Argus Metal Prices. North American market prices, news and analysis. Contents. Issue Monday 27 February 2017

Transcription

1 North American market prices, news and analysis Overview US zinc premiums strengthened as a strike at CEZinc, owned by Noranda Income Fund and operated by Glencore, went into its 15th day. Stainless steel scrap processor buying prices were flat as nickel moved higher for a second consecutive trading session on the LME. The Argus daily HMS 1/2 80:20 steel scrap assessment increased by $1.20/t following confirmations of two European sales. Comex copper was little changed Monday as crude traded marginally higher and the US dollar was slightly weaker during midday trading. US high-carbon ferro-chrome were flat amid weak demand for spot business as suppliers are considering reducing prices in the near term to stimulate business. News US raw steel production rises More than half of LME aluminum now in Asia Houston steel imports fall in January Contents Commentary 2 News 5 8 Key prices Stainless steel scrap 304 (18-8) solids del US processor 27 Feb nc 316 solids del US processor 27 Feb nc Aluminum P1020 US midwest premium 22 Feb nc P1020 US midwest transaction 27 Feb US billet price del US 27 Feb /10 extrusions scrap del US 21 Feb nc Scrap cans (UBCs) del US 22 Feb A380.1 secondary alloy del US 23 Feb Zorba cif China 24 Feb nc Copper Cathode grade A premium 22 Feb Cathode grade A transaction 27 Feb Bare bright scrap cash spread 22 Feb Bare bright scrap spot price 27 Feb #1 wire and tube scrap cash spread 22 Feb #1 wire and tube scrap spot price 27 Feb Brass scrap C260 cash spread 22 Feb Brass scrap C260 spot price 27 Feb Steel feedstocks HMS 1/2 80:20 cfr Turkey 27 Feb Iron ore fines 62% Fe cfr Qingdao 27 Feb HMS 1/2 80:20 cfr Taiwan 24 Feb HMS 1/2 80:20 fas Los Angeles 24 Feb Shredded scrap fas New York 24 Feb Pig iron basic cfr New Orleans 24 Feb Ferro-alloys fob North America Molybdenum 65% Mo, Mo 23 Feb Titanium 70% Ti 23 Feb nc Chrome HC 60-65% Cr, Cr 23 Feb nc Manganese HC min 80% Mn $/lt 23 Feb nc Minor metals Antimony min 99.65% cif 21 Feb nc Indium ingot 99.99% fob $/kg 21 Feb nc Silicon % Si fob 23 Feb nc Titanium 85% Ti non-tin turnings 23 Feb Titanium 6Al 4V aero turnings 23 Feb nc Zinc prices Zinc special high grade premium 27 Feb Zinc special high grade transaction 27 Feb Nickel prices Cathode 4x4" (truckloads) premium 23 Feb nc Cathode 4x4" (truckloads) transaction 27 Feb Incorporating MetalPrices.com, Argus Weekly Heavy Melt and Ferrous Scrap Price Index

2 Commentary Stainless steel scrap prices del US processor US zinc: Premium strengthens with strike US zinc premiums strengthened in the latest week as a strike at CEZinc, owned by Noranda Income Fund and operated by Glencore, went into its 15th day. Argus assessed the US zinc premium at 7-8 /lb Monday, from 6-7 /lb a week earlier. Premiums have felt some pressure to strengthen as inventories decline and the work stoppage persists. The strike started 12 February at Noranda Income Fund s zinc processing facility in Quebec and remains at a stalemate with no talks scheduled. In response to the strike, management at the processing facility is implementing measures to secure operations in accordance with plant safety procedures. Management expects that this activity will be completed in the coming days with partial production resuming thereafter with staff operating the facility, Noranda said. Noranda's facility has a capacity of 265,000 t/yr and is the second largest zinc refinery in North America. President Donald Trump will address a joint session of congress on Tuesday for the first time and traders are waiting to hear what he has billed as a big statement on a promised $1trillion infrastructure plan. More than 50pc of the total usage of zinc goes towards galvanizing steel and an increase in infrastructure spending would raise the exchange price and premiums by boosting demand and tightening supply. Three-month LME zinc weakened in the last three days of last week after Glencore said it may resume production of mined zinc at currently curtailed operations. The announcement caused inquiry traffic to increase to some dealers. Three-month LME zinc was trading flat today after settling at $2,821/t on Friday. US stainless: Scrap flat as nickel gains Stainless steel scrap processor buying prices remained unchanged Monday as nickel moved higher for a second consecutive trading session on the London Metal Exchange (LME). Processors with abundance of 304 scrap are looking to push down prices as material flow has improved, but amid plenty of resistance from dealers. Processor buying prices for single loads of 304 scrap solids traded at /lb, while turnings traded at /lb, both