mar 19 Ferro-manganese, basis 78% Mn, del
European consumers (€/t) 1,060.00-1,080.00 2.39% p 15 Mar 19
LME nickel cash settlement 12,810.00 -1.39% q 18 Mar 19
Ferro-molybdenum, basis 65-70% Mo,
Weekly nickel premium (cif Shanghai) 180.00-200.00 0% 12 Mar 19 in-whs Rotterdam ($/kg Mo) 29.20-29.50 -0.34% q 15 Mar 19
LME lead cash settlement 2,028.00 -2.55% q 18 Mar 19 Molybdic oxide, in-whs Rotterdam ($/lb Mo) 12.50-12.65 -0.4% q 15 Mar 19
LME tin cash settlement 21,160.00 0.17% p 18 Mar 19 Ferro-tungsten, basis 75% W, in-whs
Rotterdam ($/kg W) 35.50-36.50 1.41% p 15 Mar 19
Cobalt (low-grade) in-whs Rotterdam ($/lb) 13.90-14.85 -4.8% q 15 Mar 19
Cobalt (high-grade) in-whs Rotterdam ($/lb) 14.00-14.70 -5.44% q 15 Mar 19

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4
Tuesday 19 March 2019 | Number 9604.2

Base metals assessed the premium for billet delivered duty-paid in the Brescia
area with 60-day payment terms at $420-450 per tonne, down from
$440-470 per tonne the week before.
A sustained flood of billet into Italy was pushing the premium
FASTMARKETS’ KEY ALUMINIUM PRICES down in that region.
“There’s all that [billet from outside of Europe], it goes with a
Price Change† Assessed
bigger discount,” a trader in Europe said.
Alumina index fob Australia ($/t) 403.19 2.34% p 18 Mar 19
Some billet purchasers were unwilling to pay a higher premium
Group 1 pure 99% Al & litho scrap, del UK (£/t) 1,300-1,350 0% 13 Mar 19
after having to do so for much of 2018 after the US sanctions
Cast aluminium wheels, del UK (£/t) 1,150-1,180 0% 13 Mar 19
against Rusal.
LME aluminium cash settlement ($/t) 1,879.00 2.68% p 18 Mar 19
“We are coming down to the last-minute push in Q2. Consumers
Daily aluminium premium, duty-unpaid
(in-whs Rotterdam) ($/t) 85.00-92.00 1.72% p 18 Mar 19 are bitter and they’re not ashamed to hide it,” a second trader said.
Weekly aluminium premium, The premium for billet in Spain, delivered duty-paid with 60-day
duty-unpaid (cif Shanghai) ($/t) 95.00-105.00 0% 12 Mar 19 payments fell 4% Friday to $420-450 per tonne from $450-470 per
Twice weekly aluminium premium (cif MJP) ($/t) 100.00-115.00 10.26% p 15 Mar 19 tonne the week before.
Weekly aluminium premium, duty-free After weeks of consumers aggressively bidding at a lower
(cif MKP) ($/t) 90.00-110.00 2.56% p 12 Mar 19 premium, traders have started to become more willing to conclude
Twice weekly aluminium premium, dlvd business at those levels.
(US MW) (cents/Ib) 104.33-104.58 1.09% p 15 Mar 19
“Spain is a total bleed. I lost some sales because guys are selling
Extrusion billet premium, 6063,
duty-paid, in-whs Rotterdam ($/t) 380-410 -2.47% q 15 Mar 19 [so low]. I would love to have the premium higher, but the good
LM24 pressure diecasting ingot (del times are over,” a third trader said.
UK consumers) (£/t) 1,360-1,410 -0.72% q 13 Mar 19
LM6/LM25 gravity diecasting ingot PREMIUM STABLE IN BRAZIL AMID LOW SPOT ACTIVITY
(del UK consumers) (£/t) 1,680-1,720 -0.58% q 13 Mar 19
The Brazilian import premium remained steady as most clients
DIN226 pressure diecasting ingot
were still under long-term contracts and spot demand was
(del European consumers) (€/t) 1,440-1,500 0% 15 Mar 19
persistently low.
Aluminium ingot ADC 12 spot (MJP) $/tonne 1,620-1,640 5.16% p 13 Mar 19
Fastmarkets assessed the Brazilian import aluminium extrusion
billet premium at $330-350 per tonne cif at main ports on March 15,
LONDON, SAO PAULO, NEW YORK, SHANGHAI stable since February 15. These levels are still higher than at the end
ALUMINIUM BILLET WRAP 15/03: European of 2018, when the premium was assessed at $300-330 per tonne.
premiums continue to plummet; Market participants who need to import extrusion billet have
already secured supply for at least half a year, according to sources.
US upcharge dips Most of those volumes are coming from Argentina.
Aluminium billet premiums in Europe and the United States moved Meanwhile, there is reportedly some activity in the spot market,
lower on Friday March 15 due to continued weak demand, and the but tonnage is extremely low, traders said. There was no indication
market remained quiet elsewhere. of whether the premium could follow the downtrend seen in Europe.
Italian premium drops 4.5%. Long term contracts dominate “The billet market is slow nowadays,” one source said. “And a lot
Brazilian market. US spot market remains quiet. Asia yet to see of customers are waiting for local producers to increase capacity,
Russian units. moving away from imports.”
At least one region in Brazil could still be keen on buying foreign
ALUMINIUM BILLET IN GERMANY CONTINUES SLIDE; material even amid local output growth, the source added. Tax relief
PREMIUMS DOWN THROUGHOUT EUROPE in the southern state of Santa Catarina makes a higher premium
Poor fundamentals and bearish sentiment pulled down European feasible for some market participants.
aluminium billet premiums on March 15.
Fastmarkets assessed the premium for prime-quality billet US BILLET UPCHARGE FALLS ON FLIMSY DEMAND
delivered duty-paid on a spot basis into the Ruhr region with 30-day The 6063 extrusion billet upcharge delivered US Midwest softened to
payment terms at $420-450 per tonne Friday from $430-460 per 12-13 cents per lb on March 15, down a penny from 13-14 cents per lb,
tonne the week before. at which the upcharge had sat since January 4.
The German premium - which is now approaching the $380-400- Spot demand remains quiet. Extruders overcommitted on their
per-tonne level seen prior to the US government’s sanctions against supply requirements last year, keeping their appetite for spot
UC Rusal last April - has fallen for three-consecutive weeks. The material weak. Market participants recall the supply tightness
premium’s latest drop follows a 6% decline the week before. experienced last year, which may have motivated some extruders to
Macroeconomic concerns about weaker European automobile contract larger volumes from billet producers.
and industrial sectors, as well as a relatively oversupplied European “Things are soft at the moment as extruders and downstream
market remain the main forces driving billet premiums lower. customers are carefully taking out some inventory,” one extruder
“It’s just a question of days or weeks [before premiums move said. “Spot demand is weak and premiums have come off in
below $400 per tonne],” one consumer in Europe said. response.”
Other participants expect more stability in the coming weeks Said a second extruder: “Our inventories are a bit bloated. We are
with most second-quarter deals wrapped up. a little soft now, so we’re not buying anything above contract stuff.”
“I expect some kind of a pause, as in Europe, many parties are On the supply side, Rusal, free from sanctions, is shipping
locking things in on a quarterly basis, and once locked, you need to material to the US again, but the absence of spot demand is
stick with it,” a second consumer said. hindering the Russian producer in its attempt to return US sales to
Premiums outside of Germany dipped as well. Fastmarkets pre-sanction levels.
continued ›
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5
Tuesday 19 March 2019 | Number 9604.2

Base metals fees due to the increase in crude oil prices, but was then dragged
down by declines in LME nickel prices during the remainder of 2018.

FERRO-NICKEL
“[Rusal] showed up after the sourcing period was established in In 2018, Antam’s ferro-nickel production totaled 24,868 tonnes of
the fall. Even if [Rusal] came in with poor pricing discipline, they nickel contained, up by 14% year on year, while its sales volume grew
probably couldn’t rouse up enough business to return to output by 10% over the same period to 24,135 tonnes of nickel contained.
levels as before,” the second extruder said. And the company plans to increase its ferronickel production by
Some market participants expressed concerns surrounding the 21% year on year to 30,280 tonnes in 2019.
slowing economy. But some extruders are optimistic that the typical The higher ferro-nickel production target this year is in line with
return of construction activity in the warmer months will prop up Antam’s strategy to increase the utilization of its Pomalaa ferro-
demand in the near term. nickel plant and the commissioning of the East Halmahera ferro-
One billet producer told Fastmarkets that sales have been nickel plant in the second half of 2019.
noticeably weaker compared to the same period in 2018. Fastmarkets MB assessed the monthly ferro-nickel premium,
“I don’t think the US is entering a recession, but growth is 26-32% nickel content, cif China at discount of $120-250 per tonne
definitely off,” the second extruder said. “I think we’re going to see on December 31 2018, down from a premium of $170-350 per tonne
some seasonally improved conditions in April and May with the on December 26 2017, with most cargoes covered by long-term
business and construction cycle. But nothing’s going to run away. It contracts.
won’t be a big uptick in business by any stretch of the imagination.” Ferro--nickel premiums were placed under pressure in the second
half of 2018 as miners ramped up exports of ferro-nickel to China
THAILAND BILLET LEVEL UNCHANGED amid muted demand from European buyers.
The premium for aluminium 6063 extrusion billet basis cif Thailand VIOLET LI
was at $190-210 per tonne on March 15, unchanged from the
previous month’s assessment amid thin spot trading. CHICAGO
The market continues to have little reaction to the US Record-low warehouse stocks to support
government’s decision to remove sanctions against Rusal. copper prices - Fitch Solutions says
Participants in Asia said they have yet to see a surge of Rusal
supply entering the region. Fitch Solutions has predicted that copper prices will rise to an
JUSTIN YANG, ALICE MASON, MICHAEL ROH, RENATO ROSTÁS average $6,900 per tonne in 2019 before reaching $7,100 per tonne in
2020, with tight fundamentals and record-low warehousing stocks
SHANGHAI underpinning the market.
Antam’s profits, nickel ore output surge “Tight fundamentals, underpinned by record-low [London Metal
in 2018 Exchange] stocks and improving market sentiment as the
probability of a US-China trade agreement rises have boosted
PT Aneka Tambang (Antam) recorded a net profit of 874.4 billion copper prices so far this year,” the group wrote in market
rupiah ($61.3 million) in the year ended December 31, 2018, marking commentary released on Thursday March 14.
a more-than-fivefold increase from the 136.5 billion rupiah recorded LME copper stocks hit 111,775 tonnes on March 12, the lowest level
in the preceding year, the Indonesian state-owned miner since standing at 105,600 tonnes in early August 2007. Stock levels
announced on Monday March 11. rebounded somewhat later in the week, reaching 186,425 tonnes on
Antam attributed the growth in profits to a surge in both output March 14.
and sales over the period. Meanwhile, the LME’s three-month copper contract closed the
The Indonesian miner produced 9.32 million wet metric tonnes official session at $6,400.50 per tonne on March 15, up by 9.2%
(wmt) of nickel ore in 2018, an increase of 67% from the 5.57 million compared with $5,862 per tonne at the start of this year.
wmt produced in 2017. Fastmarkets AMM assessed the US copper cathode premium at
Growth in nickel ore sales was similarly robust last year with a 7-7.5 cents per lb delivered to the Midwest on March 12, unchanged
116% year-on-year rise to 6.34 million tonnes, compared with 2.94 since last July but up by 26.1% from 5.5-6 cents per lb one year ago.
million wmt in 2017.
For 2019, Antam is targeting to increase its nickel ore output by SUPPLY/DEMAND IMBALANCE
12% year on year to 10.5 million wmt. Fitch predicted that global copper production would reach nearly 24
“The surge in ore exports last year is all down to the lifting of the million tonnes this year, with demand totaling an estimated 24.1
Indonesian laterite ore [export] ban in 2017, with most of the ore million tonnes. Those figures fall roughly in line with forecasts from
being shipped to China,” a Shanghai-based analyst said. the International Copper Study Group, which previously projected a
In January 2017, the Indonesian mining authority announced new 65,000-tonne refined copper deficit in 2019.
legislation to relax a ban on nickel ore exports, which had been in “Global refined copper demand will increasingly outpace
place since 2014. production as solid demand from China’s power, infrastructure and
Following this, exports of Indonesian nickel ore to China – the auto sectors - as well as rising global electric vehicle production -
largest buyer of this materials – gradually picked up, with Indonesia deepen the global deficit over the coming years,” Fitch wrote.
supplying 15 million tonnes of nickel ore to China in 2018, up by 11.19 China is expected to see a 2.8% increase in copper consumption in
million tonnes from 2017. 2019, with government measures to stimulate the infrastructure
Fastmarkets’ price assessment for nickel ore, basis 1.8%, cif China sector driving domestic copper demand.
was at $50-52 per tonne on December 31, 2018, marginally up from Fastmarkets previously reported predictions of a copper price
$49-50 per tonne on December 25, 2017. The nickel ore price had uptrend, with market analysts indicating that China’s influence on
rallied strongly in the first three quarters of 2018 on higher freight the outright LME copper price is unprecedented. Notably, Marex
continued ›
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6
Tuesday 19 March 2019 | Number 9604.2

Base metals primary metal business area, a position she has held since 2008.
Prior to joining Hydro, she chaired the International Aluminium
Institute and the Federation of Norwegian Industries.
“With more than 30 years of experience from Norwegian and
Spectron head of market analytics Guy Wolf suggested that the global industry and an impressive track record of industry-leading
LME’s three-month copper price could climb as high as $8,000 per improvement and change processes, Hilde has what it takes to
tonne this year. further strengthen Hydro’s position as a world-leading aluminium
Still, Fitch noted that if recent trade discussions between the US company,” Dag Mejdell, chair of Hydro’s board, said.
and China disintegrate or drag out, that could weigh on the base “Brandtzæg has transformed Hydro into a world-leading
metals complex. aluminium company, with strong positions along the entire value
“Risks to our outlook are slanted to the downside in the scenario chain of aluminium and 35,000 employees in 40 countries. This
that Chinese authorities’ efforts to support infrastructure does not includes the key strategic decisions of acquiring bauxite and
have the desired effect of offsetting a potential reduction to alumina assets in Brazil in 2011 and global aluminium extrusion
demand for Chinese metals due to slowing economic growth,” Fitch champion Sapa in 2017, completing Hydro’s aluminium value chain,”
wrote. “The outcome of ongoing talks between the US [and] China Mejdell added.
to resolve their trade dispute will play an important role... since ALICE MASON
elevated tensions and external pressures on the economy could
worsen the domestic environment in China.”
DALTON BARKER

LONDON
PEOPLE MOVES: Aasheim appointed new
Hydro CEO after Brandtzæg steps down
Hilde Merete Aasheim has been appointed new president and chief
executive officer of aluminium producer Norsk Hydro, effective May 8.
She will succeed Svein Richard Brandtzæg, who steps down after
10 years as CEO.
Brandtzæg, who became CEO of Hydro in March 2009, has been
working in Hydro for 33 years and will remain with the company until
the end of 2019.
Aasheim is currently executive vice president and head of Hydro’s

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forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
7
Tuesday 19 March 2019 | Number 9604.2

Ores & alloys December 31, 2018, compared with 100 rand to $8.076 on December
31, 2017, according to exchange-rate website Oanda.com. The rate
was 100 rand to $6.904 on Friday March 15.
Merafe’s attributable ferro-chrome production reached a record
FASTMARKETS’ KEY NOBLE ALLOYS AND ORE PRICES high of 407,000 tonnes in 2018, up from 395,000 tonnes in 2017.
Price Change† Assessed Ferro-chrome prices dropped by 7% year on year on a cif basis in
Molybdic oxide, in-whs Rotterdam 2018, the company said, adding that ferro-chrome sales volumes
($/lb Mo) 12.50-12.65 -0.4% q 15 Mar 19 were down by 1% over the same period to 372,000 tonnes.
Molybdic oxide, USA ($/lb Mo) 12.50-12.70 0.8% p 14 Mar 19 This caused a 6% reduction in ferro-chrome revenue to 4.85
Ferro-molybdenum, basis 65% min, billion rand.
in-whs Rotterdam ($/kg Mo) 29.20-29.50 -0.34% q 15 Mar 19 Fastmarkets’ charge chrome index, cif Shanghai, dipped as low as
Tungsten, APT, in-whs Rotterdam ($/mtu) 271.00-282.00 0% 15 Mar 19 $0.81 per lb in 2018 and rose no higher than $1.03 per lb, compared
Ferro-tungsten, basis 75% W, in-whs with a range of $0.70-1.20 per lb in 2017. It was $0.85 per lb on March
Rotterdam ($/kg W) 35.50-36.50 1.41% p 15 Mar 19
15 this year, its highest value since late October 2018.
Ferro-vanadium, basis 78% min, free
delivery duty paid consumer plant, The ferro-chrome market in 2018 was also affected at times by
1st grade, Western Europe ($/kg V) 66.00-71.00 -7.12% q 15 Mar 19 lower demand for imported material from Chinese consumers, and
US free market ferro-vanadium $/Ib standoffs between Chinese buyers of both chrome ore and ferro-
in-warehouse Pittsburgh 37.00-40.00* 0.65% p 14 Mar 19 chrome and their overseas suppliers.
Vanadium pentoxide, min 98% V, ($/lb Merafe also produced 248,000 tonnes of chrome ore in 2018,
V2O5) 16.00-17.00 -4.49% q 15 Mar 19
down by 23% year-on-year.
FASTMARKETS’ KEY BULK ALLOYS AND ORE PRICES
Chrome ore revenue increased by 3% year-on-year to 747 million
Price Change† Assessed rand, due to a 16% increase in average sales prices.
Charge chrome 50% Cr index cif Fastmarkets’ UG2 chrome ore index, cif China, was in the range
Shanghai ($/lb Cr) 0.85 0% 15 Mar 19 $155-245 per tonne in 2018, up from $138-394 per tonne in 2017.
Manganese ore index 44% Mn cif Despite the lower prices, demand for ferro-chrome was healthy
Tianjin ($/dmtu) 6.58 2.81% p 15 Mar 19
due to global growth in stainless steel production, while chrome ore
Manganese ore index 37% Mn fob Port
Elizabeth ($/dmtu) 5.47 -0.36% q 15 Mar 19
demand was supported by ferro-chrome production growth in
Manganese ore index 37% Mn cif
China, Merafe said.
Tianjin China ($/dmtu) 6.14 0% 15 Mar 19 Such growth will continue in 2018, the company added, identifying
Ferro-chrome, 6-8% C, basis 60% Cr, Indonesia as an increasingly important market participant.
del European consumers ($/lb Cr) 0.98-1.14 0.95% p 15 Mar 19 “Global [gross domestic product] and stainless steel production
South African UG2 chrome ore concs, are both forecast to rise in 2019, with Indonesia’s contribution to
index basis 42% 184-184 0.55% p 15 Mar 19
the stainless steel industry continuing to become more
Ferro-manganese, basis 78% Mn, del
European consumers (€/t) 1,060-1,080 2.39% p 15 Mar 19 meaningful. This will underpin projected growth in demand for
Ferro-manganese, basis 78% Mn, ferro-chrome,” Merafe said.
in-whs Pittsburgh ($/long ton) 1,315-1,350 0% 14 Mar 19 “Indonesian production reached 2.3 million tonnes in 2018, and
Silico-manganese, basis 65-75% Mn, was the primary driver of global growth,” it added, “largely as a
15-19% Si, del European consumers (€/t) 1,000-1,030 1% p 15 Mar 19 result of stainless steel projects, commissioned during 2017,
Ferro-silicon, basis 75% Si, del recording their first full year of production.”
European consumers (€/t) 1,130-1,180 -1.7% q 15 Mar 19
JANIE DAVIES

LONDON NEW YORK

South Africa’s Merafe reports 25% profit drop European shortage drives US ferro-titanium
for 2018 amid lower ferro-chrome prices price up
South African ferro-chrome producer Merafe Resources has Ferro-titanium prices rose for a third consecutive week in the United
reported a 25% fall in after-tax profit for the 12 months to December States due to tightness in the European market and elevated
31, 2018, resulting from lower prices for ferro-chrome caused by titanium scrap prices.
factors including the uncertainty around the UK’s departure from Fastmarkets assessed ferro-titanium 68-72% ex-US warehouse
the European Union (“Brexit”). at $2.40-2.50 per lb on Thursday March 14, up by 3.4% from
Merafe, which operates a chrome venture in South Africa with $2.30-2.44 per lb one week earlier and a 5.4% increase from
trader-miner Glencore, reported after-tax profit of 683.4 million $2.25-2.40 per lb on February 21 - a level that had been unchanged
rand ($47.18 million) for 2018, compared with 914.1 million rand since January 24.
in 2017. Fastmarkets assessed the European price for ferro-titanium at
“The uncertainty created by geopolitical events such as Brexit and $5-5.20 per kg ($2.27-2.36 per lb) delivered on March 13, up by 4.1%
trade wars [between other nations] resulted in lower realized from $4.80-5 per kg on March 6.
ferro-chrome prices [on a cif basis],” chief executive officer Zanele “One of the biggest suppliers said in early March that it couldn’t
Matlala said. fulfill its contracts, and it’s causing panic stations,” one European
“Profit after tax decreased by 25% mainly as a result of lower supplier said.
ferro-chrome sales volumes, a lower-than-average net cif ferro- “We’re targeting $6 per kg before Easter [April 21] so by the time that
chrome price and a marginally stronger average rand-dollar gets to the US you’re talking of about $2.80-2.90 per lb,” he added.
exchange rate,” Matlala added. Most North American suppliers agreed with the upward
South Africa’s currency was trading at 100 rand to $6.923 on trajectory but were less bullish. The US typically reacts later to
continued ›
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8
Tuesday 19 March 2019 | Number 9604.2

Ores & alloys • Small quantities sold at $37 per kg in Europe

WEDNESDAY MARCH 13
APT
changes in the bigger European spot market. • Offer at $270 per mtu fob China
One supplier pegged the US spot market already perhaps as high • Offer at $270-275 per mtu fob China
as $2.59 per lb and sold above that level this week, but in an atypical • Offer at $275-280 per mtu fob China
deal, he said. • Material reported sold at $275 per mtu fob China
“I’ve gotten lots of inquiries from Europe from companies I never • Prices indicated at $270-275 per mtu fob China
dealt with before,” he added. • Offer at $271 per mtu fob China
Moreover, market participants attributed the rise in ferro- • Material reported sold at $265 per mtu fob China
titanium prices to surging raw material costs, with titanium scrap • Material reported sold at $268 per mtu fob China
pricing experiencing significant strength. • Offer at $270 per mtu fob China
Fastmarkets assessment for titanium scrap turnings (0.5% Sn
max) increased by 10.5% to $1-1.10 per lb on March 13, up from FERRO-TUNGSTEN
$0.90-1 per lb previously. Meanwhile, titanium scrap turnings (2% Sn • 5 tonnes sold at $36 per kg fob China
Max) rose to $0.90-0.95 per lb, up by 12.1% from $0.80-0.85% per lb • Prices indicated at $34.50-36.50 per kg fob China
in the same comparison. • 10 tonnes reported sold at $36 per kg in Europe
Titanium scrap turnings prices have also rising faster than those • Prices indicated at $35-36 per kg in Europe
for ferro-titanium, with the robust appetite for scrap in Europe • Prices indicated at $35.50-36.50 per kg in Europe
fueling the gains. • 10 tonnes reported sold at $36 per kg in Europe
“It’s all about sentiment, there’s no shortage of supply,” a second • Material reported sold at $36 per kg in Europe
North American source said. • Prices indicated at $35-36 per kg in Europe
Another North American producer indicated his margins have • Small tonnages sold at $37 per kg in Europe
been squeezed by fast-rising scrap prices, noting that he intends to
hold off buying at current price levels. FRIDAY MARCH 8
“We have been asked for 90 cents per lb for turnings that are not APT
cleaned or prepared. We try to stay at about 80 cent per lb,” he said, • 20 tonnes bought at $275 per mtu in Europe
noting the flow of US scrap to Europe. • 20 tonnes bought at $271 per mtu in Europe
The actual shortage of ferro-titanium in Europe is a matter of • 20 tonnes bought at $269 per mtu in Europe
debate, with sources’ estimates varying between a monthly • 20 tonnes bought at $282.50 per mtu in Europe
shortfall of 350 tonnes and 800 tonnes. • Prices indicated at $271-282 per mtu in Europe
Market participants suspect the elevated scrap prices will • Offer at $270 per mtu in Europe
continue to drive ferro-titanium prices during the near term, also • Prices indicated at $270-280 per mtu in Europe
noting an expectation of improved demand from the stainless steel • Prices indicated at $272-282 per mtu in Europe
sector during the second quarter. • Offer at $285 per mtu in Europe
ORLA O’SULLIVAN • 20 tonnes sold at $275 per mtu in Europe
• 20 tonnes bought at $271 per mtu in Europe
LONDON, SHANGHAI • 20 tonnes sold at $274 per mtu in Europe
Trade log March 2019: Ferro-tungsten, APT • Prices indicated at $271-282 per mtu in Europe
• 40 tonnes sold at $282.50 per mtu in Europe
The latest ferro-tungsten and ammonium paratungstate (APT)
transactions, bids, offers and assessments in Europe, Vietnam and FERRO-TUNGSTEN
China, with blue tungsten oxide (BTO) and yellow tungsten oxide • Small quantities sold at $36.25 per kg in Europe
(YTO) deals taken into consideration. • Prices indicated at $35-36 per kg in Europe
• Offer at $37.5 per kg in Europe
FRIDAY MARCH 15 • Prices indicated at $36-37 per kg in Europe
APT • Prices indicated at $35-36 per kg in Europe
• Prices indicated at $271-282 per mtu in Europe
• Prices indicated at $271-282 per mtu in Europe WEDNESDAY MARCH 6
• Prices indicated at $271-282 per mtu in Europe APT
• Offer at $276.50 per mtu in Europe • Offer at $270-275 per mtu fob China
• 20 tonnes sold at $272 per mtu in Europe • Material reported sold at $265-270 per mtu fob China
• Prices indicted at $271-282 per mtu in Europe • Prices indicated at $265-275 per mtu fob China
• Prices indicated at $271-282 per mtu in Europe • 20 tonnes sold at $268 per mtu fob China
• 20 tonnes sold at $274 per mtu fob China
FERRO-TUNGSTEN • 20 tonnes sold at $275 per mtu fob China
• 5 tonnes reported sold at $36.75 per kg in Europe • 20 tonnes sold at $277 per mtu fob China
• Prices indicated at $35.50-36.50 per kg in Europe • Offer at $275 per mtu fob China
• Prices indicated at $36-37 per kg in Europe • Offer at $275-277 per mtu fob China
• Offer at $38 per kg in Europe
• Prices indicated at $35-36 per kg in Europe FERRO-TUNGSTEN
• Prices indicated at $36.50-37.00 per kg in Europe • Offer at $35 per kg fob China
continued ›
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9
Tuesday 19 March 2019 | Number 9604.2

