Argus Metals International

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1 Global non-ferrous market prices, news and analysis OVERVIEW Markets: Europe, US extend gains on China Higher Chinese export prices and the falling value of the US dollar against the yuan fed into the European and US minor metals markets. Buyers were finding it difficult to secure material out of China ahead of the lunar new year holiday. Heavy snowfall in southern China has resulted in logistics companies halting services in advance. Higher tender prices from Chinese steelmakers lifted the domestic ferro-chrome market and pushed alloy prices higher in Europe and India. European ferro-tungsten prices reached a four-month high on increased Chinese export prices. But on the Chinese rare earths market, although suppliers were not accepting lower prices ahead of the holiday, consumers continued to meet their needs from inventories. Li: Anode makers fear graphite supply squeeze China s rising demand for natural flake graphite for use in battery anodes could lead to supply bottlenecks in Japan and South Korea, delegates to the Advanced Automotive Battery Conference in Mainz, Germany said on 30 January. p9 Li: Magnis advances German battery plant plan Australian battery maker Magnis Resources and Germany s Win Emscher-Lippe have agreed to start the first-phase study of a proposed project to build a 30GWh lithium-ion battery facility in North Rhine-Westphalia. p9 Cobalt min 99.8% Alloy Grade du Diff hh $/lb Jul 13 Sep 27 Oct 12 Dec 30 Jan Markets Key prices Market Unit Date Low High ± Battery Materials Minor Metals Lithium Carbonate min 99.5% ex-works China Yn/t 30 Jan 150, ,000 nc Hydroxide min 56.5% ex-works China Yn/t 30 Jan 145, ,000 nc Cobalt Min 99.8% alloy grade du $/lb 30 Jan nc Min 99.8% chemical grade du $/lb 30 Jan nc Sulphate min 20% ex-works China Yn/t 30 Jan 118, ,000 3,500 Vanadium Pentoxide V2O5 ex-works China $/lb 30 Jan nc Base Metals Nickel Briquettes min 99.8% in-warehouse $/t 25 Jan nc Sulphate min 22% ex-works China Yn/t 30 Jan 26,000 26,500 nc Rare Earths Dysprosium Oxide min 99.5% fob China $/kg 30 Jan nc Praseodymium-Neodymium Oxide min 99% fob China $/t 30 Jan 51,500 54,000 nc Terbium Oxide min 99.9% fob China $/kg 30 Jan nc Ferro alloys Ferro-silicon 75% Si ddp NWE /t 30 Jan 1,680 1,730 nc Ferro-vanadium 78-82% V dp (per kg V) $/kg 30 Jan contents Minor Metals 2-11 Base Metals Ferro-alloys Rare Earths Incorporating Metalprices.com, Argus Minor Metals, Argus Ferro Alloys and Argus Rare Earths

2 Minor metals: Europe market COMMentary Tight supply, rising Chinese export prices lift Ga The markets for electronic metals continued to trade at two-year highs on tight prompt supply and rising export prices on the falling value of the dollar against the yuan. Antimony The availability of stocks in and the lower dollar against the yuan kept the European market at a discount to Chinese export prices. The range for grade II metal was assessed at $8,200-8,300/t in-warehouse, against Chinese export prices of $8,300-8,500/t fob. A deal for 50t of grade II metal was done at $8,200/t at the start of the week and another buyer rejected an offer of $8,300/t cif Singapore, citing the supply of stock in Europe at $8,200/t. But supply is expected to tighten in the coming weeks, as the week-long lunar new year holiday in China, starting on 16 February, has increased the lead time for shipments and European buyers are unable to secure material for delivery in February. Chinese suppliers have been offering above $8,300/t fob for the past week, citing tight domestic supply and the falling value dollar-denominated sales when converted into yuan. Overall consumer demand in Europe remained stable and some buyers were waiting to observe the direction of the market after the Chinese holiday, while others pointed to the potential for the market to tighten and move higher in the coming month. Cadmium Demand from Indian buyers remains strong and some suppliers are sold out of spot material until next month. Offers to India were towards the high end of the $ /lb range for 99.99pc grade metal, while a deal was done at $1.04/ lb in-warehouse. Prices for 99.95pc grade metal held at a 5 /lb discount in a $ /lb range. Chromium Reduced availability of Russian material on the domestic spot market and strong demand lifted the market to its highest level since October Prices for 99.7pc aluminothermic material rose to $8,150-8,450/t from the previous assessment of $8,100-8,400/t on 25 January. Domestic suppliers continued to receive enquiries from consumers because of the recent offtake agreement between Russian producer Kluchevsky and Turkey-based Yildirim. Electronic metals price assessments 30 Jan Unit Low High ± Arsenic Min 99% du $/lb nc Min 99% fob US warehouse $/lb nc Bismuth Min 99.99% du $/lb nc Min 99.99% ex-works China Yn/t 70,000 72,000 nc Min 99.99% fob China $/lb nc Ingot min 99.99% fob US warehouse $/lb nc Gallium Min % ex-works China Yn/kg 1,350 1, Min 99.99% ex-works China Yn/kg 1,200 1, Min 99.99% fob China $/kg Min 99.99% cif Main Airport $/kg Germanium Dioxide min % ex-works China Yn/kg 7,300 7, Dioxide min % fob China $/kg 1,100 1, Dioxide min % du $/kg 1,050 1,150 nc Metal (zone refined ingot) min % ex-works China Yn/kg 10,500 11, Metal min % cif main airport $/kg 1,550 1,650 nc Min % fob China $/kg 1,650 1, Indium Min 99.99% du $/kg nc Min 99.99% ex-works China Yn/kg 1,750 1, Min 99.99% fob China $/kg nc Ingot min 99.99% fob US warehouse $/kg Min 99% ex-works China Yn/kg 1,650 1, Selenium Dioxide min 99% ex-works China Yn/kg nc Min 99.5% du $/lb nc Min 99.5% fob US warehouse $/lb Powder min 99.9% ex-works China Yn/kg nc Tantalum Pentoxide min 99.5% ex-works China Yn/kg nc Tantalite basis 30% Ta 2 O 5 du $/lb Ta 2 O nc Min 99.8% du $/kg nc Tellurium 99.99% ex-works China Yn/kg nc Min 99.99% du $/kg Min 99.95% fob US warehouse $/kg nc Zirconium Fused zirconia 98.5% ZrO ex-works China Yn/t 30,500 31,000 nc Oxychloride 36% Zr(Hf)O 2 ex-works China Yn/t 17,000 18,000 nc Oxychloride 36% Zr(Hf)O 2 fob China $/t 2,650 2,800 nc Silicate 65% Zr(Hf)O 2 ex-works China Yn/t 12,800 13,300 nc Sponge 99.4% Zr+Hf ex-works China Yn/kg nc Page 2 of 27

3 Minor metals: Europe market COMMentary Cobalt Prices for 99.8pc chemical grade were assessed unchanged at $ /lb, with most business was booked within the range. Two sales under 1t for prompt delivery were reported above the range for chemical grade but were not reflective of repeatable spot business. The market was less active than last week, but availability of certain shapes and grades remained limited. Prices for 99.8pc alloy grade were assessed unchanged at $37-38/lb as there were few enquiries for small quantities of material. Gallium Limited supply coming out of China continued to push the market higher. The range for 99.99pc metal was assessed up at a fresh two-year high of $ /kg. Deals were done at $175/kg for volumes of 500kg and 1t and a transaction for 130kg was reported above the range at $200/kg. Unlike on the indium and germanium markets, where supply has been tightened by shortages of concentrate, traders noted that there is abundant gallium available for processing from bauxite, but Chinese producers have cut their output and depleted the stocks that they had built up in recent years. Chinese export prices moved up by $10/ kg fob to $ /kg fob on the tight domestic market and were expected to continue rising on consumer restocking around the lunar new year holiday. Germanium Tight spot supply held the market at its highest level since October The range for pc metal was assessed unchanged at $1,550-1,650/t, although most business was done at the high end of the range. A deal for 50kg was reported done at $1,650/kg, the market having moved up rapidly from $1,450/kg in the middle of the month. A trader was only able to secure 100kg at $1,650/kg for March delivery of a 200kg enquiry for delivery in late January or early February, indicating the lack of prompt availability. The market was at a premium to Chinese prices of $1,100-1,150/kg fob, which were expected to continue rising on the confluence of low supply and strong demand. Indium The market continued to trade at its highest level since September 2015, on low spot supply and the weaker dollar. Prices for 99.99pc grade metal were assessed unchanged at $ /kg. One trader concluded a deal at $278/kg, while another concluded three transactions at $290/kg for volumes Battery metals price assessments 30 Jan Unit Low High ± Antimony Ingot min 99.65% ex-works China Yn/t 51,000 52,000 nc Ingot min 99.65% fob China $/t 8,300 8,500 nc Min 99.65% cif US $/lb nc Regulus grade II min 99.65% Sb du $/t 8,200 8,500 nc Regulus Trioxide grade min 99.65% Sb du $/t 8,200 8,550 nc Trioxide min 99.5% ex-works China Yn/t 46,000 47,000 nc Trioxide min 99.5% fob China $/t 7,200 7,400 nc Cadmium Min 99.99% du $/lb nc Min 99.99% ex-works China Yn/t 17,200 18,000 nc Min 99.99% cif India Rs/kg nc Min 99.99% fob US warehouse $/lb nc Min 99.95% du $/lb nc Min 99.95% fob US warehouse $/lb nc Min 99.95% cif India Rs/kg nc Oxide min 99.5% ex-works China Yn/t 18,200 19,000 nc Cobalt (Electrolytic metal) min 99.8% exworks China Yn/kg Chloride min 24% ex-works China Yn/t 137, ,000 nc Min 99.8% alloy grade du $/lb nc Min 99.8% fob US warehouse $/lb Min 99.8% chemical grade du $/lb nc Oxide 72% ex-works China Yn/kg Powder min 99.8% ex-works China Yn/kg nc Sulphate min 20% ex-works China Yn/t 118, ,000 3,500 Tetroxide min 73% ex-works China Yn/kg nc Lithium Carbonate min 99.5% ex works China Yn/t 150, ,000 nc Cobalt oxide min 60% Co ex-works China Yn/kg nc Hydroxide min 56.5% ex-works China Yn/t 145, ,000 nc Mercury Min 99.99% main port $/Flask 950 1,100 nc of kg. Consumers that had held off on making purchases as they expected to the market to fall continued to make enquiries for small volumes to meet their immediate needs. Chinese ex-works prices turned lower, but the fall in the value of the dollar held the export market at $ /kg fob and prices on the US market moved up to $ /kg as traders were unable to purchase at lower prices to meet demand from producers of electronics and alloys. Manganese Prices for 99.7pc flake moved into a wider range of $1,970-2,060/t, from the previous assessment of $1,990-2,050/t on 25 January. Page 3 of 27