unchanged from Friday. Stainless 316 scrap solids traded at /lb, while 316 Low High ± 304 (18-8) solids nc 304 (18-8) turnings nc 316 solids nc 316 turnings nc Ferro-chrome prices fob US Low High ± HC min 60-65% Cr 6-8% C fob US warehouse nc LC min 60-65% Cr 0.05% C max 1.5% Si fob US nc LC min 60-65% Cr 0.10% C max 1.5% Si fob US nc LC 60% Cr 0.15% C fob US warehouse nc Charge chrome fob US warehouse nc Zinc prices del US Low High ± Special high grade zinc premium Old zinc diecast scrap turnings were assessed at /lb, unchanged from Friday. Three-month LME nickel was trading 1.9pc higher Monday after settling at $10,760/t Friday. A 2.2pc increase in nickel since Thursday may signal an uptick in scrap prices in coming days, market participants said. Many large processors will begin monthly negotiations with stainless steel mills this week as demand for April deliveries appears to be on track to meet or surpass the strong first quarter demand. Turkey ferrous: Trade slows on rebar duty wait The Argus daily HMS 1/2 80:20 steel scrap assessment increased by $1.20/t Monday to $285.40/t following confirmations of two European sales. Two deep sea scrap sales - one European and one Scandinavian - were concluded on 24 February but confirmed today, nudging prices up. But suppliers maintain their reservations as to whether or not this signifies a sustainable price increase in the short term. A European cargo containing 15,000t of HMS 1/2 75:25, 5,000t of new cuttings, 5,000t of shred and 10,000t of P&S at a composite price of $283/t, and a Scandinavian cargo consisting of 10,000t of HMS 1/2 80:20 at $284/t, 6,000t of shred at $289/t and 8,000t of bonus at $294/t, were sold for late-march and mid-april shipment, respectively, to a mill based in northeastern Turkey. The Turkish deep-sea scrap import market was quiet today, Page 2 of 13

3 as many market participants took time to reflect on February scrap import price developments and in anticipation of the United States International Trade Commission's (USITC) preliminary ruling on its[ anti-dumping investigation into US imports of Turkish rebar. Turkish market participants expect preliminary duties to be set at 5-10pc should they be imposed, with widespread expectations that the announcement will be pushed back to 7 March from the initial deadline of 27 February. If a high duty is imposed, Turkish rebar exports to the US - one of Turkey's largest rebar buyers - will be jeopardised, placing downward pressure on rebar prices and subsequently on scrap prices. Suppliers optimism is restrained despite the European sale because of stagnant Turkish rebar prices, particularly in the export market. Mills are yet to show widespread acceptance of $285/t cfr as the new deep-sea scrap price level, with one scrap supplier expressing the view that mills might be reluctant to make further purchases at this price. There could be some deals this week - its 50:50. Mills are targeting $440/t fob Turkey for rebar right now, and this would allow consistent scrap purchases of $285/t cfr or above. The good news is that rising Chinese prices mean that their export prices aren t competitive against Turkey s, so there is a window for a price rise in the near term, the supplier said. Meanwhile, a US-based scrap agent spoke of a possible reduction in available export volumes for Turkey, as the US domestic scrap market continues to firm, owing to strengthened demand from US mills. The docks may want to ship inland more, should expected increases materialise, which would leave them with less material to sell abroad, as demand from mills is strong right now, the agent said. Comex Cu: Price holds Comex copper was little changed Monday as crude traded marginally higher and the US dollar was slightly weaker during midday trading. The Comex copper price for May settled slightly up at $2.698/lb, from $2.696/lb Friday. March has become the spot month while May is now the next active month. The small move in Comex copper was a contrast from last week's volatility, which left copper 2.7 /lb lower over the week. The strike at the world's largest mine, Escondida in Chile, is nowhere closer to a settlement after an 18-day work stoppage. Freeport's Indonesia unit, PT-FI, is gridlocked with the Indonesian government over its suspension of the company's copper ore exports since early January. For each month of delay in obtaining approval to export, PT-FI's share of production is projected to be reduced by approximately 70mn lbs of copper. Comex copper warehouse stockpiles have grown by 40pc so far this year, rising to 123,432net tons of material on Friday. with Salt Lake City, New Orleans and Tucson all receiving material on Friday. President Donald