Ores & alloys • Offer at $62 per kg in Europe

• Offer at $64 per kg in Europe
• Offer at $64 per kg in Europe
• 10 tonnes offered at $65 per kg in Europe
• 25 tonnes sold at $34.60 per kg fob China • Prices indicated at $63-65 per kg in Europe
• 5 tonnes sold at $36.50 per kg fob China • 5 tonnes reportedly sold at $65.80 per kg in Europe
• Material reported sold at $34.50 per kg fob China • 7 tonnes sold at $71 per kg in Europe
• Material reported sold at $35 per kg fob China • 5 tonnes sold at $70 per kg in Europe
• Material reported sold at $36 per kg in Europe • Prices indicated at $65.80-71 per kg in Europe
• Small quantities sold at $36.90 per kg in Europe • Small volumes reportedly sold at $61-62 per kg in Europe
• Offer at $37.50 per kg in Europe (forward)
• Prices indicated at $35-36 per kg in Europe V2O5 - $16-17 PER LB
• 6 tonnes reported sold at $34 per kg in Europe • 20 tonnes bought at $16 per lb in Europe
• Offers at $36.00-36.50 per kg in Europe • 40 tonnes offered at $16 per lb in Europe
• Prices indicated at $36-37 per kg in Europe • Offer at $15.75 per lb in Europe
• Offer at $37 per kg in Europe • Prices indicated at $15.50-16 per lb in Europe
• Bid at $14 per lb in Europe
FRIDAY MARCH 1 • Prices indicated at $16-17 per lb in Europe
APT • Prices indicated at $17 per lb in Europe
• 60 tonnes sold at $271 per mtu in Europe
• Offer at $280 per mtu in Europe THURSDAY MARCH 14
• Prices indicated at $275-280 per mtu in Europe FERRO-VANADIUM - $68-72 PER KG
• Prices indicated at $270-280 per mtu in Europe • Offers at $71 per kg fob China
• Offer at $285 per mtu in Europe • Prices indicated at $70 per kg fob China
• Material reported sold at $275 per mtu in Europe • Offers at $72 per kg fob China
• Prices indicated at $275-285 per mtu in Europe • Prices indicated at $71 per kg fob China
• 20 tonnes sold at $280 per mtu in Europe • Prices indicated at $68-69 per kg fob China
• Prices indicated at $275-285 per mtu in Europe • Offers at $71.50 per kg fob China
• Material reported sold at $282 per mtu in Europe • Offers at $70.50 per kg fob China
• Prices indicated at $275-285 per mtu in Europe • Prices indicated at $68.50 per kg fob China
• Offer at $285 per mtu in Europe • A small volume traded at $70 per kg fob China
• Prices indicated at $265-275 per mtu in Europe • Prices indicated at $67-68 per kg fob China
• 20 tonnes reported sold at $275 per mtu in Europe • Offers at $72 per kg fob China
• 20 tonnes sold at $263 per mtu in Europe • Prices indicated at $72 per kg fob China

FERRO-TUNGSTEN VANADIUM PENTOXIDE – $15.50-16.50 PER LB

• Offer at $36 per kg in Europe • Prices indicated at $15.50 per lb fob China
• Offer at $36 per kg in Europe • Prices indicated at $15.50 per lb fob China
• 5 tonnes sold at $36.25 per kg in Europe • Prices indicated at $15.50 per lb fob China
• Prices indicated at $36 per kg in Europe • Prices indicated at $15.50-16.50 per lb fob China
• Offer at $35 per kg in Europe • Prices indicated at $15.50 per lb fob China
• Offer at $36 per kg in Europe • Prices indicated at $15.50 per lb fob China
• Offer at $36 per kg in Europe • Prices indicated at $15.50 per lb fob China
• Prices indicated at $34.50 per kg in Europe • Prices indicated at $15-15.50 per lb fob China
EWA MANTHEY, HUAQING FU • Prices indicated at $15.50 per lb fob China

LONDON, SHANGHAI WEDNESDAY MARCH 13

Trade log March 2019: Ferro-vanadium, V2O5 FERRO-VANADIUM - $68.50-73 PER KG
• Prices indicated at $67-68 per kg in Europe
The latest ferro-vanadium and vanadium pentoxide (V2O5) • 5 tonnes offered at $69.50 per kg in Europe
transactions, bids, offers and assessments in Europe and China. • 10 tonnes offered at $69.50 per kg in Europe
• 5 tonnes reportedly sold at $65 per kg in Europe
FRIDAY MARCH 15 • Prices indicated at $70-72 per kg in Europe
FERRO-VANADIUM - $66-71 PER KG • 6 tonnes sold at $71.50 per kg in Europe
• Prices indicated at $65-70 per kg in Europe • 1 tonne sold at $75.50 per kg in Europe
• Prices indicated at $66-71 per kg in Europe • 500 kg sold at $73.70 per kg in Europe
• Offers at $66-71 per kg in Europe • 20 tonnes reportedly sold at $68.50 per kg in Europe
• Prices indicated at $66-70 per kg in Europe • Prices indicated at $68.50-71.50 per kg in Europe
• 5 tonnes reportedly sold at $65.80 per kg in Europe • Prices indicated at $70-72 per kg in Europe
• Offers at $62-64 per kg in Europe • Offers at $70-72 per kg in Europe
• Prices indicated at $70 per kg in Europe • Offer at $68 per kg in Europe
• Prices indicated at $70 per kg in Europe • Prices indicated at $68 per kg in Europe
• Material reportedly sold at $67-68 per kg in Europe • Prices indicated at $65-66 per kg in Europe
continued ›
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forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
10
Tuesday 19 March 2019 | Number 9604.2

Ores & alloys • Prices indicated at $74-75 per kg in Europe

• Prices indicated at $75-76 per kg in Europe
• Prices indicated at $75-76 per kg in Europe
• Prices indicated at $75 per kg in Europe
• Offers at $65-66 per kg in Europe • Prices indicated at $75 per kg in Europe
• 5 tonnes sold at $74 per kg in Europe • Offer at $73.90 per kg in Europe
• 5 tonnes sold at $73 per kg in Europe • Prices indicated at $75-76 per kg in Europe
• Prices indicated at $75-76 per kg in Europe
FRIDAY MARCH 8
FERRO-VANADIUM - $71.50-76 PER KG FRIDAY MARCH 1
• 20 tonnes reportedly sold at $71 per kg in Europe FERRO-VANADIUM - $75-76 PER KG
• 40 tonnes offered at $71.60 per kg in Europe • Prices indicated at $75.50-76 per kg in Europe
• 40 tonnes reportedly sold at $71.50 per kg in Europe • Offer at $76 per kg in Europe
• Material reportedly sold below $70 per kg in Europe • Prices indicated at $75-76 per kg in Europe
• Offers at $72-73 per kg in Europe • 5 tonnes bought at $74.50 per kg in Europe
• 3 tonnes sold at $76.50 per kg in Europe • Prices indicated at $75.50-76 per kg in Europe
• 5 tonnes sold at $76 per kg in Europe • Prices indicated at $75.50-76.50 per kg in Europe
• 40 tonnes reportedly sold at $71.50 per kg in Europe • Prices indicated at $75.50-76 per kg in Europe
• 40 tonnes reportedly sold below $70 per kg in Europe • Prices indicated at $75-76 per kg in Europe
• 40 tonnes offered at $73 per kg in Europe • Prices indicated at $75.50-76 per kg in Europe
• 5 tonnes sold at $72.50 per kg in Europe • 2 tonnes sold at $76 per kg in Europe
• Prices indicated at $73-75 per kg in Europe • Prices indicated at $75-76 per kg in Europe
• Material reportedly sold at $74 per kg in Europe • 5 tonnes sold at $75 per kg in Europe
• Material reportedly sold below $72 per kg in Europe
• Offer at $72 per kg in Europe V2O5 - $17-17.75 PER LB
• 5 tonnes sold at $76 per kg in Europe • Prices indicated at $17-17.50 per lb in Europe
• 5 tonnes reportedly sold above $76 per kg in Europe • Prices indicated at $17-17.50 per lb in Europe
• Prices indicated at $16.75-17.25 per lb in Europe
V2O5 - $16.80-17.75 PER LB • 20 tonnes offered at $17 per lb in Europe
• Prices indicated at $17-17.75 per lb in Europe • Prices indicated at $17-17.75 per lb in Europe
• Prices indicated at $17-17.75 per lb in Europe • Prices indicated at $17.50-18 per lb in Europe
• Offer at $16.50 per lb in Europe • Offer at $18 per lb in Europe
• 20 tonnes sold at $16.80 per lb in Europe • Prices indicated at $17-17.75 per lb in Europe
• 5 tonnes sold at $17.75 per lb in Europe • 20 tonnes offered at $17.50 per lb in Europe
• Prices indicated at $17-17.75 per lb in Europe • 20 tonnes offered at $18 per lb in Europe
• Prices indicated at $17-17.75 per lb in Europe EWA MANTHEY, AMY LV

THURSDAY MARCH 7
FERRO-VANADIUM - $73-76 PER KG
• Offers at $75 per kg fob China
• Prices indicated at $75-76 per kg fob China
• Offers at $73 per kg fob China
• Prices indicated at $70-73 per kg fob China
• Offers at $74 per kg fob China
• Prices indicated at $74 per kg fob China
• Offers at $76 per kg fob China
• Prices indicated at $75-76 per kg fob China

VANADIUM PENTOXIDE – $16-17.20 PER LB

• Prices indicated at $15.50 per lb fob China
• Prices indicated at $16-17.20 per lb fob China
• Prices indicated at $16 per lb fob China
• Prices indicated at $16-17.20 per lb fob China
• Prices indicated at $15.50 per lb fob China
• Prices indicated at $16 per lb fob China
• Prices indicated at $15.50 per lb fob China
• Prices indicated at $15.50 per lb fob China

WEDNESDAY MARCH 6
FERRO-VANADIUM - $75-76 PER KG
• Prices indicated at $75-76 per kg in Europe
• Offer at $73 per kg in Europe
• Offer at $74 per kg in Europe

Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
11
Tuesday 19 March 2019 | Number 9604.2

Non-ferrous further disruption to the supply chain could be catastrophic.

“If all of a sudden there are bauxite issues, then Alunorte’s court

raw materials
ruling doesn’t matter. They could get told they can produce at 100%
capacity but if they can’t get hold of the bauxite then it’s pointless,”
a third trader said.
The fob alumina index moved to its highest in three months on
Friday March 15 to $403.20 per tonne.
LONDON “The whole market is very sentiment driven at the moment. Of
Market eyes potential Brazilian bauxite course the outcome of the consultation could be positive, there
supply disruption on upstream tailings could be a resolution but it is also potentially extremely significant
and we can’t ignore that,” a producer source said.
ban resolution Mining regulation targeted tailings dams in Brazil following the
Growing fears of a bauxite supply disruption are putting alumina accident at an iron ore mine from Vale on January 25. Dam I of the
traders on alert for a potential price increase, sources have told Córrego do Feijão mine, which is an upstream one, ruptured and
Fastmarkets. killed 203 people, while 105 people are still missing.
The concern originates form Brazil, where mainly Mineração Rio ALICE MASON, RENATO ROSTÁS
do Norte (MRN), Mineração Paragominas, Alcoa and Companhia
Brasileira de Alumínio (CBA) produce bauxite, the raw material for
alumina.
A new resolution issued by the Brazilian mining agency ANM on
February 15 banned any upstream tailings dams in the country.
Current structures should be decommissioned by 2023, it said.
The ban has been under public consultation for amendments until
Friday March 15. According to a source with knowledge of the
discussions, the aluminium industry fears a much stricter timeframe
than the one hinted earlier could be proposed.
“Not only bauxite producers, but all of the Brazilian mining
through Ibram [Brazilian Mining Institute, the association
representing miners] expressed their discontent of that possibility,”
the source told Fastmarkets.
Any disruption to bauxite mines in Brazil will be bad news for the
alumina industry, which is already in a supply deficit.
“Rumblings that there will be issues with bauxite mines makes the
alumina market panic and it could affect a lot of the main
suppliers,” a trader said.
Norsk Hydro’s Alunorte alumina refinery has been running at
50% capacity for over one year, which has significantly tightened
the market.
At the height of the alumina market tightness, Fastmarkets’
benchmark daily fob Australia alumina index hit a high of $707.75
per tonne.
“If the bauxite mines in Brazil have to cut production a and that is
a strong possibility if restrictions are put in place - then I wouldn’t be
surprised to see the [alumina index at] $700 per tonne again,” a
second trader said.
Some market participants think MRN - owned by a consortium of
Vale, South 32, Rio Tinto, CBA, Alcoa and Norsk Hydro - could be the
most affected by the norm.
According to the Brazilian national tailings dams register, the
company owns 21 upstream or unidentified dams in the Northern
state of Pará, which would need to be decommissioned under the
proposal.
MRN denied these figures and told Fastmarkets it operates no
upstream dams in the country, only centerline and “one-time-only”
structures to handle waste material.
“MRN informs that shipments continue at its operations,” the
company told Fastmarkets. “Compliance with applicable Brazilian
environmental legislation, including adherence to the new national
standards on the safety and security of dam operations, is a priority
for MRN.”
Norsk Hydro’s Mineração Paragominas owns one upstream or
unidentified dam.
There is widespread concern in the alumina market that any

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12
Tuesday 19 March 2019 | Number 9604.2

Minor & 18,000 tonnes of antimony stored in Fanya’s warehouses, which

amounts to around two to three months of global antimony output.

precious metals
“Many people are worrying that the price will drop more
significantly if the stocks at Fanya flow into the domestic spot
market, so it’s better to sell some now,” a third Chinese market
participant said.
FASTMARKETS’ KEY MINOR METAL PRICES There have been no official announcements that Fanya antimony
stocks will be released to the market, but the significant volumes
Price Change† Assessed
held on the failed exchange at the time of its collapse in 2015 have
Antimony, ingots (regulus), in-whs
Rotterdam ($/t) 7,500-7,800 0% 15 Mar 19 been a constant pressure on the price.
Antimony, MMTA standard grade II, Yet despite the continuous decline in the Chinese antimony price
in-whs Rotterdam ($/t) 7,400-7,700 -1.31% q 15 Mar 19 over the past few weeks, many market sources expect there to be
Bismuth, min 99.99% Bi, in-whs limited room for a further price dip in the coming weeks.
Rotterdam ($/lb) 3.40-3.90 -2.01% q 15 Mar 19 Adding to this expectation is the fact that some Chinese antimony
Cobalt (standard-grade) in-whs producers refused to offer material last week, claiming that the
Rotterdam ($/lb) 13.90-14.85 -4.8% q 15 Mar 19
current price is too low and has caused them severe losses already.
Cobalt (alloy-grade) in-whs Rotterdam ($/lb) 14.00-14.70 -5.44% q 15 Mar 19
Cobalt sulfate, Co 20.5%, China
ex-works (yuan/tonne) 51,000-55,000 -6.19% q 15 Mar 19 EUROPEAN STANDARD GRADE II DIPS, PARITY ENDS
Indium, min 99.99% In, in-whs In Europe, Fastmarkets’ price assessment for MMTA standard grade
Rotterdam ($/kg) 200-220 0% 15 Mar 19 II antimony, in-warehouse Rotterdam, fell to $7,400-7,800 per tonne
Manganese flake, in-whs Rotterdam on March 15, from $7,500-7,800 per tonne in the previous
($/tonne) 2,025-2,125 -1.19% q 15 Mar 19 assessment.
Selenium, min 99.5% Se, in-whs The trioxide-grade, free market, antimony, in-warehouse
Rotterdam ($/lb) 9.00-11.00 5.26% p 15 Mar 19
Rotterdam, price remained unchanged at $7,500-7,800 per tonne
Tellurium, min 99.9% Te, in-whs ($/kg) 53.00-65.00 0% 15 Mar 19
on Friday, meaning the two grades are no longer in parity.
A few deals at the midpoint of the range prevented further falls in
LONDON, SHANGHAI the trioxide-grade assessment last week, although sources agree
GLOBAL ANTIMONY WRAP: Chinese suppliers the price is softening overall, with Chinese producers clearing stocks
cut offer prices to generate sales; European in a bid to achieve better cashflow.
“The market is strange; you can still sell at $7,700 per tonne if it is
buyers on the sidelines prompt demand but big volumes and cif shipment prices are much
The Chinese antimony price downtrend entered its third consecutive lower,” a trader said. “I see it falling down to $7,000 per tonne in the
week amid persistently thin buying interest from the country’s medium term, especially with the 3 [percentage point] VAT cut in
downstream market in the latest assessment period ended China,” he added.
Wednesday March 13. Buyers are also on the sidelines, awaiting more severe drops
Fastmarkets assessed the price of MMTA standard-grade II before they engage in the spot market.
antimony, delivered duty-paid in China, at 46,000-46,500 yuan “We are waiting to see further falls before buying,” a second
($6,844-6,918) per tonne on Wednesday, down by 2.6% from trader said.
47,000-48,000 yuan per tonne in the prior week. The upcoming environment inspections in China are not likely to
Several hundred tonnes of antimony ingot were reported to have reverse the current downtrend, sources anticipated, in an
been concluded at the price range of 46,000-46,500 yuan per tonne oversupplied market and amid weak fundamentals.
in the week. Some Chinese antimony suppliers cut their prices to “It does not matter whether there are inspections in an attempt
encourage sales last week in an effort to generate cash and to keep prices firm… the bottom line is the demand for antimony is
mitigate financial strain. very poor and this will not change overnight,” a third trader said.
“It’s still not easy to borrow money from banks currently. And
that’s why some [antimony ingot] producers will have to lower their GLOBAL ANTIMONY PRICES
New Previous %
prices again to promote sales in an attempt to obtain cash to ease price price Change
their financial stress,” a Chinese market participant said. Antimony MB free market $ per tonne in warehouse Rotterdam
7,500-7,800 7,500-7,800 0
Meanwhile, many Chinese antimony consumers have remained max 100 ppm Bi

cautious about their procurement volumes, citing considerable Antimony Metal MMTA Standard Grade II
7,400-7,700 7,500-7,800 ▼1.3
$ per tonne in warehouse Rotterdam
stocks at plants as a reason not to restock large volumes at once Antimony Metal MB Chinese free market MMTA Standard Grade
46,000-46,500 47,000-48,000 ▼2.6
especially when faced with mounting antimony trioxide stocks and II delivered duty paid yuan per tonne
since they believe the antimony price is likely to slide further in the Source: Fastmarkets
short term.
CRISTINA BELDA, AMY LV
Antimony trioxide is a downstream product of antimony ingot.
“We restocked some [antimony ingot] this week, but not that
much. We will probably not procure a large volume of raw materials
before our [antimony trioxide] stocks pressure is alleviated,” a
second Chinese market participant told Fastmarkets on March 13.
“No one would be eager to buy much when the price is declining.”
The persistent softening in the Chinese antimony price was also
attributed to concerns of the possible outflow of antimony stocks
previously held on the Fanya Metal Exchange. There are more than
continued ›
Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
13
Tuesday 19 March 2019 | Number 9604.2

Minor & WEDNESDAY MARCH 6

NEW PRICE AT 57,000-60,000 YUAN PER TONNE

precious metals
(PREMIUM AT $0.26-0.43 PER LB)
• Offer at about 58,000-60,000 yuan per tonne
• Offer at about 58,000 yuan per tonne
• Price indicated at 55,000 yuan per tonne
SHANGHAI • Offer at about 56,000-58,000 yuan per tonne
Trade log March 2019: Cobalt Sulfate • Price indicated at 55,000-58,000 yuan per tonne
• Offer at about 56,000 yuan per tonne
Trade log for cobalt sulfate in China including transactions, bids and • Deal heard at about 55,000 yuan per tonne
offers reported to Fastmarkets MB. • Offer at about 57,000 yuan per tonne
• Offer at about 56,000 yuan per tonne
FASTMARKETS MB PRICES • Price indicated at 60,000 yuan per tonne
The exchange rate according to Oanda.com on Friday March 15 was
51,000 yuan to $7,596. FRIDAY MARCH 1
NEW PRICE AT 60,000-64,000 YUAN PER TONNE
FRIDAY MARCH 15 (PREMIUM AT $0.39-0.62 PER LB)
NEW PRICE AT 51,000-55,000 YUAN PER TONNE • Price indicated at 64,000 yuan per tonne
(PREMIUM AT $0.11-0.34 PER LB) • Offer at about 62,000 yuan per tonne
• Price indicated at 54,000 yuan per tonne • Deal heard at about 62,000 yuan per tonne
• Offer at about 51,000-52,000 yuan per tonne • Offer at about 60,000 yuan per tonne
• Price indicated at 48,000-49,000 yuan per tonne • Deal heard at about 58,000 yuan per tonne
• Bid at about 50,000 yuan per tonne • Price indicated at 60,000-61,000 yuan per tonne
• Deal heard at about 45,000 yuan per tonne • Offer reported at about 55,000-58,000 yuan per tonne
• Price indicated at 50,000 yuan per tonne • Offer at about 64,000-65,000 yuan per tonne
• Offer heard at about 47,000 yuan per tonne • Offer at about 58,000 yuan per tonne
• Offer at about 47,000-48,000 yuan per tonne • Offer reported at 64,000-65,000 yuan per tonne
• Price indicated at 52,000 yuan per tonne SUSAN ZOU

WEDNESDAY MARCH 13 LONDON

NEW PRICE AT 53,000-56,000 YUAN PER TONNE Trade log March 2019: Cobalt
(PREMIUM AT $0.20-0.38 PER LB)
• Price indicated at 55,000 yuan per tonne Cobalt trade log including business, bids and offers reported to
• Small tonnages sold at about 52,000-53,000 yuan per tonne Fastmarkets.
• Price indicated at 55,000-56,000 yuan per tonne Unless otherwise stated, all prices are per lb on an in-warehouse
• Small tonnages sold at about 50,000 yuan per tonne basis. Delivered prices are netted back.
• Deal heard at about 48,000 yuan per tonne
• Deal heard at about 53,000 yuan per tonne FASTMARKETS PRICES
• Offer at about 53,000 yuan per tonne In light of feedback received as part of the consultation on its
• Offer at about 52,000 yuan per tonne international cobalt price specifications, Fastmarkets changed the
• Offer heard at about 48,000-52,000 yuan per tonne names of its benchmark in-warehouse Rotterdam cobalt price
• Small tonnages sold at about 50,000 yuan per tonne assessments on January 2, 2019. The name ‘standard-grade’ has
• Small tonnages sold at about 52,000 yuan per tonne replaced the name ‘low-grade’. The name ‘alloy-grade’ has replaced
• Price indicated at 56,000-57,000 yuan per tonne the name ‘high-grade’.