4 Minor metals: Europe market COMMenTarY Chinese export prices continued to rise on tight supply, prompting some suppliers in Europe to raise their offer prices because of the higher cost of replacing inventories. But domestic spot demand remained low, limiting gains, and some suppliers took profits, selling off stocks in that they had bought at lower prices. Molybdenum Prices for 57pc grade concentrate declined to $ / lb from $ /lb in response to falling demand and increased availability. Business was concluded towards the top of the range but spot demand fell on the previous week, prompting some suppliers to reduce their offer prices for profit taking after the sharp rise in prices over the past month from the $10/lb level. Silicon The market stabilised as low spot demand offset tight availability of material and higher Chinese export prices. Prices held at 2,130-2,200/t for grade material and 2,250-2,300/t for grade. The market for grade was steady at 2,300-2,350/t fca. A secondary aluminium producer was reluctant to accept higher offer prices from a supplier on a delivered duty-paid basis. Tellurium Prices were assessed up in a $40-60/kg range from $35-55/ kg in the previous assessment, on strong restocking demand and investment interest. A European supplier concluded several 1t deals at $55/kg and a deal for 500kg at $60/kg. Another supplier sold at $60/kg to an investment buyer. US tariffs on imported solar products announced last week, which largely apply to silicon-based cells and modules could increase demand for cadmium-telluride products in the longer term. Tungsten Prices for ammonium paratungstate held at a three-year high of $ /mtu into a second week. Chinese export prices continued to rise on the weaker US dollar against the yuan, but domestic suppliers in Europe were less affected by exchange rate movements. Vanadium Prices for 98pc grade pentoxide were assessed unchanged at $ /lb on stable Chinese export prices. Converters remained well stocked from long-term contract deliveries, limiting spot activity. Light metals price assessments 30 Jan Unit Low High ± Magnesium Alloy min 90% Mg AZ91 ex-works China Yn/t 16,600 16,800 nc Alloy min 90% Mg AZ91 fob China $/t 2,700 2,750 nc Min 99.9% fob US warehouse $/t 3,088 3,197 nc Min 99.9% du $/t 2,400 2,500 nc Min 99.9% ex-works China Yn/t 15,000 15,300 nc Min 99.9% fob China $/t 2,450 2,500 nc Powder 99.9% Mg mesh ex-works China Yn/t 16,200 16,500 nc Powder 99.9% Mg mesh fob China $/t 2,600 2,650 nc Manganese Briquette min 97% Mn ex-works China Yn/t 13,500 13, Briquette 97% Mn fob China $/t 2,150 2, Electrolytic metal min 99.7% fob US warehouse (25 Jan) $/lb Flake 99.7% Mn ex-works China Yn/t 13,000 13, Flake min 99.7% fob China $/t 2,100 2, Flake min 99.7% du $/t 1,970 2,060-5 Lump min 95% Mn ex-works China Yn/t 13,900 14, Lump 95% Mn fob China $/t 2,200 2, Silicon min 98.5% Si dat Chinese ports Yn/t 13,100 13, min 98.5% Si fob China $/t 2,020 2, min 98.5% Si ddp Europe works /t 2,130 2,200 nc min 98.5% Si fca duty paid within 90 days (25 Jan) /t 2,060 2,130 nc min 98.5% Si fob US warehouse (25 Jan) $/lb nc min 98.5% Si fob US warehouse works within 90 days $/lb 1 1 nc min 99% Si dat Chinese ports Yn/t 14,200 14, min 99% Si fob China $/t 2,180 2, min 99% Si ddp Europe works /t 2,250 2,300 nc min 99% Si fca Europe works /t 2,300 2,350 nc min 99.5% Si fca Europe works /t 2,400 2,480 nc Titanium Concentrate 50% TiO 2 ex-works China (VAT unpaid) Yn/t 1,150 1,200 nc Concentrate 46% TiO 2 ex-works China (VAT unpaid) Yn/t 1,220 1,250 nc Ingot min 99% Ti pure TA1 ex-works China Yn/t 62,000 64,000 nc Ingot min 99% Ti pure TA2 ex-works China Yn/t 60,000 62,000 nc Ingot min 99% Ti pure TA3 ex-works China Yn/t 64,000 66,000 nc 6Al 4V ingot fob US producer (29 Dec) $/lb nc 6Al 4V ingot in-warehouse (02 Jan) $/kg nc Ingot CP Grade 1 fob (02 Jan) $/kg nc Ingot CP Grade 2 fob (02 Jan) $/kg nc Slab CP Grade 1 fob (02 Jan) $/kg nc Slab CP Grade 2 fob (02 Jan) $/kg nc Slag min 92% TiO 2 ex-works China Yn/t 6,400 6,600 nc Sponge 99.7% Ti ex-works China Yn/t 55,000 57,000 nc Sponge 99.6% Ti ex-works China Yn/t 54,000 56,000 nc Sponge TG-Tv 10x30mm du $/kg nc Tetrachloride min 99.9% TiCl 4 ex-works China Yn/t 6,100 6,400 nc Page 4 of 27

5 Minor Metals: us market commentary Indium rallies on supply shortage The indium market rallied as Western producers remained sold out and Chinese suppliers lifted their export prices early in the week. Climbing spot market sales to foundries pushed cobalt prices up in the past week. Selenium prices moved up as the weaker dollar resulted in higher import prices. Antimony Prices for 99.65pc grade metal were steady at $ / lb in the past week. Low consumer demand and resistance to higher prices undercut efforts by traders and distributors to raise their offer prices. Domestic suppliers continued to press for higher prices, reflecting an increase in Chinese export prices over the past 2-3 weeks. Suppliers were waiting for the end of the Chinese lunar new year holiday during which producers suspend operations before adjusting prices. US battery and alloy producers made inquiries for several metal lots for delivery into the second quarter, rather than within 30 days. Bismuth The range for 99.99pc metal was flat at $ /lb after falling by 5 /lb a week earlier. Demand from bronze and bismuth alloy producers was down following an increase in orders in the previous week. But tight margins on metal imported from Europe and China supported offer prices in the interim. US suppliers looked to recent environmental inspections and lower output in China for signs of a rising Western market. Cadmium The range for 99.99pc metal was unchanged at $ / lb in the past week and prices for 99.95pc metal were flat at $ /lb. Offer prices were steady in line with international markets and stable costs for restocking the metal. US traders tested offers but were turned down by solder and alloy producers. As a result, suppliers opted to step back from the spot market and focus on meeting annual contract requirements. Cobalt Spot demand outpaced supply in the past week, lifting prices for 99.8pc metal to $ /lb from $ /lb a week earlier. Foundries and alloy producers made several 1-5t purchases of cut and broken cathode, driven by medical and aerospace alloy demand. Supplier stocks remained Scrap metal price assessments Market Unit Date Low High ± Molybdenum 99.7% airmelt del US consumer $/lb 29 Dec % pure vacuum del US processor Contained in 316 stainless scrap solids del US consumer Niobium Niobium (columbium) scrap vacuum del US consumer Niobium (columbium) scrap vacuum del US processor Tantalum 99.9% vacuum melted del US consumer 99.9% vacuum melted del US processor Titanium Scrap 6Al 4V bulk weldable del US processor Scrap 6Al 4V clips del US processor Scrap grade CP1 solids del US processor Scrap grade CP2 solids del US processor Scrap grade CP3/4 solids del US processor Scrap 6Al 4V turnings aero quality del US processor Tungsten Carbide scrap inserts fob US processor Carbide scrap rounds fob US processor 99.9% scrap solids consumer price fob US processor $/lb 29 Dec $/lb 16 Jan $/lb 29 Dec nc $/lb 29 Dec nc $/lb 29 Dec $/lb 29 Dec nc $/lb 25 Jan nc $/lb 25 Jan nc $/lb 25 Jan nc $/lb 25 Jan nc $/lb 25 Jan nc $/lb 25 Jan nc $/lb 29 Dec $/lb 29 Dec $/lb 29 Dec % scrap del US processor $/lb 29 Dec relatively low as higher prices increased financing costs for traders. Domestic suppliers were reluctant to sell below the market, encouraged by strong forward demand and expectations of higher prices later in the year. Indium The market for 99.99pc grade metal rallied for a third straight week, increasing to $ /kg from $ / kg. Shortages of crude indium and metal continued to lift international and domestic prices. Lower production during environmental inspections has cut into availability in recent weeks, and the approaching lunar new year holiday set off a Page 5 of 27