Trump will address a joint session of congress on Tuesday for the first time and traders are waiting to hear what he will say about his promises to spend $1trillion in infrastructure spending over 10 year, details of which have not been publicized since he took office. Three-month London Metal Exchange copper traded 0.7pc higher after settling at $5,893/t Friday. US FeCr: Prices flat amid weak spot demand US high-carbon ferro-chrome were flat amid weak demand for spot business in the latest week as suppliers are considering reducing prices in the near term to stimulate business. US high-carbon ferro-chrome (Cr 60pc C 6-8pc) prices were flat at $ /lb in the latest week as most consumers were relying on long-term contracts to meet their requirements. US low-carbon ferro-chrome (C 0.10pc) prices were at $ /lb,low-carbon (C 0.15pc) at $ /lb and lowcarbon ferro-chrome (C 0.05pc) assessed at $ /lb, all unchanged from the previous week. South African platinum group metals producer Northam Platinum agreed on a long-term chrome marketing agreement with global mining and trading group Glencore which owns 79.5pc of the Glencore Merafe Chrome Venture, the world's biggest integrated chrome and ferro-chrome operation. Northam produced 327,150t of chrome in fiscal and 143,314t of chrome in the first half of its fiscal year. Its projecting chrome output of 800,000 t/yr by 2022, it said in its financial results for the second half of Oil futures: WTI up on Opec progress Nymex crude futures rose today amid further signs Opec is making progress in restoring balance to an oversupplied market by adhering to a plan to curb output. Nymex April light, sweet crude futures rose by 6 /bl to $54.05/bl. Ice April Brent fell by 6 /bl to $55.93/bl. The Brent- WTI spread narrowed by 12 /bl to $1.88/bl. Global crude supply fell by 1.5mn b/d in January compared Page 3 of 13

4 with December, bringing the market closer to balance, after a surplus that has persisted for the past three years. World production last month was 2.2mn b/d lower than in November, when it peaked at 81.1mn b/d, with a 400,000 b/d drop in non- Opec supplies adding to a 1.8mn b/d cut by Opec. Argus now expects global stocks to start to fall in the second quarter, as long as Opec compliance remains tight. In January Opec's 13 members produced nearly 1.4mn b/d below the October baseline, against which most cuts will be measured. Ministers agreed in November to reduce supplies by 1.2mn b/d in January-June. The high OPEC output cut, combined with strong global demand growth, is expected to lead to large stock drawdowns in OECD nations, a move that has already started, analysts at Societe Generale said. The market drew support from the possibility that a strike at Maurel & Prom's crude producing operations in Gabon could spread to the whole oil sector in the country, according to trade union Onep. Gabon produces around 200,000 b/d. But further gains may be limited as the recovery in the market prompts producers to add back drilling rigs. The US oil rig count rose to 602, the highest since October 2015, pushing the total higher to 754, gaining for a sixth straight week, according to weekly data from Baker Hughes. Exports of Russian crude from Baltic Sea and Black Sea ports are scheduled to rise by nearly 6.5pc next month, to 2.31mn b/d (9.97mn t). Seaborne loadings of Urals crude at Russia's Baltic ports are scheduled at 1.65mn b/d, an increase of almost 2pc compared with February levels, according to a preliminary full-month loading program released today. Nymex RBOB gasoline settled higher by 1.79 /USG at $1.5327/USG. Nymex ultra-low sulfur diesel (ULSD) eased by 0.05 /USG to $1.6399/USG. US ferro-chrome fob warehouse US copper cathode L: Charge chrome L: HC min 60-65% Cr 6-8% C (per lb Cr) R: LC 60% Cr 0.15% C L: Comex spot R: cathode grade A del US midwest May Aug Nov Feb Nov Dec Jan Feb 17 US stainless steel scrap US zinc scrap 5.40 L: LME Nickel cash official seller R: 304 solids del US processor L: old diecast scrap R: special high grade US transaction Nov Dec Jan Feb Dec Dec Jan Feb 17 Page 4 of 13