FRIDAY MARCH 8 MARCH 15 2019

NEW PRICE AT 55,000-58,000 YUAN PER TONNE ALLOY-GRADE - $14.-14.70
(PREMIUM AT $0.18-0.35 PER LB) • Bid for small tonnage at $13.25 (offgrade)
• Offer at about 55,000 yuan per tonne • Bid for standard tonnage at $14.05
• Price indicated at 55,000 yuan per tonne • Large tonnage sold at $14.40
• Offer at about 55,000 yuan per tonne • Material offered at $14
• Deal heard at about 51,000 yuan per tonne • Material reportedly sold at $13.90
• Offer at about 55,000 yuan per tonne • Material reportedly sold at $14.50-15
• Bid at about 50,000 yuan per tonne • Offer at $14.10
• Deal heard at about 55,000 yuan per tonne • Offer for small tonnage at $14.20
• Offer at about 55,000 yuan per tonne • Offer for standard tonnage at $14.15
• Offer at about 56,000 yuan per tonne • Offer for standard tonnage at $14.60
• Bid at about 50,000 yuan per tonne • Offer for standard tonnage at $15
• Offer at about 57,000-58,000 yuan per tonne • Prices indicated at $13.50-14.50
• Prices indicated at $14
• Prices indicated at $14.20-14.90
• Prices indicated at $14.20-14.90
• Prices indicated at $14.20-14.90
continued ›
Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
14
Tuesday 19 March 2019 | Number 9604.2

Minor & • Offer for small tonnage at $14.70

• Offer for standard tonnage at $14.20

precious metals
• Offer for standard tonnage at $14.20
• Offer for standard tonnage at $15.50
• Offers at about $14
• Prices indicated at $14.20-15.35
• Prices indicated at $14.50-15 • Prices indicated at $14.50-15.50
• Small tonnage sold at $13.60 (offgrade) • Prices indicated at $14.70-15.50
• Small tonnage sold at $13.65 (offgrade) • Prices indicated at $14-14.80
• Small tonnage sold at $14.05 • Small tonnage sold at $14
• Small tonnage sold at $14.65 • Small tonnage sold at $14 (offgrade)
• Small tonnage sold at $14.10
STANDARD-GRADE - $13.90-14.85 • Small tonnage sold at $14.20
• Bid for standard tonnage at $13.40 (material outside Fastmarkets’ • Small tonnage sold at $14.85
specifications) • Small tonnage sold at about $17.50
• Material reportedly sold at $14.50-15 • Standard tonnage sold at $14 (offgrade)
• Offer for small tonnage at $13.20
• Offer for standard tonnage at $13.90 MARCH 8, 2019
• Offer for standard tonnage at $14.80 (material outside ALLOY-GRADE - $14.60-15.75
Fastmarkets’ specifications) • Offer at $17 (forward)
• Prices indicated at $13.40-13.50 • Offer for large tonnage below $13.75
• Prices indicated at $13.90-14.85 • Offer for small tonnage at $15.15
• Prices indicated at $14 • Offer for small tonnage at $15.75
• Prices indicated at $14.05-14.85 • Offer for standard tonnage at $14.50
• Prices indicated at $14.05-14.85 • Offer for standard tonnage at $14.75 (offgrade)
• Prices indicated at $14.05-14.85 • Offer for standard tonnage at $15.10
• Prices indicated at $14.30-14.70 • Offer for standard tonnage at $15.95
• Small tonnage sold at $13.60 (offgrade) • Offers for small tonnage at $15.15-15.50
• Small tonnage sold at $13.70 (material outside Fastmarkets’ • Prices indicated at $14.50-16.00
specifications) • Prices indicated at $14.50-16.25
• Small tonnage sold at $13.90 • Prices indicated at $14.65-15.90
• Standard tonnage sold at $13.80 • Prices indicated at $14.85-16.00
• Standard tonnage sold at $15.25 • Prices indicated at $14.85-16.00
• Prices indicated at $15-16
MARCH 13, 2019 • Small tonnage sold at $13.70 (offgrade)
ALLOY-GRADE - $14.20-14.99 • Small tonnage sold at $14.75 (forward)
• Bid at $14.60 • Standard tonnage sold at $14.60
• Bids at $13-13.50
• Large tonnage sold at $14.20 STANDARD-GRADE - $14.70-15.50
• Large tonnage sold at $14.90 • Offer for small tonnage at $14.60
• Large tonnage sold at about $14.70 • Offer for small tonnage at $14.70
• Large tonnage sold below $13.25 • Offer for small tonnage at $15.20 (offgrade)
• Offer at $14.40 • Offer for small tonnage at $15.60
• Offer at $14.60 • Offer for standard tonnage at $14.80
• Offer at $15.25 • Offers at $14.90-15.60
• Offer for large tonnage at $14.50 • Prices indicated at $14.50-15.25
• Prices indicated at $13.80-14.80 • Prices indicated at $14.60
• Prices indicated at $14.40-15.75 • Prices indicated at $14.60-14.70
• Prices indicated at $14.20-15.35 • Prices indicated at $14.70-15.50
• Small tonnage sold at $14.25 • Prices indicated at $14.90-15.60
• Small tonnage sold at $14.65 (offgrade) • Prices indicated at $14.90-16.00
• Small tonnage sold at $14.75 • Prices indicated at $15-16
• Offer for large tonnage at $14.50 • Prices indicated at $15-16
• Standard tonnage sold at $14.75 • Small tonnage reported sold at $14.60
• Standard tonnage sold at $14.75 • Small tonnage sold at $16.00-16.50
• Small tonnage sold at about $14 (offgrade)
STANDARD-GRADE - $14.05-14.85 • Small tonnage sold at about $14.40
• Large tonnage sold at $13.20
• Material reportedly sold at 4$14.25 MARCH 6, 2019
• Offer for large tonnage at $14.40 ALLOY-GRADE - $14.85-16
• Offer for large tonnage at $14.50 • Offer for large tonnage at $14.25
• Offer for small tonnage at $14.20 • Offer for standard tonnage at $14.90
• Offer for small tonnage at $14.50 • Offer for standard tonnage at $15.50
continued ›
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forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
15
Tuesday 19 March 2019 | Number 9604.2

Minor & STANDARD-GRADE – $15.15-16

• Offer for 20 tonnes at less than $14

precious metals
• Offers at $15.35
• Offers at $15.00-15.25 (material outside Fastmarkets’
specifications)
• Prices indicated at $14.90-16.20
• Offer for standard tonnage at $16.15 • Prices indicated at $15.35-16.40
• Prices indicated at $14.50-15.50 • Prices indicated at $16
• Prices indicated at $14.80-16.05 • Small tonnage sold at $14.60 (material outside Fastmarkets’
• Prices indicated at $15-16 specifications)
• Prices indicated at $15-16 • Small tonnage sold at $15 (material outside Fastmarkets’
• Prices indicated at $15-16 specifications)
• Small tonnage sold at $15.05 • Small tonnage sold at $15.35
• Small tonnage sold at $15.20 • Small tonnage sold at $16.40
• Small tonnage sold at $15.60 • Small tonnage sold at $16.90
• Small tonnage sold at $16.05 • Standard tonnage sold at $15.15
• Standard tonnage reported sold at $14.60-14.70 • Standard tonnage sold at $15.50
• Standard tonnage reported sold at $15.50 CHARLOTTE RADFORD
• Standard tonnage reported sold at $15.50
• Standard tonnage sold at $14.80
• Standard tonnage sold at $15.15
• Standard tonnage sold at $15.75

STANDARD-GRADE - $14.90-15.60
• Offer for standard tonnage at $14.75
• Offer for standard tonnage at $14.75
• Offer for standard tonnage at $14.85 (offgrade)
• Offer for standard tonnage at $15.60
• Offers at $15.00-15.15
• Prices indicated at $15.15-16.00
• Prices indicated at $15-16
• Prices indicated at $15-16
• Pries indicated at $14.50-15.50
• Small standard tonnage sold at $1.60
• Small tonnage sold at $14.65 (material outside Fastmarkets’
specifications)
• Small tonnage sold at $14.75 (material outside Fastmarkets’
specifications)
• Small tonnage sold at $15.60
• Standard tonnage reported sold at $14.50 (offgrade)
• Standard tonnage sold at $14.90
• Standard tonnage sold at $14.60 (material outside Fastmarkets’
specifications)
• Standard tonnage sold at $15.40 (material outside Fastmarkets’
specifications)

MARCH 1, 2019
ALLOY-GRADE – $15-16
• Prices indicated at $15.30-16.70
• Prices indicated at $15-16
• Standard tonnage sold at $15.25
• Standard tonnage sold at $15.50
• Offer at $15.60
• Offer at $15.25 (forward)
• Standard tonnage sold at $15.35 (offgrade)
• Small tonnage sold at $15.25 (offgrade)
• Prices indicated at $14.50-16.00
• Material reported sold at $14.50
• Offer for large tonnage at $15.70 (forward)
• Large tonnage reported sold at $14.90 (forward)
• Prices indicated at $14.90-16.20
• Offer for 20 tonnes at less than $14
• Prices indicated at $15.50

Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
16
Tuesday 19 March 2019 | Number 9604.2

Exchange news products such as the high-grade iron ore derivatives “to make sure
the physical market is entrenched with us,” Syn said.

& prices
Succeeding in spreading awareness and usage of SGX products in
the US will be an ongoing process, Syn said. “When you’re delivering
a service… success is about getting more adoption and more users
interacting with each other. Success is a bigger, higher-quality
network that is more deeply embedded in the US.”
BOCA RATON, FLORIDA By comparison, hedging iron ore in Asia gained traction during
SGX targets US for iron ore trading growth the 2008-09 financial crisis, according to Syn. Before that, most
market participants sold and bought iron ore based on annual
The Singapore Exchange (SGX) has set its sights on the US pricing models, he said.
marketplace as a growing source of liquidity for its iron ore “There was a constant and almost unacceptable dislocation
derivatives contracts. between what the fixed price was and what people understood the
“We are absolutely already seeing liquidity in iron ore in the US spot price to be,” he said. “Competition drove an advantage in
time zone,” SGX head of derivatives Michael Syn said in an interview converting from a fixed to a floating price… All it takes is fear of
with Fastmarkets on Wednesday March 14 at the 44th annual competitive pressure - that’s what drives evolution.”
International Futures Industry Conference in Boca Raton, Florida. The SGX has seen a “tremendous uptick” in iron ore futures
More traders in Asia continuing to trade into their evenings is one trading due to supply concerns following the deadly breach at one
of the key factors driving this increased liquidity, he explained. “The of Vale’s tailings dams in Brazil earlier this year.
market is starting to trade longer and longer,” he said. GRACE LAVIGNE
This increased trading activity during US business hours is
encouraging US-based participants to follow the price of iron ore SHANGHAI
more closely and participate in trading more than they have, he said. SHFE vs LME physical arbitrage 18/03: Copper,
That is why it has become clear to the exchange that a significant aluminium, zinc, nickel
push is needed to get closer to users in the United States, according
to Syn. As part of that strategy, the SGX added five US-based Arbitrage for copper, aluminium, zinc and nickel imported into
employees to its staff over the last year. All five are part of the China on Monday March 18*
exchange’s North American business development team:
Thomas Connors and Laurent Partouche in New York City, COPPER
primarily focusing on derivatives and equities Serene Cai and Craig -$152.52 (-1,025.87 yuan)
Cohen in Chicago, also concentrating on derivatives and equities
Michael Avila in San Francisco, targeting new technology listings ALUMINIUM
and initial public offerings “Some people need help understanding -$299.66 (-2,015.62 yuan)
why it’s worth connecting to an exchange like SGX,” Syn said. “We
make sure we send them information about lots of new Asian asset ZINC
classes that are developing, which are areas where their -$140.58 (-945.56 yuan)
consciousness might not be as high.”
Although the US is a heavyweight producer and consumer of NICKEL
commodities, iron ore generally isn’t one of them, according to Syn. -$273.15 (-1,837.32 yuan)
That’s because most US steel is produced from scrap, and most iron
ore is Asia-centric in terms of price references, he said. *Fastmarkets calculates the physical arbitrage for import into China
“That’s why this sort of education is important,” he said, pointing daily by using SHFE front-month and LME three-month prices at
to new products such as the SGX’s high-grade iron ore derivatives, 3pm Shanghai time, taking account of VAT and import duties
which are settled against the daily Fastmarkets MB 65% Fe Iron Ore (where applicable), physical premiums and exchange rates at the
Index. “There are many things happening in China that impact the time of the comparison. On May 2, 2018, Fastmarkets adopted
US, and an exchange like SGX has them covered.” China’s latest announced VAT of 16% to its arbitrage calculation.
The SGX does not view China’s internationalization of its domestic Also, on August 28, 2018, Fastmarkets amended its arbitrage
iron ore or coal contracts as a threat to their objectives, according to calculation and will use the midpoint of the copper, aluminium, zinc
Syn. “Iron ore is still in the very early stages of network growth,” he and nickel premiums rather than the single number for its LME-SHFE
said. “If China internationalizes, that helps the network of people arbitrage calculation.
who are connected to iron ore prices.” SUSAN ZOU
US companies exposed to global markets can use the SGX’s risk
management tools to strip out fluctuations in raw materials prices.
“Just as with oil, the price of iron ore and the component prices of
the steel value chain turn up in all sorts of ways, in any piece of
infrastructure,” Syn said.
SGX’s core customer base is physical market participants. “No
one really blindly speculates in iron ore; our customers genuinely
have needs that are involved or have roots in the physical business in
some respect,” he said. “Our job, apart from trying to make sure
more people trade it and find uses for it, is to address the needs of
the physical marketplace.”
That is why the exchange continues to work on developing

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17
Tuesday 19 March 2019 | Number 9604.2

Carbon steel NEW YORK

Toyota ramping up US investment, starting

flat products with $749mln expansion in five states

Toyota Motor Corp plans to ramp up its investments in the United
States to $13 billion by 2021, with an initial $749 million to be used to
FASTMARKETS’ KEY FLAT STEEL PRICES expand its facilities in five states - a move that might have been
partly motivated United States-Mexico-Canada agreement
Price Change† Assessed
(USMCA) considerations.
HRC, EU imports (cfr main EU port,
northern Europe) (€/t) 490-500 0% 13 Mar 19 “The new investments will include adding the Toyota RAV4 Hybrid,
HRC, EU imports (cfr main EU port, the best-selling [sports utility vehicle] in the US, and Lexus ES 300h
southern Europe) (€/t) 490-500 0% 13 Mar 19 hybrid vehicle production at its Georgetown, Kentucky,
HRC, CIS exports (fob stowed main manufacturing plant; expanding engine capacity at its Huntsville,
Black Sea port) ($/t) 510-520 0.49% p 18 Mar 19 Alabama, facility; doubling hybrid transaxle capacity at its plant in
HRC, UAE imports (cfr Jebel Ali) Buffalo, West Virginia; and a building expansion for additional
($/t) 540-550 0% 12 Mar 19
castings at Bodine Aluminum’s Jackson, Tennessee, facility as well
HRC, Turkish imports (cfr main
Turkish port) ($/t) 530-540 0% 15 Mar 19 as additional castings at its Troy, Missouri, facility,” Toyota said on
HRC, Latin America exports (fob Thursday March 14.
stowed main Latin American port) ($/t) 555-560 0% 15 Mar 19 This is up from the automaker’s earlier commitment, announced
HRC, commodity grade, US imports in 2017, to spend $10 billion on its US operations by 2021.
(cfr Gulf port) ($/short ton) 660-730 0.72% p 06 Mar 19 The announcement caught the attention of US President Donald
HRC, US Midwest index (fob mill) Trump. “Congratulations @Toyota! Big news for US Auto Workers!
($/short ton) 692-692 -0.83% q 15 Mar 19
The USMCA is already fixing the broken Nafta deal,” he tweeted.
HRC, China export index (fob main
China port) ($/t) 537-537 1.64% p 18 Mar 19 Indeed, some metal market participants believe that the
HRC, South East Asia imports (cfr anticipated ratification of USMCA played a role in the automaker’s
Vietnam) ($/t) 545-555 -0.45% q 18 Mar 19 decision.
HRC, Saudi Arabia imports (cfr main “I think one of the reasons for this investment going into the US is
port) ($/t) 550-555 0% 12 Mar 19
because of the target that there be not only a greater content of
CRC, EU imports (cfr main EU port,
northern Europe) (€/t) 560-580 -0.44% q 13 Mar 19 Nafta-produced vehicles coming from Nafta [countries], but that
CRC, EU imports (cfr main EU port, 50% of what comes from Nafta has to come from the US. So I think
southern Europe) (€/t) 550-560 0% 13 Mar 19 what we’re seeing here is partly in recognition of that,” Metal
CRC, CIS exports (fob stowed main Strategies chief executive officer Christopher Plummer said.
Black Sea port) ($/t) 555-560 0% 18 Mar 19 Independent analyst Lloyd T. O’Carroll echoed that sentiment. “It
CRC, UAE imports (cfr main Jebel makes sense for [Toyota] to have production move to the US [given
Ali) ($/t) 620-630 0% 12 Mar 19
USMCA’s implications for automakers],” he said, adding that the
CRC, Turkish imports (cfr main
Turkish port) ($/t) 575-580 0% 15 Mar 19 announcement is positive news for North American steel and
CRC, Latin America exports (fob aluminium supply chains.
stowed main Latin American port) ($/t) 590-600 0% 15 Mar 19 “These latest investments represent even more examples of our
CRC, US imports (cfr Gulf) ($/short long-term commitment to build where we sell,” Toyota Motor North
ton) 780-840 1.25%
p 06 Mar 19
America CEO Jim Lentz said in a statement.
CRC, US domestic (fob mill) ($/short
Regarding the USMCA agreement, Toyota had said in December
ton) 830-830 0% 14 Mar 19
that it was “pleased the US, Mexico and Canada have signed a
CRC, China export (fob main China
port) ($/t) 555-565 1.36% p 12 Mar 19 trilateral trade agreement to modernize North America’s
manufacturing platform... We encourage Congress to expeditiously
review and approve USMCA.”
Section 232 tariffs, which were implemented by the Trump
administration almost a year ago, are likely not a concern for Toyota
given that they are expected to be removed against Canada and
Mexico once the USMCA is ratified. Moreover, on the steel side, coil
prices have since normalized following the volatility that resulted
from the tariffs.
“You can see the impact of the Section 232 tariffs [on steel], at
least in terms of pricing, has completely run its course for most
products, especially hot-rolled, cold-rolled and galvanized coil.
We’re at spot pricing equivalent to December 2017 and January
2018, months prior to Section 232 being enacted, which was March
23, 2018,” Plummer said.
Fastmarkets AMM’s daily US HRC index shot to a near-decade
high of $45.84 per hundredweight in July 2018, up by 40.5% from
$32.63 per cwt at the start of 2018. The index has since retreated,
calculated at $35.09 per cwt ($701.80 per ton) on March 14. The
index had averaged $34.37 per cwt in January 2018.
But on the aluminium side, the US regional premium remains
continued ›
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18
Tuesday 19 March 2019 | Number 9604.2

Carbon steel Northern Europe was unchanged at €600-620 ($679-702) per tonne
ex-works on March 13, reflecting the “achievable” price in the market.

flat products
On average, about 900 kg of steel is used in each car, according to
the World Steel Association (Worldsteel).
MARIA TANATAR

elevated due to the 10% Section 232 tariff on imports. SHANGHAI

Fastmarkets AMM’s P1020 Midwest premium had soared to a Vietnam’s HRC import prices widen down on
nearly three-year high of 22-23 cents per lb in April of last year but low buying activity
has since softened, with the latest assessment at 19.25-19.5 cents
per lb on March 15. That’s up by 2% year on year but more than Import prices for re-rolling-grade hot-rolled coil sold into Vietnam
double the 9.4-9.5 cents per lb recorded at the start of 2018. widened down over the past week amid lower buying activity.
Toyota’s action comes just weeks after Fiat Chrysler announced a Fastmarkets MB’s weekly import price assessment for HRC in
$4.5-billion investment in a new assembly plant in Detroit and Southeast Asia - which mainly looks at Chinese 2-3mm SAE1006
expansions at five of its existing plants in Michigan. HRC and equivalent grades sold into Vietnam - was $545-555 per
MICHAEL ROH tonne cfr for the week to Monday, down $5 per tonne at the lower
end of the range.
DNEPR A deal at $545 per tonne cfr Vietnam was said to have been done
European car sales dip in February but with Chinese sellers, but sources could not confirm the deal and
recovery in sight, ACEA says some said the price was too low, since most Chinese sellers have set
$550-555 per tonne cfr Vietnam as the lowest acceptable price.
The number of new passenger car registrations in the EU decreased Despite these doubts, sources said prices could soon drop
by only 0.96% year-on-year in February 2019. This made it the sixth because of the recent slowdown in buying activity in Vietnam.
consecutive month to show a decline but there were also signs of Local producer Formosa Ha Tinh Steel was selling HRC at $550 per
recovery, the European Automotive Manufacturers Assn (ACEA) tonne Vietnam while Chinese sellers have been asking for higher
said on Friday March 15. prices. Buyers have been bidding $540-545 per tonne cfr Vietnam, a
New car sales in Europe totaled 1,114,692 units in February 2019, Vietnam-based trader said.
compared with 1,125,472 vehicles sold in the corresponding month “That means there is a price gap between buyers and sellers,” a
of 2018. Singapore-based trader said. “However, [the] buyers could win,
“The EU passenger car market contracted by 1% compared with given that they seem to be refraining from buying [because] sellers
one year ago, despite some major EU markets showing a slight are setting prices higher than they can accept.”
recovery,” ACEA said. “I heard of fewer deals last week than [previously],” the trader said.
After a five-month decline, demand for new cars increased A Chinese trader agreed, adding that it could partly be because
modestly in Germany, France and the UK last month. In Spain and Vietnam producers are facing pressure on the price of their finished
Italy, however, registrations continued to fall for the sixth goods.
consecutive month. “Many Vietnamese producers import HRC for processing [into]
In recent months, car production has been affected by the finished goods such as galvanized [steel, which is then] exported,”
introduction of emissions testing under the new Worldwide he said.
harmonized Light vehicles Test Procedure (WLTP) on September 1 “One of Vietnam’s main export markets, Indonesia, is [in the
last year, in anticipation of which there had been an exceptional midst of] political elections, which have hindered the progress of
surge in registrations over summer 2018. some infrastructure projects, [leading to lower] prices and reduced
As a result, demand for new cars fell in most EU countries in the demand for steel products from Vietnam,” he added.
closing months of 2018 and this continued into January. This MIRANDA SONG
negative trend, however, was expected to be short-lived and the
market should be back to normal in the first quarter of 2019, SHANGHAI
according to market sources. CHINA HRC: Buying spree ahead of VAT
In the meantime, the European Commission (EC) has imposed change pushes prices upward
definitive safeguard measures on a list of imported steel products,
in the form of tariff rates and a range of quotas that are partly China’s domestic hot-rolled coil prices experienced a strong rebound
annual and country-specific and partly quarterly and global. These on Monday March 18 with buyers making a rush for materials ahead
came into effect on February 2. of a reduction in the country’s value-added tax on April 1.
The EC split the hot-dipped galvanized (HDG) coil product
category into two sub-categories, 4a and 4b, with material in the DOMESTIC
latter group being used mainly by the automotive sector. • Eastern China (Shanghai): 3,860-3,870 yuan ($575-576) per tonne,
Market sources believed that this change was made in response to up 60-70 yuan per tonne
a request from European carmakers, which were concerned that the • Northern China (Tianjin): 3,810-3,830 yuan per tonne, up 60 yuan
quotas proposed in January would injure the automotive industry. per tonne
The quotas set for HDG are likely to result in lower import Trading activity was robust in both Shanghai and Tianjin, with
volumes of the material for both the automotive sector and other downstream end users looking to capitalize on the new VAT rates by
end-users, according to market sources. Buyers will probably have stocking up on materials that incur the existing 16% rate.
to source more material from domestic suppliers, which will By doing so, they hope to improve their margins by claiming the
support domestic prices. full input tax deduction of 16% for these materials, with which they
Fastmarkets’ weekly price assessment for domestic HDG in would manufacture their end products to sell next month under the
continued ›
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19
Tuesday 19 March 2019 | Number 9604.2

Carbon steel countries around $555-560 per tonne fob, but demand is said to be
weak in the region.

flat products
Meanwhile, CRC offers from the same country have not been
heard after previous unsuccessful attempts to sell the product to
Europe at above $700 per tonne cfr Antwerp.
“Even if there was a bid at the level of the previous offers,
new 13% VAT. [producers] wouldn’t be able to sell because of high slab costs,” a
Some sellers have already started to take orders for April-delivery source said.
products at prices that carry the new 13% rate, but there was hardly The Fastmarkets MB weekly export price assessment for slab in
any interest among buyers even though these are cheaper in Brazil was $500-540 per tonne fob last Friday, unchanged for a
comparison with products in the spot market sold at 16% VAT. second week.
A Shanghai-based source said these sellers were asking for Meanwhile, the Fastmarkets MB export price assessment for Latin
around 3,830 per tonne for products priced under the new 13% VAT, America-origin heavy plate rose to $600-610 per tonne fob last
but “no one is buying.” week, from $590-600 per tonne fob in the previous week.
At least one transaction involving Brazilian plate was concluded
EXPORT last week, according to market participants. There was no available
• MB fob China HRC Index: $536.67 per tonne fob, down $0.83 per information about the destination of the shipment, however.
tonne Renato Rostás in São Paulo contributed to this report.
Sources told Fastmarkets MB that a transaction was concluded at FELIPE PERONI
$535 per tonne fob last week, though some traders had previously
reported of deals being done at $540 per tonne fob. NEW YORK
Sources said the tonnage involved in the $535-per-tonne US coated steel prices edge up; cold-rolled
transaction was “within 1,000 tonnes.” coil price steady
Most mills continued to ask for above $540 per tonne fob during
the day. Trading activity remained sparse, with few buyers being Strong demand again drove coated steel prices higher in the United
able to afford to pay this much for cargoes. States, while the price for cold-rolled coil remained steady week on
week, according to market participants.
MARKET CHATTER Fastmarkets AMM’s weekly assessment for the domestic
“Let’s see how much mills ask tomorrow. They normally update hot-dipped galvanized steel base price moved to $42 per
their offer prices on Tuesday, from which we would be able to tell hundredweight ($840 per short ton) on Thursday March 14 from
what kind of strategy mills are taking,” a second Shanghai-based $41.50 per cwt a week earlier; and the all-in price for galvanized coil
trader said. with a G90 coating increased to $46.75 per cwt ($935 per ton) from
$46.25 per cwt in the same comparison.
SHANGHAI FUTURES EXCHANGE The price assessment for domestic cold-rolled coil was flat at
The most-traded May HRC futures contract closed at 3,697 yuan per $41.50 per cwt ($830 per ton).
tonne on Monday, up 24 yuan per tonne from last Friday. Market participants put mill lead times for coated steel at six to 10
MIRANDA SONG weeks, stretching into May and helping buoy those prices.
Meanwhile, sufficient spot market supply - in part due to steady
LONDON imports - kept CRC prices in check, sources said.
Flat Steel Products Trade Log, March 18, 2019 “[Galvanized steel is] the strongest of sheet products… even the
May lead time is close to being booked out,” one mill source said.
The latest bids, offers and deals in the global markets for hot-rolled One distributor reported seeing the coated base price treading
coil, cold-rolled coil, hot-dipped galvanized coil, pre-painted water around $42 cwt after domestic mills launched a $2-per-cwt
galvanized iron, steel plate, steel sheet and other flat steel products. sheet price increase in mid-February.
A second distributor expected prices of coated steel to rise further
LATEST TRANSACTIONS: HOT-ROLLED COIL in the coming weeks, citing a relatively tight market amid healthy
• East China, domestic, commercial-grade HRC (4.5-12mm), traded automotive demand.
at 3,860-3,870 yuan ($575-576) per tonne, including VAT. “I think demand [for cold-rolled and galvanized steel] should be
• North China, domestic, commercial-grade HRC (4.5-12mm), better in the second quarter,” the second distributor said, noting
traded at 3,810-3,830 yuan per tonne, including VAT. some softness in the first quarter due to cold weather in the
northern part of the country.
SÃO PAULO A third distributor bought CRC at $41.50 per cwt recently but did
Latin American plate prices rise amid stable not specify volume tonnages, and this source reported seeing prices
coil market as high as $43.50 per cwt in the spot market.
A fourth distributor also noted rising prices, putting offers from
Export prices for Latin America-origin hot-rolled coil and cold-rolled regional mills at around $43 per cwt.
coil were unchanged in the week ended Friday March 15, but those “CRC prices should firm up soon… April is nearly full,” the mill
for heavy plate increased. source said.
The Fastmarkets MB weekly export price assessment for HRC in Mike Cowden in Chicago and Muyao Shen in New York
Latin America was $555-560 per tonne fob, while that for CRC was contributed to this report.
$590-600 per tonne fob, both stable in comparison with the YVONNE LI
preceding week.
Brazilian HRC continued to be offered to other South American
continued ›
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20
Tuesday 19 March 2019 | Number 9604.2

Carbon steel coating, also saw an uptrend. Prices were reportedly some $40
higher than at the beginning of 2019, at around $750 per tonne cfr,

flat products
traders said.
RENATO ROSTÁS

SÃO PAULO
SÃO PAULO PRICING NOTICE: Extension of consultation
HDG leads import flat steel uptrend period for discontinuation of Latin America
in South America HDG export price
Prices for most imported flat steel in South America rose this past Fastmarkets MB is extending the consultation period to discontinue
week, with galvanized sheet leading the uptrend as Chinese mills its weekly export price assessment of Latin America-origin
offered at substantially higher levels. hot-dipped galvanized coil, reported on a dollar per tonne fob main
Fastmarkets’ hot-dipped galvanized coil assessment stood at port basis.
$640-660 per tonne cfr on March 15 compared with $630-640 per The extension is based on feedback and government data
tonne the week prior. It is the highest level since November 16, when showing that producers in the region might be returning to export
prices were $685-700 per tonne. markets in 2019, Further investigation is also needed to verify if spot
“Chinese mills are offering more coated steel because margins market trades are occurring.
increased recently,” one trader said. “There are some that The consultation period for this price discontinuation notice will end
announced they will reduce cold-rolled coil output because [they] in one month, on April 15, with changes taking place from April 19.
are selling the material with losses.” Fastmarkets MB remains committed to the HDG market and will
Fastmarkets assessed hot-rolled coil import prices in the region at continue to track its evolution and progress, providing appropriate
$565-575 per tonne cfr on March 15, higher than the $560-570 per pricing mechanisms where needed.
tonne a week ago. Plate prices reached $550-560 per tonne cfr, up To provide feedback on this price, or if you would like to provide
on the low end from $540-560 per tonne on March 8. price information by becoming a data submitter to this price, please
Fastmarkets’ cold-rolled coil assessment was at $590-610 per contact Felipe Peroni by email at [email protected]. Please
tonne cfr on March 15, unchanged since March 1. add the subject heading FAO: Felipe Peroni, re: Latin America HDG
“There were large orders to come into South America in May, but coil price.
some of my clients canceled them because of the higher prices... of FELIPE PERONI
coated steel,” a second trader said. “Meanwhile, broader import
demand is still low in the region.”
Galvalume, another type of steel with zinc and aluminium

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21
Tuesday 19 March 2019 | Number 9604.2

Carbon steel Fastmarkets MB’s import price assessment for wire rod in
Southeast Asia - which mainly looks at low-carbon mesh-quality

long products
material sold into the Philippines and Vietnam from China - was
$540-550 per tonne cfr for the week to Monday, widening upward by
$5 per tonne from $540-545 per tonne cfr from a week earlier.
JESSICA ZONG
FASTMARKETS’ KEY LONG STEEL PRICES
LONDON
Price Change† Assessed
Rebar, China export index (fob main
Long Steel Products Trade Log, March 18, 2019
China port) ($/t) 527-527 0.89% p 18 Mar 19
Rebar, EU import (cfr main EU port, The latest bids, offers and deals in the global markets for rebar, wire
northern Europe) (€/t) 500-505 0% 13 Mar 19 rod, steel beams and other long steel products.
Rebar, EU import (cfr main EU port,
southern Europe) (€/t) 470-500 0% 13 Mar 19 LATEST TRANSACTIONS: REBAR
Rebar, CIS exports (fob stowed main • East China, domestic, grade III 16-25mm rebar, traded at 3,850-
Black Sea port) ($/t) 470-485 -0.52% q 18 Mar 19
3,900 yuan ($573-581) per tonne, including VAT.
Rebar, Turkish exports (fob main
Turkish port) ($/t) 490-500 4.21% p 14 Mar 19 • North China, domestic, grade III 16-25mm rebar, traded at
Rebar, UAE imports (cfr Jebel Ali) 3,840-3,890 yuan per tonne, including VAT.
($/t) 530-535 0.47%
p 12 Mar 19
Rebar, US imports (cfr Gulf) ($/short SHANGHAI
ton) 650-670 -1.49%
q 06 Mar 19
Rebar, US domestic (fob mill) ($/short
CHINA REBAR: Domestic prices up on
ton) 705-730 2.5% p 06 Mar 19 restocking
Rebar, Latin America exports (fob
stowed main Latin American port) ($/t) 560-565 0% 08 Mar 19 China’s domestic rebar prices moved higher on Monday March 18
Rebar, South East Asia imports (cfr as stockists looked to replenish inventories, despite many spot
Singapore) ($/t) 500-510 0.5% p 18 Mar 19 traders opting to sit on the sidelines as they digest the implications
Rebar, Southern Europe exports (fob of the reduction in the Chinese value-added tax (VAT) rate from
main port) (€/t) 460-490 0% 13 Mar 19
next month.