6 Minor metals: US market COMMentarY wave of buying before Chinese suppliers shut down. US traders struggled to restock metal below $300/kg, with non-chinese producers sold out on quarterly and annual contracts. Spot demand remained strong with several kg orders. Electronics and low-melt alloy producers continued to make inquires and purchases as there was no sign of the supply tightness easing in February. Magnesium Prices for 99.9pc grade metal fell to $ /lb from $ /lb a week earlier. Traders and dealers lowered their offer prices to attract spot buying interest. The move was largely unsuccessful with wrought aluminum alloy and magnesium alloy producers well supplied from annual contract shipments. Domestic suppliers were reluctant to cut prices further, citing steady import costs for metal from Turkey, Russia and Israel. Selenium Prices for 99.5pc grade metal moved up to $ /lb from $ /lb a week earlier on the weaker dollar, as higher import costs more than offset low domestic demand. Import prices were up early in the week, as the dollar continued to fall against the yuan. But US battery, glass and alloy producers made few inquiries and purchases and trading activity was expected to remain thin trading in the lead up to the Chinese lunar new year holiday. Silicon Prices for 98.5pc metal to be delivered within 30 days were unchanged at $ /lb and prices for metal to be delivered within 90 days were flat at $ /lb after rising a week earlier. Trading volumes were down following a rise in 20t sales early the prior week. Spot demand has remained low since the start of the year as alloy producers moved to first-quarter and first-half contracts signed in late Secondary aluminum alloy producers were largely absent from the spot market. But domestic suppliers maintained their offer prices given the weakening US dollar against the Chinese yuan and low domestic availability. High-temperature metals price assessments 30 Jan Unit Low High ± Chromium (alumino-thermic) min 99% du $/t 8,150 8, Chrome aluminothermic fob US warehouse (29 Dec) $/lb (aluminothermic) min 99% Cr ex-works China Yn/t 61,000 63,000 nc Hafnium Min 99% max 1% Zr du $/kg nc Molybdenum Oxide min 57% Mo du $/lb Mo Oxide min 57% fob US warehouse (25 Jan) $/lb Niobium Pentoxide min 99.5% ex-works China Yn/kg nc Rhenium APR min 69.2% Re (basic grade) du $/kg Re 980 1,100 nc APR min 69.4% Re (catalyst grade) dp $/kg Re 1,400 1,600 nc APR min 69.4% Re ex-works China Yn/kg 6,000 7, APR catalyst 69.4% fob US warehouse (29 Dec) $/lb Pellets min 99.9% Re dp $/lb nc 99.9% fob US warehouse (29 Dec) $/lb Tungsten APT du $/mtu WO nc APT fob China $/mtu WO APT min 88.5% ex-works China Yn/t 170, ,000 nc Carbide min 99.7% ex-works China Yn/kg nc Carbide powder (3-4micron) fob China $/kg % min Chinese bar del US consumer (29 Dec) $/lb Oxide (Yellow/Blue oxide) fob China $/t 31,500 32, Oxide min 99.95% ex-works China Yn/t 197, ,000 nc Concentrates min 65% ex-works China Yn/t 110, ,000 nc Concentrates min 65% in-warehouse $/dmtu nc Vanadium Pentoxide fused flake min 98% du $/lb V 2 O nc Pentoxide 98% V 2 O 5 fob China $/lb nc Pentoxide 98% V 2 O 5 ex-works China Yn/t 180, ,000 nc Tellurium Prices for 99.95pc grade metal were assessed unchanged at $43-62/kg in the past week. Distributors and traders maintained their offer prices from a week earlier. Steel mills and specialty equipment manufacturers made inquiries for a handful of kg lots by the end of the week but concluded few deals. Steady import prices prompted most suppliers to observe the direction of international markets before changing their offer prices. Page 6 of 27

7 Minor metals: china market COMMenTARY Tight feedstock supply lifts Mn, Si Power supply disruptions and low feedstock supply continued to raise manganese prices, and the silicon market moved higher on increasing graphite electrode costs. A rise in international prices lifted the cobalt market, where suppliers opted to reduce sales in expectation of being able to sell at higher prices. Antimony Tight metal supply offset moderate demand to leave the market rangebound. Domestic prices for 99.65pc metal held at Yn51,000-52,000/t, while the range for 99.5pc trioxide was unchanged at Yn46,000-47,000/t. The export market remained stable despite low demand. Export prices held at $8,300-8,500/t fob for metal and $7,200-7,400/t fob for trioxide. But expectations of further depreciation of the US dollar against the yuan offered the potential for more upside. Bismuth The market held stable as low buying interest offset reduced supply caused by production shutdowns during environmental inspections. The range for 99.99pc grade metal held at Yn70,000-72,000/t. Consumers delayed making purchases as they met their production needs from inventories. Export prices were unchanged at $ /lb fob. Cobalt Rising international prices continued to lift the market, with the range for 99.8pc metal reaching Yn /kg, up from Yn /kg in the previous assessment on 25 January. Suppliers scaled back sales as they expected prices to continue rising. Sulphate prices increased to Yn118, ,000/t for 20pc grade material from Yn116, ,000/t, in response to higher production costs. But prices for 24pc chloride were assessed stable at Yn137, ,000/t, and prices for 73pc tetroxide held at Yn410, ,000/t. Gallium Prices for 99.99pc metal increased by Yn50/kg to Yn1,200-1,250/kg, and were likely to rise further on tight supply before the lunar new year holiday. Producers have allocated most of their output to longterm contracts, and some of them have depleted spot inventories until the end of February. Export prices were assessed up by $10/kg at $ /kg fob in line with the higher domestic prices. Mineral sands price assessments 30 Jan Unit Low High ± Rutile Hainan min 90% TiO 2 ex-works China Yn/t 4,500 4,600 nc Australian min 95% TiO 2 ex-works China Yn/t 5,300 5,800 nc Zircon sand Hainan min 65% O2 ex-works China Yn/t 10,000 10, Australian min 66% O2 cif China $/t 1,300 1,350 nc Germanium Prices for pc metal rose to fresh two-year highs at Yn10,500-11,000/kg from Yn10,000-10,500/kg on tight availability. A large producer will halt production for two weeks during the lunar new year holiday, providing upside potential for spot prices after the holiday. Many producers stopped offering metal for spot sale because of depleting inventories. Dioxide prices were assessed up by Yn200/kg to Yn7,300-7,600/kg on low feedstock availability as large producers continued to use concentrate to produce metal and refined products instead of producing dioxide. Export prices rose to $1,100-1,150/kg fob from $1,050-1,100/kg for dioxide, and metal prices increased to $1,650-1,750/kg fob from $1,550-1,650/kg fob, in response to the rise in domestic prices. Indium The range for 99.99pc grade metal moved down by Yn20/ kg at the high end to Yn1,750-1,830/kg from Yn1,750-1,850/ kg, as low demand from indium tin oxide (ITO) producers weighed on the market. Key producers made offers towards the high end of the range in view of tight supply of crude indium. The Wuxi Stainless Steel Exchange listed 99.99pc metal at Yn1,780-1,830/kg on 30 January, up from Yn1,750-1,800/ kg on 25 January. Export prices held at $ /kg as the appreciation of yuan against the US dollar offset the fall in domestic prices. Lithium Prices for 99.5pc grade carbonate held at Yn150, ,000/t in response to higher prices for ternary materials, and the range for 56.5pc grade hydroxide stabilised at Yn145, ,000/t. Lithium cobalt oxide prices held at Yn /kg after a Yn10/kg rise in the previous assessment on 25 January. Page 7 of 27

8 Minor metals: china market COMMenTarY Magnesium Stable production costs kept prices for 99.9pc grade metal rangebound at Yn15,000-15,300/t. Producers were reluctant to reduce their offer prices given high ferro-silicon costs. Export prices held at $2,450-2,500/t on continued strengthening of the yuan against the dollar, despite low demand. Manganese Tight supply lifted prices for 99.7pc grade flake to Yn13,000-13,300/t from the previous assessment of Yn12,500-12,800/t on 25 January. Export prices rose to $2,100-2,150/t fob from $2,000-2,050/t fob in line with higher domestic prices. Prices were expected to rise further in the near term on continued power grid overloads in southern China, tight ore supply during environmental inspections, and steel mills raising their February tender prices. Selenium The powder market remained stable for a fourth consecutive week with 99.9pc grade powder holding at Yn / kg. The strengthening yuan against the dollar offset rising international prices to leave import costs unchanged. The dioxide market stabilised at Yn /kg for 99pc grade after rising from Yn /kg in the previous assessment, as suppliers stopped lifting their offer prices, in response to a lack of buying interest from the manganese industry. Silicon Higher graphite electrode prices resulting from continuing production cuts during environmental inspections lifted prices for grade metal to Yn13,100-13,300/t from the previous assessment of Yn12,800-13,000/t on 25 January. The market for grade metal increased to Yn14,200-14,400/t from Yn14,000-14,200/t previously. Export prices for grade metal rose to $2,020-2,050/t fob from $1,950-1,980/t and prices grade prices increased by $40/t to $2,180-2,210/t fob, in response to the rise in domestic prices and the depreciation of the US dollar against the yuan. Tellurium The market remained stable on low demand from the refrigeration and solar sectors where consumers continued to operate from stocks. The range for 99.99pc grade metal was assessed flat at Yn /kg into a third week. Titanium The concentrate market was rangebound on low demand from dioxide producers, as most completed restocking before the lunar new year holiday in two weeks. The range for 46pc grade material held at Yn1,220-1,250/t, with prices for 50pc grade stable at Yn1,150-1,200/t. Most mines are scheduled to halt operations from early February ahead of the holiday. Tungsten The appreciation of the yuan against the US dollar lifted the export market by $2/mtu fob to $ /mtu fob for APT, and by $1/kg to $ /kg for carbide. The domestic market remained unchanged with tight availability offsetting low buying. The market is unlikely to rebound before March owing to the absence of suppliers, consumers and logistics companies during the upcoming holiday period. Heavy snowfall in southern China has forced logistics companies to halt services in advance. The range for 65pc grade concentrate was assessed flat at a six-week low of Yn110, ,000/t, and prices for 88.5pc grade ammonium paratungstate (APT) held at Yn170, ,000/t. Prices for 99.7pc carbide were unchanged at Yn /kg. Vanadium The market was stable in response to low demand from alloy smelters and stable offer prices from pentoxide flake producers. Prices held at Yn180, ,000/t for a fourth consecutive assessment. Export prices were flat at $ /lb as most suppliers were not eager to sell in view of higher production costs and low bids from European consumers. Zirconium A rise in enquiries from zirconium product manufacturers and reduced spot supply lifted prices for 65pc zircon sand produced in Hainan by to Yn10,000-10,300/t from Yn9,900-10,100/t in the previous assessment. Suppliers scaled back sales in anticipation of higher prices, while many consumers were looking to restock ahead of the lunar new year holiday. Prices for oxychloride held at Yn17,000-18,000/t, their lowest level since early November, after reduced production costs and falling demand pulled the market down at the start of last week. Page 8 of 27