5 News US raw steel production rises US raw steel production increased by 3.6pc in the week ended 25 February from a year earlier, while capacity utilization rose to 74.7pc. Output in the latest week rose to 1.77mn net tons (nt) (1.60mn metric tonnes) from 1.71mn nt a year earlier when capacity utilization was at 73.1pc, according to the American Iron and Steel Institute (AISI). Year-to-date output was up by 4.7pc at 13.84mn nt from 13.22mn nt a year earlier. Capacity utilization year to date rose to 73pc from 70.8pc. Raw steel production was 0.2pc higher in the latest week from the prior week when capacity utilization was at 74.6pc. Output increased from the prior week amid higher production in the Great Lakes region, which rose to 694,000nt from 671,000nt. Output also increased in the north east to 205,000nt from 204,000nt. These increases were partially offset by a decline in production in the south, which fell to 629,000nt from 645,000nt. Output in the west also fell to 72,000nt from 74,000nt, as did production in the midwest, which dropped to 170,000nt from 172,000nt. More than half of LME aluminum now in Asia More than half of all London Metal Exchange (LME) aluminum resides in Asian warehouses, as of the week ended 24 February, after stocks dropped in the US and held steady in Europe. Asian LME stocks rose to 1.109mn metric tonnes (t) last week from 1.108mn t, boosted by a 1.1pc increase in Port Klang, Malaysia, which closed Friday at 283,950t. The region s share rose to 51pc from 50pc in the prior week. European LME inventories fell by 1.8pc last week to 845,950t, but continued to comprise 39pc of LME stocks. Declines were driven by a 4.3pc fall at the region s secondlargest warehouses in Vlissingen, Netherlands, which were off by 4pc at 280,700t. The US share of LME aluminum stocks dropped to 10pc from 11pc a week earlier as stocks declined by 2.6pc to 227,150t. Detroit stocks slid by 2pc to 174,400t as Baltimore stocks dropped by 4.5pc to 52,150t. New Orleans inventories were flat at 450t. Stocks at the nation s smallest warehouse, in Mobile, Alabama, fell by 45pc to 150t. Since the beginning of the year, Asian stocks have climbed amid declines from US and European warehouses. Asia s share of LME aluminum stocks started the year at 45pc. Houston steel imports fall in January Steel imports into Port Houston fell by 1pc in January from a year earlier while steel exports dropped by 57pc. Imports fell to 230,861net tons (209,433metric tonnes) in January from 233,870nt a year earlier, according to data by Port Houston, in eastern Texas. Import totals were up by 31pc from 176,575nt in December. Exports fell to 5,925nt from 3,851nt a year earlier, but were up by 62pc from 3,648nt the prior month. China s ferro-chrome exports up in January China s ferro-chrome exports rose sharply in January because of rising demand from Japanese buyers. Ferro-chrome Exports of high-carbon ferro-chrome reached 360t in January compared with 21t a year earlier, as a result of stronger demand from Japanese steel mills as they increased buying ahead of the lunar new year holidays. Vanadium pentoxide Exports rose by 120pc year on year to 1,039t in January from 472.6t in the same month of 2016, as a lot of material produced by China s leading producer Chengde Iron and Steel was exported to South Korea and then converted into 80pc grade ferro-vanadium for exports to the US in a bid to avoid antidumping duties. Unwrought and wrought manganese China exported 34,755t of unwrought manganese, mostly in the form of flake and lump, in January, up by 39pc from 24,969t a year earlier. China exported 2,542t of wrought manganese, mostly in the form of briquette in the same month, up by 105pc from 1,238t in January Buyers outside China raised imports as prices stabilised in January after a month of rapid increases. Tight spot supply was relieved in January as producers in Hubei and Chongqing provinces restarted production after environmental inspections. China s largest producer Ningxia Tianyuan Manganese stopped raising prices as supply increased. Ferro-silicon China exported 14,495t of ferro-silicon in January, up by 33pc from 10,892t a year earlier, as Beijing cut export duty by 5pc Page 5 of 13

6 NEWS to 20pc on 1 January Despite rising domestic prices as China launched anti-pollution measures and implemented capacity cuts, export prices fell by around $200/t because of the duty reduction, which has made Chinese material more competitive in the global market. Tata Steel hits 2mn t output at Kalinganagar India s Tata Steel has produced 2mn t of pig iron at its Kalinganagar plant since it started up on 28 February last year. The 3mn t/yr plant in east India's Odisha is the first phase of Tata s steel project in the state, with expectations capacity could be raised up to 10mn t/yr over the next several years. Tata s flagship Jamshedpur plant in Jharkhand state has a 9.7mn t/yr capacity. The Kalinganagar plant operates one 4,300m³ blast furnace. The steel mill is supplied with iron ore from the company s own mines in Odisha. India is among the few countries still aggressively expanding steel capacity despite a global glut, betting on the country's fast pace of industrialisation and infrastructure building to create additional demand. China s HBIS cuts March FeSi tender price Chinese