SHANGHAI DOMESTIC
Rebar import prices in Singapore edge up • Eastern China (Shanghai): 3,850-3,900 yuan ($573-581) per tonne,
amid higher bids up 40-50 yuan per tonne
• Northern China (Beijing): 3,840-3,890 yuan per tonne, up 40-50
Import prices for rebar sold into Singapore narrowed upward slightly yuan per tonne
in the past week amid higher bids from end users. The announcement last week by the Chinese government that it is
Fastmarkets MB’s import price assessment for rebar in Southeast to cut the VAT rate continued to create chaos in the spot market,
Asia - which mainly looks at cargoes sold into Singapore on a leading many participants to back off and adopt a wait-and-see
theoretical weight basis - was $500-510 per tonne cfr for the week to position, hitting demand.
Monday March 18, narrowing upward by $5 per tonne from the However, enough stockists replenished their inventories in the
previous week. hope they will turn a tax-profit when they sell their stocks in April to
Turkish rebar was offered at $510-520 per tonne cfr to push up today’s prices.
Singaporean buyers, although there no transactions were heard.
The product is usually offered in large quantities of 50,000 tonnes, EXPORT
and not many buyers in Singapore are open to buying a single • MB fob China Rebar Index: $527.08 per tonne, up $1.58 per tonne
shipment of that size. A steel mill in eastern China offered rebar at $530 per tonne fob, the
There was no rebar of other origins offered to Singapore, same price as last week.
sources said. Other mills didn’t release offers, but participants put the price
Bids were made at $495-500 per tonne cfr Singapore, with some range acceptable to producers at $525-530 per tonne fob, against
industry sources indicating that $500-505 per tonne cfr Singapore $525 per tonne fob late last week.
was a reasonable range for negotiation to take place at. Steel mills are not looking to offer discounts to overseas buyers given
Most buyers still took a wait-and-see approach because of their they have received ample orders from domestic buyers, they added.
high inventory levels. Meanwhile, overseas buyers kept away from submitting bids in
Rebounding prices in China, a key source of steel products, also the expectation that Chinese prices will fall in April once the VAT
supported steel mills’ offer prices. rate drops.
The Fastmarkets MB fob China Rebar Index was at $525.50 per
tonne last Friday, up from $522.45 per tonne at the start of the week. MARKET CHATTER
In Southeast Asia’s wire rod market, price widened upward by $5 “Rebar futures dropped due to the expectation among paper
per tonne on higher offers. market traders that mills will face lower production costs from April
Buyers were said to be willing to pay up to $540 per tonne cfr as a result of the decrease in the VAT,” a trader in Shanghai said.
Philippines, while sellers were open to taking orders at $550 per
tonne cfr, market sources said. BILLET
Offers were heard at $555-560 per tonne cfr. As at 3pm, billet was being traded at 3,530 yuan per tonne including
No transactions were heard amid the large bid-offer gap. VAT in Tangshan, up 30 yuan per tonne from last Friday.
continued ›
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forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
22
Tuesday 19 March 2019 | Number 9604.2

Carbon steel
long products
SHANGHAI FUTURES EXCHANGE
The most-traded May rebar futures contract closed at 3,781 yuan
per tonne on Monday, up 18 yuan per tonne from last Friday.
JESSICA ZONG

SÃO PAULO
PRICING NOTICE: Discontinuation of Latin
America rebar export price assessment
Fastmarkets has discontinued its weekly assessments of the Latin
America rebar export price, which was reported on a dollar per
tonne fob main port basis, with effect from Friday March 15.
After a consultation period lasting two months, Fastmarkets has
discontinued its weekly assessments after receiving feedback that
there was now limited spot liquidity in the market for this material,
with most volumes being traded between parties within the same
corporate parent group.
If you have any comments on the discontinuation of this price,
please contact Felipe Peroni by email at pricing@metalbulletin.
com. Please add the subject heading ‘FAO: Felipe Peroni, re: Latin
America rebar export price.’
All historical data relating to this price prior to its discontinuation
will remain available in the pricing section of the Fastmarkets website.
FELIPE PERONI

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23
Tuesday 19 March 2019 | Number 9604.2

Carbon steel semi- Buyers in the country were resisting higher offers and few import
deals were heard.

finished products
The ban in billet imports from traders, imposed in the week
before last in an attempt by the government to reduce rebar
prices, was not expected to affect volumes imported into the
country, because steel producers and re-rollers are still allowed to
FASTMARKETS’ KEY SEMI-FINISHED STEEL PRICES sell material to Egypt.
An Algerian customer, however, opened a tender for 50,000
Price Change† Assessed
tonnes of billet for shipment in April, which may enliven the market
Slab, CIS exports (fob stowed main
Black Sea port) ($/t) 495-505 0.5% p 18 Mar 19 in the coming week.
Slab, Brazil export (fob main port)
($/t) 500-540 0% 15 Mar 19 TURKEY
Slab, South East/East Asia (cfr main In Turkey, prices maintained an upward trend while scrap costs rose
port) ($/t) 475-495 0% 18 Mar 19 and demand improved in both the domestic and export markets.
Billet, CIS exports index (fob Black Long steel producer Kardemir opened its local billet sales on
Sea port) ($/t) 455 0.22% p 18 Mar 19
March 11 at a base price of $460 per tonne ex-works and sold
Billet, Turkish exports (fob main
Turkish port) ($/t) 470-480 4.4% p 14 Mar 19 100,000 tonnes of material to at least 16 different buyers.
Billet, Turkish imports (cfr main Meanwhile, local billet producers were offering similar material at
Turkish port) ($/t) 450-470 1.1% p 14 Mar 19 around $460-470 per tonne ex-works.
Billet, UAE imports (cfr Jebel Ali) But demand for imported billet was sluggish, because domestic
($/t) 495-500 0.51%
p 12 Mar 19 product was cheaper than offshore material, mainly from the CIS,
Billet, Latin American exports (fob sources said.
stowed main Latin America port)
($/t) 450-460 0% 15 Mar 19
Billet, Indian exports (fob main IRAN
India port) ($/t) 450-455 -2.16% q 15 Mar 19 Iranian billet exporters increased their prices for foreign customers
Billet, South East Asia imports (cfr in the week ended March 13, following improved demand in the
main port) ($/t) 485-495 1.03% p 18 Mar 19
major outlets.
Billet, Iran export (fob Iranian
ports) ($/t) 395-405 1.27% p 13 Mar 19 Several cargoes of billet scheduled for shipment in April were
Billet, Egypt imports (cfr main reported sold to Asia around $395 per tonne fob.
port) ($/t) 475-480 1.06% p 14 Mar 19 But there were also cargoes on the same delivery terms sold to
North Africa and Asia within the range of $400-405 per tonne fob.
SÃO PAULO In such conditions, offers for May-shipment billet were hovering
GLOBAL BILLET WRAP: Prices rise on high around $405 per tonne fob, sources told Fastmarkets.
scrap costs, weak demand “We rejected bids at $400 per tonne fob,” a major Iranian mill told
Fastmarkets, citing good demand both domestically and abroad.
Steel billet prices showed a slight increase in most regions in the
week ended Friday March 15, with scrap costs remaining high, but SOUTHEAST ASIA
demand in many buying outlets was weak. Import prices for steel billet in Southeast Asia moved up during the
The exception was Southeast Asia, where trading activity was week, amid an uptick in trading activity and rising scrap costs.
strong, despite increased costs. Numerous deals involving Malaysian billet were concluded at
Scrap prices remained at high levels, with Fastmarkets’ daily $485-488 per tonne cfr Philippines, $477 per tonne cfr Indonesia and
index for Northern European HMS 1&2 (80:20) scrap material at $485 per tonne cfr Thailand, sources told Fastmarkets.
$318.37 per tonne cfr Turkey on Friday, up from $317.43 per tonne A shipment of 100mm billet from the CIS was booked at $490 per
cfr a week before. tonne cfr Manila, while Vietnamese 130mm billet produced using
induction furnaces (IF) was also sold to the Philippines at $490-493
CIS, NORTH AFRICA per tonne cfr.
In the Commonwealth of Independent States (CIS), the billet market “Billet prices have edged up slightly due to higher global scrap
was rather quiet last week. Mills which had sold enough material in prices, and also because domestic rebar prices in the Philippines
the previous week, as well as gaining support from the uptick in have increased a bit,” a Filipino re-roller source said on Thursday.
import scrap prices in Turkey, preferred to stay away from the Offers for Malaysian billet were $475-480 per tonne cfr Indonesia
market, offering material at $460-465 per tonne fob Black Sea. and $495-500 per tonne cfr Manila, while CIS offers were reported at
Customers in most outlets could not afford such high prices $505 per tonne cfr Manila and $488-490 per tonne cfr Indonesia.
because they would not be able to pass on these higher billet costs Vietnam-origin material produced from blast furnaces was
to finished long steel buyers. available at $497 per tonne cfr Philippines.
Several traders indicated that $450 per tonne fob Black Sea would Asking prices from China and Taiwan were heard at $520-525 per
be a workable price, but inquiries at this level received no replies tonne cfr, but they were too high for Southeast Asian buyers to
from producers. Customers in the Middle East indicated bids at accept, a Taiwanese trader said.
prices much lower than $450 per tonne fob. Meanwhile, Iranian offers varied around $440-460 per tonne cfr in
In such conditions, buying activity was close to zero. Thailand and Indonesia.
Demand in the Egyptian market, meanwhile, was weak due to the Buying interest in Indonesia was thin. Most construction projects
low level of construction activity, as well as uncertainty in the in the country were at a standstill ahead of the country’s general
market created by the Egyptian ministry of trade and industry election in April, a trader in Southeast Asia said.
prohibiting billet imports by traders. “That has damped demand for construction steel products
continued ›
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24
Tuesday 19 March 2019 | Number 9604.2

Carbon steel semi- LONDON

Semi-finished Steel Products Trade Log,

finished products March 18, 2019

The latest bids, offers and deals in the global markets for steel billet,
slab and bloom.
[including rebar], which has in turn slowed down billet bookings,”
the trader added. LATEST TRANSACTIONS: BILLET
Indonesian re-rollers were said to be willing to pay around $470 • China, billet, domestic, traded at 3,530 yuan ($526) per tonne,
per tonne cfr. including VAT, at 3pm.
Filipino re-rollers were bidding $486-493 per tonne cfr for
Vietnamese IF billet, against offers of $495 per tonne cfr. For billets SÃO PAULO
produced using blast furnaces or electric-arc furnaces, bids were Brazilian slab export prices stable, offers up
reported around $480 per tonne cfr Philippines.
Slab export prices from Brazil remained unchanged this past week,
CHINA although offers from the country were heard at higher levels.
Chinese prices were 3,500 yuan ($521) per tonne on Friday, up by 20 Fastmarkets MB’s weekly assessment for Brazil-origin slab stood
yuan per tonne from a week earlier. at $500-540 per tonne fob on Friday March 15, stable week on week.
Local stockists replenished inventories on expectations of Offers from Brazil to the US market were heard close to $560 per
stronger demand and higher prices in March. Re-rolling mills could tonne fob, but market participants were still doubtful whether
resume production after March 31 with the end of winter buyers would accept such prices. A viable price level was $530-540
production restrictions. per tonne fob, sources said.
Stockists’ active procurement resulted in high spot-market Rumors circulated that a US integrated mill was looking to buy
inventories, which reached 783,000 tonnes on Friday in Tangshan, third-party slab to complement its production, which could increase
up by 79,000 tonnes from a week before, a billet trader in Tangshan upside momentum. “I’m seeing strong demand in the slab market,
said, quoting a local industry information provider. which will give support to prices,” a source said.
China’s billet export offers would be $480-485 per tonne fob Said a second source: “I believe the gap between prices of slab in
based on domestic prices, an export trader in east China said. Europe and the US will increase.”
Fiona Lam in Singapore, Vlada Novokreshchenova in Dnepr, But a third source was skeptical about the attempt to raise prices.
Jessica Zong in Shanghai, Paul Lim in Singapore, Cem Turken in “Producers are trying to impose higher prices, but I’m not sure
Mugla, Serife Durmus in Bursa and Suresh Nair in Mumbai buyers will accept,” this source said.
contributed to this report. Small volumes of around 20,000 tonnes were still being offered to
FELIPE PERONI Europe at around $500 per tonne fob, but no deals were made,
sources said.
SINGAPORE Offers to the Brazilian domestic market were being heard above
Asian slab import prices flat amid quiet $500 per tonne fob, as domestic steelmakers Gerdau and CSN have
market maintenance stoppages scheduled for the end of the first half, and
demand for slab is heating up.
Import prices for steel slab in Southeast Asia and East Asia were FELIPE PERONI
unchanged over the past week amid a lack of trading activity.
The weekly Fastmarkets MB import price assessment for slab in MUMBAI
Southeast Asia and East Asia was $475-495 per tonne cfr on Indian domestic secondary billet prices down
Monday March 18, the same as a week earlier. by $13 per tonne on subdued demand
Trading activity in the spot market remained sluggish over the
week amid the persistently soft regional demand and a tight supply Indian domestic secondary billet prices have fallen by 900 rupees
of slab globally, sources said. ($13) per tonne this week with demand for both semi-finished and
Buying interest, especially in Indonesia, was thin. finished long steel products remaining subdued and inquiries limited.
“Slab buyers in Indonesia decided not to stock up on materials The price for Indian domestic secondary billet, assessed by
because of next month’s general election,” a trader in the country Fastmarkets on Friday March 15, was 31,300-31,500 rupees ($450-
said last Friday. Construction projects in the Southeast Asian 453) per tonne ex-mill. This was down by 900 rupees per tonne
country have come to a standstill due to the upcoming election, compared with last week’s assessment of 32,200-32,400 rupees per
which sapped demand for steel products. tonne ex-mill.
An East Asian re-roller booked Australia-origin slab at around “Inquiries for billets are dwindling every day. The sentiment in the
$485-490 per tonne cfr, sources told Fastmarkets MB. secondary steel segment is negative, and buying has been very
Market participants in Asia estimated that $475-495 per tonne subdued because customers feel that prices will fall further in the
cfr was an achievable price range for the week to Monday. coming days,” an official from a billet mill in the central Indian state
Products from the Commonwealth of Independent States were of Chhattisgarh said.
offered around $505-510 per tonne cfr in Asia during the week. The extent of the fall in prices for finished long products such as
Iranian slab was available at around $395-400 per tonne cfr. rebar this week was slightly less than the fall in billet prices.
Prices from Iran are excluded from Fastmarkets MB’s assessment The domestic price for secondary 12mm rebar, assessed by
because they tend to fall below mainstream market levels in Asia Fastmarkets on March 15, was down by 700 rupees per tonne to
due to sanctions imposed by the United States. 35,700-35,900 rupees per tonne ex-mill. This compared with last
FIONA LAM week’s secondary rebar price assessment of 36,400-36,600 rupees
continued ›
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forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
25
Tuesday 19 March 2019 | Number 9604.2

Carbon steel semi-

finished products
per tonne ex-mill.
An official from a standalone rebar mill in central India said that
negative sentiment in the secondary long steel product markets was
mainly because fewer orders were being booked, particularly for
rebar, because activity in the construction sector has slowed down.
“Work on government projects will slow down further because a
general election has been announced,” the rebar mill official said.
“Contractors will not be able to get their bills cleared because
bureaucracy slows down before elections. There will be a further
shortage of funds soon, which will affect business.”
Meanwhile, the export price of Indian blast-furnace grade billet
was assessed by Fastmarkets to be down by $10 per tonne to
$450-455 per tonne fob, compared with last week’s assessment of
460-465 per tonne fob.
SURESH NAIR

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26
Tuesday 19 March 2019 | Number 9604.2

Stainless & European Union, however.

“Deliveries of material from the UK have been postponed due a

special steels
delay in getting through customs because of Brexit,” he said. “For
us, a few days delay is not an issue, but [it could be] for other
customers.”
CARRIE BONE
FASTMARKETS’ KEY STAINLESS STEEL PRICES

Price Change† Assessed

Grade 304 HRC, Asia import (cif East
Asian port) ($/t) 1,920-2,010 -0.25% q 13 Mar 19
Grade 304 2mm CRC, 2B Asia import
(cif East Asian port) ($/t) 2,050-2,150 -0.24% q 13 Mar 19

LONDON
EUROPE STAINLESS STEEL: Prices flat, market
pushes back against rises
Prices for long and flat stainless steel products in Europe were stable
this week, with market participants reluctant to accept higher
offers, sources told Fastmarkets on Friday March 15.
Fastmarkets price assessment for grade-304 cold-rolled (CR)
sheets, delivered to Northern Europe, was unchanged week on week
at €2,100-2,150 per tonne on March 15.
Offers were heard at €2,200 per tonne, but no transactions were
completed at the price.
“An offer of €2,200 [per tonne] is on the table, still rejected,” a
distributor said. “I am not paying that, I refuse to accept it. Not so
long ago I paid €2,000 [per tonne], it’s ridiculous to increase prices
€200 [per tonne] if we expect the surcharge to rise €90 [per tonne].
It’s taking double advantage of the situation.
“We implemented the March surcharge during the half first of
March and the rest last Friday,” he added. “It was accepted by the
market. We have cheap material in our warehouse, and sufficient
material in stock at the moment.”
Alloy surcharge changes are not necessarily applied to
transaction prices in full at the start of each month, and it has taken
several weeks for this to be accepted by the market.
The March surcharges for grade-304 cold-rolled (CR) stainless
sheet increased to €1,308-1,351 ($1,474-1,522) per tonne on March 1,
according to data released by Outokumpu, Acerinox and Aperam.
This was up by €116-118 per tonne from the surcharges in February.
Fastmarkets’ base price assessment for grade-304 stainless bright
bar was unchanged on March 15 at €1,000-1,050 per tonne delivered.
And the March surcharge for grade-316 CR stainless sheet was up
by €146-150 per tonne, to €1,995-2,051 per tonne on March 15.
The surcharge for grade-304 bright bar - based on data released
by Outokumpu, Valbruna Nordic, Acerinox, Ugitech, Cogne and
Olarra - increased by €157-160 per tonne to €1,620-1,669 per tonne.
Alloy surcharges are designed to account for the non-ferrous
component of various stainless steel grades, with the price of nickel
being the primary factor for surcharges relating to both grade-304
and grade-316 stainless steels.
March surcharges were based on alloy component prices between
January 21 and February 21. During that time, nickel prices on the
London Metal Exchange increased to $12,775-12,790 per lb from
$11,750-11,755 per lb, a gain of 9%.
Market participants pondered the direction the nickel prices
would go before the next monthly alloy surcharge was calculated for
April, with prices reaching a year-to-date peak of $13,650-13,660 per
tonne on March 6, however this had fallen back to $12,945-12,960 per
tonne by March 15.
One market participant voiced concerns over UK material
reaching its destination due to the imminent withdrawal from the

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27
Tuesday 19 March 2019 | Number 9604.2

Ferrous scrap “It’s pretty stable this week and demand is alright. We are focusing
more on plate & structural [scrap] and bonus material over shredded
[scrap] now. The market might move up,” a second trader said.
Fastmarkets MB’s weekly price assessment for imports of HMS
FASTMARKETS’ KEY FERROUS SCRAP PRICES 1&2 (80:20) into India moved down by $5 per tonne to $295-315 per
tonne cfr Nhava Sheva on March 15, down from $300-320 per tonne
Price Change† Assessed
cfr on March 8.
MB Index CFR Turkey HMS 1&2 (80:20)
(North Europe material) 318.67 0.47% p 18 Mar 19
Deals and offer prices were slightly down this week, with offers
MB Index CFR Turkey HMS 1&2 (80:20)
from West Africa moving down $5 per tonne to $295 per tonne cfr,
(USA material) 324.09 0.46% p 18 Mar 19 and offer prices for UAE-origin material declining to $315 per tonne
MB Index Shredded India import cfr cfr, from $320 per tonne cfr the week previous.
($/t) 335.29 1.18%
p 15 Mar 19 One deal for UK-origin material was heard at $305 per tonne cfr
HMS 1&2 ferrous scrap index (80:20) Nhava Sheva.
fob Rotterdam ($/t) 298.70 1.13% p 15 Mar 19
CARRIE BONE
HMS 1&2 (80:20) UK export fob main
port ($/t) 301-303 1.51% p 15 Mar 19
HMS 1&2 (80:20) Taiwan import cfr NEW YORK
($/t) 299-308 1.17%
p 15 Mar 19 MEC opens Singapore office, targets
US Index domestic Midwest No1
busheling ($/gross ton) 372.32 5.75% p 11 Mar 19
Southeast Asia
US Index domestic Midwest shredded Metal Exchange Corp (MEC) aims to boost its global footprint by
($/gross ton) 340.21 6.15% p 11 Mar 19
opening a trading office in Singapore that will serve markets in
Vietnam ferrous scrap ($/t) 345-350 1.46% p 15 Mar 19
South and Southeast Asia.
The new office will be led by MEC global business manager Craig
LONDON Weber, who previously established the company’s Zurich trading
INDIA IMPORT SCRAP: Prices increase again office and the Shanghai representative office.
on higher deals “Establishing a presence in Singapore will enhance the access and
expertise of MEC to deliver results for our trading partners,” Weber
The price of shredded ferrous scrap continued to recover this week said in a statement dated Friday March 15. “With the ever-changing
with prices moving up for the second consecutive week, sources said metals environment, Singapore puts MEC in the center of Southeast
on Friday March 15. Asia markets - closer to our customer base and set up for our
Fastmarkets MB’s weekly index for containerized imports of continued growth plan.”
shredded scrap into India was $335.29 per tonne cfr on March 15, up This changing environment includes fundamental alternations to
from $331.38 per tonne cfr on March 8. China’s scrap consumption, which could force MEC and other
The recovery comes after the index had fallen by $11.11 per tonne companies to widen their reach in Asia.
week on week to $328.33 per tonne cfr on March 1 due to a market Trade policies between the United States and China have
correction following negative sentiment and a drop in Indian changed rapidly. The Asian nation has imposed aggressive
finished steel prices. restrictions on contaminants in scrap metal imports, implemented
This week several deals for shredded material into India were a 25% tariff on aluminium scrap shipments from the US in April of
heard at $335 per tonne and $337 per tonne cfr Nhava Sheva, up last year and added a 25% tariff on copper scrap and other
from $330 per tonne last week. non-ferrous scrap imports from the US in August that dramatically
“Offers have increased by $5-10 per tonne compared with last curbed its appetite for US material.
week given the Turkish market gains, some suppliers are holding US prices for major non-ferrous scrap grades traditionally
back the offers and watching the market,” a trader said. exported were hit hard by the impact of shrinking appetites from
Fastmarkets MB’s daily ferrous scrap index HMS 1&2 (80:20) for Chinese buyers.
Northern European material into Turkey moved up to $318.05 per Fastmarkets AMM’s assessment for non-ferrous auto shred
tonne on March 15, up from $309.54 per tonne cfr on March 1, (twitch) sank to a more than nine-year low of 46-47 cents per lb in
following cargoes being booked at increasingly higher prices. October, although it has rebounded to stand at 56-57 cents per lb
Although prices inched up this week, market sentiment in India on March 14 - unchanged since February 28.
was still lacking in confidence. Additionally, the Chinese central government announced plans in
“Buyers are not buying. A week or two more [to wait] and then December to restrict imports of certain grades of non-ferrous and
people will be back in the market,” a seller said. ferrous scrap beginning July 1, 2019.
One market participant said they were in wait and see mode now The country was also said to be considering a ban on imports of
that the election in India has been declared, while another said solid waste, including all metal scrap by the end of 2020.
there would be no new big projects announced until after the MEC’s businesses are involved in various stages of the non-ferrous
election was over, reducing demand for the scrap used in domestic metal supply chain, including marketing, trading, manufacturing,
construction. processing, distribution and transportation. It also operates a
An official date for the general election is yet to be set but they will private fleet and is involved in domestic and international logistics.
take place in April and May of this year. Opinion polls suggest the ELIZABETH RAMANAND
vote is too close to call at this stage.
“There is low demand, there is the Holi festival next week in India
– this is big in northern India - which is the biggest market for scrap
and we are approaching the financial year end, so the market has
paused,” a second seller said.
continued ›
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28
Tuesday 19 March 2019 | Number 9604.2

Ferrous scrap
DNEPR
EUROPE ALLOY STEEL SCRAP: UK prices inch
up despite lower nickel costs
UK prices for alloy steel scrap moved up slightly over the past week
despite higher costs for nickel, sources told Fastmarkets on Friday
March 15.
Fastmarkets’ weekly price assessment for domestic UK 18/8
stainless steel scrap solids was £840-880 ($1,113-1,266) per tonne
delivered on March 15. This was up from £830-870 per tonne
delivered a week earlier, reflecting transactions heard in the market.
“Nickel prices went up earlier this week, then dropped. We will
need to see where nickel prices go to make any forecasts for the
alloy scrap market,” a trader said.
The three-month official bid/offer spread for nickel on the London
Metal Exchange fell to $12,945/12,960 per tonne on March 15,
compared with $13,070/13,125 per tonne on March 8. The three-
month official bid/offer spread peaked on March 12 at
$13,235/13,240.
Demand for alloy steel scrap from buyers was reported to be
good, supporting higher prices.
Prices in Europe, however, have been stable all week.
Fastmarkets’ weekly price assessment for European imports of
18/8 stainless steel scrap solids was unchanged at €1,000-1,060
($1,131-1,199) per tonne cfr.
MARIA TANATAR

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forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
29
Tuesday 19 March 2019 | Number 9604.2

Ferrous raw 12pm on March 20.