9 Minor Metals: news and analysis Li: Anode makers fear graphite supply squeeze China s rising demand for natural flake graphite for use in battery anodes could lead to supply bottlenecks in Japan and South Korea, delegates to the Advanced Automotive Battery Conference in Mainz, Germany said on 30 January. China is the dominant miner of graphite. But it is expected to switch from net exporter to net importer over the next few years as its production of anodes rises, constraining supply to anode operations in Japan and South Korea, Australia's Syrah Resources market analysis and economics manager Luke McFadyen said. Environmental regulations in China also caused a reduction of natural flake supply last year, he said. Syrah which mines graphite in Mozambique estimates 75-80pc of natural flake graphite comes from China, and said some of its customers in the wider Asia-Pacific fear a crisis similar to that in the rare earths market in 2010, when dominant producer China shut off supplies to the outside world causing global prices to surge higher. Synthetic graphite is becoming increasingly attractive as an alternative to natural graphite, but costs to anode producers remain up to one third higher, McFayden said. New production of lithium metal that can be used as an alternative or added substance might also come on line. But this could take time, as production of lithium metal remains far lower than carbonate or hydroxide. We stopped producing lithium metal 10 years ago, but if batteries require it for anodes then we may need to rethink this, Chilean producer SQM senior analyst Emilio E. Bunel said. Lithium metal tends to be viewed as a possible cathode material in solid-state rather than liquid electrolyte battery technologies, limiting possibility for replacing graphite in these types of EV battery. Lithium hydroxide min 56.5% ex-works China 148, , ,000 Diff Yn/t 142,000 - hh 140, , , Oct 22 Nov 27 Dec 30 Jan But US-based producer FMC is researching anode technologies that utilise lithium metal powders to improve the lifespan of batteries. The lithium metal anode is the key to success in solid-state battery technologies at least and we are seeking to build commercial relationships centred around this, global commercial manager for new product development Marina Yakovleva said. Li: Magnis advances German battery plant plan Australian battery maker Magnis Resources and Germany's Win Emscher-Lippe have agreed to start the first-phase study of a proposed project to build a 30GWh lithium-ion battery facility in North Rhine-Westphalia. The companies in October unveiled an initial deal to construct the plant. The first phase will include seeking German government support at regional and federal level, as well as choosing a site for the complex. And it will focus on the establishment of a raw material supply chain. Growth in lithium-ion battery output could raise European demand for battery raw materials, including lithium, cobalt, nickel and manganese. Concerns over rising prices are prompting manufacturers to substitute cobalt and nickel content in batteries, European cathode makers said. Magnis will hold a 45pc stake in the plant. It also plans to produce lithium-ion batteries in the US and Australia. Sb: China s metal production falls Chinese antimony metal output fell in 2017 on low demand from the lead battery sector and tight concentrate supply, but trioxide output was stable. Antimony metal output declined by 23pc year on year to 66,073t last year. Production in Hunan province, China's largest producing region, fell by 35pc to 47,814t on low demand and environmental restrictions which curbed production of concentrate feedstock. Demand for antimony trioxide, which is mainly used to produce flame retardants, was stable last year. Trioxide is produced from metal so was less affected by the environmental crackdown. China's production edged down to 87,945t last year, a fall of under 1pc from December output was 4,572t for metal and 7,827t for trioxide, respectively, down from 8,447t and 7,557t a year earlier. For more news and analysis, please click here Page 9 of 27

10 Minor Metals: price INDEXes Argus minor metals indexes (monthly averages) Month index Month index Month index Month index Unit Jan 2018 low Jan 2018 high Dec 2017 final low Dec 2017 final high Electronic metals Arsenic Min 99% du $/lb Min 99% fob US warehouse $/lb Bismuth Min 99.99% du $/lb Min 99.99% fob China $/lb Ingot min 99.99% fob US warehouse $/lb Gallium Min 99.99% ex-works China Yn/kg Min 99.99% fob China $/kg Min 99.99% cif Main Airport $/kg Germanium Dioxide min % fob China $/kg Dioxide min % du $/kg Metal min % cif main airport $/kg Dioxide min % fob China $/kg Min % fob China $/kg Indium Min 99.99% du $/kg Min 99.99% fob China $/kg Ingot min 99.99% fob US warehouse $/kg Selenium Min 99.5% du $/lb Min 99.5% fob US warehouse $/lb Tantalum Tantalite basis 30% Ta 2 O 5 du $/lb Ta 2 O Min 99.8% du $/kg Tellurium Min 99.99% du $/kg Min 99.95% fob US warehouse $/kg Zirconium Oxychloride 36% Zr(Hf)O 2 fob China $/t Battery metals Antimony Ingot min 99.65% fob China $/t Min 99.65% cif US $/lb Regulus grade II min 99.65% Sb du $/t Regulus Trioxide grade min 99.65% Sb du $/t Trioxide min 99.5% fob China $/t Cadmium Min 99.95% du $/lb Min 99.95% cif India Rs/kg Min 99.99% fob US warehouse $/lb Min 99.99% du $/lb Min 99.95% fob US warehouse $/lb Min 99.99% cif India Rs/kg Cobalt Min 99.8% alloy grade du $/lb Min 99.8% fob US warehouse $/lb Min 99.8% chemical grade du $/lb Oxide 72% ex-works China Yn/kg Page 10 of 27

11 Minor Metals: price INDEXes Argus minor metals indexes (monthly averages) Month index Month index Month index Month index Unit Jan 2018 low Jan 2018 high Dec 2017 final low Dec 2017 final high Light metals Magnesium Alloy min 90% Mg AZ91 fob China $/t Min 99.9% fob US warehouse $/t Min 99.9% du $/t Min 99.9% fob China $/t Powder 99.9% Mg mesh fob China $/t Manganese Briquette 97% Mn fob China $/t Electrolytic metal min 99.7% fob US warehouse $/lb Flake min 99.7% fob China $/t Flake min 99.7% du $/t Lump 95% Mn fob China $/t Silicon min 98.5% Si fob China $/t min 98.5% Si ddp Europe works /t min 98.5% Si fob US warehouse $/lb min 99% Si fob China $/t min 99% Si ddp Europe works /t min 99% Si fca Europe works /t min 99.5% Si fca Europe works /t Titanium Sponge TG-Tv 10x30mm du $/kg Scrap 6Al 4V bulk weldable del US dealer/processor $/lb Scrap 6Al 4V clips del US dealer/processor $/lb Scrap grade CP1 solids del US dealer/processor $/lb Scrap grade CP2 solids del US dealer/processor $/lb Scrap grade CP3/4 solids del US dealer/processor $/lb Scrap 6Al 4V turnings aero quality del US dealer/processor $/lb High-temperature metals Chromium (alumino-thermic) min 99% du $/t Hafnium Min 99% max 1% Zr du $/kg Molybdenum Oxide min 57% Mo du $/lb Mo Oxide min 57% fob US warehouse $/lb Rhenium APR min 69.2% Re (basic grade) du $/kg Re APR min 69.4% Re (catalyst grade) dp $/kg Re Pellets min 99.9% Re dp $/lb Tungsten APT du $/mtu WO APT fob China $/mtu WO Carbide powder (3-4micron) fob China $/kg Oxide (Yellow/Blue oxide) fob China $/t Vanadium Pentoxide fused flake min 98% du $/lb V 2 O Pentoxide 98% V 2 O 5 fob China $/lb Page 11 of 27

12 Base Metals: market commentary Comex Cu: Metal defies equity swoon The Comex copper price for the most active month fell slightly Tuesday as sharp declines in equities and crude were partly offset by dollar weakness and an uptick in copper stocks. Comex's most active month contract settled at $3.189/ lb, marginally down from Monday s $3.194/lb and down for a fourth consecutive day. March Comex has fallen by 4 /lb in the past four days after it rose /lb on 24 January. The March Comex price remains below the average for the month of $3.2143/lb. The three main US equity indices fell for a second day, with the Dow down 1.3pc as investors are concerned over rising interest rates. WTO crude plummeted by nearly 2pc to $64.29bl in morning trading, also tugging on the red metal. The decline in copper was partly limited by a weak dollar and a withdrawal of material from LME warehouses. The US dollar index erased the prior day's gains in early trade but ended the day little changed. The greenback has weakened most days in the past three weeks and is near a three-year low, giving copper strength. LME copper stockpiles fell for a second consecutive day, dropping by 0.7pc the last two days, which boosted the metal price. Still, LME stock gains of 46pc last week have put downward pressure on copper. LME stockpiles are up by 52pc for Investors will be watching President Donald Trump as he deliveries his first State of the Union address later in the day. Investors will be paying close attention to his remarks on the administration's planned $1trillion infrastructure program, expected to be Trump's main economic focus this year and likely to be a driver of metal demand should it come to fruition. EU copper: Premiums unchanged European copper premiums were unchanged in the last week. The Argus premium for grade A copper cathode in-warehouse was assessed at $30-45/t on 30 January, unchanged from the previous assessment on 23 January. The premium for grade A copper cathode delivered southern Europe was also unchanged at $40-55/t in the same period. Trading activity has remained low with buyers put off by the high LME copper price. Three-month copper on the LME traded at $7,093/t on 30 January, up from $6,949/t on 23 January. Aluminium Unit Date of assessment Low High ± Premiums P1020 US midwest premium $/lb 24 Jan P1020 US midwest transaction $/lb 30 Jan billet US premium $/lb 24 Jan billet US premium $/lb 24 Jan billet del US transaction $/lb 30 Jan extrusion duty paid premium in-warehouse $/t 24 Jan nc P1020 duty paid 3-month premium in-warehouse $/t 24 Jan P1020 duty paid forward quarter premium cif Japan $/t 24 Jan nc P1020 duty paid spot premium cif Japan $/t 24 Jan P1020 duty paid spot premium in-warehouse $/t 24 Jan P1020 duty unpaid 3-month premium in-warehouse $/t 24 Jan nc P1020 duty unpaid spot premium in-warehouse $/t 24 Jan nc Aluminium-alloy Die Castings 12 fob China $/t 30 Jan 2,005 2,025 nc Aluminium-alloy Die Castings 12 cif Japan $/t 30 Jan 2,015 2,035 nc Copper and brass Unit Timing Low High ± Copper cathode premiums Cathode grade A del US midwest $/lb 24 Jan nc Cathode grade A US midwest transaction $/lb 30 Jan Cathode grade A in-warehouse $/t 30 Jan nc Cathode grade A premium del southern Europe $/t 30 Jan nc Brass/bronze alloys del US C89833 $/lb 25 Jan nc C89836 $/lb 25 Jan nc Nickel Unit Timing Low High ± Europe premiums Briquettes in-warehouse $/t 25 Jan nc 4x4 inch cathode in-warehouse $/t 25 Jan nc Full plate cathode in-warehouse $/t 25 Jan nc Cathode premiums del US 4x4inch (small lots) $/lb 25 Jan x4inch (truckloads) $/lb 25 Jan x4inch (truckloads) transaction $/lb 30 Jan x1inch (small lots) $/lb 25 Jan x1inch (truckloads) $/lb 25 Jan China Metal min 99.9% Ni ex-warehouse yuan/t 30 Jan 104, ,900 2,025 Sulphate min 22% ex-works China yuan/t 30 Jan 26,000 26,500 nc Page 12 of 27

13 Base Metals: market commentary LME copper stocks increased by 46pc to 308,650t on 29 January from 211,775t on 22 January, their highest level since July In Asia, LME stocks increased to 175,900t from 102,375t over the same period. Stocks increased by 30,775t in Singapore, 25,250t in Busan, South Korea, 10,975t in Port Klang, Malaysia and 6,525t in Kaohsiung, Taiwan. Inventories were 11,475t higher at 80,050t in in the Netherlands and 675t lower at Hull in the UK. Stocks also increased at New Orleans in the US where 12,550t was delivered out. Zinc Unit Timing Low High ± Special high grade premium in-warehouse $/t 29 Jan nc Special high grade premium del US $/lb 29 Jan nc Special high grade del US transaction $/lb 30 Jan Alluminium alloy NASAAC LME open stocks t Aluminium alloy LME open stocks t 195,000 15, ,000 12, ,000 10, , ,000 hhh 7,500 hhh 170,000 5, ,000 2, ,000 6 Dec Dec Jan Jan Dec Dec Jan Jan 18 Aluminium P1020 duty paid 3-month premium $/t Aluminium scrap Zorba cif China $/t hhhhhhhhhhh hhhhhhhhhhh Jul Aug Oct 17 6 Dec Jan Jul 17 1 Sep Oct 17 8 Dec Jan 18 Page 13 of 27

14 BASE Metals: MARKET News AND ANALYSIS Sandfire on track to meet Cu guidance Australian copper producer Sandfire Resources increased its copper output in the December quarter and is on track to meet fiscal 2018 output guidance. Copper output from the DeGrussa mine in Western Australia rose to 16,263t in the December quarter from 15,258t in the September quarter. Output for the first half of fiscal 2018 was 31,521t. Guidance for fiscal 2018 is 63,000-66,000 t/yr. Gold output was 18,799oz in the fiscal first half and is expected to reach 35,000-38,000 oz/yr for the fiscal year. Cash costs for the December quarter averaged $1.02/lb of copper, dropping to $1.00/lb for the fiscal first half. Guidance for the fiscal year remains at $1.00-$1.05/lb. December quarter concentrate sales were 73,098t, comprising 16,804t of payable copper and 9,470oz of payable gold. Seven shipments were made in the quarter. In its expansion projects, decline development of the Monty project in Western Australia is ahead of schedule. First copper and gold ore are expected in the second quarter of fiscal Final permitting and environmental impact work is underway for the Black Butte copper project in the US state of Montana. This is being developed by Tintana Resources which is 78pc-owned by Sandfire. Ferrum releases Toral maiden Zn, Pb resource AIM and Sydney-listed metals developer Ferrum Crescent has released a maiden mineral resource for its Toral zinc-lead project in Spain. The mineral resource is estimated at 16.0mn t, grading 6.9pc zinc equivalent including lead credits. Early indications Copper LME 3 months official 7,500 7,250 7,000 6,750 $/t point to a mineral resource that contains up to 670,000t of zinc, 540,000t of lead and 13mn oz of silver. Silver is a major by-product for the project. The project has potential to be a world class zinc-lead deposit, the company said. Ferrum will now focus on increasing the size of the resource and it will carry out an economic assessment of the project s potential. Owendale to begin Sc, Co, Ni pilot plant tests Perth-based mining company Platina Resources is to test ore from its Owendale scandium-cobalt-nickel project in New South Wales for use in a pilot plant. Production of commercial samples of scandium, cobalt and nickel products will be undertaken, as well as the generation of a tailings sample for environmental permitting purposes. Refined scandium oxide and intermediate nickel and cobalt products will be made available to customers for testing for use in their applications. The final steps of the pilot phase will be undertaken at a laboratory in Brisbane. SGS Minerals Metallurgy will develop an acid leach circuit and pilot plant in Perth and design a flowsheet to produce refined scandium oxide and cobalt-nickel products. A maiden ore reserve was announced for the Owendale project in September last year. The project has the potential to process 50,000 t/yr of ore over a period of 80 years and is the highest grade scandium-cobalt deposit in Australia, the company said. The ore reserve estimate supports the project economics and a pre-feasibility study released in mid Owendale s aims to produce ore with a high 0.18pc cobalt grade in the first five years. Scandium grades are expected to average above 550 parts per million in the first 35 years and then reduce to ppm in the remaining 45 years of mine life. The project ramp-up is expected to reach nameplate ore treatment capacity of 50,000 t/yr with scandium oxide output of 45 t/yr and cobalt output of 75 t/yr. A commercial strategy for scandium production will be evaluated once the pilot plant is established. 6,500 hhhhhhhhhhh 6,250 6,000 5, Jul Sep Nov Jan 18 For more news and analysis, please click here Page 14 of 27

15 Ferro-Alloys: Bulk-Alloy Market commentary Europe: High-carbon FeCr prices rise The high-carbon alloy market continued to rise on higher Chinese prices. Other alloy markets were unchanged on low spot demand, with steelmakers well stocked from long-term contract deliveries. Ferro-chrome Continued gains in China and higher ore costs lifted the highcarbon alloy market for the second consecutive assessment. Prices rose to $ /lb, from the previous assessment of $ /lb on 25 January. A deal for a small volume of alloy was concluded above the range but spot demand in Europe remained low, limiting gains. Prices for 0.10pc grade low-carbon alloy were steady at $ /lb, with business for higher-specification alloy with lower carbon content concluded above the range. Ferro-manganese Low buying interest offset higher offer prices from Ukrainian suppliers to leave the high-carbon alloy market at 1,100-1,150/t for a second week. A producer sold truckload volumes of alloy towards the top of the range. Prices for medium-carbon alloy remained at 1,550-1,600/t on low demand as suppliers maintained their offer prices. Silico-manganese The market held at 1,030-1,080/t for a third week. Suppliers received few enquiries for 100t lots but business for smaller volumes was concluded in the range, as steelmakers supplemented long-term contract deliveries with spot purchases. HC Ferro-manganese 78%MnEurope v 75%MnChina 1,400 1,350 1,300 1,250 1,200 1,150 ddp Europe ( /t) (lhs) fob China ($/t) (rhs) 1,700 1,600 1,500 1,400 1,300 Bulk alloy and feedstock prices 30 Jan Market Unit Low High ± Ferro-chrome Charge chrome 52% Cr ddp Europe * $/lb Cr nc HC basis 60% Cr 6-8% C ddp NWE $/lb Cr LC Cr min 65% 0.10% C ddp Europe works $/lb Cr nc Charge chrome fob US (25 Jan) $/lb nc HC min 60-65% Cr 6-8% C fob US warehouse (25 Jan) $/lb Cr nc LC min 60-65% Cr 0.05% C max 1.5% Si fob US warehouse (25 $/lb Cr nc Jan) LC min 60-65% Cr 0.10% C max 1.5% Si fob US warehouse (25 $/lb Cr Jan) LC 60% Cr 0.15% C fob US warehouse (25 Jan) $/lb HC 50% Cr ex-works China Yn/t 7,800 8, HC min 60% Cr ex-works India Rs/t 79,500 80, Charge chrome 50-55% Cr 6-10% C cif China $/lb HC Indian 60-62% Cr 6-10% C cif China $/lb HC Kazakh 65-70% Cr 8-8% C cif China $/lb Chrome ore South African concentrate 42-44% Cr 2 O 3 cif China $/t South African concentrate 42-44% Cr 2 O 3 fca China Yn/mtu nc Turkish lump 40-42% cif China $/t Turkish lump 40-42% fca China Yn/mtu South African UG2 concentrate 40-42% Cr 2 O 3 cif China main ports $/t South African UG2 concentrate 40-42% Cr 2 O 3 fca China ports Yn/mtu nc Cr 2 O 3 48%-49.99% OMC price exworks India* Rs/t nc Ferro-manganese HC Mn 78% ddp Europe works /t 1,100 1,150 nc MC 78% Mn 1.5-2% C P ddp Europe works /t 1,550 1,600 nc HC min 80% Mn 6-8% C fob North America warehouse (25 Jan) $/lt 1,485 1, MC 80% Mn 1-2% C fob North America warehouse (25 Jan) $/lb nc HC 65% Mn ex-works China Yn/t 7,300 7, HC 75% fob China $/t 1,630 1, HC 75% Mn ex-works China Yn/t 8,500 8, HC min 65-70% Mn ex-works India Rs/t 71,500 73,000 nc HC min 70-75% Mn ex-works India Rs/t 74,000 75,500 nc 1,100 1, Jan May Sep Jan 18 Page 15 of 27

16 Ferro-Alloys: Bulk-Alloy Market commentary Ferro-silicon Prices for 75pc grade alloy stabilised at 1,680-1,730/t, their highest level since July There were reports of some consumers refusing offer prices from suppliers towards the top of the range, but sustained domestic supply tightness limited downside potential. India: FeCr, SiMn prices rise on higher demand Rising demand from Chinese steel mills lifted Indian ferrochrome prices and renewed consumer buying raised silicomanganese prices. Ferro-chrome Higher tender purchase prices from Chinese steelmakers lifted 60pc grade alloy to Rs79,500-80,500/t, up from Rs79,000-80,000/t on 25 January. Indian exporters received more enquiries from Chinese steel mills looking to restock before the lunar new year holiday. Ferro-manganese Prices remained stable after falling on 23 January as low demand offset higher ore costs. Prices for 65-70pc grade alloy were assessed unchanged from 25 January at Rs71,500-73,000/t for 65-70pc grade alloy, and 70-75pc grade alloy was assessed flat at Rs74,000-75,500/t. Silico-manganese Prices edged up on higher demand from domestic steel mills. Prices for 60/14 grade alloy increased to Rs69,750-70,750/t, from Rs69,500-70,500/t on 25 January. But export prices were flat at $1,100-1,150/t fob for 60/14 grade alloy and $1,200-1,220/t fob for 65/15 grade material. Bulk alloy and feedstock prices 30 Jan Market Unit Low High ± Manganese ore Ore 44-46% lumpy ore fca China Yn/mtu nc Ore 36-38% Mn cif China (25 Jan) $/dmtu nc Ore 48-50% Mn cif China (25 Jan) $/dmtu nc Ore 44-46% Mn cif China (25 Jan) $/dmtu nc Silico-manganese 65% Mn ddp Europe works /t 1,030 1,080 nc Min 65% Mn 16% Si fob North America warehouse (25 Jan) $/lb nc 65% Mn 17% Si fob China $/t 1,560 1, % Mn 17% Si ex-works China Yn/t 8,200 8, % Mn 14% Si ex-works India Rs/t 69,750 70, % Mn 15% Si fob India East Coast $/t 1,200 1,220 nc 60% Mn 14% Si fob India East Coast $/t 1,100 1,150 nc Ferro-silicon 75% Si ddp NWE /t 1,680 1,730 nc Min 75% Si max 0.1% C fob US warehouse (25 Jan) $/lb Si % Si fob China $/t 1,530 1,550 nc 72% Si ex-works China Yn/t 7,000 7, % Si fob China $/t 1,550 1,570 nc 75% Si ex-works China Yn/t 7,400 7, Low aluminium 75% Si 0.1% Al fob China $/t 1,640 1,660 nc Low aluminium 75% Si 0.5% Al fob China $/t 1,590 1,610 nc 75% Si ex-works India Rs/t 106, ,000 nc Calcium-silicon Min 28% Ca 55-60% Si fob China $/t 2,030 2,050 nc Min 28% Ca 55-60% Si ex-works China Yn/t 12,800 13,000 nc Min 30% Ca 55-60% Si fob China $/t 2,050 2,070 nc Min 30% Ca 55-60% Si ex-works China Yn/t 13,000 13,200 nc * Quarterly benchmark price Ferro-silicon Some alloy producers cut their offer prices last week but supply remained tight and prices were assessed unchanged from 25 January at Rs106, ,000/t for 75pc grade alloy. China: FeCr, FeSi prices rise Higher steel mill tender prices lifted the ferro-chrome market and tight supply raised ferro-silicon prices. Manganese alloy prices fell in response to lower tender prices and a rise in spot supply. HC Ferro-chrome ex-works China v India 11,000 10,000 9,000 8,000 7,000 HC Cr 50% China Yn/t (left axis) HC 60% Cr India Rs/t (right axis) 110, ,000 90,000 hhh 80,000 70,000 Ferro-chrome High-carbon alloy prices rose to Yn7,800-8,200/t from the previous assessment of Yn7,800-8,100/t on 25 February in response to higher tender prices. 6,000 60,000 5,000 50, Jan May Sep Jan 18 Page 16 of 27

17 Ferro-Alloys: Bulk-Alloy Market commentary Tsingshan Steel raised its procurement price to Yn7,896/t, up by Yn600/t from Yn7,296/t in January. Jisco raised its tender price to Yn7,650/t, up by Yn550/t. Import prices for South African 50-55pc grade charge chrome rose to /Ib cif from /Ib on 25 January. Prices for Indian 58-62pc grade material increased to /Ib from /Ib, and prices for 70pc grade Kazakh alloy rose to $ /Ib from $ /Ib. The rise in alloy prices lifted the chrome ore market, with import prices for South African 42-44pc grade concentrate increasing to $ /t cif from the previous assessment of $ /t cif on 25 January. Import prices for South African UG pc grade concentrate rose by $10/t cif to $ /t cif. Prices for Turkish 40-42pc grade lumpy ore rose to Yn64-65/mtu from Yn63-64/ mtu, with import prices rising to $ /t cif from $ /t cif on 25 January. Ferro-manganese The market declined on lower tender procurement prices from steelmakers and higher supply after the end of environmental restrictions early this month. Some producers cut their offer prices to attract sales, but few deals were concluded as buyers expected prices to fall. Domestic prices for 65pc grade alloy fell to Yn7,300-7,500/t, down from Yn7,450-7,650/t on 25 January. Prices for 75pc grade alloy fell to Yn8,500-8,700/t from Yn8,650-8,850/t. Falling domestic prices pushed the export market for 75pc grade alloy down by $10/t to $1,630-1,660/t fob. Silico-manganese Lower steel mill tender prices and ample supply weighed Silico-manganese ex-works China v India 10,000 9,000 8,000 7,000 6,000 5,000 65/17 China Yn/t (left axis) 60/14 India Rs/t (right axis) 23 Jan May Sep Jan 18 75,000 70,000 65,000 hhh 60,000 55,000 50,000 Ferro-silicon 75% ex-works India v China 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 China (Yn/t) (lhs) India (Rs/t) (rhs) 23 Jan May Sep Jan , , ,000 90,000 80,000 70,000 60,000 on prices. The range for 65/17 grade alloy fell to Yn8,200-8,400/t, from Yn8,300-8,500/t on 25 January. The export market reacted to falling domestic prices and low demand. Prices for 65/17 grade material fell to $1,560-1,600/t fob, from $1,570-1,610/t fob previously. Ore prices were flat because weak demand from alloy producers, which reported sufficient stocks, offset the impact of lower stocks at China's main ports. Port prices for Australian lumpy 44-46pc ore were assessed unchanged from 25 January at Yn66-68/dmtu. Ferro-silicon Tight supply and low inventories lifted prices as producers prioritised long-term contracts, leaving little supply for the spot market. Domestic prices for 72pc grade alloy rose to Yn7,000-7,300/t from the previous assessment of Yn6,900-7,200/t on 25 January and prices for 75pc grade alloy moved up by Yn100/t at Yn7,400-7,700/t. But low international demand prevented export prices following the domestic market higher. Prices for 72pc grade alloy were assessed unchanged at $1,530-1,550/t fob and 75pc grade alloy was flat at $1,550-1,570/t. Calcium-silicon Prices have been stable after falling on 16 January because of higher supply after producers resumed output following inspections. Prices for 28pc grade alloy were unchanged from 25 January at Yn12,800-13,000/t, and prices for 30pc grade alloy held at Yn13,000-13,200/t. Export prices were unchanged as demand remained low, holding at $2,030-2,050/t fob for 28pc grade alloy and $2,050-2,070/t fob for 30pc grade alloy. Page 17 of 27

18 Ferro-Alloys: Noble-Alloy Market commentary Europe: FeMo, FeV prices fall Low demand weighed on the ferro-molybdenum, ferro-vanadium and ferro-titanium markets. But tight supply and gains on the Chinese export market pushed ferro-tungsten prices to a four-month high. Ferro-molybdenum Falling demand, increased alloy availability and lower feedstock costs pulled the market lower. Prices for duty-paid and duty-unpaid alloy declined to $ /kg, from the previous assessment of $ /kg on 25 January. Suppliers reduced their offer prices to generate sales and lock in prices, as the expected to market to fall further in the near term. Prices for 57pc grade oxide fell to $ /lb from $ /lb previously, with a deal for 20t concluded towards the top of the range. Ferro-niobium Prices for 65pc grade alloy stabilised at $ /kg, their highest level since May last year, after rising from $ /kg in the previous assessment in response to exchange rate fluctuations. The euro continued to strengthen, reaching 1.24 against the US dollar, but low spot demand limited further gains. Ferro-titanium Low demand for spot alloy weighed on the markets. Prices for Western-grade, duty-paid alloy moved into a narrower range of $ /kg, from the previous assessment of $ /kg on 25 January, with Russian-grade duty-unpaid alloy falling to $ /kg from $ /kg previously. High scrap costs prevented further losses, with prices for Ferro-tungsten 75% fob China v Europe du (per kg W) fob China $/kg Noble-alloy and feedstock prices 30 Jan Market Unit Low High ± Ferro-boron 17% B fob warehouse US (25 Jan) $/lb nc Ferro-molybdenum 60% Mo du $/kg Mo % Mo dp $/kg Mo Min 65% Mo max 1.5% Si fob North America warehouse (25 Jan) $/lb Mo % Mo fob China $/kg nc 60% Mo ex-works China Yn/t 111, ,000 nc 60% Mo ex-works India Rs/kg 1,650 1, Ferro-niobium Min 65% Nb du $/kg Nb nc 65% Nb fob US warehouse (29 Dec) $/lb nc Min 66% Nb Brazilian Imports fca China port Yn/t 201, ,000 nc Ferro-tungsten Min 75% W du $/kg W % W fob North America warehouse (25 Jan) $/lb % ex-works China Yn/t 175, ,000 nc Min 75% W fob China $/kg Ferro-titanium Russian min 70% Ti du $/kg Ti Min 70% Ti dp/duty-free $/kg Ti % Ti fob North America warehouse (25 Jan) $/lb nc 30% Ti ex-works China Yn/t 10,800 11,200 nc 70% Ti rutile ex-works China Yn/t 31,500 35,000 nc turnings unchanged at a two-month high of $ /lb. Ferro-tungsten Limited alloy availability, tight feedstock supply and higher Chinese export prices lifted the market to its highest level since early October last year. Suppliers raised their offer prices on the depletion of lower-priced stocks in. Prices for 75pc grade alloy rose to $40-41/kg from the previous assessment of $39-40/kg on 25 January hh Jul 13 Sep 27 Oct 12 Dec 30 Jan Ferro-vanadium Reduced demand pulled the market lower for the third consecutive assessment, with prices for 78-82pc alloy declining to $ /kg from $58-60/kg previously. Business was dominated by deals for small volumes as traders continued to liquidate stocks and consumer demand remained low. Prices for 98pc pentoxide flake held at $ /lb on low spot demand and stable Chinese export prices. Page 18 of 27

19 Ferro-Alloys: NoBle-alloy Market commentary India: Prices rise on China costs The ferro-molybdenum and ferro-vanadium markets rose in response to high feedstock costs. Ferro-vanadium producers sought domestic vanadium slag because of limited pentoxide supply from China. Ferro-molybdenum Higher feedstock costs lifted prices for 60pc grade alloy into a higher, narrower range of Rs1,650-1,750/kg from the previous assessment of Rs1,600-1,750/kg on 25 January. Prices for 57pc oxide rose to Rs,1,500-1,600/lb from Rs1,400-1,450/lb previously, in response to recent gains on the Chinese market. Ferro-vanadium Tight feedstock supply in China pushed the alloy market higher, with prices for 60pc grade alloy rising to Rs2,000-2,050/kg from the previous assessment of Rs1,800-1,950/kg on 25 January. Imports of feedstock from China remained low and Indian alloy producers were looking to purchase domestic vanadium slag to meet their operational requirements. There were reports of some small steel mills switching to ferro-vanadium production because of recent gains on the alloy market. China: FeW export prices rise Export prices for ferro-tungsten extended gains on tight spot supply and a weaker dollar. Ferro-vanadium export prices were unchanged in line with stable feedstock costs. Ferro-tungsten 75% W ex-works China v fob China 180, , , , , , ,000 75% W ex-works China Yn/t (left axis) 75% W fob China $/kg (right axis) 24 Jan May Sep Jan hhh Noble-alloy and feedstock prices 30 Jan Market Unit Low High ± Titanium Turnings 90/6/4 max 0.5% Sn ddp UK $/lb nc Scrap min 85% Ti tin-bearing mixed turnings del US dealer/ $/lb processor (25 Jan) Scrap min 85% Ti non-tin-bearing mixed turnings del US dealer/ $/lb processor (25 Jan) Ferro-vanadium 78-82% V dp $/kg V % V max 1.5% Si fob North America warehouse (25 Jan) $/lb V % V ex-works China Yn/t 190, ,000 nc 80% V fob China $/kg nc 60% V ex-works India Rs/kg 2,000 2, Ferro-molybdenum Producers maintained their offer prices as they waited for steelmakers to issue more February tender procurement prices before committing to new sales. Domestic prices for 60pc grade alloy were stable at Yn111, ,000/t, with export prices steady at $ /kg fob. Concentrate prices stabilised after rising last week on tight supply, with suppliers fulfilling previously-signed orders. Prices for 45pc grade concentrate held at Yn1,630-1,650/mtu, with 57pc grade roasted concentrate prices steady at Yn1,740-1,750/mtu. Ferro-tungsten Prices for 75pc alloy were assessed unchanged from 25 January at Yn175, ,000/t on low spot demand. Prices are likely to remain stable until after the lunar new year holiday as producers will halt output for furnace maintenance. On the export market, a weaker dollar against the yuan lifted prices for 75pc grade alloy to $39-40/kg from the previous assessment of $ /kg on 25 January. Ferro-vanadium Prices for 50pc grade alloy held at Yn190, ,000/t for the sixth consecutive assessment as production costs remain stable and producers wait for steel mills to announce tender purchase prices for February. Export prices for 80pc grade alloy were unchanged from the previous assessment of $58-63/kg fob on 25 January. Page 19 of 27

20 Ferro-ALLoys: News and Analysis FeNi: Antam's output rises in 2017 Indonesian metals producer PT Antam achieved record ferronickel output and sales in 2017 and sharply increased its exports of nickel ore and bauxite. Ferro-nickel output for the year rose to 21,762 t/yr, 7pc higher than in Output of 5,949t for the December quarter was 49,000t higher than a year earlier. Sales of ferro-nickel rose by 4pc in 2017 to 21,813 t/yr. Quarterly and annual ferro-nickel output benefited from an optimisation of ferro-nickel production facilities and plant repairs, the company said. Total nickel ore output rose by 241pc from 2016 to 5.57mn t/yr, comprising 3.45mn t of low grade and 2.09mn t of high grade ore. Nickel ore sales rose by 285pc to 2.83mn t/yr of which 103,712t was high grade. Indonesia lifted a ban on the export of nickel ore during 2017, but still enforced limits of the amount of unbeneficiated ore that could be exported. Bauxite production rose by 192pc to 705,322 t/yr while bauxite sales rose by 18pc to 838,069 t/yr. Exports accounted for 766,990t of bauxite sales, the remainder being used in the Indonesian alumina industry. Antam produced 63,240 oz/ yr of gold during India s NBVL ups ferro-alloy production Indian private-sector firm Nava Bharat Ventures (NBVL) produced 25,456t of silico-manganese in October-December, up from 21,065t a year earlier. Ferro-chrome production totalled 17,333t, under a conversion agreement with Indian steelmaker Tata Steel. NBVL produced 16,020t of ferro-chrome in October-December a year earlier, the majority of which came from the conversion Silico-manganese India ex-works v fob 75,000 70,000 65,000 60/14 ex-works India Rs/t (left axis) 60/14 fob India $/t (right axis) 65/15 fob India $/t (right axis) 1,300 1,200 1,100 hhh Nickel and stainless steel scrap prices 30 Jan Market Unit Low High ± Nickel Ore min 1.8% Ni fca China Yn/wmt nc Pig iron min 10% ex-works China Yn/mtu 990 1,000 nc Secondary Nickel-Cobalt refinery scrap nickel contained del US processor $/lb nc (29 Dec) Stainless steel 304 (18-8) scrap solids cif (25 Jan) $/lb (18-8) scrap solids cif Japan (25 Jan) $/lb (18-8) scrap solids cif South Korea (25 Jan) $/lb (18-8) scrap solids cif Taiwan (25 Jan) $/lb /410 scrap solids del US processor (25 Jan) $/long ton nc agreement. NBVL focused on boosting production of ferro-alloys to take advantage of lower electricity costs derived from captive power generation. The firm produced 67,094t of silico-manganese in April- December, up from 50,977t a year earlier. Ferro-chrome output totalled 51,520t in April-December, including 51,230t under the Tata conversion deal. NBVL produced 47,835t of ferro-chrome in the same period of last year, including 45,401t under the conversion agreement. Sales NBVL sold 25,201t of silico-manganese in October-December, up from 21,793t a year earlier. Ferro-chrome sales totalled 17,333t in October-December produced under the conversion agreement up from 15,931t in the corresponding three months in NBVL sold 69,640t of silico-manganese in April-December, up from 48,196t a year earlier. Ferro-chrome sales totalled 51,230t produced under a conversion agreement in April-December. NBVL sold 48,226t of ferro-chrome in the same period of 2016, including 45,401t under the conversion agreement. 60,000 1,000 55, , Jan May Sep Jan 18 For more news and analysis, please click here Page 20 of 27

21 Ferro-Alloys: Price Indexes Monthly averages Unit Month index Month index Month index Month index Jan 2018 low Jan 2018 high Dec 2017 final low Dec 2017 final high Ferro-chrome HC basis 60% Cr 6-8% C ddp NWE $/lb Cr LC Cr min 65% 0.10% C ddp Europe works $/lb Cr Charge Chrome fob US $/lb HC min 60-65% Cr 6-8% C fob US warehouse $/lb Cr LC min 60-65% Cr 0.05% C max 1.5% Si fob US warehouse $/lb Cr LC min 60-65% Cr 0.10% C max 1.5% Si fob US warehouse $/lb Cr LC 60% Cr 0.15% C fob US warehouse $/lb Ferro-manganese HC Mn 78% ddp Europe works /t 1, , , , MC 78% Mn 1.5-2% C P ddp Europe works /t 1,567 1,617 1,604 1,654 HC min 80% Mn 6-8% C fob North America warehouse $/lt 1, , , , MC 80% Mn 1-2% C fob North America warehouse $/lb Manganese ore 44-46% lumpy ore fca China Yn/mtu Silico-manganese 65% Mn ddp Europe works /t 1, , , , Min 65% Mn 16% Si fob North America warehouse $/lb % Mn 17% Si fob China $/t 1, , , , % Mn 15% Si fob India East Coast $/t 1, , , , % Mn 14% Si fob India East Coast $/t 1, , , , Ferro-silicon 75% Si ddp NWE /t 1, , , , Low aluminium 75% Si 0.1% Al fob China $/t 1, , , , Low aluminium 75% Si 0.5% Al fob China $/t 1, , , , % Si fob China $/t 1, , , , % Si fob China $/t 1, , , , Min 75% Si max 0.1% C fob US warehouse $/lb Si Calcium-silicon Min 28% Ca 55-60% Si fob China $/t 2, , , , Min 30% Ca 55-60% Si fob China $/t 2, , , , Ferro-boron 17% B fob warehouse US $/lb Ferro-molybdenum 60% Mo du $/kg Mo % Mo dp $/kg Mo Min 65% Mo max 1.5% Si fob North America warehouse $/lb Mo % Mo fob China $/kg Ferro-niobium Min 65% Nb du $/kg Nb Min 66% Nb Brazilian Imports fca China port Yn/t 199, , , , Ferro-tungsten Min 75% W du $/kg W % W fob North America warehouse $/lb Min 75% W fob China $/kg Ferro-titanium Russian min 70% Ti du $/kg Ti Min 70% Ti dp/duty-free $/kg Ti % Ti fob North America warehouse $/lb Ferro-Vanadium Ferro-vanadium 78-82% V dp $/kg V Ferro-vanadium 78-82% V max 1.5% Si fob North America warehouse $/lb V Ferro-vanadium 80% V fob China $/kg Page 21 of 27

22 Rare earths: MARKet COMMENtaRY Prices hold flat on low demand Chinese prices were assessed unchanged as spot demand remained low. Consumers continued to meet their production needs from inventories and suppliers were unwilling to lower prices ahead of the lunar new year holiday in mid-february. Export prices held on to last week's gains, as the US dollar remained at a two-year low of 6.32 against the yuan. There were only a few enquiries from NdFeB magnet producers. Prices for 99pc praseodymium-neodymium oxide were unchanged from the previous assessment on 25 January at Yn330, ,000/t ex-works. Buyers were unable to secure material below Yn330,000/t despite low demand, as suppliers held their offers on expectations of being able to sell at higher prices after the lunar new year holiday. In line with the stable oxide prices, the range for 99pc praseodymium-neodymium metal remained at Yn425, ,000/t ex-works. Some suppliers offered Yn440,000/t, but few orders were concluded as this was too high for most buyers. Export prices for 99pc praseodymium-neodymium oxide were assessed unchanged at $51,500-54,000/t fob, and metal prices held at $ /kg fob on the weaker dollar. Demand from international buyers remained low. Spot prices for cerium oxide and lanthanum oxide were unchanged because consumers have sufficient stocks and expect a spot supply surplus to push prices lower. Chinese dysprosium 99.5% min export and ex-works 2,000 1,950 1,900 1,850 1,800 1,750 1,700 ex-works, Yn/kg (LHS) fob, $/kg (RHS) 31 Jul 13 Sep 27 Oct 12 Dec 30 Jan China export and delivered Europe prices 30 Jan Element units Low High ±25 Jan Cerium carbonate min 45% REO fob China $/kg nc metal min 99% fob China $/kg nc oxide % fob China $/t 2,220 2,320 nc oxide % cif Europe (25 Jan) $/kg Dysprosium metal min 99% fob China $/kg nc oxide min 99.5% fob China $/kg nc oxide min 99.5% cif Europe (25 Jan) $/kg nc Europium metal min 99.9% fob China $/kg nc oxide min 99.99% fob China $/kg nc Erbium oxide min 99.5% cif Europe (25 Jan) $/kg nc Ferro-dysprosium min 80% Dy fob China $/kg nc Gadolinium metal min 99% fob China $/kg nc oxide min % fob China $/t 41,950 43,250 nc Lanthanum metal min 99% fob China $/kg nc oxide % fob China $/t 2,280 2,380 nc oxide min % fob China $/kg nc Mischmetal 35% La 65% Ce fob China $/kg nc low Zn and Mg fob China $/kg nc Neodymium metal min 99% fob China $/kg nc oxide % fob China $/t 52,700 55,200 nc metal 99% cif Europe (25 Jan) $/kg nc oxide % cif Europe (25 Jan) $/kg nc Praseodymium metal min 99% fob China $/kg nc oxide % fob China $/t 65,500 68,000 nc Praseodymium-Neodymium metal min 99% fob China $/kg nc oxide min 99% fob China $/t 51,500 54,000 nc Samarium metal min 99% fob China $/kg nc oxide min 99.5% fob China $/kg nc Terbium metal min 99.9% fob China $/kg nc oxide min 99.99% fob China $/kg nc oxide min 99.99% cif Europe (25 Jan) $/kg nc Yttrium metal min 99.9% fob China $/kg nc oxide min % fob China $/t 3,250 3,500 nc oxide % cif Europe (25 Jan) $/kg nc Page 22 of 27

23 Rare Earths: MARKet COMMENtaRY The range for pc cerium oxide remained at Yn13,400-14,100/t ex-works, with pc lanthanum oxide at Yn13,800-14,500/t ex-works. Export prices were stable in line with the domestic market. Prices for pc cerium oxide were assessed unchanged at $2,220-2,320/t fob, with pc lanthanum oxide flat at $2,280-2,380/t fob. Few spot deals were concluded on the dysprosium and terbium markets. Prices for 99.5pc dysprosium oxide were stable at Yn1,160-1,190/kg ex-works, and pc terbium oxide remained at Yn3,000-3,100/kg ex-works. There were only a few enquiries from international buyers. Export prices for 99.5pc dysprosium oxide were assessed flat at $ /kg fob, and export prices for 99.99pc terbium oxide held at $ /kg fob. An increase in enquiries for gadolinium did not lead to more transactions as suppliers withheld material from spot sale on expectations of higher prices. The range for pc gadolinium oxide was unchanged at Yn100, ,000/t ex-works. Low spot demand left the yttrium and europium markets flat. Buyers only purchased small volumes for immediate requirements. Prices for pc yttrium oxide remained at Yn20,000-21,500/t ex-works, and 99.99pc europium oxide held at Yn /kg ex-works. China domestic ex-works prices 30 Jan Element units Low High ±25 Jan Cerium carbonate min 45% REO Yn/t 6,000 7,000 nc metal min 99% Yn/t 35,500 36,500 nc oxide % Yn/t 13,400 14,100 nc Dysprosium metal min 99% Yn/kg 1,720 1,790 nc oxide min 99.5% Yn/kg 1,160 1,190 nc Erbium oxide min 99.5% Yn/t 167, ,000 nc Europium oxide min 99.99% Yn/kg nc Ferro-dysprosium min 80% Dy Yn/kg 1,180 1,220 nc Gadolinium metal min 99% Yn/t 262, ,000 nc oxide % Yn/t 100, ,000 nc Lanthanum metal min 99% Yn/t 35,800 36,800 nc oxide min % Yn/t 24,000 25,500 nc oxide % Yn/t 13,800 14,500 nc Ce chloride min 45% REO Yn/t 6,300 6,800 nc Mischmetal 35% La 65% Ce Yn/t 35,000 39,000 nc low Zn and Mg Yn/t 140, ,000 nc Lanthanum oxide % and metal 99% fob China $/kg Neodymium metal min 99% Yn/t 425, ,000 nc oxide % Yn/t 335, ,000 nc 2,700 Oxide, $/t (LHS) Metal, $/kg (RHS) 6.70 Praseodymium metal min 99% Yn/t 545, ,000 nc 2,600 2,500 2,400 2, oxide % Yn/t 420, ,000 nc Praseodymium-Neodymium metal min 99% Yn/t 425, ,000 nc oxide min 99% Yn/t 330, ,000 nc Samarium metal min 99% Yn/t 96,000 99,000 nc oxide min 99.5% Yn/t 12,800 14,300 nc 2, Jul 13 Sep 27 Oct 12 Dec 30 Jan 6.00 Terbium metal min 99.9% Yn/kg 4,000 4,100 nc oxide min 99.99% Yn/kg 3,000 3,100 nc Yttrium metal min 99.9% Yn/kg nc oxide min % Yn/t 20,000 21,500 nc Page 23 of 27

24 Rare Earths: news and analysis France allocates 10mn for renewables projects The French ministry of ecology and social transition launched its EnRciT measure yesterday as part of a target to double renewable energy production in the country by The aim of the measure is to provide investment in the development phase of around 150 citizen renewables projects over the next 10 years, with priority given to ground and roof solar photovoltaic (PV) installations and wind power. There was no financing or risk pooling tool for such projects before the introduction of the EnRciT, meaning many struggled to raise the necessary funds for their development phase. Financial institution Caisse des Depots, bank Credit Cooperatif and pension fund Ircantec have pledged a total of 10mn ($12.4mn) of investment to the scheme, which has been organised by the ministry in conjunction with the French environment and energy management agency Ademe and will be operated by the shared energy co-operative. The French government has introduced a number of measures this year as part of efforts to fulfil its goal of increasing the share of renewable energy in electricity production to 40pc by 2030, as set out in the 2015 energy transition law. The available capacity for the government s PV tender was increased to 2.5 GW/yr from 1.5 GW/yr at the beginning of this month. And a separate PV tender offer for the area surrounding the soon-to-be-closed 1.7GW Fessenheim nuclear plant in Alsace was announced on 19 January. A working group headed by the junior minister for ecological and inclusive transition Sebastien Lecornu published a set of 10 proposals on 18 January aimed at speeding up wind power project installations. Neodymium oxide and metal delivered Europe Oxide Metal $/kg hh Praseodymium and neodymium fob China 100,000 80,000 60,000 40,000 20, pc praseodymium oxide pc neodymium oxide 99pc praseodymium-neodymium oxide 31 Jul 13 Sep 27 Oct 12 Dec 30 Jan BP invests $5mn in US mobile EV charging firm BP is investing $5mn in US-based mobile electric vehicle (EV) charging unit manufacturer FreeWire Technologies, with a plan to roll out chargers at selected retail sites in the UK and Europe this year. Mobility is changing and BP is committed to remaining the fuel retailer of choice into the future. EV charging will undoubtedly become an important part of our business, but customer demand and the technologies available are still evolving," BP Downstream chief executive Tufan Erginbilgic said. BP told investors in February last year that it would spend about $200mn on renewables this year, compared with a total capital expenditure budget of $16bn. Majors are stepping up their spending on low-carbon technology and seeking to tie in their investment with the downstream. Shell signed a deal in November with Germany's Ionity to establish charging points across 10 European countries. This followed an agreement in October to purchase the Netherlands' NewMotion. Total has invested in new energy assets, too the firm bought French battery manufacturer Saft for around $1bn in May The takeover could help it develop a large electric vehicle charging system. And Hungary-based refiner Mol said last week that as part of its strategy to "transform our retail operations by tapping into growing areas of consumer demand and take part in the reinvention of transportation", it is starting a car sharing service in Budapest. $/t hh Jul 13 Sep 27 Oct 12 Dec 30 Jan For more news and analysis, please click here Page 24 of 27

25 Rare Earths: price indexes Argus rare earths indexes (cumulative averages) element units month index Jan 2018 low month index Jan 2018 high month index Dec 2017 final low month index Dec 2017 final high Cerium carbonate min 45% REO fob China $/kg metal min 99% fob China $/kg oxide % fob China $/t 2, , , , oxide % cif Europe (25 Jan) $/kg Dysprosium metal min 99% fob China $/kg oxide min 99.5% fob China $/kg oxide min 99.5% cif Europe (25 Jan) $/kg Europium metal min 99.9% fob China $/kg oxide min 99.99% fob China $/kg Erbium oxide min 99.5% cif Europe (25 Jan) $/kg Ferro-dysprosium min 80% Dy fob China $/kg Gadolinium metal min 99% fob China $/kg oxide min % fob China $/t 41, , , , Lanthanum metal min 99% fob China $/kg oxide % fob China $/t 2, , , , oxide min % fob China $/kg Mischmetal 35% La 65% Ce fob China $/kg low Zn and Mg fob China $/kg Neodymium metal min 99% fob China $/kg oxide % fob China $/t 51, , , , metal 99% cif Europe (25 Jan) $/kg oxide % cif Europe (25 Jan) $/kg Praseodymium metal min 99% fob China $/kg oxide % fob China $/t 64, , , , Praseodymium-Neodymium metal min 99% fob China $/kg oxide min 99% fob China $/t 50, , , , Samarium metal min 99% fob China $/kg oxide min 99.5% fob China $/kg Terbium metal min 99.9% fob China $/kg oxide min 99.99% fob China $/kg oxide min 99.99% cif Europe (25 Jan) $/kg Yttrium metal min 99.9% fob China $/kg oxide min % fob China $/t 3, , , , oxide % cif Europe (25 Jan) $/kg Page 25 of 27

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