state-owned steelmaker Hebei Iron and Steel Group (HBIS) has cut its ferro-silicon tender price for March delivery. HBIS has cut its tender price for 72pc grade alloy to 5,180 yuan/t ($754/t) paid by acceptance bill, down by Yn520/t against January. The tender volume is 4,250t. HBIS did not issue a tender for alloy purchases for February. The reduction in the tender price was in response to falling spot prices brought about as producers looked to increase their cash flow before the lunar new year holiday. Most consumers held adequate stocks and did not return to the spot market after the holiday. Argus assessed spot prices at Yn4,700-4,900/t and Yn4,900-5,100/t for 72pc and 75pc grade respectively on 23 February. checks are likely to intensify next month, as China s national people s congress (NPC) convenes for its annual meeting in Beijing. High smog levels and overcapacity in steel sector are likely to figure strongly in discussions at the NPC, which lacks real power but is an important forum for Beijing to discuss policy measures. Premier Li Keqiang is expected to devote significant attention to last year s steel and coal capacity reduction efforts when he presents a government work report on 5 March. The steel capacity reduction target for 2017 may also be announced during the parliamentary session. China removed 65mn t/yr of steel capacity last year, above its 45mn t/yr target. The environment ministry s inspection teams found that one county in Tangshan city, China s steelmaking hub, had completely ignored emergency pollution control measures. China issues pollution alerts using a colour-coded system that is supposed to trigger specific responses, such as production controls. Some coking coal ovens in Taiyuan city were also found not to be following pollution control measures. Continued inspections and controls on steel production are likely to support steel and iron ore prices in the near term. The environment ministry has proposed that steel output in key cities in Hebei, such as Handan and Tangshan, should be cut by 50pc in the November-January winter months starting this year. Argus Metals Week March Battery Conference 7-8 March NiCoMo 9 March Tungsten Summit / Tantalum Summit Register by 10 February and save up to 250/ 300/$330 Beijing steps up pollution checks in north China China s environment ministry has uncovered violations of emissions rules during unannounced checks at industrial facilities in Beijing, Tianjin and Hebei province. Severe smog in northern China this winter has increased pressure on the ministry and local authorities to clamp down on enterprises that fail to meet environmental standards. The illuminating the markets Market Reporting Consulting Events Page 6 of 13

7 Announcements Update of US titanium scrap descriptions Argus is proposing to update the descriptions for its US titanium scrap assessments beginning 20 March. Under this proposal the current del US processor description would be updated to del US dealer/processor to better represent Argus existing methodology for these assessments. Argus assesses titanium scrap collection prices typically paid by scrap dealers and processors to direct generators of the scrap such as manufacturers known as industrial generators. The prices of these assessments include the cost of delivering product to the dealer or processor purchasing this industrial scrap. For a complete list of the affected codes please contact datahelp@argusmedia.com. Argus will be accepting comments on this change up to 2 March. To discuss comments on this proposal, please contact Sean Davidson at sean.davidson@argusmedia.com or Formal comments should be marked as such and may be submitted via to metalprices@argusmedia.com or by post to Sean Davidson, Argus Media, 2929 Allen Parkway, Suite 700, Houston, Texas and received by 2 March. Please note, formal comments will be published after the consultation period unless confidentiality is specifically requested. Risk Management Data Services Expanded Introducing Argus North American Natural Gas and Electricity Implied Volatility Curves Robust, independent market valuation tools to support investment and trading decisions. For more information on Argus implied volatility curves, please contact us at moreinfo@argusmedia.com Argus direct Web Mobile Alerts Argus Direct is the next generation platform from Argus Media. It is the premium way to access our reports, prices, market insight, fundamentals data and markets. To learn more, visit our website or contact your account representative. argusmedia.com/direct Page 7 of 13