Tangshan city has also asked local sintering and pelletizing

materials
facilities to stop production for the rest of this month unless they
meet certain emissions standards, according to another report.
Those restrictions dampened interest in buying iron ore on
Monday and countered any bullishness brought by the latest Vale
FASTMARKETS KEY IRON ORE PRICES issue, market participants said.
While spot trading activity increased and prices rose at Chinese
cfr main China port $ per dry metric tonne
ports before the futures retreated, the seaborne market remained
Price Change† Assessed muted with a wide gap between offers and bids.
Iron ore index (62% fe) 88.26-88.26 5.33% p 18 Mar 19 And seaborne buyers could stay sitting on their hands
Iron ore pellet index cfr Qingdao until steelmaking production fully recovers in April, a trader in
(65% fe) 127.08-127.08 -0.35% q 15 Mar 19
Shanghai said.
The daily Fastmarkets MB 62% Fe Iron Ore Index rose $1.74 per
SHANGHAI tonne on Monday, while the daily Fastmarkets MB 65% Fe Iron Ore
IRON ORE DAILY: Prices rise on further Index was up $0.50 per tonne. The price movements were based on
disruption to Vale supplies the visible market activity detailed below, which was included in the
index calculation according to the published methodology.
Iron ore prices strengthened on Monday March 18 due to increasing For the calculation of the MBIOI-65, judgment was applied to
uncertainty over Vale supplies from Brazil, although the impact was carry over data in today’s indices due to low liquidity in the 24-hour
offset by further production restrictions on steelmakers in China’s pricing window, corresponding with published fall-back measures.
Tangshan region. No data was discarded in the calculation of these indices. Any
data received under Data Submitter Agreements or subject to a
MB 62% FE IRON ORE INDEX: confidentiality request will not be published.
$88.26 per tonne cfr Qingdao, up $1.74 per tonne.
QUOTE OF THE DAY
MB 62% FE PILBARA BLEND FINES INDEX: “Although restrictions in north China slowed down iron ore
$87.38 per tonne cfr Qingdao, up $1.74 per tonne. consumption, general demand remains healthy, [although] more
Vale supply issues could take iron ore prices above $90 per tonne cfr,”
MB 62% FE IRON ORE INDEX-LOW ALUMINA: a trading source in east China told Fastmarkets.
$90.20 per tonne cfr Qingdao, up $1.17 per tonne.
TRADES/OFFERS HEARD IN THE MARKET
MB 58% FE PREMIUM INDEX: • Vale, Global Ore, 170,000 tonnes of 62% Fe Brazilian Blend fines,
$78.99 per tonne cfr Qingdao, up $1.61 per tonne. traded at $90.20 per tonne cfr China, laycan April 11-20.
• BHP, private tender, joint cargo, 110,000 tonnes of 62.4% Fe
MB 65% FE IRON ORE INDEX: Newman fines, sold at the April average of a 62% Fe index,
$98 per tonne cfr Qingdao, up $0.50 per tonne. adjusted for Fe content, plus a premium of $1.41 per tonne; 80,000
tonnes of 57% Fe Yandi fines, sold at the April average of two 62%
MB 62% FE CHINA PORT PRICE INDEX: Fe indices, adjusted for Fe content, plus a discount of $1.85 per
647 yuan per wet metric tonne (implied 62% Fe China Port Price tonne, laycan April 1-10.
$85.81 per dry tonne), up 14 yuan per wmt. • Global Ore, two 170,000-tonne cargoes of 62% Fe Pilbara Blend
fines, offered at the July average of a 62% Fe index at a premium of
KEY DRIVERS $1.60 per tonne, laycan June 20-July 15 and July 10-31; two
On Saturday, Brazilian miner Vale said there could be a shortfall of 170,000-tonne cargoes of 62% Fe Pilbara Blend fines, offered at the
12.8 million tonnes per year in iron ore output due to the suspension August average of a 62% Fe index at a premium of $1.60 per tonne,
of the Timbopeba mine in Minas Gerais state after a local court laycan July 20-August 15 and August 10-31; two 170,000-tonne
decision halted operations related to the Doutor dam. cargoes of 62% Fe Pilbara Blend fines, offered at the September
China’s iron ore futures responded positively to the news with a average of a 62% Fe index at a premium of $1.60 per tonne, laycan
high opening on Monday morning and a moderate uptrend through August 20-September 15 and September 10-30.
the day, before a sudden drop ahead of the 3pm close.
Meanwhile, trading activity on the Singapore Exchange (SGX), PORT PRICES
related to the 65% Fe iron ore derivative contract, picked up on Pilbara Blend fines traded at around 635-645 yuan per wmt in
Monday, with 800 lots cleared as of 18.50 Singapore time. The Tangshan city and Shandong province during the day, compared
futures contract is settled based on the Fastmarkets MB 65% Fe iron with 623-631 yuan per wmt last Friday, sources told Fastmarkets.
Ore Index. The latest price range was equivalent to $84.20-85.60 per tonne
While one international trader said there will be material output cfr China.
loss at Vale’s Timbopeba mine, a Chinese mill source pointed out
that the exact volume will depend on the changes that follow, DALIAN COMMODITY EXCHANGE AFTERNOON CLOSE
adding that “there may not be too big supply reduction for China.” The most-traded May iron ore futures contract closed at 632.50
Local media reports in China over the weekend highlighted the yuan per tonne on Monday, up by 5.50 yuan per tonne from last
latest restrictions in the northern steel hub of Tangshan in Friday’s closing price.
response to an increase in air pollution. Measures included cutting Deepali Sharma in Singapore contributed to this article.
local sintering operations by 40-100% from 6pm on March 16 to JULY ZHANG
continued ›
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30
Tuesday 19 March 2019 | Number 9604.2

Ferrous raw Over 500,000 tonnes of coking coal - mainly premium products -
changed hands in the spot market last week, over 25% higher than

materials
the preceding week, according to data collected by Fastmarkets.
Meanwhile, sentiment in the downstream Chinese market, which
has a significant bearing on buyers’ sensitivity toward prices for raw
materials, appeared to revolve around the upcoming rate cuts for
SHANGHAI value-added tax in the country on April 1.
SGX outlines need for risk management as In the rebar market, spot prices were driven upward on Monday by
Chinese iron ore buyers respond to margins, stockists looking to replenish their inventories despite many traders
opting to sit on the sidelines ahead of the VAT reduction.
environmental norms China’s domestic hot-rolled coil prices experienced a strong
The world’s first high-grade iron ore derivative contract has rebound during the day, with buyers rushing for materials ahead of
provided the market with a more complete risk-management the tax cut.
portfolio that reduces risks associated with different grades of the The Chinese government is reducing the VAT on the
steelmaking raw material, Tan Say Liang, general manager of the manufacturing sector from 16% to 13% and that on the
Shanghai office of Singapore Exchange (SGX), said during a transportation and construction industries from 10% to 9%. The VAT
conference last month. cut is widely seen as a form of stimulus for the country’s domestic
“China’s long-term aim to tighten regulations on emissions are markets following economic headwinds since last year that resulted
pointing to increased demand for high-grade iron ore and thus the from its trade tensions with the United States.
[need for] 65% Fe derivatives to hedge,” he said at the Fastmarkets The Dalian Commodity Exchange’s most-traded May coking coal
MB iron ore conference in Beijing at the end of February. futures contract closed at 1,231 yuan per tonne on Monday, down 6
Since SGX launched its 65% Fe iron ore swaps and futures in yuan per tonne from last Friday. The most-traded May coke contract
December last year, trading by 33 participants has totaled 3.65 closed at 1,968 yuan per tonne, down 26 yuan per tonne for the day.
million tonnes, according to the exchange. The Fastmarkets MB cfr China Premium Hard Coking Coal Index
More than half of the participants were Chinese mills or traders, rose $0.36 per tonne to $210.95 per tonne while the fob Australia
indicating “demand from physical players,” Tan said. index gained $1.87 per tonne to reach $213.10 per tonne.
Based on data from 2014 to early 2019, steel margins for The hard coking coal index cfr China dropped $1.01 per tonne to
steelmakers tend to be closely associated with the volatility in iron $195.65 per tonne while fob Australia index shed $0.46 per tonne to
ore prices, Tan also said. $185.57 per tonne.
From 2017 to late 2018, Chinese mills’ margins were largely on the The low-vol pulverized coal injection indices were flat, at $139.62
rise, with iron ore price volatility generally decreasing during that per tonne cfr China and $128.17 per tonne fob Australia.
period. At the end of last year, when steel margins dropped, iron ore DEEPALI SHARMA
volatility started to trend higher, he added.
“Logically thinking, when profitability shrinks, mills would shift SHANGHAI
their focus from production rates to cost controls by means Seaborne activity in iron ore concentrate,
including hedging,” he told delegates, adding that iron ore volatility pellet markets still muted
would probably stay high if mill margins were to be structurally
lower this year. Seaborne iron ore concentrate and pellet trading remained thin in
SGX cleared 1.3 billion tonnes of iron ore swaps, futures and the week to Friday March 15 amid limited buying from China.
options in 2018, compared with 1.64 billion tonnes and 1.67 billion
tonnes in 2017 and 2016 respectively, according to Tan. CONCENTRATES
The exchange cleared 162 million tonnes in November, a Fastmarkets’ weekly MB 66% Fe Iron Ore Concentrate Index stood at
single-month high in 2018, before a rise in January 2019 to 179 $100.55 per tonne cfr China on Friday, down by $2.29 per tonne from
million tonnes. March 8.
Between November 2018 and January 2019, about a quarter of The daily MB 65% Fe Iron Ore Index averaged $96.80 per tonne cfr
SGX iron ore derivatives volume was from Chinese steelmakers or China last week, down $1.94 per tonne from an average of $98.74 per
trading companies, while about one third was from financial tonne cfr the previous week.
participants, he added. Those compared with 16% and 35% For the calculation of the concentrate index, judgment was applied
respectively a year earlier. to calculate a fixed-price equivalent for activity on a floating price
DEEPALI SHARMA, JULY ZHANG basis. Any data received under Data Submitter Agreements or
subject to a confidentiality request will not be published.
SINGAPORE Angang International Trade, a subsidiary of the Ansteel Group,
COKING COAL DAILY: Trading activity muted sold several 65,000-tonne April-shipment cargoes of 65% Fe Karara
despite rising steel prices concentrate at the April average of a 65% Fe index at a premium of
$3-3.50 per tonne, according to sources.
The seaborne coking coal market was muted on Monday March 18 Pacific Resources was heard to have sold 110,000-tonne April
following a flurry of trades involving forward cargoes last week. shipments of 65% Fe Citic Pacific concentrate at the May average of
A May-laycan cargo of premium hard coking coal was heard a 65% Fe index at a premium of $1 per tonne.
offered at $214 per tonne fob Australia during the day. A May-laycan A cargo of 70% Fe Peruvian concentrate with about 0.2% sulfur
cargo in the same category had changed hands at $204 per tonne was heard to have traded against a 65% Fe index, adjusted for Fe
fob Australia last week. content, plus a premium of $3.30 per tonne. However, it was
Second-tier cargoes were heard offered at around $192-194 per tonne excluded from the index calculation due to the sulfur content falling
cfr China, unchanged from the offer range at the end of last week. outside the specification.
continued ›
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31
Tuesday 19 March 2019 | Number 9604.2

Ferrous raw was inspected on March 14, 2019 by technicians of the National
Mining Agency (ANM), who verified that the structure does not

materials
present any relevant irregularity or any condition that compromises
the safety of the dam,” the miner said.
“Furthermore, ANM states that, at the moment, there is no reason
for an interdiction and/or activation of alert/emergency levels that
A March shipment of 65% Fe low-sulfur Ukrainian concentrate was require the evacuation of the local population,” the miner said.
heard offered against a 65% Fe index at a premium of $3 per tonne, Vale’s iron ore mines in the Minas Gerais state form part of its
while a bid came in at the index plus a premium of $2 per tonne. Southern and Southeastern Systems that connect to the Guaiba
For 66% Fe Chilean Romeral concentrate, a trader source in Island and Itaguai maritime terminals in the Brazilian state of Rio de
Beijing said a tradeable premium could be around $3 per tonne Janeiro and to the Port of Tubarao in the state of Espirito Santo.
based on a 65% Fe index, adjusted for Fe content. Brazil’s iron ore exports - the bulk of which are Vale’s products -
Liquidity of high-grade iron ore products largely remained weak in increased by 21.6% year on year to 28.93 million tonnes last month,
the seven days to Friday 15, with Chinese steelmakers still preferring according to figures from the country’s foreign trade ministry, MDIC.
lower-grade materials priced at discounts to 62% Fe indices. The Timbopeba suspension is Vale’s latest supply chain disruption
Sales of imported concentrate at Chinese ports were also slow. sparked by a deadly breach of one of its tailings dams in January.
China’s 45 major ports had 8.56 million tonnes of concentrates The Fastmarkets MB 62% Fe Iron Ore Index stood at $86.52 per
stockpiled last Friday, compared with 7.97 million tonnes a week tonne cfr China last Friday, down 0.74 per tonne - or 0.8% - from a
earlier and 7.73 million tonnes at the start of the year, according to a day earlier.
local data provider. But the index is up 15.8% compared with $74.69 per tonne cfr on
January 25, when news of the tailings dam collapse first emerged.
PELLETS The index averaged $74.39 per tonne cfr China in the first quarter
Fastmarkets’ weekly MB 65% Fe Blast Furnace Pellet index was at of last year, compared with an average of $81.74 per tonne cfr China
$127.08 per tonne cfr China on Friday March 15, down by $0.44 per so far this quarter.
tonne from a week earlier. DEEPALI SHARMA
A tender for 64% Fe Indian KIOCL pellets was heard concluded at
$116.50 per tonne fob. An international trader estimated that a DNEPR
workable price on a cfr China basis was about $127.50 per tonne. Brazilian pig iron exporters bullish on long
A 50,000-tonne April cargo of 64% Fe Indian Rashmi pellet was lead times
heard traded at $119.75 per tonne cfr China, although a Chinese
trader said he heard a transaction involving the brand at $116 per Brazilian pig iron exporters were bullish this week because of long
tonne cfr, however. lead times for material from the south of the country, and resumed
A cargo of 64% Fe Indian Jindal pellet was offered at $119 per sales to the United States from the north of Brazil, Fastmarkets
tonne cfr, fetching no bids. learnt during the week ended Friday March 15.
Although production restrictions on sintering and pelletizing Fastmarkets’ weekly price assessment for pig iron exports from
operations in north China’s steel hub of Tangshan resulted in the southeastern Minas Gerais region was $336-340 per tonne fob
tightness in supplies of sintered ore for some mills, pellet buying on March 15, up from $334-336 per tonne a week before.
remained limited, according to sources. No deals have been heard since several cargoes of pig iron with
China’s 45 major ports had 5.2 million tonnes of pellets stockpiled 0.15% phosphorous content were sold at $334-336 pet tonne fob in
by March 15, up from 5.1 million tonnes a week earlier and 3.6 million early March. One supplier had sold out its April allocation, and
tonnes at the start of the year, according to a local data provider. increased offers for May-shipment pig iron to $340-345 per tonne fob.
Alex Theo in Singapore contributed to this article. “Now suppliers have pig iron availability only for May, so they have
JULY ZHANG enough time to check whether the market will accept higher prices,”
one trader from Brazil said.
SINGAPORE Fastmarkets’ weekly price assessment for pig iron exports out of
Vale flags 12.8mln-tonne impact on annual Brazil’s northern Carajás region was unchanged at $357-362 per
iron ore output over Timbopeba suspension tonne on Friday.
The key supplier in the north was heard to have sold a cargo to the
Brazil’s Vale is warning of a 12.8-million-tonnes-per-year impact on US for April shipment, although “the price is provisional.” This means
its iron ore production as a result of the suspension of operations at that the price will be settled when the cargo arrives in the US, the
its Timbopeba mine in Ouro Preto city, in the country’s Minas Gerais source said.
state, following a civil court decision. Meanwhile, the weekly price assessment for pig iron imports into
The miner said that the court - within the scope of a public civil the US, the only outlet for the supplier from the north of Brazil, was
action filed by Minas Gerais’ public prosecution office - had $365-370 per tonne cfr Gulf on Friday. This narrowed upward from
instructed it to refrain from any act related to building, operating, $360-370 per tonne cfr a week before, with buyers heard to have
heightening or using the Doutor dam as well as operating other started to restock.
structures of the Timbopeba mine, among other measures. One deal for CIS-origin pig iron was heard at $370 per tonne cfr in
“The decision was based on notification received by the [public the US this week, although for some buyers the workable price was
prosecution office] containing preliminary information on the $360-365 per tonne cfr.
Doutor dam,” Vale said last Saturday March 16. Suppliers from the CIS and the key exporter in the north of Brazil
Vale said that it immediately complied with the decision and offer pig iron of similar quality, and that is why their prices are
would adopt appropriate measures. normally at the same level.
“[…] the Doutor dam has its declaration of stability in force and MARINA SHULGA
continued ›
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forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
32
Tuesday 19 March 2019 | Number 9604.2

Ferrous raw
materials
LONDON
Steelmaking Raw Materials Trade Log,
March 18, 2019
The latest bids, offers and deals in the global markets for iron ore,
pig iron, direct-reduced iron and other steelmaking raw materials.

LATEST TRANSACTIONS: IRON ORE

• Vale, Global Ore, 170,000 tonnes of 62% Fe Brazilian Blend fines,
traded at $90.20 per tonne cfr China, laycan April 11-20.
• BHP, private tender, joint cargo, 110,000 tonnes of 62.4% Fe
Newman fines, sold at the April average of a 62% Fe index,
adjusted for Fe content, plus a premium of $1.41 per tonne; 80,000
tonnes of 57% Fe Yandi fines, sold at the April average of two 62%
Fe indices, adjusted for Fe content, plus a discount of $1.85 per
tonne, laycan April 1-10.

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forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
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34
Tuesday 19 March 2019 | Number 9604.2

Price Change Assessed

Prices
For the latest prices go to http://www.metalbulletin.com/My-price-book.html
N. American special aluminium alloy
LME cash official
LME cash unofficial
1,515-1,516
1,544-1,554
-0.59%
1.57%
q
p
18 Mar 19
15 Mar 19
LME 3 months official 1,555-1,565 0.48% p 18 Mar 19
NEW YORK
METAL FUTURES
BULLETIN’S KEY ALUMINIUM PRICES LME 3 months unofficial 1,570-1,580 1.61% p 15 Mar 19

Price Change †
Assessed
Price Change Assessed LME stocks (tonnes) 119,120 -0.6% q 15 Mar 19
Comex: Copper high grade cents/lb Copper grade A $
Settlement 290.35 0.33%
p 15 Mar 19 LME cash official 6,491.5-6,492 0.91% p 18 Mar 19
Open interest 260,492 0.56% p 14 Mar 19 LME cash unofficial 6,447.5-6,449.5 0.16% p 15 Mar 19
Stocks (short ton) 49,580 -7.04% q 14 Mar 19 LME 3 months official 6,456-6,458 0.87% p 18 Mar 19
Comex: Gold $/troy oz LME 3 months unofficial 6,430-6,432 0.39% p 15 Mar 19
Settlement 1,301.80 0.37%
p 15 Mar 19 LME Tapo notional average price (NAP) 6,472.73 -0.18% q 15 Mar 19
Open interest 541,737 8.35% p 14 Mar 19 LME stocks (tonnes) 183,825 61.92% p 15 Mar 19
Stocks (troy oz) 8,037,697 0.02% p 14 Mar 19 Lead $
Nymex: Palladium $/troy oz LME cash official 2,027.5-2,028 -2.51% q 18 Mar 19
Settlement 1,535.60 3.13%
p 15 Mar 19 LME cash unofficial 2,054-2,056 -1.08% q 15 Mar 19
Stocks (troy oz) 42,583 0% 14 Mar 19 LME 3 months official 2,045-2,045.5 -2.4% q 18 Mar 19
Nymex: Platinum $/troy oz LME 3 months unofficial 2,070-2,072 -1.05% q 15 Mar 19
Settlement 831.80 1.74%
p 15 Mar 19 LME stocks (tonnes) 77,600 1.5% p 15 Mar 19
Stocks (troy oz) 172,781 -0.06% q 14 Mar 19 Nickel $
Comex: Silver cents/troy oz LME cash official 12,805-12,810 -1.37% q 18 Mar 19
Settlement 1,525.30 -0.12%
q 15 Mar 19 LME cash unofficial 12,860-12,885 -1.42% q 15 Mar 19
Open interest 186,863 -2.67% q 14 Mar 19 LME 3 months official 12,890-12,900 -1.36% q 18 Mar 19
LME 3 months unofficial 12,950-12,975 -1.33% q 15 Mar 19
SHANGHAI FUTURES
LME stocks (tonnes) 190,848 -1.65% q 15 Mar 19
Price Change† Assessed
Tin $
Aluminium yuan/tonne 13,555 -1.06% q 18 Mar 19
LME cash official 21,155-21,160 0.21% p 18 Mar 19
Copper yuan/tonne 49,210 -1.11% q 18 Mar 19
LME cash unofficial 21,215-21,265 -1.09% q 15 Mar 19
Nickel cathode yuan/tonne 99,860 -3.48% q 18 Mar 19
LME 3 months official 21,115-21,125 0.27% p 18 Mar 19
Tin ingot yuan/tonne 148,590 -0.95% q 18 Mar 19
LME 3 months unofficial 21,150-21,200 -1.17% q 15 Mar 19
Zinc yuan/tonne 21,835 -0.75% q 18 Mar 19
LME stocks (tonnes) 1,160 -3.33% q 15 Mar 19
Steel rebar month 1 yuan/tonne 3,783 -0.32% q 18 Mar 19
Zinc special high grade $
Steel rebar month 2 yuan/tonne 3,776 0.05% p 18 Mar 19
LME cash official 2,839-2,840 2.38% p 18 Mar 19
Steel rebar month 3 yuan/tonne 3,692 -0.94% q 18 Mar 19
LME cash unofficial 2,838.5-2,840.5 4.2% p 15 Mar 19
Weekly stocks deliverable
LME 3 months official 2,788-2,788.5 1.5% p 18 Mar 19
Aluminium (tonnes) 739,058 -0.07% q 15 Mar 19
LME 3 months unofficial 2,791-2,793 2.68% p 15 Mar 19
Copper (tonnes) 264,601 12.04% p 15 Mar 19
LME stocks (tonnes) 58,425 -1.72% q 15 Mar 19
Nickel cathode (tonnes) 12,217 13.34% p 15 Mar 19
Cobalt min 99.3%
Tin ingot (tonnes) 8,388 -2.24% q 15 Mar 19
LME cash official 29,000-30,000 -9.23% q 18 Mar 19
Zinc (tonnes) 124,038 5.79% p 15 Mar 19
LME 3 months official 29,000-30,000 -9.23% q 18 Mar 19
Steel rebar (tonnes) 38,915 10.94% p 15 Mar 19
LME stocks (tonnes) 968 -0.31% q 15 Mar 19
Gold $/troy oz
DAILY METAL AND STEEL
London morning 1,302.65 0.66% p 15 Mar 19
London forward LME settlement prices. All prices per tonne, unless otherwise stated, in LME
London afternoon 1,303.5 0.52% p 15 Mar 19
warehouse, EU duty, if any paid for buyers account
Handy/Harman 1,303.5 0.52%
p 15 Mar 19
Price Change† Assessed
Silver per troy oz
Aluminium high grade $
London spot pence 1,158 0.17% p 15 Mar 19
Cash official 1,878-1,879 2.68% p 18 Mar 19
London spot cents 1,535.5 1.59% p 15 Mar 19
Cash unofficial 1,876-1,878 1.35% p 15 Mar 19
Handy/Harman 1,531.90 -0.25%
q 15 Mar 19
3 months official 1,898-1,899 2.19% p 18 Mar 19
Palladium $/troy oz
3 months unofficial 1,899-1,901 1.23% p 15 Mar 19
London morning 1,558 2.5% p 15 Mar 19
LME Tapo notional average price (NAP) 1,859 0% 15 Mar 19
London afternoon 1,555 3.05% p 15 Mar 19
LME stocks (tonnes) 1,175,650 -3.09% q 15 Mar 19
Platinum $/troy oz
Aluminium alloy (A380.1/DIN/D12S) $
London morning 833 1.59% p 15 Mar 19
LME cash official 1,440-1,450 0.35% p 18 Mar 19
London afternoon 831 1.59% p 15 Mar 19
LME cash unofficial 1,444-1,454 0.63% p 15 Mar 19
LME 3 months official 1,460-1,470 0.34% p 18 Mar 19
LME 3 months unofficial 1,465-1,475 0.68% p 15 Mar 19
LME stocks (tonnes) 9,080 0.67% p 15 Mar 19

† week-on-week change continued ›

Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
35
Tuesday 19 March 2019 | Number 9604.2

Kuala Lumpur tin market Price Change Assessed MB BASE METAL PREMIUMS

Prices
Tin $/tonne
ICDX
Tinthe
For PB300 settlement
latest prices goprice $/tonne
21,090

21,100
-1.45%

-2.31%
to http://www.metalbulletin.com/My-price-book.html q
q 18 Mar 19

18 Mar 19
All prices $/tonne unless otherwise stated
*MB Copyright
Price Change† Assessed
Tin PB300 volume, tonnes 27 145.45% p 18 Mar 19
Copper
METAL BULLETIN’S KEY ALUMINIUM PRICES
Annual premium 8mm wire rod, cif
Price Change Assessed Nhava Sheva, $/tonne 130-175* -12.86% q 07 Sep 18
RAND FIXING PRICES
Rotterdam, Grade A, cathode, cif,
Rand fixing prices per tonne for London Metal Exchange trade $/tonne 38.0-50.0* 0% 12 Mar 19
Price Change† Assessed Germany, Grade A, cathode, delivered,
Copper 93,711.37 1.03% p 18 Mar 19 $/tonne 85.0-95.0* 0% 12 Mar 19
Aluminium 27,123.18 2.82% p 18 Mar 19 North European warrants, Grade A
cathode, in-warehouse, $/tonne 15.0-20.0* 0% 13 Mar 19
Lead 29,273.98 -2.41% q 18 Mar 19
South European warrants, Grade A
Zinc 40,995.12 2.52% p 18 Mar 19
cathode, in-warehouse, $/tonne 15.0-20.0* 0% 13 Mar 19
Nickel 184,911.07 -1.25% q 18 Mar 19
Leghorn, copper low-high premium,
Tin 305,442.48 0.31% p 18 Mar 19 Grade A, cathode, cif, $/tonne 55.0-65.0* -4% q 12 Mar 19
Japan, copper, Grade A, cathode,
cif, $/tonne 70.0-80.0* -11.76% q 12 Mar 19
EXCHANGE RATES
South Korea, copper low-high
Price Change† Assessed premium, Grade A, cathode, cif, $/tonne 55.0-75.0* -16.13% q 12 Mar 19
LME settlement conversion rates Southeast Asian warrants, Grade A
$/£ 1.3243 1.49%
p 18 Mar 19 cathode, in-warehouse, $/tonne 15.0-20.0* 0% 13 Mar 19

$/¥ 111.5400 0.37%

p 18 Mar 19 East Asian warrants, Grade A
cathode, in-warehouse, $ per tonne 15.0-20.0* 0% 13 Mar 19
$/€ 1.1348 0.99%
p 18 Mar 19
Southeast Asia, Grade A cathode,
Closing rates, midpoint cif, $ per tonne 70.0-75.0* 0% 12 Mar 19
$/£ 1.3277 2% p 15 Mar 19 Shanghai, copper low-high premium,
$/¥ 111.5750 0.4% p 15 Mar 19 Grade A, cathode, in-warehouse, $/tonne 45.0-65.0* 4.76% p 18 Mar 19
$/€ 1.1326 0.82%
p 15 Mar 19 Shanghai, copper low-high premium,
Grade A, cathode, cif, $/tonne 45.0-72.0* 3.54% p 18 Mar 19
£/€ 1.1722 1.17%
p 15 Mar 19
Shanghai, copper cif ER, premium,
$/CNY 6.7125 -0.21%
q 15 Mar 19
Grade A, cathode, $/tonne 54.0-72.0* 5% p 18 Mar 19
Shanghai, copper cif SX-EW, premium,
BASE METALS ARBITRAGE Grade A, cathode, $/tonne 45.0-54.0* 2.06% p 18 Mar 19
Shanghai, copper bonded in-warehouse,
Price Change† Assessed
SX-EW, premium, Grade A, cathode, $/tonne 45.0-50.0* 0% 18 Mar 19
Aluminium Shanghai, copper bonded in-warehouse,
Import arbitrage, $/tonne -299.66* 4.23% p 18 Mar 19 ER, premium, Grade A, cathode, $/tonne 50.0-65.0* 4.55% p 18 Mar 19
Import arbitrage, yuan/tonne -2,015.62* 4.04% p 18 Mar 19 Taiwan, Grade A cathode, cif, $ per tonne 70.0-75.0* -5.23% q 12 Mar 19
Import arbitrage, cfr Owensboro - United States warrants, Grade A cathode,
origin LME Warehouses, Busan, $/tonne 278.36* -0.95% q 06 Mar 19 $/tonne 5.0-15.0* 0% 13 Mar 19
Import arbitrage, cfr Owensboro - Copper Cathode, Grade 1 premium,
origin LME Warehouses, Johor, $/tonne 293.56* 2.1% p 06 Mar 19 Delivered Domestic US, US cents/pound 7.0-7.5* 0% 12 Mar 19
Import arbitrage, cfr Owensboro - Copper Cathode, Grade 1 premium,
origin LME Warehouses, Port Klang, $/tonne 293.56* 2.1% p 06 Mar 19 Delivered Domestic US, $/tonne 154.3-165.3* 0% 12 Mar 19
Import arbitrage, cfr Owensboro - Aluminium
origin LME Warehouses, Singapore, $/tonne 278.96* 2.27% p 06 Mar 19
Aluminium P1020A, in-warehouse
Copper Rotterdam duty-unpaid, spot low-high,
Import arbitrage, $/tonne -152.52* -10.45% q 18 Mar 19 $/tonne 85.0-92.0* 1.72% p 18 Mar 19

Import arbitrage, yuan/tonne -1,025.87* -10.62% q 18 Mar 19 Aluminium P1020A, cif main Korea
ports, spot low-high, $/tonne 90-110* 2.56% p 12 Mar 19
Nickel
Aluminium P1020A, Southeast Asian
Import arbitrage, $/tonne -273.15* 92.77% p 18 Mar 19 warrants, in-warehouse, $/tonne 10.0-20.0* 7.14% p 13 Mar 19
Import arbitrage, yuan/tonne -1,837.32* 92.42% p 18 Mar 19 Aluminium P1020A, East Asian
Zinc warrants, in-warehouse, $/tonne 10.0-20.0* 7.14% p 13 Mar 19

Import arbitrage, $/tonne -140.58* -9.84% q 18 Mar 19 Aluminium P1020A, cif Shanghai, spot
low-high, $/tonne 95.0-105.0* 0% 12 Mar 19
Import arbitrage, yuan/tonne -945.56* -10.01% q 18 Mar 19
Aluminium P1020A, South Korea, fca,
$/tonne 110.0-130.0* 9.09% p 12 Mar 19
Aluminium P1020A, Shanghai,
in-warehouse, $/tonne 95.0-105.0* 0% 12 Mar 19
Aluminium P1020A, Taiwan, cif,
$/tonne 85.0-95.0* 9.09% p 12 Mar 19
Aluminium P1020A, Italy, fca
duty-paid, spot, $/tonne 160.0-175.0* -1.47% q 12 Mar 19
Aluminium P1020A, Spain, fca
duty-paid, $/tonne 160.0-170.0* 0% 12 Mar 19

† week-on-week change continued ›

Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
36
Tuesday 19 March 2019 | Number 9604.2

Price Change Assessed Price Change Assessed

Prices
Aluminium P1020A, Turkey, cif India, 99.97% purity, cif, $/tonne 50.0-70.0* -14.29% q 12 Mar 19
duty-unpaid, $/tonne 80.0-90.0* 0% 12 Mar 19
India, 99.99% purity, cif, $/tonne 125.0-140.0* 0% 12 Mar 19
Aluminium ingot ADC 12 ex-works
China,
For duty-paid,
the latest yuan/tonne
prices 14,100-14,300* 0.71%
go to http://www.metalbulletin.com/My-price-book.html p 13 Mar 19 South European warrants, 99.97%
purity, in-warehouse, $/tonne 10.0-15.0* 0% 13 Mar 19
Aluminium ingot ADC 12 spot, main
METAL BULLETIN’S
Japanese KEY ALUMINIUM PRICES 1,620-1,640*
ports, $/tonne 5.16% p 13 Mar 19 US warrants, 99.97% purity,
in-warehouse, $/tonne 20.0-30.0* 0% 13 Mar 19
Aluminium
P1020A, cif main Japanese Price Change Assessed
ports, spot low-high, $/tonne 100.0-115.0* 10.26% p 15 Mar 19 US lead premium 99.97%, delivered
domestic, cents/lb 9-11* 0% 12 Mar 19
Aluminium P1020A, cif main Japanese
ports, quarterly, $/tonne 83.0-85.0* -18.45% q 04 Jan 19 US lead premium 99.99%, delivered
domestic, cents/lb 11-13* 0% 12 Mar 19
Aluminium P1020A, in-warehouse
Rotterdam duty-paid, spot $/tonne 140.0-147.0* 2.5% p 15 Mar 19 Nickel
Aluminium 6063 extrusion billet, Shanghai, nickel low-high premium,
in-warehouse Rotterdam duty-paid, spot, 99.8% purity in-warehouse, $/tonne 200.0-210.0* 0% 12 Mar 19
$/tonne 380.0-410.0* -2.47% q 15 Mar 19 Shanghai, nickel low-high premium,
Aluminium P1020A, free market 99.8% purity, full plate, cif, $/tonne 180.0-200.0* 0% 12 Mar 19
delivered, cents per pound 104.33-104.58* 1.09% p 15 Mar 19 Shanghai, nickel premium, 99.80%
Aluminium P1020A, duty paid premium, purity, briquette, duty-free, cif, $/tonne 240.0-270.0* 0% 26 Feb 19
delivered Midwest, cents per pound 19.25-19.5* 0% 15 Mar 19 Southeast Asian warrants, min 99.80%
Aluminium P1020A, cif Baltimore full plates, in-warehouse, $/tonne 100-170* -6.9% q 13 Mar 19
premium, US cents/lb 5.5-5.75* 0% 12 Mar 19 Southeast Asian warrants, min 99.80%
Aluminium P1020A, US warrants, briquettes, in-warehouse, $/tonne 10-15* 0% 13 Mar 19
in-warehouse, $/tonne 115.0-125.0* 0% 13 Mar 19 East Asian warrants, min 99.80% full
Aluminium P1020A, delivered Sao plates, in-warehouse, $/tonne 100-160* 0% 13 Mar 19
Paulo region, spot, $/tonne 230.0-250.0* 0% 12 Mar 19 East Asian warrants, min 99.80%
Aluminium P1020A, cif Brazilian main briquettes, in-warehouse, $/tonne 10-15* 0% 13 Mar 19
ports duty-unpaid, spot, $/tonne 165.0-175.0* 4.62% p 12 Mar 19 North European warrants, min 99.80%,
Aluminium 6063 + 6060 extrusion in-warehouse, $/tonne 150-200* 0% 13 Mar 19
billet, cif Brazilian main ports, spot uncut cathodes premium indicator 190.0-220.0* 2.5% p 12 Mar 19
(premium over LME cash), $/tonne 330.0-350.0* 0% 15 Mar 19
4x4 cathodes premium indicator 450.0-500.0* 0% 12 Mar 19
Aluminium billet, delivered
briquettes premium indicator 250.0-280.0* 3.92% p 12 Mar 19
duty-paid North Germany (Ruhr region) over
LME 30-day pay, $/gross tonne 420.0-450.0* -2.25% q 15 Mar 19 Nickel 4x4 cathode premium, delivered
consumer works US, US cents per pound 35-45* 0% 12 Mar 19
Aluminium billet, delivered
duty-paid Italy (Brescia area) over LME Nickel briquette premium, delivered
60-day pay, $/gross tonne 420.0-450.0* -4.4% q 15 Mar 19 consumer works US, US cents per pound 24-28* 0% 12 Mar 19
Aluminium billet, delivered duty-paid Spain Tin
over LME 60-day pay, $/gross tonne 420.0-450.0* -5.43% q 15 Mar 19 Rotterdam spot premium, 99.9% low
Aluminium billet, cif Thailand duty-unpaid lead ingots, in-warehouse $/tonne 500-550* 0% 12 Mar 19
over LME cash pay, $/gross tonne 190.0-210.0* 0% 15 Mar 19 Rotterdam spot premium 99.9% ingot,
Aluminium billet, cif Japan duty-unpaid in-warehouse $/tonne 420-460* 0% 12 Mar 19
over MJP and LME cash pay, $/gross tonne 140.0-155.0* 0% 18 Jan 19 South East Asian warrants, min
Aluminium billet, cif Turkey (Marmara region) 99.85% ingots, in-warehouse $/tonne 15-30* 0% 13 Mar 19
duty-unpaid over LME cash pay, $/gross tonne 270.0-300.0* 0% 15 Mar 19 Shanghai spot premium, 99.9% ingots,
Aluminium foundry alloy premium, cif, $/tonne 230-250* 0% 12 Mar 19
delivered duty-paid, Germany, $/tonne 350.0-370.0* -5.26% q 08 Mar 19 Shanghai spot premium, 99.9% low
Aluminium foundry alloy premium, lead ingots, cif, $/tonne 320-350* 0% 12 Mar 19
delivered duty-paid, Eastern Europe, $/tonne 360.0-380.0* 0% 08 Mar 19 Taiwan spot premium, 99.9% ingots,
Aluminium foundry alloy premium, cif, $/tonne 200-220* 0% 12 Mar 19
delivered duty-unpaid, US midwest, $/tonne 14.0-17.0* -6.06% q 08 Mar 19 Baltimore premium, 99.85% ASTM grade
Aluminium foundry alloy premium, A ingots, in-warehouse $/tonne 550-625* 0% 12 Mar 19
delivered duty-paid cif Turkey, $/tonne 170.0-180.0* 0% 08 Mar 19 US midwest premium, 99.85% ASTM
Annual aluminium wheel alloy silicon grade A ingots, delivered $/tonne 618-693* 0% 12 Mar 19
7 ingot cif main Japanese ports
Zinc
(Yokohama, Osaka, Nagoya) $/tonne 120.0-140.0* 15.56% p 11 Jan 19
North European warrants, min 99.995%
Annual aluminium wheel alloy silicon
SHG ingots, $/tonne 15.0-20.0* -12.5% q 13 Mar 19
7 ingot cif main South Korean ports
(Busan, Gwangyang, Incheon) $/tonne 95.0-125.0* 22.22% p 11 Jan 19 MB EU: Special high grade, fca
Rotterdam, $/tonne 100.0-117.0* -1.36% q 12 Mar 19
Lead
Malaysia fca, 99.995%, $/tonne 125.0-145.0* 0% 12 Mar 19
North European warrants, min 99.97%
ingots, in-warehouse, $/tonne 10.0-15.0* 0% 13 Mar 19 Southeast Asia cif, 99.995%, $/tonne 155.0-170.0* 0% 12 Mar 19
Southeast Asian warrants, min 99.97% Singapore, zinc premium, 99.995%
ingots, in-warehouse, $/tonne 15.0-25.0* 0% 13 Mar 19 purity, fca $/tonne 125.0-145.0* 0% 12 Mar 19
East Asian warrants, min 99.97% Shanghai, zinc low-high premium,
ingots, in-warehouse, $/tonne 15.0-20.0* -12.5% q 13 Mar 19 99.995% purity, in-warehouse, $/tonne 140.0-150.0* 0% 12 Mar 19
Southeast Asia, min 99.97% cif, Shanghai 99.995% purity, cif $/tonne 125.0-135.0* -3.7% q 12 Mar 19
$/tonne 65.0-75.0* 0% 12 Mar 19 Taiwan 99.995% purity SHG ingots,
Southeast Asia, 99.99% cif, $/tonne 120.0-140.0* 0% 12 Mar 19 cif $/tonne 160.0-170.0* 0% 12 Mar 19
Taiwan, 99.97% purity, cif, $/tonne 40.0-90.0* 0% 12 Mar 19 India 99.995% purity, cif duty-unpaid
$/tonne 125.0-145.0* 0% 12 Mar 19
Taiwan, 99.99% purity, cif, $/tonne 135.0-145.0* 0% 12 Mar 19

† week-on-week change continued ›

Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
37
Tuesday 19 March 2019 | Number 9604.2

Price Change Assessed Price Change Assessed

Prices
India 99.995% purity, cif duty-paid
$/tonne
Antwerp 99.995% purity, duty-paid
For
fcathe
235.0-255.0* 0%

latest prices go to http://www.metalbulletin.com/My-price-book.html

$/tonne 100.0-117.0* -1.36% q
12 Mar 19

12 Mar 19
Lead
Germany: (VDM) virgin soft, €/tonne
Lead concentrate spot treatment
2,000-2,040 1% p 13 Mar 19

charge (TC) high silver CIF China,

Italy 99.995% purity, duty-paid fca $/tonne 50-70* 60% p 22 Feb 19
METAL
$/tonne BULLETIN’S KEY ALUMINIUM PRICES 145.0-155.0* 0% 12 Mar 19 Lead concentrate spot treatment

Italy 99.995% purity, delivered Price Change Assessed charge (TC) low silver CIF China,
duty-paid $/tonne 185.0-195.0* 0% 12 Mar 19 $/tonne 20-30* 100% p 22 Feb 19
US warrants 99.995% purity, Lead concentrate (TC) high silver,
in-warehouse $/tonne 5.0-10.0* 0% 13 Mar 19 annual benchmark, $/tonne 98* 0% 05 Apr 18
MB US: Special high grade, cents/Ib 8.50-9.50* 0% 12 Mar 19 Lead concentrate (TC) low silver,
annual benchmark, $/tonne 99* 0% 15 Mar 18
BASE METALS Zinc
Price Change† Assessed Germany: (VDM) virgin, €/tonne 2,710-2,710 2.26% p 13 Mar 19
Alumina UK: Special high grade, delivered
monthly average price £/tonne 2,247* 3.31% p 01 Mar 19
MB Chinese free market, metallurgical
grade, delivered duty-paid, yuan/tonne 2,690.0-2,710.0* -0.55% q 14 Mar 19 Zinc concentrate spot treatment
charge (TC) CIF Asia-Pacific $/tonne 215-250* 3.33% p 22 Feb 19
Alumina Index fob Australia 403.19* 2.34% p 18 Mar 19
Zinc concentrate spot treatment
Alumina Index fob Brazil 7.21* 14 Mar 19
charge (TC) deliverd North China
Alumina Index fob Brazil, inferred yuan/tonne 6,500-7,000* 8% p 22 Feb 19
Brazil price $ per dry metric ton 410.40* 18 Mar 19
Zinc concentrate spot treatment
Aluminium charge (TC) deliverd South China
Shanghai bonded aluminium stocks, tonnes 5,800-6,800* 32.63% p 01 Mar 19 yuan/tonne 6,000-6,300* 9.82% p 22 Feb 19
Shanghai bonded zinc stocks, tonnes 79,000-86,000* 5.1% p 01 Mar 19
Bauxite
fob Kamsar, Guinea $/tonne per dmtu 38* 0% 14 Mar 19
fob Trombetas, Brazil $/tonne per dmtu 37* 0% 14 Mar 19
Copper & Brass
Producer premium
Aurubis European Grade A cathode
ex-works $/tonne 96.0 11.63% p 01 Oct 18
Codelco: Contract Grade A cathode
(average) 98.0 11.36%
p 26 Sep 18
Germany: (VDM) Electro, €/tonne
wirebar (DEL): 5,865.4-5,893.6 0.43% p 13 Mar 19
cathodes: 5,750.0-5,850.0 0% 13 Mar 19
South Africa: Palabora copper rod
7.90mm, Rand/tonne 99,917.760 5.62% p 28 Feb 19
Blister copper 98-99% spot RC cif
China $ per tonne 170-180* -1.41% q 28 Feb 19
Blister copper 98-99% annual
benchmark RC cif China $ per tonne 165-180* 0% 28 Feb 18
Copper concentrate Asia-Pacific
Index RC import, US cents/lb (twice
monthly on 15th and last day of month) 6.90-6.90* -7.13% q 15 Mar 19
Copper concentrate Asia-Pacific
Index TC import, $/dmt (twice monthly on
15th and last day of month) 69-69* -7.13% q 15 Mar 19
Shanghai bonded copper stocks,
tonnes 534,500-540,000* 15.54% p 11 Mar 19
Nickel
Nickel pig iron high grade NPI content
10-15% contract price delivered duty-paid
China yuan per nickel unit price 1,050-1,070* 0% 12 Mar 19
Nickel pig iron high grade NPI content
10-15% spot price China yuan per
nickel unit price 1,060-1,080* 0% 12 Mar 19
Shanghai bonded nickel stocks, tonnes 27,000-34,000* 5.17% p 01 Mar 19
Nickel ore
Laterite ore with 1.5% nickel
content cif China, $/tonne 30-31* 0% 12 Mar 19
Nickel ore 1.8% basis cif China, 15-20% Fe,
water content: 30-35%, Si:Mg ratio less
than 2, lot size 50,000 tonnes, $/tonne 51-53* 1.96% p 12 Mar 19
Nickel sulfate min 21%, max: 22.5%;
cobalt 10ppm max, China ex-works,
yuan/tonne 24,500-25,000* 0.81% p 12 Mar 19

† week-on-week change continued ›

Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
38
Tuesday 19 March 2019 | Number 9604.2

PRECIOUS METALS Price Change Assessed

Prices

Iridium
For
MBthefreelatest prices
market: mingo
Price Change Assessed †

to http://www.metalbulletin.com/My-price-book.html
99.9%, $/troy oz
Cobalt hydroxide payable indicator, min
30% Co, cif China, % payable of Fastmarkets’
standard-grade cobalt price (low-end)
Cobalt tetroxide min 72.6% Co
64-67* 0% 15 Mar 19

in-warehouse 1,410-1,510* 0% 15 Mar 19 delivered China yuan/tonne 180,000-200,000* -2.56% q 15 Mar 19

METAL
JohnsonBULLETIN’S
Matthey baseKEY ALUMINIUM
price: (unfab) PRICES Cobalt sulfate, Co 20.5% min, China
$/troy oz (08 hrs)
1,480 0%
Price Change Assessed 18 Mar 19 ex-works, yuan/tonne 51,000-55,000* -6.19% q 15 Mar 19
Englehard base price: $/troy oz 1,485 0% 18 Mar 19 Cobalt sulfate, Co 20.5% min, China
Palladium ex-works, adjustment to low-grade
cobalt low-end price at Co 20.5% basis, $/Ib 0-0* -15.09% q 15 Mar 19
European free market: min 99.9%,
$/troy oz in-warehouse 1,549-1,565* 2.03% p 15 Mar 19 Gallium
Englehard base price: $/troy oz 1,556 1.97% p 18 Mar 19 MB free market $/kg 155-175* -1.49% q 15 Mar 19
Johnson Matthey base price: (unfab) MB China domestic, min 99.99%,
$/troy oz (08 hrs) 1,566 2.76% p 18 Mar 19 yuan/kg 980-1,020* -1.48% q 13 Mar 19

Platinum Germanium
European free market: min 99.9%, Germanium dioxide MB free market $/kg 950-1,150* 0% 15 Mar 19
$/troy oz in-warehouse 828-838* 1.71% p 15 Mar 19 Germanium metal $/kg Rotterdam 1,350-1,450* 0% 15 Mar 19
Englehard base price: $/troy oz 832 1.59% p 18 Mar 19 Germanium metal MB China domestic,
Johnson Matthey base price: (unfab) min 99.999%, yuan/kg 7,900-8,500* -0.61% q 13 Mar 19
$/troy oz (08 hrs) 834 1.96% p 18 Mar 19 Hafnium
Rhodium Hafnium 1% Zr max, in-warehouse
European free market: min 99.9%, global locations, $/kg 950-1,050* 0% 15 Mar 19
$/troy oz in-warehouse 3,130-3,230* 3.67% p 18 Mar 19 Indium
Englehard base price: $/troy oz 3,210 3.88% p 18 Mar 19 MB free market $/kg 200-220* 0% 15 Mar 19
Johnson Matthey base price: (unfab) MB China domestic, min 99.99%
$/troy oz (08 hrs) 3,210 3.55% p 18 Mar 19 yuan/kg 1,250-1,280* -1.17% q 13 Mar 19
Ruthenium Magnesium
European free market: min 99.9%, European free market $ per tonne 2,650-2,750* 0% 15 Mar 19
$/troy oz in-warehouse 240-280* 0% 15 Mar 19
China free market min 99.8% Mg, fob
Englehard base price: $/troy oz 275 0% 18 Mar 19 China main ports, $ per tonne 2,660-2,690* 0.75% p 15 Mar 19
Johnson Matthey base price: (unfab) MB Chinese free market min 99% Mg,
$/troy oz (08 hrs) 270 0% 18 Mar 19 ex-works yuan/tonne 17,300-17,400* 0.58% p 15 Mar 19
Manganese flake
MINOR METALS
MB free market 99.7%, $/tonne 2,025-2,125* -1.19% q 15 Mar 19
Price Change† Assessed
Mercury
Antimony MB free market $ per flask 2,400-2,700* 0% 15 Mar 19
MB free market Regulus, min 99.65%,
Rhenium in-warehouse Rotterdam duty paid
max Se 50 ppm, max 100 ppm Bi,
$/tonne in-warehouse Rotterdam 7,500-7,800* 0% 15 Mar 19 Metal pellets, min 99.9% $/Ib 650-715* -3.19% q 15 Mar 19
MMTA Standard Grade II, $/tonne APR catalytic grade $/kg Re 1,300-1,580* 0% 15 Mar 19
in-warehouse Rotterdam 7,400-7,700* -1.31% q 15 Mar 19 Selenium
MB Chinese free market MMTA Standard MB free market $/Ib 9-11* 5.26% p 15 Mar 19
Grade II, delivered duty-paid yuan/tonne 46,000-46,500* -2.63% q 13 Mar 19
MB China domestic, min 99.9%,
Arsenic yuan/kg 160-190* 0% 15 Mar 19
MB free market $/Ib 1.20-1.5* 0% 15 Mar 19 Silicon
Bismuth Grade 441, min 99% Si in-warehouse
MB free market $/Ib 3.40-3.90* -2.01% q 15 Mar 19 Rotterdam, €/tonne 1,860-1,940* 0% 15 Mar 19
MB China domestic, min 99.99%, Grade 553, min 98.5% Si in-warehouse
yuan/tonne 46,500-48,500* -1.04% q 15 Mar 19 Rotterdam, €/tonne 1,800-1,885* 0% 15 Mar 19
Cadmium US free market cents/Ib 111-116* -2.16% q 11 Mar 19
MB free market min 99.95% cents/Ib 133-143* 0% 15 Mar 19 Export from mainland China min
98.5%, $/tonne fob 1,560-1,620* 0.63% p 15 Mar 19
MB free market min 99.99% cents/Ib 137-146* 0% 15 Mar 19
Tellurium
Chromium
MB free market 99.9-99.99%, $/kg 53-65* 0% 15 Mar 19
MB free market alumino-thermic min
99% $/tonne 8,550-9,200* -1.58% q 15 Mar 19 MB China domestic, min 99.99%,
yuan/kg 420-440* 0% 15 Mar 19
Cobalt
Titanium
MB free market alloy-grade $/Ib 14-14.70* -5.44% q 15 Mar 19
MB free market ferro-titanium 70%
MB free market standard-grade $/Ib 13.90-14.85* -4.8% q 15 Mar 19 (max 4.5% Al) $/kg Ti d/d Europe 5-5.20* 4.08% p 13 Mar 19
MB high-grade, weighted average of Titanium ores $/tonne
all confirmed international trades, $/lb 14.38* -1.51% q 15 Mar 19
Rutile conc min 95% Tio2 bagged,
MB low-grade, weighted average of fob/Aus 1,045-1,350 0% 14 Mar 19
all confirmed international trades, $/lb 14.22* -3.33% q 15 Mar 19
Rutile bulk conc min 95% Tio2
MB China domestic, min 99.8% fob/Aus 1,000-1,100 0% 14 Mar 19
yuan/tonne 260,000-290,000* -4.35% q 15 Mar 19
Ilmenite concentrate, 47-49% Tio2 cif China 170-180 0% 14 Mar 19
Cobalt hydroxide index min 30% Co,
cif China, $/lb 11.05* 0% 28 Feb 19
† week-on-week change continued ›
Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
39
Tuesday 19 March 2019 | Number 9604.2

NOBLE ALLOYS & ORES Price Change Assessed

Prices

Molybdenum molybdic oxide
For the latest
Europe pricesmolybdic
drummed
Price Change Assessed

go to http://www.metalbulletin.com/My-price-book.html
oxide $/Ib Mo 12.5-12.65* -0.4%
†

q 15 Mar 19
Chrome ore $/tonne
Chrome ore cif main Chinese ports
South African UG2 chrome ore concs,
index basis 42% 184* 0.55% p 15 Mar 19
US canned molybdic oxide $/Ib Mo 12.5-12.70* 0.8% p 14 Mar 19
METAL BULLETIN’S KEY ALUMINIUM PRICES Turkish lumpy 40-42% cfr main Chinese ports 225-235* 2.22% p 15 Mar 19
Ferro-molybdenum
Price Change Assessed Chrome Ore inventories at the main
Basis 65% min, in-warehouse Rotterdam ports of Tianjin, Qinzhou,
$/kg Mo 29.20-29.5* -0.34% q 15 Mar 19 Lianyungang and Shanghai, million tonnes 2.60-2.62* -0.19% q 18 Mar 19
US free market 65-70% Mo $/Ib Ferro-manganese
in-warehouse Pittsburgh 13.40-13.70* 1.12% p 14 Mar 19
basis 78% Mn (scale pro rata)
Tungsten standard 7.5% C €/tonne 1,060-1,080* 2.39% p 15 Mar 19
European free market APT $/mtu 271-282* 0% 15 Mar 19 US free market 78% Mn standard 7.5%
Export from mainland China APT Chinese C $/long ton in-warehouse Pittsburgh 1,315-1,350* 0% 14 Mar 19
No1 grade, min 88.5% W03, S/mtu fob 268-277* 0.55% p 13 Mar 19 US free market medium carbon duty-paid
MB Chinese free market concentrate fob Pittsburgh, 80% min Mn 1.5% max C $/Ib 1.13-1.15* 0% 14 Mar 19
65% Wo3 in-warehouse China yuan/tonne 97,000-99,000* 0% 13 Mar 19 MB Chinese free market min 65% Mn
Ferro-tungsten max 7.0% C in-warehouse China yuan/tonne 6,700-6,800* -0.74% q 15 Mar 19

Basis 75% W min $/kg W in-warehouse Manganese ore

Rotterdam duty-unpaid 35.5-36.5* 1.41% p 15 Mar 19 44% Mn index, cif Tianjin $/dmtu of
China export min 75% $/kg W, fob China 34.5-36.5* 0% 13 Mar 19 metal contained 6.58* 2.81% p 15 Mar 19

Vanadium 37% Mn index, fob Port Elizabeth

$/dmtu of metal contained 5.47* -0.36% q 15 Mar 19
Ferro-vanadium basis 78% min, fob,
China $/kg V 68-72* -6.04% q 14 Mar 19 37% Mn index, cif Tianjin $/dmtu of
metal contained 6.14* 0% 15 Mar 19
Ferro-vanadium basis 78% min, free
delivery duty paid consumer plant, base 37% Mn port index, range
1st grade, Western Europe $/kg V 66-71* -7.12% q 15 Mar 19 35-39%, fot Tianjin yuan/dmtu 50.70* -1.55% q 15 Mar 19

US free market ferro-vanadium $/Ib base 44% Mn port index, range

in-warehouse Pittsburgh 37-40* 0.65% p 14 Mar 19 42-48%, fot Tianjin yuan/dmtu 56.40* 0% 15 Mar 19

Vanadium pentoxide 98% min, fob, Inventories at the main ports of

China $/Ib V205 15.5-16.5* -3.61% q 14 Mar 19 Tianjin and Qinzhou, million tonnes 3-3.22* 1.97% p 13 Mar 19

Vanadium pentoxide min 98%, Ferro-nickel

in-warehouse Rotterdam $/Ib V205 16-17* -4.49% q 15 Mar 19 China premium, 26-32% nickel
contained, cif China, $/tonne -250--120* 0% 25 Feb 19

BULK ALLOYS Ferro-silicon

Lumpy basis 75% Si (scale pro rata),
Price Change† Assessed
major European destinations, €/tonne 1,130-1,180* -1.7% q 15 Mar 19
Ferro-chrome $/lb Cr US free market $/Ib in-warehouse
China import charge chrome 50% Cr Pittsburgh lumpy basis 75% Si - imported 0.98-1* 0% 14 Mar 19
index, cif Shanghai, duty-unpaid 0.85* 0% 15 Mar 19 Export from mainland China, min 75%
Ferro-Chrome European Benchmark Si, 7.5% C, $/tonne, fob 1,150-1,190* -0.43% q 15 Mar 19
Indicator, Lumpy Cr charge basis 52% MB Chinese free market min 75% Si,
(and high carbon), $ per Ib 1.17* 0% 15 Mar 19 in-warehouse China, yuan/tonne 6,000-6,400* 0% 15 Mar 19
Spot 6-8% C basis 50% Cr delivered
Silico-manganese
duty paid China yuan/tonne 7,200-7,400* 1.39% p 15 Mar 19
Lumpy basis 65-75% Mn basis 15-19%
Contract 6-8% C basis 50% Cr
Si (scale pro rata), major European
delivered duty paid China yuan/tonne 6,650-7,000* 0% 15 Mar 19
destinations, €/tonne 1,000-1,030* 1% p 15 Mar 19
Lumpy Cr charge basis 52% Cr (and
US free market $/Ib in-warehouse
high carbon) quarterly 1.12* -9.68% q 18 Dec 18
Pittsburgh 0.63-0.64* 0% 14 Mar 19
High carbon 6-8.5% C basis 60-70% Cr
MB Chinese free market min 65% Mn
max 1.5% Si, major European destinations 0.98-1.14* 0.95% p 15 Mar 19
max 17% Si in-warehouse China
0.10% C average 65-70% Cr 1.94-2.10* 0.5% p 08 Mar 19 yuan/tonne 7,400-7,600* 2.04% p 15 Mar 19
European low carbon in-warehouse 65% min Mn 16% min Si $/tonne fob India 1,030-1,050* 0.97% p 15 Mar 19
0.06% C max - 65% Cr 2-2.08* 0% 08 Mar 19
Low phosphorous Cr min 65% C max 7%
Si max 1% p max 0.015% Ti max 0.05% 0.96-1.08* 0% 08 Mar 19
Japan import 8-9% C, basis 60% Cr,
cif Japan, duty-unpaid $/lb contained chrome 0.85-0.88* 1.76% p 14 Mar 19
South Korea import 8-9% C, basis 60%
Cr, cif South Korea, duty-unpaid
$/lb contained chrome 0.83-0.85* 1.2% p 14 Mar 19
US free market low carbon duty-paid fob Pittsburgh
US free market in-warehouse Pittsburgh
6-8% C basis 60-65% Cr max 2% Si 1.090-1.200* 0% 14 Mar 19
0.05%C - 65% min Cr 2.22-2.25* 0% 14 Mar 19
0.10% C - 62% min Cr 1.98-2* 0% 14 Mar 19
0.15% C - 60% min Cr 1.90-1.93* 0% 14 Mar 19

† week-on-week change continued ›

Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
40
Tuesday 19 March 2019 | Number 9604.2

CARBON STEEL - EUROPE CARBON STEEL - CIS

Prices

Northern Europe imports
For the latest prices
Fastmarkets
Price Change† Assessed

go to http://www.metalbulletin.com/My-price-book.html
MB’s assessment of cfr prices for imported, non-EU origin, commercial-quality carbon

CIS exports (Black Sea)
Price Change† Assessed

Fastmarkets MB’s assessment of CIS mills’ prices for export outside the CIS of commercial-quality
steel, € per tonne cfr main EU port carbon steel, $ per tonne fob stowed main Black Sea port
METAL BULLETIN’S KEY ALUMINIUM PRICES
Rebar 500-505* 0% 13 Mar 19 Billet index 455* 0.22% p 18 Mar 19

Wire rod (mesh quality) Price Change Assessed
520-530* 0% 13 Mar 19 Slab 495-505* 0.5% p 18 Mar 19
Plate (8-40mm) 550-560* 0% 13 Mar 19 Rebar 470-485* -0.52% q 18 Mar 19
Hot rolled coil 490-500* 0% 13 Mar 19 Wire rod (mesh) 500-515* 0% 18 Mar 19
Cold rolled coil 560-580* -0.44% q 13 Mar 19 Heavy plate (10-50mm) 600-620* 1.84% p 18 Mar 19
Hot-dip galvanized coil 590-600* 0% 13 Mar 19 Hot rolled coil 510-520* 0.49% p 18 Mar 19
Southern Europe imports Cold rolled coil 555-560* 0% 18 Mar 19
Fastmarkets MB’s assessment of cfr prices for imported, non-EU origin, commercial-quality carbon Russia domestic
steel, € per tonne cfr main EU port Fastmarkets MB’s assessment of prices within Russia for commercial-quality carbon steel, rubles per
Rebar 470-500* 0% 13 Mar 19 tonne, carriage paid to (cpt) inc VAT
Wire rod (mesh quality) 520-530* 0% 13 Mar 19 Rebar 38,500-39,000* 0% 18 Mar 19
Plate (8-40mm) 530-550* 0% 13 Mar 19 Hot rolled sheet 43,900-44,000* 0.11% p 18 Mar 19
Hot rolled coil 490-500* 0% 13 Mar 19 Cold rolled sheet 49,300-50,000* -2.46% q 18 Mar 19
Cold rolled coil 550-560* 0% 13 Mar 19 Plate 44,800-45,000* 0% 18 Mar 19
Hot-dip galvanized coil 590-600* 0% 13 Mar 19
Southern Europe exports CARBON STEEL - MIDDLE EAST

Fastmarkets MB’s assessment of Southern Europe mills’ prices for export outside Southern Europe of Price Change† Assessed
commercial-quality carbon steel, € per tonne fob main Southern European port Turkish exports
Rebar 460-490* 0% 13 Mar 19 Fastmarkets MB’s assessment of Turkish mills’ prices for export of commercial-quality carbon steel, $
Wire rod (mesh quality) 490-510* 0% 13 Mar 19 per tonne fob main Turkish port
Northern Europe domestic Billet 470-480* 4.4% p 14 Mar 19

Fastmarkets MB’s assessment of prices within the EU (excluding the UK) for commercial-quality Rebar 490-500* 4.21%
p 14 Mar 19
carbon steel of EU origin, € per tonne delivered basis point Wire rod (mesh quality) 510-520* 1.98% p 14 Mar 19
Rebar 540-550* 0% 13 Mar 19 Merchant bars 535-550* 0% 14 Mar 19
Wire rod (mesh quality) 535-550* 0.46% p 13 Mar 19 Structural pipe 590-600* -6.3% q 13 Mar 19
Sections (medium) 630-650* 0% 13 Mar 19 Hot rolled coil 520-525* -0.29% q 15 Mar 19
Beams 610-640* 0.4% p 13 Mar 19 Hot dip galvanized 725-730* -2.35% q 15 Mar 19
Southern Europe domestic Turkish domestic
Fastmarkets MB’s assessment of prices within the EU (excluding the UK) for commercial-quality Fastmarkets MB’s assessment of prices within Turkey for commercial-quality carbon steel of Turkish
carbon steel of EU origin, € per tonne delivered basis point origin, $ per tonne ex-works
Rebar 515-520* 0.49%
p 13 Mar 19 Billet 460-470* 2.2% p 14 Mar 19
Wire rod (mesh quality) 535-550* 0.46% p 13 Mar 19 Hot rolled coil 535-540* -1.83% q 15 Mar 19
Sections (medium) 630-645* 0.39% p 13 Mar 19 Cold rolled coil 620-630* 0% 15 Mar 19
Beams 625-645* 0.79%
p 13 Mar 19 Hot dip galvanized 730-760* -1.97% q 15 Mar 19
Central Europe domestic € per tonne ex-works Prepainted galvanized 810-850* -1.78% q 15 Mar 19
Hot rolled coil 490-510* 0% 13 Mar 19 Fastmarkets MB’s assessment of prices within Turkey for commercial-quality carbon steel of Turkish
origin, TRY per tonne ex-works 18% VAT included
Poland domestic zloty per tonne ex-works
Rebar 3,180-3,215* 2.32% p 14 Mar 19
Rebar 2,200-2,320* 0% 15 Mar 19
Wire rod (mesh quality) 3,360-3,500* 3.16% p 14 Mar 19
Northern Europe € per tonne ex-works
Turkish imports
Plate (8-40mm) 585-610* -0.42% q 13 Mar 19
Hot rolled coil 500-520* -0.97% q 13 Mar 19 Fastmarkets MB’s assessment of prices for imported commercial-quality carbon steel, $ per tonne cfr
main Turkish port
Cold rolled coil 590-620* 0% 13 Mar 19
Billet 450-470* 1.1% p 14 Mar 19
Hot-dip galvanized coil 600-620* 0% 13 Mar 19
Hot rolled coil 530-540* 0% 15 Mar 19
Southern Europe € per tonne ex-works
Cold rolled coil 575-580* 0% 15 Mar 19
Plate (8-40mm) 550-570* 0% 13 Mar 19
UAE imports
Hot rolled coil 480-500* -1.01% q 13 Mar 19
Fastmarkets MB’s assessment of prices for imported commercial-quality carbon steel, $ per tonne cfr
Cold rolled coil 560-590* 0% 13 Mar 19
Jebel Ali
Hot-dip galvanized coil 570-590* 0% 13 Mar 19
Billet 495-500* 0.51%
p 12 Mar 19
Rebar 530-535* 0.47%
p 12 Mar 19
Hot rolled coil 540-550* 0% 12 Mar 19
Cold rolled coil 620-630* 0% 12 Mar 19
Hot dip galvanized coil 690-770* 0% 12 Mar 19
Saudi Arabia imports
Fastmarkets MB’s assessment of prices for imported commercial-quality carbon steel, $ per tonne cfr
Hot rolled coil 550-555* 0% 12 Mar 19
† week-on-week change continued ›
Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
41
Tuesday 19 March 2019 | Number 9604.2

Price Change Assessed Price Change Assessed

Prices
UAE domestic
Fastmarkets MB’s assessment of prices within UAE for commercial-quality carbon steel of UAE origin,
dirhams
For per tonne
the latest pricesex-works
go to http://www.metalbulletin.com/My-price-book.html
Wire rod (low carbon)
Medium sections
Medium plate
744-762*
740-800*
820-850*
0%
-3.75%
-3.47%
q
q
19 Feb 19
28 Feb 19
06 Mar 19
Rebar 2,000-2,007* 0% 12 Mar 19 Hot rolled coil (commodity) 660-730* 0.72% p 06 Mar 19
METAL
Iran BULLETIN’S KEY ALUMINIUM PRICES
exports Cold rolled coil 780-840* 1.25% p 06 Mar 19
Price
Fastmarkets MB’s assessment of prices quoted by Iranian suppliers forChange Assessed
commercial-quality carbon Hot dipped galvanized 0.012-0.015, G30 980-1,040* 2.02% p 06 Mar 19
steel to overseas buyers, $ per tonne fob Iranian ports ERW linepipe (X42) 1,070-1,230* -4.96% q 26 Feb 19
Billet 395-405* 1.27%
p 13 Mar 19 OCTG API5CT - casing J55 1,020-1,125* -4.03% q 26 Feb 19
Slab 360-400* 4.11%
p 13 Mar 19 US domestic
Egyptian domestic Fastmarket AMM’s assessment of prices within the USA for commercial-quality carbon steel of US or
Fastmarkets MB’s assessment of prices within Egypt for commercial-quality carbon steel of Egyptian Canadian origin, $ per short ton, delivery terms as indicated
origin, E£ per tonne ex-works Rebar (fob mill) 705-730* 2.5% p 06 Mar 19
Rebar 11,830-11,850* 0% 14 Mar 19 Plate (fob mill) 950-950* 1.06% p 15 Mar 19
Egyptian import Hot rolled sheet Midwest index (fob mill) 692-692* -0.83% q 15 Mar 19
Fastmarkets MB’s assessment of prices for imported commercial-quality carbon steel, $ per tonne cfr Cold rolled sheet (fob mill) 830-830* 0% 14 Mar 19
main port Hot-dip galvanized (base) Midwest
Billet 475-480* 1.06%
p 14 Mar 19 (fob mill) 840-840* 1.2% p 14 Mar 19
OCTG API5CT - casing J55 (fob mill) 1,185-1,260* -1.61% q 26 Feb 19

CARBON STEEL - LATIN AMERICA Fastmarket AMM’s assessment of prices within the USA for commercial-quality carbon steel of US or
Canadian origin, $ per hundredweight, delivery terms as indicated
Price Change Assessed †

Merchant bar 3 x 3 1/4 angle (fob mill) 37.5-37.5* 0% 22 Feb 19

Latin American exports
Fastmarkets MB’s assessment of Latin American mills’ prices for export outside Latin America of CARBON STEEL - ASIA
commercial-quality carbon steel, $ per tonne fob stowed main Latin American port Price Change† Assessed
Billet 450-460* 0% 15 Mar 19 China exports
Slab, Brazil 500-540* 0% 15 Mar 19
Fastmarkets MB’s assessment of Chinese mills prices for export of commercial-quality carbon steel, $
Wire rod mesh quality 560-580* 0% 15 Mar 19 per tonne fob main China port
Heavy plate over 10mm 600-610* 1.68% p 15 Mar 19 Rebar index 527-527* 0.89% p 18 Mar 19
Hot rolled coil (dry) 555-560* 0% 15 Mar 19 Wire rod (mesh quality) 535-540* 0% 12 Mar 19
Cold rolled coil 590-600* 0% 15 Mar 19 Heavy plate 545-555* 0% 12 Mar 19
Galvanized coil 800-810* 0% 15 Mar 19 Hot rolled coil index 537-537* 1.64% p 18 Mar 19
South America imports Cold rolled coil 555-565* 1.36% p 12 Mar 19
Fastmarkets MB’s assessment of cfr prices for imported, commercial-quality carbon steel, Galvanized coil 1mm 610-615* 1.66% p 12 Mar 19
$ per tonne cfr main ports Eastern China domestic
Plate 550-560* 0.91%
p 15 Mar 19
Fastmarkets MB’s assessment of prices in eastern China for commercial-quality carbon steel of
Hot rolled coil 565-575* 0.88% p 15 Mar 19 Chinese origin, yuan per tonne ex-warehouse
Cold rolled coil 590-610* 0% 15 Mar 19 Rebar 3,850-3,900* 1.97% p 18 Mar 19
Galvanized coil 640-660* 2.36% p 15 Mar 19 Wire rod (mesh) 3,840-3,870* 0.52% p 15 Mar 19
Argentina domestic $ per tonne ex-works Sections 3,830-3,860* -0.52% q 15 Mar 19
Fastmarkets MB’s assessment of prices within Argentina for commercial-quality carbon steel, $ per Plate 3,920-3,940* -0.51% q 15 Mar 19
tonne Hot rolled coil (min 2mm) 3,860-3,870* 1.71% p 18 Mar 19
Hot rolled coil 750-755* 0% 08 Mar 19 Cold rolled coil (0.5 - 2 mm) 4,300-4,320* 0.12% p 15 Mar 19
Cold rolled coil 850-860* 0% 08 Mar 19 Hot-dip galvanized coil 4,570-4,660* 0.87% p 15 Mar 19
Galvanized coil 1,090-1,170* 0% 08 Mar 19 Northern China domestic
Rebar 850-860* 0% 08 Mar 19
Fastmarkets MB’s assessment of prices in northern China for commercial-quality carbon steel of
Brazil domestic Chinese origin (Tangshan), yuan per tonne ex-works
Fastmarkets MB’s assessment of prices within Brazil for commercial-quality carbon steel, Reais per Billet 3,530-3,530* 2.92% p 18 Mar 19
tonne ex-works Fastmarkets MB’s assessment of prices in northern China for commercial-quality carbon steel of
Hot rolled coil 2,425-2,470* -4.39% q 01 Mar 19 Chinese origin, yuan per tonne ex-warehouse
Cold rolled coil 2,655-2,745* -3.49% q 01 Mar 19 Hot rolled coil 3,750-3,790* -0.4% q 15 Mar 19
Hot dip galvanized coil 3,250-3,310* 0% 01 Mar 19 Rebar 3,750-3,830* -0.39% q 15 Mar 19
Fastmarkets MB’s assessment of prices within Brazil for commercial-quality carbon steel, Reais per Southern China domestic
tonne delivered
Fastmarkets MB’s assessment of prices in southern China for commercial-quality carbon steel of
Rebar 2,550-2,620* -4.61% q 01 Mar 19 Chinese origin, yuan per tonne ex-warehouse
Rebar 4,220-4,260* 0.36% p 15 Mar 19
CARBON STEEL - NAFTA Wire rod (mesh) 4,150-4,180* 1.83% p 15 Mar 19
Price Change† Assessed Sections 4,000-4,030* 0% 15 Mar 19
US imports Plate 4,000-4,050* -0.12% q 15 Mar 19
Fastmarkets MB’s assessment of prices for imported, non-Nafta origin, commercial-quality carbon Hot rolled coil (min 2mm) 3,820-3,870* -1.03% q 15 Mar 19
steel, $ per short ton cfr port Houston Cold rolled coil (0.5 - 2 mm) 4,280-4,350* -1.71% q 15 Mar 19
Rebar 650-670* -1.49% q 06 Mar 19 Hot-dip galvanized coil 4,650-4,680* 0% 15 Mar 19
Merchant bars 760-760* -1.3% q 22 Feb 19
† week-on-week change continued ›
Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
42
Tuesday 19 March 2019 | Number 9604.2

Price Change Assessed Price Change Assessed

Prices
Southeast Asia imports
Fastmarkets MB’s assessment of prices in Southeast Asia for commercial-quality carbon steel $ per
tonne
For the cfr
latest prices go to http://www.metalbulletin.com/My-price-book.html
US domestic
Fastmarkets AMM’s appraisal of prices within the USA for commercial-quality stainless steel of US or
Canadian origin, $ per hundredweight, fob
Billet 485-495* 1.03% p 18 Mar 19 Grade 304 coiled plate 109-109* 3.81% p 11 Mar 19
METAL
Slab BULLETIN’S
(Asia/East Asia) KEY ALUMINIUM PRICES 475-495* 0% 18 Mar 19 Grade 316 coiled plate 156-156* 3.31% p 11 Mar 19
Hot
rolled coil (Vietnam) 545-555* -0.45% q 18 Mar 19
Price Change Assessed Grade 304 cold rolled sheet 122-122* 3.39% p 11 Mar 19
Rebar (Singapore) 500-510* 0.5% p 18 Mar 19 Grade 316L cold rolled sheet 165-165* 3.12% p 11 Mar 19
Wire rod (low carbon) 540-550* 0.46% p 18 Mar 19 Raw materials index
Indian exports EU domestic stainless steel $ per tonne
Fastmarkets MB’s assessment of Indian mills’ prices for export of commercial-quality carbon steel, $ 304 Europe raw materials index 1,287.34* -0.49% q 18 Mar 19
per tonne fob main India port
Billet 450-455* -2.16% q 15 Mar 19
Plate (12-40mm) 545-550* -1.35% q 15 Mar 19
Hot rolled coil (commodity) 545-550* 0% 15 Mar 19 IRON ORE
Hot-dip galvanized coil 720-730* 1.4% p 15 Mar 19
Price Change† Assessed
Indian imports 65% Fe Brazilian Index CFR Qingdao
Fastmarkets MB’s assessment of prices for imported, non-EU origin, commercial-quality carbon steel, (MBIOI-65-BZ-Index) $/tonne 98* 2.73% p 18 Mar 19
$ per tonne cfr main India port Lump premium CFR Qingdao
Plate (20-60mm) 560-565* 0% 15 Mar 19 (MBIOI-LP Index) cents per dmtu 37* -2.63% q 18 Mar 19
Hot rolled coil (commodity) 540-565* 0% 15 Mar 19 Iron ore index (62% Fe) 88.26* 5.33% p 18 Mar 19
Hot rolled coil (CR grade) 520-525* 0% 15 Mar 19 Iron ore index (62% LA) 90.20* 5.3% p 18 Mar 19
Cold rolled coil 595-600* 0% 15 Mar 19 58% Fe Iron Ore Index (MBIOI-58) CFR
Qingdao on a 58% fe basis Daily Price
Indian domestic $/dry metric tonne 70.49* 3.12% p 18 Mar 19
Fastmarkets MB’s assessment of prices within India for commercial-quality carbon steel, rupees per High grade Premium (MBIOI-58P) CFR
tonne ex-works Qingdao on a 58% basis low alumina,
Billet 31,300-31,500* -2.79% q 15 Mar 19 low phosphorous Daily Price
$/dry metric tonne 8.5* 41.67% p 18 Mar 19
Heavy plate 42,500-43,000* 0% 15 Mar 19
Iron Ore Implied 58% Fe high
Hot rolled coil 41,500-42,000* 0% 15 Mar 19 specification price 78.99* 6.23% p 18 Mar 19
Cold rolled coil 47,500-48,000* 0% 15 Mar 19 Iron Ore product differential - PBF
DRI 19,800-20,000* -1.49% q 15 Mar 19 delivered Qingdao, China CFR $/tonne -0.88* 46.67% p 18 Mar 19
Hot-dip galvanized coil 51,000-51,500* 0% 15 Mar 19 Iron ore 62% Fe Pilbara Blend Fines
(MBIOI-PBF) $/tonne 87.38* 5.04% p 18 Mar 19
Rebar 35,700-35,900* -1.92% q 15 Mar 19
Iron Ore 62% Fe China port price index 647* 4.35% p 18 Mar 19
Implied 62% Fe China Port Price $ per tonne 85.81* 4.53% p 18 Mar 19
Iron ore pellet index cfr Qingdao (65% Fe) 127.08* -0.35% q 15 Mar 19
STAINLESS STEEL Iron ore concentrate index cfr
Qingdao (66% Fe) 100.55* -2.23% q 15 Mar 19
Price Change† Assessed
Iron ore implied pellet premium CFR
Asia import
Qingdao US$/tonne 41.56* 2.64% p 15 Mar 19
$/tonne cif East Asian port
Iron ore DR-grade pellet premium
Grade 304 2mm CR coil 2B 2,050-2,150* -0.24% q 13 Mar 19 index Middle East reference, $/dmt 76* 0% 28 Feb 19
Grade 304 hot rolled coil 1,920-2,010* -0.25% q 13 Mar 19 Metal Bulletin Indicator for US$/%
China domestic Al MBIOI Al-VIU cfr Qingdao -4.78* -3.24% q 18 Mar 19
yuan/tonne, in-warehouse Metal Bulletin Indicator for US$/%
Fe in iron ore fines cfr Qingdao 1.44* 12.5% p 18 Mar 19
Grade 304 2mm CR coil 14,700-15,200* -2.29% q 13 Mar 19
Iron Ore Fines 65% Fe, % Fe value in
Grade 430 2mm CR coil 8,250-8,300* 1.22% p 13 Mar 19 use cfr Qingdao $/dry metric tonne 1.72* -2.27% q 18 Mar 19
EU domestic Metal Bulletin Indicator for US$/%
2mm 304 cold rolled stainless sheet, €/tonne Si MBIOI Si-VIU cfr Qingdao -1.42* -8.39% q 18 Mar 19
N.Europe Base price 925-985* 0% 15 Mar 19 Iron Ore Fines 62% Fe, 0.01%
Phosphorous value in use MBIOI Phos-VIU cfr
Alloy surcharge 1,308-1,351* 0% 15 Mar 19
Qingdao US cent per dry metric tonne -0.67* -12.99% q 18 Mar 19
N.Europe transaction 2,100-2,150* 0% 15 Mar 19
2mm 316 cold rolled stainless sheet, €/tonne
Base price 1,270-1,320* 0% 15 Mar 19
Alloy surcharge 1,995-2,051* 0% 15 Mar 19
304 stainless steel bright bar, €/tonne
Base price 1,000-1,050* 0% 15 Mar 19
Alloy surcharge 1,620-1,669* 0% 15 Mar 19

† week-on-week change continued ›

Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
43
Tuesday 19 March 2019 | Number 9604.2

COKING COAL Price Change Assessed

Prices
$ per metric tonne

For the latest
Premium hardprices
cokinggocoal
Price Change† Assessed
to http://www.metalbulletin.com/My-price-book.html
index cfr
Cif Europe stainless € per tonne
18/8 solids
18/8 turnings
1,000-1,060*
900-955*
0%
0%


15 Mar 19
15 Mar 19
China 210.95* -0.66% q 18 Mar 19 316 solids 1,550-1,560* 5.78% p 15 Mar 19
METAL BULLETIN’S
Hard coking coal indexKEY ALUMINIUM PRICES 195.65*
cfr China -0.88% q 18 Mar 19 316 turnings 1,395-1,405* 5.86% p 15 Mar 19

Premium hard coking coal index fob Price Change Assessed Rotterdam export
Australia 213.10* -1.62%
q 18 Mar 19 Fastmarkets MB’s assessment $/tonnne fob Rotterdam
Hard coking coal index fob Australia 185.57* -0.25% q 18 Mar 19 MB index fob Rotterdam HMS 1&2 (80:20) 298.70* 1.13% p 15 Mar 19
China hard coking coal Shanxi spot HMS 1&2 (75:25 mix) 298-299* 2.58% p 15 Mar 19
market domestic delivered yuan/tonne 1,450-1,820* 0% 15 Mar 19
Shredded 308-309* 2.49%
p 15 Mar 19
65% CSR coke $/tonne fob China 320-340* -2.22% q 12 Mar 19
Turkish import
Low Vol PCI Index $ per dry metric
tonne cfr Jingtang 139.62* 0% 18 Mar 19 Fastmarkets MB’s assessment $/tonne cfr main Turkish ports
Low Vol PCI Index $ per dry metric MB index cfr Turkey HMS 1&2 (80:20)
tonne fob DBCT 128.17* -1.03% q 18 Mar 19 (North Europe material) 318.67* 0.47% p 18 Mar 19
MB index cfr Turkey HMS 1&2 (80:20)
FERROUS SCRAP (United States material) 324.09* 0.46% p 18 Mar 19
Price Change† Assessed HMS 1&2 (75:25 mix) 317-318* 2.42% p 15 Mar 19
UK ferrous scrap domestic Shredded 325-328* 0.31%
p 15 Mar 19
The following is Fastmarket MB’s evaluation of UK prices for processed scrap delivered to consumers Turkish domestic
within the month listed. Prices may vary according to region and destination, and should be read in
Fastmarkets MB’s assessment delivered
conjunction with editorial comment on the Ferrous scrap pages.
Melting scrap from shipbreaking ($/tonne) 325-330* 0% 18 Mar 19
£/tonne
Auto bundle scrap (Turkish lira/tonne) 1,700-1,820* 0% 18 Mar 19
Cut grades
USA export
OA plate and structural 160-185* 0% 14 Mar 19
Fastmarket AMM ferrous scrap export index $/tonne East Coast fob New York
1&2 old steel 140-165* 0% 14 Mar 19
HMS 1&2 (80:20) 306* 3.03% p 13 Mar 19
12A/C new production heavy and
shovellable steel 185-210* 0% 14 Mar 19 Shredded 311* 2.98%
p 13 Mar 19
12D new production heavy and USA domestic
shovellable steel 190-215* 0% 14 Mar 19
Fastmarkets AMM Midwest index $/gross ton delivered mill
Bales and cuttings
No1 heavy melting scrap 314.10* 6.8% p 11 Mar 19
4A new steel bales 190-215* 0% 14 Mar 19
No1 busheling 372.32* 5.75% p 11 Mar 19
4C new steel bales 180-205* 0% 14 Mar 19
Shredded 340.21* 6.15%
p 11 Mar 19
8A new loose light cuttings 175-205* 0% 14 Mar 19
China domestic
8B new loose light cuttings 160-190* 0% 14 Mar 19
yuan/tonne delivered mill
Turnings
Heavy scrap 2,620-2,750* 0% 15 Mar 19
UK inter-merchant 7B heavy steel turnings 120-140* 0% 14 Mar 19
Taiwan import
Cast iron
9A/10 heavy and light cast iron 140-165* 0% 14 Mar 19 $/tonne cfr main port

9B/C cylinder block scrap 160-185* 0% 14 Mar 19 HMS 1&2 (80:20 mix) (USA material) 299-308* 1.17% p 15 Mar 19

11A cast iron borings 85-105* 0% 14 Mar 19 Vietnam import

Prices relate to new UK scrap specifications $/tonne cfr southern Vietnam

Please see metalbulletin.com for full explanation of price changes HMS 1&2 345-350* 1.46% p 15 Mar 19

UK intermerchant weekly price Germany domestic

£/tonne €/tonne composite sales price ex-yard, source: BDSV

5C loose old light 90-110* -2.44% q 15 Mar 19 No E2/8 (new steel scrap) 250.30 2.54% p 01 Feb 19
No E1 (old steel scrap) 224.30 7.22% p 01 Feb 19
UK ferrous scrap export
No E3 (old thick steel scrap) 249.30 4.75% p 01 Feb 19
Fastmarkets MB’s assessment $ fob main UK port
No E40 (shredded steel scrap) 251.30 4.88% p 01 Feb 19
HMS 1&2 (80:20 mix) 301-303* 1.51% p 15 Mar 19
No E5 (steel turnings) 197 3.14% p 01 Feb 19
Shredded 306-308* 1.49%
p 15 Mar 19
Fastmarkets MB’s assessment €/tonne delivered at mill
Indian imports
Grade E40 (shredded steel scrap) 270-290 0% 15 Mar 19
Fastmarkets MB’s assessment $/tonnne cfr Nhava Sheva
No E8 (thin new production steel scrap) 270-290 -0.88% q 15 Mar 19
MB index cfr India shredded 335.29* 1.18% p 15 Mar 19
No E3 (old thick scrap) 265-285 0% 15 Mar 19
HMS 1&2 (80:20 mix) 295-315* -1.61% q 15 Mar 19
Italy domestic
Alloy steel scrap domestic
Fastmarkets MB’s assessment €/tonne delivered at mill
UK wholesale merchants’ stainless (£/tonne)
No E3 (old thick scrap) 270-285 -0.89% q 15 Mar 19
18/8 solids 840-880* 1.18% p 15 Mar 19
No E8 (thin new production steel) 285-295 1.75% p 15 Mar 19
18/8 turnings 715-750* 1.38% p 15 Mar 19
No E40 (shredded steel scrap) 290-295 0% 15 Mar 19
316 solids 1,230-1,280* 0.8% p 15 Mar 19
316 turnings 1,045-1,090* 0.95% p 15 Mar 19
12-13% Cr solids 190-220* 0% 15 Mar 19
16-17% Cr solids 240-260* 0% 15 Mar 19
† week-on-week change continued ›
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44
Tuesday 19 March 2019 | Number 9604.2

Price Change Assessed

Prices
SCRAP SUBSTITUTES Italy per 1000kg
Price Change† Assessed Electrolytic dd EN 12861-S-Cu-2 5,380-5,540 0.18% p 08 Mar 19
EUthe
For imports
latest$/tonne
prices go to http://www.metalbulletin.com/My-price-book.html Enamelled wire EN 12861-S-Cu-3 5,258-5,420 0.19% p 08 Mar 19
Pig iron imports cif Italy 360-370* 0% 14 Mar 19 New from tubes, strips etc EN
METAL BULLETIN’S 12861-S-Cu-4 5,282-5,510 0.19% p 08 Mar 19
Hot-briquetted iron cfr KEY
ItalianALUMINIUM PRICES
ports 290-310* 11.11% p 14 Mar 19 Old from tubes, strips etc
Price Change Assessed
12861-S-Cu-7 5,110-5,280 0.19% p 08 Mar 19
Brazil exports $/tonne, delivery terms as stated
EN12861-S-Cu-Zn-1-A-Cu 63.5% 4,250-4,365 0.23% p 08 Mar 19
Hot briquetted iron Venezuela 225-225* 11.66% p 15 Mar 19
Mixed from valves/taps EN
Pig iron fob Vitorio/Rio Brazil 336-340* 0.9% p 15 Mar 19
12861-S-Cu-Zn-6 3,485-3,815 0.27% p 08 Mar 19
Pig iron fob Ponta da Maderia Brazil 357-362* 0% 15 Mar 19
Several 95% m/m 12861-S-Cu-Zn-7 3,535-3,615 0.28% p 08 Mar 19
US imports $/tonne cfr Gulf of Mexico
Source: Assomet
Pig iron 365-370* 0.68% p 15 Mar 19
CIS exports $/tonne fob main port
UK NON-FERROUS SCRAP
Pig iron Baltic Sea 390-390* 0% 14 Mar 19
Pig iron Black Sea 340-350* 0.73% p 14 Mar 19 Price Change† Assessed
Aluminium - actual price
£ per tonne
Group 1 pure 99% & Litho 1,300-1,350* 0% 13 Mar 19
NON-FERROUS SCRAP EUROPE
Commercial pure cuttings 970-1,000* -1.5% q 13 Mar 19
Price Change† Assessed
Clean HE9 extrusions 1,300-1,350* 0% 13 Mar 19
Aluminium Loose old rolled cuttings 690-720* 0% 13 Mar 19
European free market Fastmarkets MB assessment €/tonne Baled old rolled 740-770* 0% 13 Mar 19
Floated frag 1,050-1,095* 0% 15 Mar 19 Commercial cast 780-820* 0% 13 Mar 19
Cast 960-980* 0% 15 Mar 19 Cast wheels 1,150-1,180* 0% 13 Mar 19
Mixed turnings 6% 810-850* 0% 15 Mar 19 Commercial turnings 565-605* 0% 13 Mar 19
Germany per 1000kg Group 7 turnings 460-490* 0% 13 Mar 19
Pure cuttings 1,250-1,350 1.17% p 13 Mar 19
Fastmarkets MB and LME aluminium scrap discounts
Commercial cast 1,010-1,100 0% 13 Mar 19
£ per tonne
H9 extrusions 1,570-1,730 0.92% p 13 Mar 19
Group 1 pure 99% & Litho 61-111* -7.53% q 13 Mar 19
Alloy turnings 680-850 0.66% p 13 Mar 19
Commercial pure cuttings 411-441* 1.91% p 13 Mar 19
Source: VDM
Clean HE9 extrusions 61-111* -7.53% q 13 Mar 19
France per 1000kg
Loose old rolled cuttings 450-480* 0% 13 Mar 19
Pure cuttings 1,450-1,480 0% 12 Mar 19
Baled old rolled 400-430* 0% 13 Mar 19
Old rolled 550-580 -1.74% q 12 Mar 19
Commercial cast 350-390* 0% 13 Mar 19
Commercial cast 550-580 0% 12 Mar 19
Cast wheels -10-20* 0% 13 Mar 19
Source: Lettre d’Information Metaux Commercial turnings 565-605* 0% 13 Mar 19
Italy per 1000kg Group 7 turnings 680-710* 0% 13 Mar 19
Pure cuttings 1,065-1,095 0% 08 Mar 19
Titanium
Old mixed scrap 1,500-1,535 0.33% p 08 Mar 19
$/Ib cif
Commercial cast 900-955 -0.8% q 08 Mar 19
Turnings, unprocessed type 90/6/4
Source: Assomet (O.5% Sn max) 1-1.10* 10.53% p 13 Mar 19
Copper Turnings, unprocessed 90/6/4 (over
Germany per 1000kg 0.5% max 2% Sn) 0.90-0.95* 12.12% p 13 Mar 19

Copper wire (berry) 5,310-5,490 0% 13 Mar 19 Copper scrap discount

Heavy copper 4,900-4,970 0% 13 Mar 19 cents/lb
Heavy brass 3,410-3,500 0% 13 Mar 19 No 2 copper (birch/cliff) imported
into China 94-96% cif China 28-34* 14.81% p 25 Feb 19
Brass turnings (MS 58) 3,710-3,840 0% 13 Mar 19
Brass sheet (MS 63) 3,920-4,010 0% 13 Mar 19
Source: Verein Deutscher Metallhandler
France per 1000kg
Electro cuttings 5,100-5,200 0% 12 Mar 19
No 1 bright wire 4,950-5,000 0% 12 Mar 19
Mixed (96%) 4,750-4,830 0.31% p 12 Mar 19
Brass plate cuttings 70/30 3,800-3,850 0% 12 Mar 19
Brass turnings 3,250-3,300 0% 12 Mar 19
Mixed brass 3,050-3,200 0.81% p 12 Mar 19
Source: Lettre d’Information Metaux

† week-on-week change continued ›

Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
45
Tuesday 19 March 2019 | Number 9604.2

NON-FERROUS FOUNDRY INGOTS

Prices

Aluminium UK £/tonne
For the latest prices
Fastmarkets go market
MB free
Price Change† Assessed

to http://www.metalbulletin.com/My-price-book.html
LM24 pressure diecasting ingot 1,360-1,410* -0.72% q 13 Mar 19
METAL BULLETIN’S KEY ALUMINIUM PRICES
LM6/LM25 gravity diecasting ingot 1,680-1,720* -0.58% q 13 Mar 19
Price
NB: prices expressed delivered consumer works, Change Assessed
LM series as specified in BS1490
Aluminium Europe
Fastmarkets MB free market
Duty paid delivered works pressure
diecasting ingot price (DIN226/A380)
- €/tonne 1,440-1,500* 0% 15 Mar 19
Aluminum US $/Ib delivered Midwest
A380.1 alloy 0.83-0.85* -0.59% q 14 Mar 19
AFFIMET €/tonne
AS12 3,499 0% 01 Mar 19
AS12 UN 2,565 -3.02% q 01 Mar 19
AS9 U3 1,940 -3.96% q 01 Mar 19
AS5 U3 2,290 -3.38% q 01 Mar 19
Reflects generally larger traded lots
VDM €/1000 kg delivered
DIN 226 2,160-2,260 0% 13 Mar 19
DIN 231 2,240-2,340 0% 13 Mar 19
DIN 311 2,220-2,320 0% 13 Mar 19
Aluminium bronze £/tonne UK
AB1 ex-works 5,150 0% 12 Mar 19
AB2 ex-works 5,200 0% 12 Mar 19
Source: C.F. Booth Ltd
Brass UK £/tonne
SCB3 ex-works 4,220 0% 12 Mar 19
High tensile HTB1 ex-works 4,430 0% 12 Mar 19
Source: C.F. Booth Ltd
Gunmetal UK £/tonne
LG2 85/5/5/5 ex-works 4,990 0% 12 Mar 19
LG4 87/7/3/3 ex-works 5,700 0% 12 Mar 19
G1 1.15 PB ex-works 6,350 0% 12 Mar 19
Source: C.F. Booth Ltd
Phosphor bronze UK £/tonne
PB1 ex-works 6,990 0% 12 Mar 19
Source: C.F. Booth Ltd
Phosphor copper £/tonne
10% P ex-works 6,200 0% 12 Mar 19
15% P ex-works 6,250 0% 12 Mar 19
Source: C.F. Booth Ltd
Zinc alloys UK £/tonne
Brock Metal Co contract alloy price (delivered UK)
Brock Metal ZL3 2,697 0.56% p 01 Mar 19
Brock Metal ZL5 2,724 0.52% p 01 Mar 19

Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
46
Tuesday 19 March 2019 | Number 9604.2

Low High

Monthly averages: Mercury

MB free market min 99.99%,
in warehouse, $/flask 2,400 2,700

February Selenium
MB free market min 99.5%
in warehouse, $/lb 8.58 10.48
Silicon
BASE METALS Grade 441, min 99% Si in-warehouse
Rotterdam, €/tonne 1,860 1,940
Low High
Titanium
Aluminium
Ferro-Titanium, 70% (max 4.5% Al),
Aluminium P1020A, in-warehouse Rotterdam d/d Europe, $/kg 4.36 4.80
premium, duty unpaid, spot $/tonne 75.5 83.15
Aluminium P1020A, in-warehouse Rotterdam
duty paid, spot $/tonne 125 135.63
Alumina
ORES & ALLOYS
Index fob Australia 379.01
Low High
Copper
US High-grade cathode premium indicator, Molybdenum
$/tonne 154.32 165.35 Free market in warehouse Europe
drummed molybdicoxide $/lb Mo 11.61 11.85
Nickel
US canned molybdic oxide $/lb Mo 11.74 11.95
Free market in warehouse premium
Europe $/tonne Uncut cathodes 180 225 Ferro-molybdenum

4x4 cathodes 450 500 basis 65% min, in-warehouse

Rotterdam, $/kg Mo 27.63 28.09
Briquettes 240 280
Tungsten
Tin
European free market APT, $/mtu 261.25 271.25
European free market
Ferro-tungsten
Spot Premium 99.9%, $/tonne 420 460
basis 75% W min, $/kg 31.19 32.59
Kuala Lumpur (ex-smelter), $/tonne 21,255.88
Vanadium
min 98%, in-warehouse Rotterdam,
V2O5, $/lb 16.88 17.56
Ferro-vanadium
MINOR METALS
basis 78% min, free delivery duty
Antimony paid consumer plant, 1st grade Western
MB free market Regulus 99.65%, Europe, $/kg V 76.20 78.03
max Se 50ppm, in warehouse,$/tonne 7,800 8,000 US Free market 70-80%, $/Ib 39.63 41.5
MMTA Standard grade II, $/tonne 7,700 7,900
Bismuth
MB free market min. 99.99%, tonne lots,
in warehouse, $/lb 3.69 4.18 PRECIOUS METALS
Cadmium Gold
MB free market London $/troy oz Morning 1,319.76
min 99.95%, in warehouse, cents/lb 131.5 140.25 Afternoon 1,320.07
min 99.99%, in warehouse cents/lb 135 142.63 London £/troy oz Morning 1,015.04
Cobalt Afternoon 1,015
MB free market $/troy oz Handy/Harman 1,320.07
Alloy Grade, in warehouse, $/lb 16.61 18.43 Palladium
Standard Grade, in warehouse, $/lb 16.97 18.84 Morning $/troy oz 1,439.75
Gallium Afternoon $/troy oz 1,443.15
MB free market
Platinum: per troy oz
MB free market, $/kg 163.13 188.13
Morning $/troy oz 817.40
Germanium Afternoon $/troy oz 818.15
Dioxide MB free market min 99.99%, $/kg 950 1,150
Rhodium
Metal, Rotterdam, $/kg 1,350 1,450
European free market min 99.9%
Indium in-warehouse, $/troy oz 2,556.25 2,656.25
MB free market ingots, min 99.97%, Silver
in warehouse, $/kg 207.5 227.5
London
Magnesium spot pence/troy oz 1,215.5
MB free market min 99.8%, $/tonne 2,635 2,740 spot cents/troy oz 1,580.63
China free market min 99.8%, $/tonne 2,557.5 2,605 Handy/Harman cents/troy oz 1,581.46

† week-on-week change continued ›

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forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019
47
Tuesday 19 March 2019 | Number 9604.2

Jan-Feb 2019 February

Monthly averages:
FOUNDRY INGOTS
Low High Low High average
$ $ $
Aluminium
Zinc ($)
LM24, £/tonne 1,410 1,473.75
Cash 2,461 2,793.5 2,702.34
LM6/LM25, £/tonne 1,705 1,782.5
3 months 2,395.5 2,773.25 2,689.66
Aluminium Europe €/tonne 1,517.5 1,575
Settlement 2,462 2,794 2,702.85
Phosphor Bronze 3 months seller 2,396 2,773.5 2,690.18
PB1 ex-works, £/tonne 6,947.5
Cobalt ($)
Zinc Alloy Cash 30,000 46,000 31,500
ZL3, £/tonne 2,682 3 months 30,000 50,000 31,500
Settlement 31,000 47,000 32,400
EXCHANGE RATES (CLOSING RATES) 3 months seller 31,000 51,000 32,400
$/£ 1.30 Molybdenum ($)
$/yen 110.44 Cash 25,000 25,000 25,000
$/€ 1.13 3 months 25,000 25,000 25,000
Settlement 26,000 26,000 26,000
Copyright © 2002-2019 Fastmarkets 3 months seller 26,000 26,000 26,000
Fastmarkets MB monthly average prices are calculated on those price quotations formulated during Aluminium Alloy ($)
the month.
Cash 1,377.5 1,517.5 1,475.18
3 months 1,412.5 1,525 1,499.13
Settlement 1,385 1,520 1,480.20
LONDON METAL EXCHANGE 3 months seller 1,420 1,530 1,505.5
High, low and average February (20 days) Nasaa ($)
LME averages are mean of buyers and sellers except for Cash 1,327.5 1,530 1,470.31
settlement and 3 months sellers.
3 months 1,375 1,555 1,497.38
Jan-Feb 2019 February
Settlement 1,330 1,535 1,473.28
Low High average
3 months seller 1,380 1,560 1,502.75
$ $ $

Aluminium ($)
Cash 1,775.25 1,898.25 1,859.23
3 months 1,813.5 1,922.75 1,884.59
Settlement 1,775.5 1,898.5 1,859.55
3 months seller 1,814 1,923 1,885.05 LME SETTLEMENT CONVERSION RATES
Copper Grade A ($) $/£ 1.30
Cash 5,810.75 6,545.5 6,277.76 $/yen 110.38
3 months 5,836 6,495.25 6,274.03 $/€ 1.14
Settlement 5,811 6,546 6,278.20
3 months seller 5,837 6,495.5 6,274.73
Copper Grade A (£)
Settlement 4,508.36 5,000.76 4,826.81
3 months seller 4,506.43 4,952.08 4,802.23
Lead ($)
Cash 1,934 2,153.5 2,061.45
3 months 1,949 2,162.75 2,074.04
Settlement 1,934.5 2,154 2,062.08
3 months seller 1,950 2,163 2,074.68
Lead (£)
Settlement 1,509.14 1,619.91 1,585.47
3 months seller 1,513.07 1,619.25 1,587.89
Nickel ($)
Cash 10,437.5 13,035 12,646.5
3 months 10,527.5 13,137.5 12,728.5
Settlement 10,440 13,040 12,649.75
3 months seller 10,530 13,140 12,734
Tin ($)
Cash 19,495 21,912.5 21,256.75
3 months 19,472.5 21,700 21,156.5
Settlement 19,500 21,925 21,268
3 months seller 19,475 21,725 21,172

† week-on-week change continued ›

Fastmarkets MB subscription rates are charged strictly on a per individual user basis. Unauthorised redistribution of content from Fastmarkets MB, including this newsletter, by printing, scanning,
forwarding or saving to a shared server, all constitute a violation of our copyright. If you need additional access please contact [email protected] Copyright © 2002-2019