8 Ferrous scrap prices by region (weekly) Eastern, 24 Feb Midwest, 24 Feb Southeast, 24 Feb Low High ± Low High ± Low High ± #1 HMS nc nc nc #2 HMS nc nc nc Shredded nc nc nc P&S, 5ft nc nc nc #1 busheling nc nc nc Ferrous scrap export yard buying prices del (weekly) Timing #1 HMS P&S, 5ft Shredder feed Low High ± Low High ± Low High ± Boston 24 Feb New York 24 Feb Philadelphia 24 Feb Houston 24 Feb nc nc nc Los Angeles 24 Feb nc nc nc San Francisco 24 Feb nc nc nc Seattle/Portland 24 Feb Ferrous containerized scrap prices fas port (weekly) New York, 24 Feb Los Angeles, 24 Feb San Francisco, 24 Feb Seattle, 24 Feb Low High ± Low High ± Low High ± Low High ± HMS 1/2 (80:20) Shredded P&S, 5ft $/gt $/gt Ferrous scrap prices (weekly) Steel feedstock prices Timing Price ± US east coast bulk (fob New York) HMS 1/2 (80:20) 24 Feb Shredded 24 Feb P&S, 5ft 24 Feb US west coast bulk (fob Los Angeles) HMS 1/2 (80:20) 24 Feb Shredded 24 Feb P&S, 5ft 24 Feb Taiwan container cfr HMS 1/2 (80:20) 24 Feb Composites del US consumer $/gt #1 HMS 24 Feb nc Shredded 24 Feb nc #1 busheling 24 Feb nc P&S, 5ft 24 Feb nc US steel feedstock prices (weekly) New Orleans, cif Brazilian basic 24 Feb Ukrainian/Russian basic 24 Feb Hot Briquetted Iron (HBI) 24 Feb Basic 24 Feb Nodular 24 Feb Chicago pig iron, del Basic 24 Feb Nodular 24 Feb Pittsburgh pig iron, del Basic 24 Feb Nodular 24 Feb Ferrous scrap HMS 1/2 80:20 cfr Turkey (daily) 27 Feb Iron ore fines 62% Fe cfr Qingdao (daily) 27 Feb Metallurgical Coal low-vol fob Hampton Roads (weekly) 27 Feb nc Metallurgical Coal high-vol A fob Hampton Roads (weekly) 27 Feb nc Metallurgical Coal high-vol B fob Hampton Roads (weekly) 27 Feb nc Ferrous scrap freight Bulk export New York-Turkey (weekly) Bulk export Los Angeles-South Korea (weekly) Containerised export New York- Mumbai (monthly) Containerised export Los Angeles- Taiwan (monthly) Containerised export San Francisco-Taiwan (monthly) Containerised export Seattle- Taiwan (monthly) Coal freight (weekly) Coal panamax size 75kt US east coast - Japan Coal cape size 140kt US east coast - Rotterdam 24 Feb Feb nc 31 Jan nc 31 Jan Jan nc 31 Jan nc Timing Rate ± 27 Feb Feb 7.00 nc Page 8 of 13

9 Ferrous scrap prices del consumer $/gt (monthly) $/gt Birmingham Carolinas Chicago Cincinnati/ Indianapolis Cleveland/ Youngstown Dallas Detroit Houston/ San Antonio Philadelphia Pittsburgh 8 Feb 8 Feb 8 Feb 8 Feb 7 Feb 8 Feb 3 Feb 8 Feb 3 Feb 7 Feb 27 Feb #1 HMS ± nc #2 HMS ± nc #1 busheling ± nc nc Factory bundles ± nc #1 bundles ± Shredded ± nc P&S, 5ft ± nc Machine shop turnings ± nc nc nc Tin can bundles ± nc Average Ferrous scrap del foundry, specialty consumer (monthly) Ferrous scrap dealer selling prices fob (monthly) $/gt Timing Price ± Chicago Black/foundry busheling 8 Feb Clean auto cast 8 Feb Clean fresh cast iron borings 8 Feb Ductile-quality shredded clips 8 Feb Low-alloy punchings 8 Feb #1 machine cast 8 Feb P&S, 2ft 8 Feb Cleveland Clean auto cast 7 Feb Philadelphia Black/foundry busheling 3 Feb P&S, 2ft 3 Feb $/gt Houston St Louis 8 Feb ± 8 Feb ± #1 HMS #1 busheling #1 bundles Shredded P&S, 5ft Machine shop turnings Stainless steel scrap prices 304 (18-8) solids del US processor (daily) 304 (18-8) turnings del US processor (daily) 316 solids del US processor (daily) 316 turnings del US processor $/ lb (daily) 409/410 solids del US processor $/ gt (weekly) 430 solids del US processor $/gt (weekly) 304 (18-8) scrap solids cif Rotterdam (weekly) 304 (18-8) scrap solids cif Taiwan $/ lb (weekly) Chrome contained in 304/316 stainless scrap solids del US consumer $/ lb (monthly) Iron contained in 304/316 stainless scrap solids del US consumer (monthly) Nickel contained in 304/316 stainless scrap solids spread del US consumer (monthly) Molybdenum contained in 316 stainless scrap solids del US consumer (monthly) 27 Feb nc 27 Feb nc 27 Feb nc 27 Feb nc 23 Feb Feb Feb Feb nc 15 Feb Feb Feb nc 15 Feb Page 9 of 13

10 Ferro-alloys and feedstock prices (weekly) Aluminum prices (weekly) Ferro-boron 17% B fob US warehouse Charge chrome fob US warehouse Ferro-chrome HC min 60-65% Cr 6-8% C fob US warehouse (per lb Cr) Ferro-chrome LC 60% Cr 0.15% C fob US warehouse Ferro-chrome LC min 60-65% Cr 0.05% C max 1.5% Si fob US warehouse (per lb Cr) Ferro-chrome LC min 60-65% Cr 0.10% C max 1.5% Si fob US warehouse (per lb Cr) Charge chrome 52% Cr ddp Rotterdam (per lb Cr) Manganese electrolytic metal min 99.7% fob US warehouse Silico-manganese min 65% Mn 16% Si fob North America warehouse Ferro-manganese HC min 80% Mn 6-8% C fob North America warehouse $/lt Ferro-manganese MC 80% Mn 1-2% C fob North America warehouse Ferro-molybdenum 60% Mo exworks China CNY/t Ferro-molybdenum min 65% Mo max 1.5% Si fob North America (per lb Mo) Ferro-niobium 65% Nb fob US (monthly) Ferro-silicon min 75% Si max 0.1% C fob US warehouse (per lb Si) Ferro-titanium 70% Ti fob North America warehouse Ferro-tungsten 75% W fob North America warehouse Ferro-vanadium 78-82% V max 1.5% Si fob North America (per lb V) Molybdenum oxide min 57% fob US warehouse Silicon min 98.5% Si fob US warehouse 23 Feb nc 23 Feb nc 23 Feb nc 23 Feb nc 23 Feb nc 23 Feb nc 27 Feb nc 23 Feb nc 23 Feb Feb nc 23 Feb nc 27 Feb 73,000 75,000 nc 23 Feb Jan Feb nc 23 Feb nc 23 Feb nc 23 Feb nc 23 Feb Feb nc Aluminum premiums P1020 US midwest premium 22 Feb nc 6061 billet US premium 22 Feb billet US premium 15 Feb nc 6063 extrusion duty paid inwarehouse Rotterdam 22 Feb nc Aluminum mill, extruder scrap prices del US 10/10 extrusions 21 Feb nc 1100 & Feb clips 21 Feb new, bare 21 Feb truck wheels 21 Feb new, bare 21 Feb A356 wheels 21 Feb Cans (UBC) 22 Feb EC wire 21 Feb Litho sheet 21 Feb MLC 21 Feb nc Painted siding 21 Feb Aluminum secondary smelter scrap del US sows 23 Feb Aluminum-copper radiators 23 Feb High grade turnings 23 Feb Mixed 2000/7000 solids 23 Feb Mixed 2000/7000 turnings 23 Feb MLC 23 Feb Old cast 23 Feb nc Old sheet 23 Feb nc Painted siding 23 Feb Tweak 23 Feb nc Twitch 23 Feb Aluminum secondary alloy prices del US A Feb Feb A Feb A Feb nc A Feb B Feb nc Aluminum scrap export prices Zorba cif China 24 Feb nc Taint/Tabor cif Asia port 24 Feb Taint/Tabor cif China 24 Feb nc Tense cif China 24 Feb nc Stainless steel coil fob US producer (monthly) 301 surcharge Mar surcharge Mar surcharge Mar price Mar price Mar price Mar Tool steel scrap del US processor (weekly) H13 23 Feb M1 23 Feb M2 23 Feb M42 23 Feb T1 23 Feb nc T15 23 Feb Page 10 of 13

11 Copper and brass prices (weekly) Minor metals prices (weekly) Copper cathode premiums Copper cathode grade A del US midwest 22 Feb Copper cathode grade A in-warehouse Rotterdam 21 Feb nc Copper, brass scrap del US Bare bright cash spread 22 Feb Bare bright next active month spread 22 Feb nc #1 wire and tube cash spread 22 Feb #1 wire and tube next active month spread 22 Feb nc Brass scrap radiators 22 Feb Brass scrap red brass solids 22 Feb Brass scrap 360 rod borings 22 Feb nc Copper, brass scrap export prices Bare bright cif Asia cash spread 23 Feb Bare bright cif Asia next active month spread 23 Feb nc #1 wire and tube cif Asia cash spread 23 Feb #1 wire and tube cif Asia next active month spread 23 Feb #2 copper cif Asia ports cash spread 23 Feb #2 copper cif Asia ports next active 23 Feb month spread Scrap motors cif China 23 Feb Yellow brass cif Asia ports 23 Feb Brass alloy scrap spread C210 cash del US 22 Feb C220 cash del US 22 Feb C230 cash del US 22 Feb C240 cash del US 22 Feb C260 cash del US 22 Feb C270 cash del US 22 Feb /30 brass label del Europe 21 Feb nc Brass/bronze alloys del US C Feb C Feb C Feb nc C Feb nc C Feb C Feb nc C Feb nc Zinc prices del US (weekly) Special high grade zinc premium 27 Feb Old zinc diecast scrap 27 Feb nc Antimony min 99.65% cif US 21 Feb nc Arsenic min 99% fob US warehouse 21 Feb nc Bismuth ingot min 99.99% fob US warehouse 21 Feb Bismuth min 99.99% ex-works China CNY/t 27 Feb 68,000 70,000 nc Cadmium min 99.95% fob US warehouse 21 Feb Cadmium min 99.99% fob US warehosue 21 Feb Cobalt min 99.3% fob US warehouse 21 Feb Cobalt min 99.8% fob US warehouse 21 Feb Germanium dioxide min 99.99% du Rotterdam $/kg 27 Feb nc Germanium metal min 99.99% cif Main Airport $/kg 27 Feb nc Indium ingot min 99.99% fob US warehouse $/kg 21 Feb nc Indium min 99.99% ex-works China CNY/kg 27 Feb 1,350 1,400 nc Magnesium min 99.9% fob US warehouse 21 Feb 3,240 3,416 nc Manganese electrolytic metal min 99.7% fob US warehouse 23 Feb nc Ruthenium 99.9% fob US warehouse $/ozt 21 Feb nc Silicon min 98.5% Si fob US warehouse 23 Feb nc Selenium dioxide min 99% ex-works China CNY/kg 27 Feb nc Selenium min 99.5% fob US warehouse 21 Feb Tellurium min 99.95% fob US warehouse $/kg 21 Feb nc Tungsten APT du Rotterdam (per mtu WO3) $/mtu 27 Feb nc Silicon min 98.5% Si fob US warehouse 23 Feb nc Titanium scrap del US processor (weekly) 6Al 4V aero turnings 23 Feb Al 4V bulk weldable 23 Feb Al 4V clips 23 Feb Grade 1 CP Ti solids 23 Feb Grade 2 CP Ti solids 23 Feb Grades 3-4 CP Ti solids 23 Feb Turnings min 85% Ti non-tin bearing, mixed 23 Feb Turnings min 85% Ti tin bearing, mixed 23 Feb Page 11 of 13

12 Minor metals prices (monthly) Chrome aluminothermic fob US warehouse Molybdenum scrap 99.7% airmelt del US consumer Molybdenum scrap 99.9% pure vacuum del US processor Nickel-Cobalt refinery scrap cobalt contained del US processor Nickel-Cobalt refinery scrap nickel contained del US processor Niobium (columbium) scrap vacuum del US consumer Niobium (columbium) scrap vacuum del US processor 31 Jan Jan Jan Jan Jan Jan Jan Rhenium 99.9% fob US warehouse 31 Jan Rhenium APR catalyst 69.4% fob US warehouse Tantalum scrap 99.9% vacuum melted del US consumer Tantalum scrap 99.9% vacuum melted del US processor Titanium 6Al 4V ingot fob US producer Tungsten 99.9% min Chinese bar del US consumer Tungsten 99.9% scrap del US processor Tungsten 99.9% scrap solids consumer price fob US processor Tungsten carbide scrap inserts fob US processor Tungsten carbide scrap rounds fob US processor 31 Jan Jan Jan Jan Jan Jan Jan Jan Jan Super alloys scrap del US processor (daily) Hastelloy C air melted 27 Feb Hastelloy X air melted 27 Feb Inconel 600 vacuum melted 27 Feb Inconel 601 vacuum melted 27 Feb Inconel 617 vacuum melted 27 Feb Inconel 625 vacuum melted 27 Feb Inconel 718 vacuum melted 27 Feb Waspaloy vacuum melted 27 Feb Nickel cathode premiums del US (weekly) 4x4inch (small lots) 23 Feb nc 4x4inch (truckloads) 23 Feb nc 1x1inch (small lots) 23 Feb nc 1x1inch (truckloads) 23 Feb nc Cupro-nickel scrap del US processor (daily) C70600 (90:10) 27 Feb C71500 (70:30) 27 Feb Monel 400 (R) 27 Feb LME official cash close base metals 27 Feb 24 Feb ± Aluminium Cash buyer Cash seller month buyer month seller Aluminium alloy Cash buyer Cash seller month buyer month seller North American Special Alloy Aluminum Contract (NASAAC) Cash buyer nc Cash seller nc 3-month buyer month seller Copper Cash buyer Cash seller month buyer month seller Lead Cash buyer Cash seller month buyer month seller Nickel Cash buyer Cash seller month buyer month seller Tin Cash buyer Cash seller month buyer month seller Zinc Cash buyer Cash seller month buyer month seller Page 12 of 13

13 LME official base metal stocks t 27 Feb 24 Feb ± CME Comex closing prices 27 Feb 24 Feb ± Aluminium 2,209,550 2,181,675 27,875 Aluminium alloy 13,280 13,280 nc NASAAC 118, , Copper 206, ,800-3,925 Lead 190, ,325 nc Nickel 378, , Tin 5,575 5, Zinc 385, , LME official cash close minor metals 27 Feb 24 Feb ± Cobalt Cash buyer 49,000 47, Cash seller 49,500 48, month buyer 49,000 47, month seller 49,500 48, month buyer 48,750 47, month seller 49,750 48, Molybdenum Cash buyer 14,750 14,750 nc Cash seller 15,250 15,250 nc 3-month buyer 14,750 14,750 nc 3-month seller 15,250 15,250 nc 15-month buyer 14,970 14,970 nc 15-month seller 15,970 15,970 nc Aluminium Spot month 1, , Copper Spot month 5, , SHFE official closing prices LME minor metal stocks 27 Feb 24 Feb ± Aluminium Spot month 1, , Copper Spot month 6, , Nickel Spot month 12, , Tin Spot month 21, , Zinc Spot month 3, , t 27 Feb 24 Feb ± Cobalt Molybdenum Argus Metal Prices is published by Argus Media group Registered office Argus House, 175 St John St, London, EC1V 4LW Tel: Fax: sales@argusmedia.com ISSN: Copyright notice. All rights reserved. All intellectual property rights in this publication and the information published herein are the exclusive property of Argus, and/or its licensors (including exchanges) and may only be used under licence from Argus. Without limiting the foregoing, by accessing this publication you agree that you will not copy or reproduce or use any part of its contents (including, but not limited to, single prices or any other individual items of data) in any form or for any purpose whatsoever except under valid licence from Argus. Further, your access to and use of data from exchanges may be subject to additional fees and/or execution of a separate agreement, whether directly with the exchanges or via Argus. Trademark notice ARGUS, ARGUS MEDIA, the ARGUS logo, ARGUS METAL PRICES, other ARGUS publication titles and ARGUS index names are trademarks of Argus Media Limited. Visit for more information. Disclaimer The data and other information published herein (the Data ) are provided on an as is basis. Argus and its licensors (including exchanges) make no warranties, express or implied, as to the accuracy, adequacy, timeliness, or completeness of the Data or fitness for any particular purpose. Argus and its licensors (including exchanges) shall not be liable for any loss, claims or damage arising from any party s reliance on the Data and disclaim any and all liability related to or arising out of use of the Data to the full extent permissible by law. Publisher Adrian Binks CEO Americas Euan Craik Global compliance officer Jeffrey Amos Commercial manager Karen Johnson Managing editor Jim Kennett Editor Sean Davidson Tel: metalprices@argusmedia.com Customer support and sales Technical queries technicalsupport@argusmedia.com All other queries support@argusmedia.com Houston, US Tel: New York, US Tel: Washington DC, US Tel: London, UK Tel: Astana, Kazakhstan Tel: Beijing Tel: Dubai Tel: Moscow, Russia Tel: Rio de Janeiro, Brazil Tel: Singapore Tel: Tokyo, Japan Tel: Metals illuminating the markets Issue Ref: