Mbdaily 20150504

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4 May 2015 | Metal Bulletin Daily | Number 9405.1 Copyright © 2002-2015 Metal Bulletin
Monday
Spot copper concs market drops 3.5% on

supply concerns after Cesco
LONDON AND SHANGHAI The going rate for blended cargoes is about $130-140/13-14 cents,
Spot treatment and refining charges (TC/RCs) for copper concentrates depending on quality, but TC/RCs for clean cargoes have broken
tracked by Metal Bulletin fell a further 3.5% in the last half of April as decisively below $100/10 in all consumer markets, one concentrates
sales to traders and smelters across Asia picked up following Cesco trader said.
Week. Smelter sources in China said at least two deals from the China
The Metal Bulletin Copper Concentrates Index for 28% clean copper Smelter Purchasing Team (CSPT) were concluded with TC/RCs above the
concentrates was calculated at $92.9 per dmt and 9.29 cents per lb on organisation’s price floor of $100/10 cents.
April 30, compared with $96.3/9.63 cents on April 15, as a flurry of A 50,000-tonne deal comprising several different brands of
mine-to-trader and trader-to-smelter deals were reported material concluded at $105/10.5 cents, smelter sources in China said.
following the annual industry gathering in Santiago. However, traders outside China said they are increasingly reluctant
Smelters in China continued to report comfortable supply under to sell above $100/10 cents, even in packaged sales of both clean and
long-term contracts, but traders said smelters in Japan have been complex cargoes.
bidding more aggressively to secure clean cargoes in recent weeks, as “Packages don’t make sense any more; the focus is all on the clean
contractual deliveries have fallen short of expectations. cargoes,” one concentrates trader told Metal Bulletin sister
Sales to Japan were reported at about $90/9 cents, while Indian publication Copper Price Briefing.
smelters reported purchases at about $95/9.5 cents during the “In our talks with other smelters during Cesco Week, many of them
period. Towards the end of the month, smelters in Japan started were worried about more dirty concentrate output this year; more
bidding below $90/9 cents, as they grew increasingly concerned clean material will be used to blend,” a source at a smelter in China
about a shortfall in volumes due under long-term contracts, trade said.
sources said. Blended material is now being offered at a premium of $20 per
After watching the market for a quarter, some small and medium- tonne to clean material, and smelters described supply as
sized smelters in China are now looking to buy, recognising that “sufficient”, he said.
market sentiment is not as optimistic as at the start of this year. “But the pressure on clean material processing fees could also
Traders have sold into China at about $95/9.5 cents for standalone spread to blended material,” he added.
clean cargoes, while terms for combination deals containing both In mine-to-trader sales, the results of tenders held for
clean and blended cargoes have concluded between $105/10.5 and Northparkes and Golden Grove concentrates suggested that traders
$110/11 cents, trade and smelter sources said. continued ››
Base metals 3 Ores & alloys 6 Raw materials 9

Minor & precious metals 10 Carbon steel 11 Stainless & special steels 15
Scrap & secondary 16 Monday Brief 17 Prices 18
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Monday
are betting that the market will continue to tighten towards the end later in the year have also been identified by miners and traders as
of the year. presenting a risk to supply.
Golden Grove owner MMG declined to comment on the tender, but Smelters, however, still held a more sanguine view over supply on
trade sources said that the miner tendered one cargo for shipment in Thursday, and claimed that the slate of production losses so far this
June, and a second for shipment in the fourth quarter. year has only brought the market into closer balance.
There were differing accounts over the exact terms of sale, but one “Oversupply [in concentrate] this year is yet to change. Clean
source said the first cargo was sold just below $88/8.8 cents and the material won’t be tight, but it will also not loosen as expected,” the
fourth-quarter cargo was sold at $81.5/8.15 cents. Another trader said smelting source said.
both cargoes had sold in the low $80s/8s. In early May, market participants will be watching the results of
Northparkes, which China Molybdenum acquired from Rio Tinto in tenders currently being held for Chapada and Phu Kam concentrates
2013, sold one cargo for shipment in May or June, and two cargoes for for further readings of the direction of the spot market.
shipment in November and December, trade sources said. Mark Burton
As with the Golden Grove tender, traders bid at lower levels to [email protected]
secure the fourth-quarter cargoes, although the precise terms of sale Twitter: @mburtonmb
could not be widely verified by the time the index was published on Kiki Kang
April 30. [email protected]
Two market sources said that, due to the short timeframe for Wechat: KikiKang_MB
shipment, the first parcel was sold in the mid-to-high $90s/9s,
while others said the fourth-quarter cargoes had sold in the
mid-$80s/8s. Northparkes could not be reached for comment.
“It looks like everyone’s positioning for a tight Q4,” one
concentrates trader who participated in the tenders said.
The scramble to secure clean cargoes appears to have intensified
since Cesco, as traders have received more aggressive enquiries from
smelters facing a shortfall in contractual deliveries, and miners have
made further downgrades to their supply forecasts.
Among the points of discussion at the conference were the
production losses arising from the heavy rainfalls that struck
northern Chile and southern Peru, which caused many mines to
close temporarily in March.
The consensus remains that most of the production losses will be
witnessed at operations producing SX-EW copper cathode, but there
are indications that there have also been disruptions to concentrates
supply.
BHP Billiton, which operates Escondida, the world’s largest copper
mine, cut its full-year production by 5.5% last week, partly as a result
of the rainfall. The mine produces both concentrates and SX-EW
cathode.
“The BHP numbers were a surprise to me,” a source at a rival
mining company said, adding that he had raised his internal
estimates for production lost during the floods to “well above”
50,000 tonnes since Cesco, up from initial estimates of about
15,000-25,000 tonnes.
“We think the split within that is about 60% cathode and 40%
concentrates. For example, we’ve noticed that Escondida seems to
have been very quiet on the tender side recently. Of course, it’s
possible they’ve been selling it privately, but those guys are usually
tendering all the time,” he said.
The last Escondida tender reported by traders was held in early
March and was said to have concluded at $81/8.1 cents.
Relative to the periods of acute constraint seen earlier this decade,
the concentrates market remains comfortably supplied, but there are
growing expectations that mining disruptions will feature heavily in
2015, even among smelters who expected the market to post a robust
surplus at the start of this year.
While such disruptions are impossible to predict, some sources in
the mining industry said seasonal swells at ports in Chile that are
often seen between May and June could lead to shipment delays,
while labour negotiations due to take place at the Grasberg mine
3 | Monday
Base metals METAL BULLETIN’S KEY PRICES: INDEXES

Price Change† Assessed
Alumina index fob Australia ($/t) 340.58 0.17% p 01 May 15
Charge chrome index 50% Cr cif
METAL BULLETIN’S KEY PRICES Shanghai ($/lb Cr) 0.79 0% 01 May 15
Daily base metal prices and premiums ($/t) Manganese ore index 44% Mn cif
Tianjin ($/dmtu) 3.02 -0.33% q 01 May 15
Manganese ore index 38% Mn fob Port
LME copper cash settlement 6,362.00 5.58% p 01 May 15 Elizabeth ($/dmtu) 2.28 -4.2% q 01 May 15
Daily copper premium (in-whs MB Index CFR Turkey HMS 1&2 (80:20)
Rotterdam) 46.67 16.67% p 01 May 15 (North Europe material) 269.58 3.57% p 30 Apr 15
Daily copper premium (in-whs HMS 1&2 ferrous scrap index (80:20)
Shanghai) 69.29 -3.37% q 01 May 15 fob Rotterdam ($/t) 246.37 0.86% p 24 Apr 15
Daily copper premium (in-whs
Singapore) 30.00 -6.25% q 30 Apr 15
LME aluminium cash settlement 1,919.00 4.86% p 01 May 15 METAL BULLETIN’S KEY PRICES: ASSESSMENTS
Daily aluminium premium (in-whs Price Change† Assessed
Rotterdam) 103.30 -38.98% q 01 May 15
Ferro-chrome, 6-8% C, basis 60% Cr,
Daily aluminium premium (in-whs del European consumers ($/lb Cr) 0.97-1.01 0% 01 May 15
Shanghai) 235.00 -19.66% q 28 Apr 15
Silico-manganese, basis 65-75% Mn,
Daily aluminium premium (cif MJP) 227.50 -15.29% q 28 Apr 15 15-19% Si, del European consumers
Daily aluminium premium (in-whs (¤/t) p 01 May 15
840-865 1.19%
Singapore) 201.67 -22.01% q 28 Apr 15 Ferro-silicon, basis 75% Si, del
LME zinc cash settlement 2,355.50 6.01% p 01 May 15 European consumers (¤/t) 1,200-1,250 1.24% p 01 May 15
Daily zinc premium (in-whs Ferro-titanium, 70% Ti, ddp ($/kg) 5.40-5.60 -1.79% q 01 May 15
METAL BULLETIN’S KEY PRICES: INDEXES
Rotterdam) 110.00 0% 29 Apr 15 Ferro-manganese, basis 78% Mn, del
Daily zinc premium (in-whs Shanghai) 111.25 2.7% p 30 Apr 15 European consumers (¤/t) 720.00-740.00 0% 01 May 15
LME nickel cash settlement 13,760.00 7% p 01 May 15 Ferro-molybdenum, basis 65-70% Mo,
Daily nickel premium (in-whs in-whs Rotterdam ($/kg Mo) 19.00-19.40 -2.78% q 01 May 15
Rotterdam) 168.17 0% 10 Oct 14 Molybdic oxide, in-whs Rotterdam
Daily nickel premium (in-whs ($/lb Mo) 7.60-7.70 -2.86% q 01 May 15
Shanghai) 166.67 13.64% p 30 Apr 15 Ferro-tungsten, basis 75% W, in-whs
LME lead cash settlement 2,139.00 4.19% p 01 May 15 Rotterdam ($/kg W) 33.30-34.00 -0.74% q 01 May 15
LME tin cash settlement 16,200.00 3.51% p 01 May 15 Cobalt (low-grade) in-whs Rotterdam
($/lb) 13.20-14.20 0% 01 May 15
Cobalt (high-grade) in-whs Rotterdam
($/lb) 13.50-14.40 1.82% p 01 May 15
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4 | Monday
SÃO PAULO
Brazil’s Al premiums fall following global
markets, sluggish local demand
METAL BULLETIN’S KEY ALUMINIUM PRICES
Price Change† Assessed Brazilian aluminium premiums have fallen, pressured by global
Alumina index fob Australia ($/t) 340.58 0.17% p 01 May 15 dynamics and sluggish domestic demand.
Group 1 pure 99% Al & litho scrap, Metal Bulletin’s assessment for P1020A ingot delivered São Paulo
del UK (£/t) 1,160-1,200 0% 29 Apr 15 region fell to $500-550 per tonne on April 30, taking a 100-tonne
Cast aluminium wheels, del UK (£/t) 1,240-1,300 2.42% p 29 Apr 15 lot-size as reference. This was down from $550-600 per tonne the
LME aluminium cash settlement ($/t) 1,919.00 4.86% p 01 May 15 previous week.
Daily aluminium premium, duty-unpaid “Premiums are falling everywhere in the world, because there is
(in-whs Rotterdam) ($/t) 103.30 -38.98% q 01 May 15 an excess of metal everywhere in the world,” one aluminium seller
Daily aluminium premium, duty-unpaid said.
(in-whs Shanghai) ($/t) 235.00 -19.66% q 28 Apr 15 This has been pushing CIF Brazil premiums down, and putting
Daily aluminium premium (cif MJP) pressure on local sellers to lower their offers for delivered metal amid
($/t) q 28 Apr 15
227.50 -15.29%
an overall lack of buying interest.
Daily aluminium premium, duty-unpaid
(in-whs Singapore) ($/t) 201.67 -22.01% q 28 Apr 15 “End-user demand is terrible and this naturally limits our need for
Extrusion billet premium, 6063, primary metal,” one ingot buyer said.
duty-paid, in-whs Rotterdam ($/t) 615-650 -1.94% q 01 May 15 “Our traditional clients are no longer putting their bids in and we
LM24 pressure diecasting ingot (del are facing default issues with some clients,” he added.
UK consumers) (£/t) 1,480-1,520 0% 29 Apr 15 This has limited ingot purchases to “extremely necessary
LM6/LM25 gravity diecasting ingot volumes”, one trader said.
(del UK consumers) (£/t) 1,650-1,680 0% 29 Apr 15 One source reported the sale of 25 tonnes of ingot at about $547 per
DIN226 pressure diecasting ingot tonne delivered São Paulo region.
(del European consumers) (¤/t) 2,080-2,140 0.36% p 01 May 15
Other market participants reported hearing of offers ranging from
$500-550 per tonne for larger volumes.
LONDON “Deals are still scarce, but there is a feeling that some might be
Kaz Minerals will hit 2015 copper target, buying a bit of ingot in May,” a second trader said.
Danielle Assalve
with big projects on schedule [email protected]
Twitter: dassalve_mb
Kazakhstan-based copper producer Kaz Minerals is on track to meet
its production target for cathode in 2015 and to start commissioning
its Bozshakol project in the fourth quarter. SÃO PAULO
Kaz Minerals produced 84,000 tonnes of copper in 2014, up 9% on
the previous year, and is on track to produce 80,000-85,000 tonnes
Brazil’s miner Vale ‘well advanced’ in
again this year. further asset sales
“Our East Region operations have delivered a solid start to 2015,
with efficient processing of materials,” ceo Oleg Novachuk said: Brazilian diversified miner Vale has been working on further
In the first quarter, the company produced 19,100 tonnes of copper divestments, which should be concluded by the end of this quarter
cathode, 21,500 tonnes of copper in concentrate, 25,100 tonnes of and help to improve its cash flow.
zinc in concentrate and 10,700 ounces of gold in concentrate. Divestments in “some assets that were not [previously] planned”
Kaz Minerals’ production currently comes from the four are being considered, according to ceo Murilo Ferreira.
underground mines and three concentrators that make up the East Such transactions would involve “significant amounts” in terms of
Region operations, plus the Bozymchak operations. cash proceeds, he told analysts during a conference call on
It is focusing this year on two priority growth projects. First is Wednesday April 30.
commissioning Bozshakol in the fourth quarter, then ramping up Ferreira also said the new divestitures should be concluded by the
copper in concentrate production in 2016 and reaching full output in end of the second quarter, but added that it could take up to the end
2017. Over the first ten years of its estimated production life of 40 of July to have theoperations finalised.
years, Bozshakol will produce an average of 100,000 tpy of copper at a Part of the divestments would involve the sale of additional ships,
net cash cost of 80-100 cents per lb ($1,764-2,205 per tonne). cfo Luciano Siani said.
Second, it will focus on producing its first copper cathode from Vale announced a deal last year to transfer four existing very large
oxide at Aktogay in 2015, and continuing the construction of the ore carriers (VLOCs) to China’s Cosco, which is also expected to be
sulphide project, with sulphide production scheduled to start in 2017. closed by the second quarter.
Aktogay is forecast to produce 90,000 tpy of cathode equivalent Besides that, Siani said that the negotiations for “the sale of
from sulphide over the first ten years of operation, and 15,000 tpy preferred shares in two specific assets” were also “very well
from oxide. advanced”.
The successful development of these projects will enable the “We expect to close them very soon”, Siani told analysts.
company to produce 300,000 tpy of copper in 2018, 80% of which will Divestments and partnerships led Vale to report $1 billion in cash
come from the new low-cost open-pit mines. proceeds in the first quarter of 2015, the company said earlier in its
Alex Harrison quarterly financial report.
[email protected]
Twitter: @alexharrison_mb continued ››
5 | Monday
4 May 2015 | Metal Bulletin Daily | Number 9405.1 MBCD_Alum_Buyers_Guide_4-15_HPh_91x250mm_91 x 250
Copyright © 2002-2015 Metal20/04/2015
Bulletin 10:2
From that total, $900 million came from the sale of an additional
25% of the gold by-product stream from the Salobo copper mine,
while $97 million originated from the sale of Vale’s 49% stake in the
hydroelectric plant of Belo Monte in northern Brazil.
Vale also mentioned it still has to receive the cash proceeds from
the announced sale of a stake in its Mozambique coal and logistics
operations to Japanese trading house Mitsui.
According to Siani, this would take longer and should not happen
in the second quarter of 2015.
Vale has been for years focusing on cost reduction and divestment
or shut down of non-core assets.
As for its core assets, Ferreira stressed earlier this year that Vale
“would not divest any iron ore asset”.
Danielle Assalve
[email protected]
Twitter: dassalve_mb
LONDON
MB NICKEL CONF: Nickel prices will exceed New supplement for bauxite, alumina
$20k or stay below $15k, Marex says and aluminium industry professionals
Nickel prices will either shoot through $20,000 per tonne or remain
below $15,000 per tonne, according to Guy Wolf, global head of
market analytics at Marex Spectron.
Speaking at Metal Bulletin’s 3rd International Nickel Conference,
Wolf said Marex turned bullish on nickel on April 8, the day after a
drop of $475 triggered demand.
“It’s either going to go north of $20,000 or it’s not going to go
above $15,000,” he said.
“Nickel is not going to go up a little bit, it’s going to go up a lot.
What I don’t see is middle ground,” Wolf told delegates.
Wolf told Metal Bulletin earlier this week that nickel is vulnerable
to large swings in price because it is relatively illiquid and when
market participants see volatility, they want to participate.
The trends that have been driving nickel prices down, such as
rising warehouse stocks and the weaker rouble, are stopping or
turning around, he said.
Janie Davies
[email protected]
Twitter: @janiedavies_mb
l 1600+ global suppliers of semi-finished,

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6 | Monday
Ores & alloys
“We’ve always worked in the company’s best interests and that’s

what we continue to do. We’re in the junior resource sector and the
financing of projects is [difficult]. This package delivers the project
and after. We’re putting it to shareholders with our
METAL BULLETIN’S KEY NOBLE ALLOYS AND ORE PRICES recommendation.”
Price Change† Assessed The funding is split between about $44 million in equity and $55
Molybdic oxide, in-whs Rotterdam million in debt, $25 million of which will come in on day one, Carroll
($/lb Mo) 7.60-7.70 -2.86% q 01 May 15 added.
Molybdic oxide, USA ($/lb Mo) 7.50-7.70 -2.56% q 30 Apr 15 “The rest will be available at Ormonde’s call. We would look to
Ferro-molybdenum, basis 65-70% Mo, spend the equity before we start on the debt,” he said. “We would
in-whs Rotterdam ($/kg Mo) 19.00-19.40 -2.78% q 01 May 15
spend down to a particular level and then we would start to draw
Tungsten, APT, in-whs Rotterdam
($/mtu) 240.00-250.00 -2% q 01 May 15 down the debt.”
Ferro-tungsten, basis 75% W, in-whs The implementation of the package is, of course, contingent on
Rotterdam ($/kg W) 33.30-34.00 -0.74% q 01 May 15 shareholder approval, but the board is not currently speculating on
Ferro-vanadium, basis 70-80% V, what will happen if the vote at the EGM does not go in its favour.
in-whs Rotterdam ($/kg V) 19.50-20.00 2.6% p 01 May 15 “We think it’s very much in the best interests of the company [to
Vanadium pentoxide, min 98% V, ($/lb vote in favour of the package]. We’re focused on talking to
V2O5) 3.60-3.95 0% 01 May 15 shareholders and explaining to them why [we’re recommending
it],” Carroll said.
METAL BULLETIN’S KEY BULK ALLOYS AND ORE PRICES “If it’s not voted in, we’re back to the situation of a very difficult
Price Change† Assessed market for any mining company, let alone a junior mining company,
Charge chrome 50% Cr index cif to get equity or debt.”
Shanghai ($/lb Cr) 0.79 0% 01 May 15 The company explored bringing in equity at a plc level, he said, but
Manganese ore index 44% Mn cif came to the conclusion that this would create too much dilution for
Tianjin ($/dmtu) 3.02 -0.33% q 01 May 15 shareholders.
Manganese ore index 38% Mn fob Port “In current markets, gearing is low and that requires higher levels
Elizabeth ($/dmtu) 2.28 -4.2% q 01 May 15
of equity and ultimately, dilution. But this package has a very
Ferro-chrome, 6-8% C, basis 60% Cr, significant equity component with certain things built into the deal
del European consumers ($/lb Cr) 0.97-1.01 0% 01 May 15
that will mitigate any further dilution,” Carroll said.
South African UG2 chrome ore concs,
basis 42% 157-161 -0.93% q 01 May 15 “The debt package is also structured in such a way that there’s no
Ferro-manganese, basis 78% Mn, del set repayment amount. There are ways we can prepay […] and we
European consumers (¤/t) 720-740 0% 01 May 15 can also make no payment in a period when things might be a bit
Ferro-manganese, basis 78% Mn, difficult or we’re operating the low grade portion of the mine.”
in-whs Pittsburgh ($/long ton) 935-950 0% 30 Apr 15 Anderson added that, as well as being potentially dilutive, trying
Silico-manganese, basis 65-75% Mn, to raise equity at the plc level has been extremely challenging.
15-19% Si, del European consumers
(¤/t) p 01 May 15
840-865 1.19%
There are also certain protections with the funding package with
Ferro-silicon, basis 75% Si, del
Oaktree, he said, under which a joint venture company known as
European consumers (¤/t) 1,200-1,250 1.24% p 01 May 15 Barruecopardo JV will be formed – in which Ormonde will have a
30% stake and Oaktree will hold 70%.
“[Those protections] are of importance if we are to have a minority
LONDON position. There are several matters dealt with in the agreement to
INTERVIEW: Ormonde Mining management ensure [we’re protected],” Anderson said.
“We will be managers of the project, which would be the technical
talk financing, fundamentals and the matters that are carried out [day-to-day]. Everything [else] would be
future agreed at a board level between the parties.”
Ormonde also has various rights with respect to any material
Following the announcement of Ormonde Mining’s finalisation of its changes to the business, and both parties have the same objective,
financing package with Oaktree Capital Management and the Carroll said, which is to “maximise value from Barruecopardo”.
rejection of the takeover offer from Almonty, Metal Bulletin caught up Oaktree and Ormonde will also work together on the stage 2
with md Kerr Anderson and corporate development manager Paul expansion of the mine, which will go beyond the Barruecopardo
Carroll. project.
The tungsten junior’s flagship Barruecopardo project in “It’s important to demonstrate that it’s not just Barruecopardo,
Salamanca, Spain, is expected to enter production by the end of 2016, which has a nine-year open pit life. There’s also significant
and the company has sought funding to bring it to that point and underground [potential],” Anderson said.
beyond. Carroll added that there are also various satellite deposits under
Shareholders had previously expressed concerns about the exploration, and there is also potential to increase throughput at
agreement with Oaktree, which Ormonde sought to assuage in Barruecopardo by operating at weekends. Doing this for a year would
March. boost production by 40%, he said.
The company must gain shareholder approval for the finalised “It would require very limited capex. There are lots of opportunities
package at a vote to take place on May 19. that deliver value with minor capex,” Carroll said.
The package “We’re leading from a technical point of view; Oaktree may have
“We set out to put together a financing package for the ideas from a strategic point of view. These things will be discussed,”
[Barruecopardo] project […] and we’ve looked at several different he added.
types of package,” Anderson said. continued ››
7 | Monday
Noble Alloys & Ores

Molybdenum Europe drummed molybdic oxide $/lb: $7.60-7.70 per Ib
from $7.70-7.80
Molybdenum US canned molybdic oxide $/lb: $7.50-7.70 per Ib from
After the EGM $7.70-7.90
Assuming shareholders vote in favour of the package, certain Ferro-Molybdenum basis 65% min, in-warehouse Rotterdam $/kg
restructuring steps will have to be taken, to be completed by the end Mo: $19.00-19.40 per kg from $19.20-19.50
of June, after which the company would continue to target Ferro-Molybdenum US free market $/Ib: $8.75-9.25 per Ib from
production at the end of 2016. $8.75-9.00
The company has already appointed Fairport Engineering to carry Ferro-Vanadium basis 78% min, free delivered duty paid: $/kg
out design work, which allows it to place equipment orders, thereby $19.50-20.00 per kg from $19.20-19.60
making the first step towards commissioning. Ferro-Vanadium US free market $/lb: $9.60-10.00 from $9.50-9.80
“There are no issues in relation to permitting. The mine concession
has been received […] that’s the key and we don’t envisage any Bulk Alloys
problem there,” Carroll said.
As for the tungsten market as a whole, the outlook is relatively Ferro-Chrome
positive, Anderson added, despite recent declines in prices. US free market low carbon 0.10% C – 62% min Cr: cents/lb: $2.08-2.11
“The fundamentals haven’t changed. We see it as a supply from per lb $2.09-2.11
dynamic. There isn’t a lot of new production out there and there’s
still growth in demand,” he said. Chrome Ore
Indeed, the low prices might help to prevent other companies South African UG2 chrome ore concs, basis 42% $/tonne: $157-161 per
from looking to enter the market, he said. tonne from $159-162
Carroll added that the company has also been reasonably well Turkish lumpy 40-42% cfr main Chinese ports: $/tonne: $215-225 per
sheltered from price declines because of a favourable euro/dollar tonne from $220-230
exchange rate. “The price is quoted in dollars and when we started
debt financing in May last year, we had a euro/dollar conversion of Manganese Ore
$1.40. Now it’s at $1.10 and it’s a 25% adjustment, which covers a 44% Mn, Cif Tianjin $/dmtu of metal contained: $3.02 from $3.03
good portion of the reduction in [APT] prices from $350 per mtu to 37% Mn, Fob Port Elizabeth $/dmtu of metal contained: $2.28 from
where they are today,” he said. $2.38
The reasoning behind this, Anderson explained, is that the
company’s cost of production is estimated at about €100 per mtu, Ferro-Silicon
which now equates to about $110, as opposed to $140. Lumpy basis 75% Si (scale pro rata) € /tonne: €1,200-1,250 per tonne
Anderson also believes the removal of export taxes from material from € 1,190-1,230
coming out of China will not necessarily put pressure on the market. US free market in-warhouse Pittsburgh lumpy basis 75%: $/lb:
“China is still taking measures to protect its domestic market and $0.88-0.92 per lb from $0.89-0.92
production. They’ve now got resource taxes coming in,” he said.
“They’re finding other ways of achieving the same objective. While Silico-Manganese
that plays out, there will be a bit of turbulence, though. People are Lumpy 65-75% Mn basis 15-19% Si (scale pro rata) € /tonne: €
trying to understand what this means for China.” 840-865 per tonne from €820-865
Carroll and Anderson both see improvements for tungsten prices US free market $/lb: $0.51-0.53 per lb from $0.51-0.52
on the horizon, and have said they take comfort from the fact that All other MB non-ferrous free market prices remain unchanged
there are “sophisticated investors” involved in projects about to
come into production.
Claire Hack LONDON
[email protected]
Twitter: @clairehack_mb
Trade log May 2015: Ferro-tungsten and
APT
LONDON The latest ferro-tungsten and ammonium paratungstate (APT)
MB NON-FERROUS PRICE CHANGES transactions, bids, offers and assessments in Europe, Vietnam and
China. Blue tungsten oxide (BTO) and yellow tungsten oxide (YTO)
The following MB non-ferrous free market prices changed on Friday deals are taken into consideration.
May 1
APT
Minor Metals 20T sale at $245
Bismuth MB free market $/Ib: $6.75-7.30 per Ib from $6.80-7.35 20T sale at $245
Cobalt MB free market high grade $/Ib: $13.50-14.40 per Ib from 100T of sales at $240-247
$13.25-14.25 Offer at $245
Germanium metal $/kg Rotterdam: $ 1,875-1,945 from $1,890-1,970 Various offers at $240-247
Indium MB free market $/kg: $480-520 per kg from $500-565 Deal heard at $248
Rhenium in warehouse Rotterdam duty paid APR catalytic grade $/kg:
$2,775-2,925 from $2,750-2,950 FeW
Titanium MB free market ferro-titanium:$/kg $5.40-5.60 from 3T sale at $34.2
$5.50-5.60 Price indication at $33.5 continued ››
8 | Monday
Price indication at $33.5-34
Copper
Price indication at $33.5-35
Price indication at $34-34.3 4th
Price indication at $34-35
LUXEMBOURG
Russian ferro-silicon exporters lose case
against EU anti-dumping duties
The European Court of Justice (ECJ) has rejected a bid by two Russian
Recycling
Conference
ferro-silicon manufacturers to lift anti-dumping duties charged on
their exports to the European Union (EU).
17-19 June 2015
Chelyabinsk Electrometallurgical Integrated Plant OAO and
Kuznetskie Ferrosplavy OAO were appealing against a refusal by the Hotel Melia Sarria, Barcelona
European Commission to review and remove the 22.7% duties,
imposed in 2008.
In 2009, the companies argued that they were no longer selling
Confirmed speakers include:
ferro-silicon at below cost price. This position was rejected by the l Miquel Garcia, Managing Director, La Farga, Spain
l Murat Bayram, Director & Head of European Non-Ferrous,
commission, which in 2011 refused to complete a review of the duties. EMR Ltd, Germany
This sparked legal action by the Russian companies, who claimed l Dan Smith, CEO, Dan Smith Commodities Research, UK
the duties were based on “a manifest error of assessment”. They also l Laura Montelatici, Scrap Procurement Manager, KME SRL, Italy
claimed that the commission and the EU Council of Ministers had l Norbert Zonneveld, Executive Secretary, EERA, Netherlands
“erred in law and exceeded their margin of discretion” under EU l Klaus Hieronymi, Chairman of the Environmental Board, Europe,
anti-dumping regulations when approving the protective duties. ME and Asia, Hewlett Packard, Germany
The ECJ has now rejected the Russian case. It ruled that, while the l Alessandro Casini, Sales Manager Refining Services – Recyclables,
Umicore Precious Metals Refining, Belgium
EU council had set the duties without agreeing an exact value of the
l Carmelo Brocato, Commercial Director, Continuus Properzi SpA, Italy
dumping carried out by these ferro-silicon producers, ministers had l Emmanouel Fountoukis, Metals Division Director, Halcor, Greece
acted within the law: “The institutions were fully entitled to refrain l Liu Jianmin, Chairman,
from precisely determining the dumping margin.” China National Resources Recycling Association, China
The companies were told to pay their own legal costs and those of l Michael Lion, Chairman & Director,
the EU council, while the commission had to pay its own costs. The Sims Metal Management Asia Ltd, China
Liaison Committee of the Ferro-Alloy Industry (Euroalliages), whose l Marc Blasco, Area Manager Spain,
Steinert Elektromagnetbau GmbH, Spain
complaints first sparked the duties, also had to pay its own costs.
Keith Nuthall Sponsor:
[email protected]
“A conference providing knowledge

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

Email: [email protected]
Web: www.metalbulletin.com/events/crc
9 | Monday
Raw materials
METAL BULLETIN’S KEY IRON ORE PRICES

cfr main China port $ per dry metric tonne
Protect yourself
against copyright
Iron ore index (62% fe) 56.18-56.18 2.48% p 30 Apr 15
Iron ore pellet index cfr Qingdao
infringement
(65% fe) 86.28-86.28 5.21% p 30 Apr 15
CHICAGO
Low iron ore prices give AK Steel an edge in
price flexibility
Metal Bulletin is taking an active stand against
Low iron ore prices are giving AK Steel an advantage over its more copyright violation.
vertically integrated competitors, according to the company’s top
executive. Protect yourself from any breaches of intellectual
The steelmaker, based in the US state of Ohio, buys about 70% of its property law by:
iron ore on the open market, chairman, president and ceo James
Wainscott said during an earnings conference call earlier this week. l Ensuring that your login details are
That shortfall was a stiff headwind in the past, but now it means
that AK Steel has a competitive advantage over companies that are
safeguarded – they are for your use only
more self-sufficient in ore, he said. l Avoiding photocopying or scanning the printed
“It’s a very good time – arguably the best time in the past decade
– to be short in terms of iron ore,” Wainscott said. The low iron ore publication or electronically circulating our
prices were, however, making life “extremely difficult” for online content
Magnetation LLC, AK’s iron ore pellet joint venture.
Magnetation LLC is owned 50.1% by Minnesota-based l Please do not assume that this is a corporate
Magnetation Inc and 49.9% by AK Steel. responsibility; you are accountable too
Magnetation LLC has retained New York-based private equity firm
Blackstone Group and New York-based law firm Davis Polk &
Wardwell as it grapples with liquidity issues.
AK Steel should continue to receive pellets from Magnetation LLC in
the short term, Wainscott said. “As for the longer term, it’s certainly
possible that the challenges faced by Magnetation LLC could result in
a temporary or permanent disruption in their supply,” he said.
Magnetation’s Plant 2, Plant 4 and its pellet plant are running well,
Magnetation told Metal Bulletin sister title AMM on Thursday April 30.
“We fully expect to continue to supply AK Steel under our long-term
agreement,” it said.
The company also confirmed that it is still working with Blackstone
Group and Davis Polk “in evaluating alternatives to improve liquidity
and improve our capital structure”.
Should supplies from Magnetation LLC cease, AK Steel could source
pellets from “existing or new” third-party suppliers or purchase and
reroll slab, Wainscott said. If you are in any doubt, please contact:
The steelmaker does not expect any potential ore supply Richard O’Donoghue
disruption to affect its customers. Wainscott did not reveal who those
[email protected]
possible third-party providers might be, but he made it clear that AK
+44 (0) 20 7779 8938
Steel had no intention of buying Magnetation LLC. “We do not have
any intention of buying that asset. We’ve looked at it, and it really For Asia contact:
doesn’t make sense for us,” he said. Ben Johnstone
AK Steel also is not required to provide any additional capital to [email protected]
Magnetation LLC or to guarantee any of its obligations, cfo Roger +61 3 5222 6154
Newport said.
AK Steel has reported a first-quarter net loss of $306.3 million, with
$256.3 million of that amount stemming from an impairment charge
related to its stake in Magnetation LLC, which recovers iron
concentrates from tailing basins.
This report was first published by American Metal Market www.metalbulletin.com
[email protected]
10 | Monday
Minor & precious metals
Deal heard at about $13.75

Deal heard at $13.20
High-grade
Small sale at about $14.25
About 5 tonnes at about $14.40
METAL BULLETIN’S KEY MINOR METAL PRICES Total volume of all trades confirmed since previous pricing session: 18
Price Change† Assessed tonnes
Antimony, ingots (regulus), in-whs Fleur Ritzema
Rotterdam ($/t) 8,800-9,000 0% 01 May 15 [email protected]
Antimony, MMTA standard grade II, Twitter: @FleurRitzema_MB
in-whs Rotterdam ($/t) 8,750-8,900 0% 01 May 15
Bismuth, min 99.99% Bi, in-whs
Rotterdam ($/lb) 6.75-7.30 -0.71% q 01 May 15
LONDON
Cobalt (low-grade) in-whs Rotterdam
($/lb) 13.20-14.20 0% 01 May 15 Trade log May 2015: Cobalt
Cobalt (high-grade) in-whs Rotterdam
($/lb) 13.50-14.40 1.82% p 01 May 15 Cobalt log based on trades, bids and offers confirmed to Metal
Indium, min 99.99% In, in-whs Bulletin. Unless otherwise stated, all prices are per lb on an
Rotterdam ($/kg) 480-520 -7.83% q 01 May 15 in-warehouse basis. Delivered prices are netted back.
Manganese flake, in-whs Rotterdam
($/tonne) 1,900-1,950 0% 01 May 15 May 1
Selenium, min 99.5% Se, in-whs
Rotterdam ($/lb) 17.50-21.50 0% 01 May 15
Low-grade
Tellurium, min 99.9% Te, in-whs
($/kg) 92.50-112.50 0% 01 May 15 About 5 tonnes at about $14.15
LONDON About 5 tonnes at about $14.20
MARKET SNAPSHOT: Cobalt price strength Offer at about $13.75
remains but consumers favour long-terms Deal heard at about $13.75
Key data from May 1 pricing session. Deal heard at $13.20
Key drivers High-grade

Spot market remains quiet as consumers seek to purchase on formula Small sale at about $14.25
or long-terms. About 5 tonnes at about $14.40
Lower offer prices which had been available mid-week Total volume of all trades confirmed since previous pricing session: 18
disappearing. tonnes
Some low-grade still available at $13.20, but sellers increasingly Fleur Ritzema
reluctant to sell cheaply. [email protected]
Twitter: @FleurRitzema_MB
Key quotes
“There’s nothing happening on spot. We’d rather use our flexibility
on long-terms instead of buying on spot.” – Consumer
“Consumers have been declaring max [on long-term contracts]
and more. Their sales have improved. For the most part, it’s related
to demand.” – Producer.
“Our approach has been to be reserved. We think it’s going up.
Why bother selling in the $13s? We’ve been taking minimal volumes
in the $14s in April, and have continued to miss business in the $13s.
We’ll leave that to traders or sleepy producers.” - Trader
Trade log
May 1
Low-grade
Offer at about $13.75
11 | Monday
METAL BULLETIN’S KEY SEMI-FINISHED STEEL PRICES
Carbon steel

Slab, CIS exports (fob stowed main
Black Sea port) ($/t) 295-315 -3.17% q 27 Apr 15
Slab, Latin American exports (fob
stowed main Latin America port) ($/t) 295-310 0% 01 May 15
METAL BULLETIN’S KEY STEEL LONG PRODUCT PRICES
Billet, CIS exports (fob stowed main
Price Change† Assessed Black Sea port) ($/t) 365-370 0% 27 Apr 15
Rebar, China export (fob main China Billet, Turkish exports (fob main
port) ($/t) 350-360 4.41% p 01 May 15 Turkish port) ($/t) 400-420 3.8% p 30 Apr 15
Rebar, EU import (cfr main EU port, Billet, Turkish imports (cfr main
northern Europe) (¤/t) 400-420 0% 29 Apr 15 Turkish port) ($/t) 380-385 0.66% p 30 Apr 15
Rebar, EU import (cfr main EU port, Billet, UAE imports (cfr Jebel Ali)
southern Europe) (¤/t) 400-420 0% 29 Apr 15 ($/t) 360-370 0% 28 Apr 15
Rebar, CIS exports (fob stowed main Billet, Latin American exports (fob
Black Sea port) ($/t) 380-395 -1.27% q 27 Apr 15 stowed main Latin America port)
Rebar, Turkish exports (fob main ($/t) 400-420 0% 01 May 15
Turkish port) ($/t) 460-465 2.21% p 30 Apr 15 Billet, Indian exports (fob main
Rebar, UAE imports (cfr Jebel Ali) India port) ($/t) 405-410 0% 01 May 15
($/t) p 28 Apr 15
440-450 1.71%
Rebar, US imports (cfr Gulf) ($/short
ton) 410-410 0% 01 May 15 CHICAGO
Rebar, Latin America exports (fob
stowed main Latin American port) ($/t) 500-510 0% 01 May 15
Labour costs threaten viability of US steel
plants, ArcelorMittal says
METAL BULLETIN’S KEY STEEL FLAT PRODUCT PRICES
Price Change† Assessed ArcelorMittal must slash its US labour costs if its domestic operations
HRC, EU imports (cfr main EU port, are to remain “viable” amid a surge of low-cost imports and fierce
northern Europe) (¤/t) 370-380 0% 29 Apr 15
competition in key automotive markets, a top company executive
HRC, EU imports (cfr main EU port,
southern Europe) (¤/t) 380-390 -3.75% q 29 Apr 15
said.
The steelmaker is grappling with aluminium producers in the
HRC, CIS exports (fob stowed main
Black Sea port) ($/t) 350-385 -1.34% q 27 Apr 15 automotive arena and increasingly with mini-mills, according to
HRC, UAE imports (cfr Jebel Ali) Andrew Harshaw, president and ceo of ArcelorMittal USA Flat Carbon.
($/t) q 28 Apr 15
375-410 -3.68% Harshaw pointed to the fact that Nucor, a non-union mini-mill, is
HRC, Turkish imports (cfr main making exposed panels for Munich-based BMW, and Steel Dynamics
Turkish port) ($/t) 370-380 -0.66% q 01 May 15 Inc (SDI), another non-union shop, was also competing for this kind
HRC, Latin America exports (fob of business as the US automotive industry increasingly leaves
stowed main Latin American port) ($/t) 400-420 -1.2% q 01 May 15
traditional hubs in the Midwest for greener pastures in the south-
HRC, commodity grade, US imports
(cfr Gulf port) ($/short ton) 390-420 0% 01 May 15
east.
“We can only compete with import pressures, outpace competing
HRC, China export (fob main China
port) ($/t) 360-365 0% 01 May 15 materials and rival mini-mill production by assessing all of our costs
CRC, EU imports (cfr main EU port, and ensuring that every facility is operating in the most efficient
northern Europe) (¤/t) 440-450 -0.56% q 29 Apr 15 manner possible,” Harshaw said.
CRC, EU imports (cfr main EU port, Labour makes up 38% of the cost of turning raw materials into
southern Europe) (¤/t) 450-460 -2.15% q 29 Apr 15 finished steel. And labour costs for union-represented employees at
CRC, CIS exports (fob stowed main Chicago-based ArcelorMittal USA have been more than $2.1 billion
Black Sea port) ($/t) 430-455 0% 27 Apr 15
since 2008, even as average steel selling prices have been sliced in
CRC, UAE imports (cfr main Jebel
Ali) ($/t) 450-455 -10.4% q 28 Apr 15
half over the same period, he said.
ArcelorMittal has about 13,252 unionised employees in the USA who
CRC, Turkish imports (cfr main
Turkish port) ($/t) 450-460 -3.29% q 01 May 15 cost the company around $164,156 per year once wages and benefits
CRC, Latin America exports (fob are taken into account, Harshaw said. That’s about 38% more than
stowed main Latin American port) ($/t) 510-540 0% 01 May 15 the $118,993 per year its 3,931 salaried employees cost, he said.
CRC, US imports (cfr Gulf) ($/short “We are operating at a labour cost disadvantage compared with
ton) 500-540 0% 01 May 15 our competition, as well as [to] other US manufacturers and private
CRC, China export (fob main China companies, both union and non-union,” Harshaw said.
port) ($/t) 415-420 -1.18% q 01 May 15
“[Maintaining the] status quo is not a sustainable option if we
CRC, 1mm and below, China import
(cfr main China port) ($/t) 720-730 0% 27 Feb 15
expect to remain viable,” he added.
As labour costs – especially those for union workers – have
continued to rise, integrated steelmakers have seen their market
share fall from 72% in 1980 to 37% today, Harshaw said.
And even integrated producers, such as Pittsburgh-based US Steel,
are looking to boost electric-arc furnace capabilities, he added.
Harshaw’s comments come ahead of potentially contentious
contract negotiations with the United Steelworkers union (USW) this
summer.
continued ››
12 | Monday
Steel flows at the port’s public docks totalled 667,000 short tons
during the month, compared with 253,000 tons in March 2014. The
data does not break down imports and exports.
The rise in steel volumes represented by far the largest year-on-
The USW’s labour contracts with three major steelmakers – year percentage increase of all cargoes handled at the port’s docks
ArcelorMittal, US Steel and Allegheny Technologies Inc (ATI), along during March, including both bulk and general cargo.
with iron ore mining company Cliffs Natural Resources, are set to However, the port’s containerised business still outweighs its steel
expire over the course of this year. trade. General cargo, which includes containers and automobiles,
The USW will be hosting its Basic Steel Industry Conference in rose by 30.6% to 2.63 million tons in March from 2.01 million tons a
Pittsburgh next week, a union spokesman said, adding that topics year earlier.
expected to be debated include trade issues and upcoming contract In 2014, Houston’s public docks handled a record 6.6 million tons
negotiations. of steel, a figure that excludes tonnage at four private docks.
“The USW has no comment on the accuracy of publicly distributed The port’s Barbours Cut and Bayport container terminals were
pre-negotiation propaganda from ArcelorMittal,” David McCall, particularly busy in March, with a combined 40% more loaded
director of USW’s District 1, which includes Ohio, told Metal Bulletin containers handled compared with the same month last year, port
sister publication AMM on Thursday April 30. McCall chairs executive director Roger Guenther said, noting that the healthy flows
negotiations with ArcelorMittal. were achieved despite a ship channel closure during the month.
This report was first published by American Metal Market The Port of Houston Authority also broke another record for
[email protected] monthly revenue in March, he said, without disclosing the amount.
For the first quarter of 2015, steel imports at the port exceeded
projections, rising by more than 66% from a year earlier, Guenther
DNEPROPETROVSK said.
Merger with Viohalco will give steelmaker However, steel volumes are expected to taper off in the coming
months, he added, citing talks at the Steel Roundtable event held by
Sidenor necessary financial support the port authority in March.
The authority’s commission also awarded a $3 million contract
Belgian metals processor Viohalco and Greek steelmaker Sidenor, toward a study aimed at improving three major ship channels,
neither of which has any current production activity, have merged, Guenther said, and approved a long-term strategic plan covering the
Viohalco announced on Wednesday April 29. next decade and beyond.
The aim of the merger was to strengthen the capital structure of This report was first published by American Metal Market
Sidenor’s steel-producing units in Greece and to allow them better [email protected]
access to the international capital and money markets.
During the Greek financial crisis, two of Sidenor’s steel plants – in
Thessaloniki and Almyros – accumulated significant losses, mainly CHICAGO
due to the dramatic collapse of the construction sector. The merger
will help to provide immediate aid and long-term financial support
US Steel Canada seeks longer creditor
for these units through the investment of capital raised outside protection
Greece.
Despite the substantial losses, both Sidenor’s plants made US Steel Canada plans to seek a stay from its creditors until September
investments and took measures to rationalise their production costs, 11 as it continues to look for buyers for its operations and property.
and to increase productivity and competitiveness. However, the The steelmaker, based in Hamilton in the Canadian province of
dramatic lack of liquidity that the steelmaker faced offset any positive Ontario, will make an official motion for the extension on May 7,
effects arising from those measures. according to documents filed in the Ontario Superior Court of Justice.
The capital flow after the merger will support production, increase An earlier stay is set to expire on May 15.
exports and help to maintain jobs at the plants in Thessaloniki and The company is trying to sell its Hamilton Works in Hamilton, and
Almyros. its Lake Erie Works in Nanticoke, Ontario, either together or
The first tranche of €25 million ($27.6 million) of new capital, separately. Non-binding letters of interest are due by May 20.
primarily drawn from Viohalco’s capital reserves, will be invested in US Steel president and ceo Mario Longhi was noncommittal when
the two plants through share capital increases in Sidenor, an analyst asked during an earnings conference call whether the
immediately after the completion of the merger. steelmaker might be interested in acquiring part or all of US Steel
The merger process is expected to be concluded in July 2015. Canada.
Maria Tanatar “It’s deconsolidated. They are going through their motions in
[email protected] order to resolve the situation. We’ll see how that goes and we’ll keep
our eye on it,” Longhi said.
US Steel Canada, which has an annual steelmaking capacity of
ATLANTA about 2.6 million tons and employs about 2,000 people, is receiving
Steel cargo volumes surge in March at port debtor-in-possession financing from US Steel Holdings, a subsidiary
of US Steel.
of Houston in USA This report was first published by American Metal Market
[email protected]
Steel cargo volumes handled by the Port of Houston Authority in the
US state of Texas more than doubled in March compared with the
corresponding month last year, port data has revealed.
continued ››
13 | Monday
In addition, domestic prices for HRC in Southern Europe have been

supported by limited availability.
Italy’s Ilva has not resumed trading HRC owing to reduced
production volumes.
NEW YORK “Ilva is focused on sales [in Italy] of CRC and hot dipped galvanized
TMK’s US subsidiary raises linepipe prices coil [HDG], so the mill re-rolls all its HRC instead of selling it on the
spot market,” an Italian trader said.
by $30 per ton “Arvedi [in Italy] is not really keen on selling commodity-grade
HRC. Arvedi operates on scrap, so commodity coils are less
US pipemaker TMK Ipsco will increase prices for welded line pipe by profitable,” another source said.
$30 per ton ($1.50 per hundredweight) on orders for production and Steel First’s weekly base price assessment for domestic HRC in
shipment after June 1, it has announced. Southern Europe stood unchanged on Thursday at €410-430
“Pending contracts are subject to review and possible revision,” ($452-474) per tonne ex-works.
the Texas-based company, a subsidiary of Russia’s OAO TMK, said in a Buying activity in Northern Europe has slightly improved over the
letter to customers on Wednesday April 29. week. The pick-up was partially supported by limited availability of
Domestic US flat-rolled steelmakers increased their prices by at HRC in Italy, as buyers from Southern Europe have been seeking
least $20 per ton ($1 per cwt) earlier this week. replacements for missing volumes from other EU countries.
This report was first published by American Metal Market The base price assessment for domestic HRC in Northern Europe
[email protected] was also stable over the week at €400-420 per tonne ex-works.
Steel First’s weekly price assessment for CRC in Southern Europe
was €470-480 per tonne ex-works, unchanged week-on-week.
NEW YORK The price assessment for CRC in Northern Europe was also steady at
AK Steel quick to benefit from removal of €470-500 per tonne ex-works.
Steel First’s weekly domestic base price assessment for HDG in
Chinese import duty Southern Europe was €470-490 per tonne ex-works, again steady
over the week.
US steelmaker AK Steel is already reaping benefits from the recent Ilva was reported to have sold some small quantities of HDG at
removal of import duties on its electrical steel products going into €420 per tonne ex-works. The price was not included in the
China, according to the company’s top executive. assessment because “the price is that low only because Ilva needs to
“Having been zoned out of there, we were delighted to get the compensate for its high extras [by providing] thinner gauges”,
recent ruling and to receive some calls from Chinese customers – and according to a trader.
we’ve already taken orders,” chairman, president and ceo James “Buyers have no confidence in Ilva after all the delivery delays they
Wainscott said during a recent conference call. have faced. Even the low price did not result in many deals,” another
“I wouldn’t want to put an order of magnitude as to how much source added.
and how fast that might grow grow, but they’re thrilled to have us The HDG assessment in Northern Europe was €480-500 per tonne
back and we’re thrilled to serve their needs,” he added. ex-works, also unchanged week-on-week.
China’s Ministry of Commerce recently allowed duties against Maria Tanatar
imports of grain-oriented electrical steel (GOES) from the USA to [email protected]
expire.
Meanwhile, potential duties on US imports of electrical steel into
Europe are less of an issue for the steelmaker, based in the US state of BURSA
Ohio.
“It’s really not a huge concern of ours. We have a fairly full order
Turkish long steel export prices rise on
book through the second quarter [of 2015] and are involved in higher raw material costs
opening the book for the third quarter,” Wainscott said. “And our
business on the international side is really shifting outside of Europe Turkish long steel export prices continued to climb this week in line
to [such regions as] India, the Middle East, Turkey and China.” with rising scrap and billet prices and some demand from Egypt and
Kuwait, sources said on Thursday April 30.
Metal Bulletin sister title Steel First’s weekly price assessment for
DNEPROPETROVSK rebar exports out of Turkey was $460-465 per tonne fob, which was
EU domestic coil prices steady despite $10 per tonne higher than last week’s $450-455 per tonne.
A steel producer in the Marmara region was heard selling some
decline of import offers 15,000-20,000 tonnes of rebar to Kuwait at $460 per tonne fob on an
actual weight basis, Steel First was told.
Domestic prices for steel coil products in Europe have been stable Turkish mills’ current rebar offers were $465-470 per tonne fob,
over the past week, despite cheap offers of imported material, while they received further bids from Egypt and Kuwait at levels as
sources said on Thursday April 30. high as $460 per tonne fob.
Prices for imported hot rolled coil (HRC) and cold rolled coil (CRC) “The market has strengthened in line with rising raw material
have declined on average by €10 per tonne over the past week. costs. Rebar prices could increase further if scrap prices continue to
However, lower offer prices from overseas suppliers failed to boost rise. However, the market should weaken when [the Islamic holy
buying interest in Europe owing to the long delivery times for month of] Ramadan starts,” a source at a mill in Istanbul said.
imported material, sources told Metal Bulletin sister title Steel First on The daily index for Northern Europe-origin HMS 1&2 (80:20) closed
Thursday April 30. at $269.58 per tonne cfr on April 29, up from $260.28 per tonne on
April 22. continued ››
14 | Monday
week ago, while the weekly price assessment for billet exports out of
Turkey was $400-420 per tonne fob, up from $390-400 per tonne.
However, there was no demand for Turkish billet in the export
markets as its prices are not competitive with CIS and Chinese
Wire rod and merchant bar export prices followed a similar trend material, Steel First was told.
this week. Cem Turken
Steel First’s weekly price assessment for merchant bar exports out [email protected]
of Turkey was $490-500 per tonne fob, which was $10 per tonne
higher than the $480-490 per tonne heard last week.
However, merchant bar producers expect no further increases as
demand is very sluggish. Only a few customers were bidding at
$480-490 per tonne fob, while producers were asking $500-510 per
tonne fob, Steel First heard.
The weekly price assessment for wire rod exports was $475-485 per
tonne fob, up from $470-475 per tonne last week.
Cem Turken
[email protected]
BURSA
Turkish domestic rebar, wire rod prices rise
on stronger demand
Turkish domestic rebar and wire rod prices continued to rise with
improving demand and rising raw material costs, sources said on
Thursday April 30.
domestic rebar was $468-478 per tonne ex-works, up $18 per
tonne from last week’s $452-459 per tonne.
Demand from the construction sector strengthened as investments
were accelerated before the general elections in June, sources said.
Rebar prices in the Izmir region stood at $468-475 per tonne
ex-works, while Istanbul prices were $478-481 per tonne and local
prices in Karabuk were $468-471 per tonne ex-works.
Domestic wire rod prices also increased in line with the rebar
market this week.
Steel First’s weekly assessment for domestic wire rod was $480-490
per tonne, up by $10 per tonne from $470-480 per tonne a week ago.
Cem Turken
[email protected]
BURSA
Turkish billet import price strengthens on
higher scrap costs
The Turkish billet import market pushed up in line with rising
imported scrap prices this week, sources said on Thursday April 30.
billet imports into Turkey was $380-385 per tonne cfr, which was $3
per tonne up from last week’s $375-385 per tonne.
Billet offers from CIS suppliers were heard at $385 per tonne cfr for
the Izmir region and $390 per tonne cfr for Iskenderun region, while
buyers were not bidding any higher than $380 per tonne cfr this
week, sources told Steel First.
Chinese billet suppliers returned to the Turkish market and sold
some 40,000 tonnes of billet to a steel mill in the Marmara region
and further cargoes to an Iskenderun mill at $365-370 per tonne cfr,
sources said.
Steel First’s weekly price assessment for domestic billet was
$410-425 per tonne ex-works, up from the $400-415 per tonne a
15 | Monday
NEW YORK
USA’s Universal Stainless returns to profit
Stainless & special steels in Q1 2015
US speciality steelmaker Universal Stainless & Alloy Products returned
to profitability in the first quarter of 2015 on increased sales to all of
METAL BULLETIN’S KEY STAINLESS STEEL PRICES its end-user markets.
Price Change† Assessed The Pennsylvania-based company reported net income of $125,000
Grade 304 HR Sheet, Asia import (cif for the three months ended March 31, compared with a net loss of
East Asian port) ($/t) 1,980-2,100 0% 01 May 15 $499,000 in the corresponding period last year, on sales that climbed
Grade 304 2mm CRC, 2B Asia import by 20% to nearly $56 million.
(cif East Asian port) ($/t) 2,100-2,200 0% 01 May 15 “Despite our top-line growth, the substantial drop in commodity
Grade 304 2mm CR sheet EU export prices and resulting misalignment of surcharges with material cost of
(fob N European port) (¤/t) 2,255-2,363 0% 01 May 15
products shipped in the quarter took a sharp toll on our gross
margin,” chairman, president and ceo Dennis Oates said.
“While soft commodity prices may persist for a few more months,
LONDON our surcharges and material costs are expected to become better
European stainless steel base prices hold aligned by the second half of the year,” he added.
Sales to the oil and gas sector in the first quarter rose by 43.6%
steady in quiet market year-on-year to $6.1 million, although low oil prices created a
headwind for the sector.
Base prices for stainless steel delivered domestically in Europe were “Looking forward, our end-markets of aerospace, power
stable week-on-week on Friday May 1 as most market participants generation and heavy equipment remain positive,” Oates said. “At
had shortened working weeks to allow for Labour Day celebrations. the same time, there is increasing industry-wide concern about the
Metal Bulletin sister title Steel First’s base price assessment for effect on demand of the drop in the price of oil, which will pose
grade-304 2mm cold rolled (CR) stainless sheet stood at €1,050-1,090 challenges as we move through 2015.”
($1,171-1,216) per tonne delivered in Europe, unchanged from the Premium alloy sales in the first quarter jumped by 86.8% to $5.04
previous week when the price dropped. million from nearly $2.7 million a year earlier.
Official prices for the material were heard higher, at €1,070-1,110 Universal Stainless performs vacuum induction melting (VIM) at its
($1,194-1,238) per tonne, but producers also sold at discounts for unit in Ohio, which it acquired in 2011.
prices that could be as low as €1,030 ($1,149) per tonne, according to a The company’s deliveries totalled 9,892 tons in the first quarter, up
distributor. by 6.1% from 9,325 tons in the first three months of 2014. Service
Steel First’s European price assessment for grade-316 2mm CR centres remained the company’s largest customer segment, with
stainless sheet also held steady since last week’s drop at €1,350-1,390 sales climbing by 29.9% to $37.4 million from $28.8 million.
($1,506-1,551) per tonne delivered on Friday. Sales to original equipment manufacturers (OEMs) surged by 77.3%
On the long products side, Steel First’s assessment for grade-304 to $6.95 million in the first quarter, while sales to the forging industry
bright bar prices was also unchanged at €850-900 ($948-1,004) per fell by 39.1% year-on-year to $3.89 million.
tonne, after dropping last week from a level maintained since May Stainless steel remained the company’s principal materials
2014. segment in the first quarter of 2015, with sales increasing by 21.2% to
On the raw materials side, Steel First’s weekly stainless steel raw $44.4 million from $36.6 million last year.
materials index, based on a typical grade-304 slab from European High-strength, low-alloy steel sales jumped by 39.1% to $5.3
mills, rose by $22.89 to $1,348.79 per tonne on April 27. million in the same comparison, while high-temperature alloy steel
Outokumpu’s daily alloy surcharge for grade-304 flat stainless steel sales increased by 16.2% to $1.4 million.
products stood at €1,274 ($1,421) per tonne on May 1, up by €28 ($31) per This report was first published by American Metal Market
tonne from April 24. [email protected]
The Finnish company’s daily alloy surcharge for grade-316 flat
products was €1,813 ($2,023) per tonne on Friday, up by €22 ($25) per
tonne in the same comparison.
In related news, Robert Fig of the London Metal Exchange,
speaking at Metal Bulletin’s International Nickel Conference in
London this week, called on the stainless steel industry to move from
the alloy surcharge mechanism to exchange-based hedging to
efficiently manage raw materials risks.
Meanwhile, Outokumpu reported strong earnings growth in the
first quarter of 2015 on improvements in its European business, and
expected stainless deliveries in the region to increase in the second
quarter.
Nina Nasman
[email protected]
Twitter: @NNasman_SF
16 | Monday
Imported 18/8 stainless steel turnings prices were assessed at

Scrap & secondary
€1,040-1,065 ($1,160-1,188) per tonne cif main European port,
calculated at an average 85% of the solids price.
Antonio Peciccia
METAL BULLETIN’S KEY FERROUS SCRAP PRICES
[email protected]
MB Index CFR Turkey HMS 1&2 (80:20)
(North Europe material) 269.58 3.57% p 30 Apr 15
LONDON
HMS 1&2 ferrous scrap index (80:20)
fob Rotterdam ($/t) 246.37 0.86% p 24 Apr 15 MB NON-FERROUS EUROPEAN SCRAP PRICE
METAL BULLETIN’S KEY NON-FERROUS SCRAP PRICES
CHANGES
The following MB non-ferrous European free market scrap prices
Alumiminium scrap, group 1 pure 99%
Al & litho, del UK (£/t) 1,160-1,200 0% 29 Apr 15
changed on Friday May 1:
Aluminium scrap, cast aluminium
wheels, del UK (£/t) 1,240-1,300 2.42% p 29 Apr 15 Aluminium Ingot
Aluminium scrap, commercial pure Duty paid delivered works pressure diecasting ingot price (DIN226/
cuttings, del UK (£/t) 1,000-1,050 0% 29 Apr 15 A380): €2,080-2,140 per tonne from €2,070-2,135
All other MB non-ferrous European free market scrap prices remain
unchanged
LONDON
UK, EU stainless scrap market bullish on BURSA
high demand, nickel price leap DAILY SCRAP REPORT: Turkish mills hold back
Prices for 18/8 alloy stainless steel scrap solids rose further this week from deep-sea scrap market on firm prices
in both Europe and the UK on stronger demand from mills and higher
nickel prices, sources told Metal Bulletin sister title Steel First on Friday Steel First’s daily Turkey import scrap indices remained flat on
May 1. Thursday April 30 as no significant deep-sea trading was heard in the
In the UK, prices rose for the third consecutive week, with Steel market.
First’s price assessment for 18/8 stainless steel scrap solids moving up The Metal Bulletin sister title’s daily index for Northern Europe-
by £10-20 ($15-30) to £820-860 ($1,263-1,324) per tonne. origin HMS 1&2 (80:20) closed at $269.58 per tonne cfr, unchanged
However, one market source reported deals concluded as high as day-on-day.
£880 ($1,355) per tonne. The daily USA-origin index closed at $277.29 per tonne cfr, also
“People are waiting for prices to get to £900 [$1,386 per tonne], but unchanged day-on-day.
we are not paying that price yet,” the same source said. This put the premium for USA-origin HMS 1&2 (80:20) material over
The market trend was mainly related to healthy demand from mills Northern European scrap at $7.71 per tonne on April 30.
for May and possibly June, sources said, as well as limited availability The market went quiet after prices increased significantly last
of material. week, when Turkish mills were booking deep-sea cargoes from
“Things are looking quite promising,” the first source said. “Mills various sources.
have increased by 5% the percentage they pay for nickel.” The most recent deep-sea trades were heard on April 28.
“[The mills] need more tonnages and they could not find enough A steel producer in the Izmir region booked a Baltic Sea cargo,
at the old prices,” a second source said. comprising 17,000 tonnes of HMS 1&2 (80:20) at $277 per tonne, 20,000
Higher nickel prices have contributed to the rise in stainless scrap tonnes of shredded at $282 per tonne and 4,000 tonnes of P&S (plate
prices, although the sterling-dollar exchange rate and the supply- and structural) at $287 per tonne cfr.
demand situation have partially offset the effect of the leap in nickel A steel mill in Iskenderun also booked a Baltic Sea cargo,
prices. comprising 18,000 tonnes of shredded at $279.50 per tonne and
The three-month official bid/offer spread for nickel on the London 10,000 tonnes of A4 auto bundle scrap at $284.50 per tonne cfr.
Metal Exchange jumped to $13,875-13,880 per tonne on April 30, up Baltic Sea-origin HMS 1&2 (80:20) usually trades at a $10 premium
by $1,255-1,275 per tonne week-on-week. over similar Northern Europe-origin material.
“This rise has been tempered by the fact that the short-supply Cem Turken
situation had already inflated prices inadvertently,” a third source [email protected]
said.
Prices for domestic 18/8 alloy steel turnings in the UK were assessed
at £695-730 ($1,070-1,124) per tonne delivered, calculated at an
average 85% of the solids price.
UK prices for non-austenitic solids were unchanged at £180-190
($277-293) per tonne for 16-17% chromium solids, and £160-170
($246-262) per tonne for 12-13% chromium solids.
European import prices followed the same trend as in the UK
market, with Steel First’s price assessment for imported 18/8 alloy
steel solids rising to €1,225-1,255 ($1,367-1,400) per tonne cif main
European port, from €1,175-1,220 ($1,311-1,361) one week earlier.
17 | Monday
4
00May 2015 | Metal
Xxxxxxxxxx Bulletin
20xx | MetalDaily | Number
Bulletin Daily 9405.1
| Number 9xxx.1 Copyright © 2002-2015 Metal Bulletin
Infographic
Indices % change (May 1 vs 7 days earlier) Cost structure (May 1)
ALUMINA INDEX FOB AUSTRALIA +0.17% ALUMINIUM STANDARDISED TO P1020

IN-WHS ROTTERDAM ($/T)
CHARGE CHROME INDEX

50% CR CIF SHANGHAI ($/LB CR) 0% PREMIUM
$103.30
–0.33% MANGANESE ORE INDEX 44%
MN CIF TIANJIN ($/DMTU) 5.10%
–2.10% MANGANESE ORE INDEX 37%

MN FOB PORT ELIZABETH ($/DMTU)
HMS 1&2 FERROUS SCRAP INDEX

(80:20) CFR ROTTERDAM ($/T) +0.86%
HMS 1&2 FERROUS SCRAP INDEX
(80:20) CFR TURKEY ($/T) +3.57%
Top 5 stories on metalbulletin.com European ferro-vanadium is at a six-year low. Where TOTAL
will delivered duty-paid prices be at the end of April? $2,024.80
Rolling LME/SHFE price report 30/4: Strong day Below $18.80 – they’re Above $20.00 – the
for nickel and copper as weaker dollar pushes falling off a cliff only way is up!
metals
ASIAN MORNING BRIEF: Key news on April 30
38% 19% PRICE
DAILY SCRAP REPORT: Turkish steel mills remain
$19.50-20.00 $1,921.50
active in deep-sea markets
6% 94.90%
$19.20-19.50
EUROPEAN MORNING BRIEF: Key updates on
April 30 11%
$19.00-19.20
MILLING ABOUT: Cobalt veteran Southgate $18.80-19.00
to rejoin the trade at BTG Pactual 9% 17%
Aluminium: LME price and premium since the beginning of 2015
$500 $2,000
$400 $1,900
$300 $1,800
$200 $1,700
LME three-month official price (high), $ per tonne
$100 LME three-month premium P1020A in-warehouse Rotterdam duty-paid (low), $ per tonne $1,600
2 January 30 April
MB dailies for the past week April 2015 issue of MB
For coverage of the base metals

market, sign up to Metal Bulletin’s Monday
free weekly newsletter!
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18 | Monday
Prices
Price Change Assessed
Copper Grade A $
LME Cash official 6,361.5-6,362.0 5.58% p 01 May 15
For the latest prices go to http://www.metalbulletin.com/My-price-book.html
LME Cash unofficial 6,309.0-6,311.0 6.34% p 30 Apr 15
NEW YORK FUTURES LME 3 months official 6,354.0-6,355.0 5.39% p 01 May 15
METAL BULLETIN’S KEY ALUMINIUM PRICES
Price Change† Assessed LME 3 months unofficial 6,283.0-6,285.0 5.95% p 30 Apr 15
(Comex) Copper high grade cents/lb LME Tapo Notional Average price
(NAP) 6,017.08 0.15% p 29 Apr 15
Settlement 288.65 6.99% p 30 Apr 15
LME Stocks (tonnes) 339,625 0.58% p 30 Apr 15
Open interest 163,009 2.54% p 29 Apr 15
Stocks (short ton) 23,674 -2.49% q 29 Apr 15 Lead $
(Comex) Gold $/troy oz
Settlement 1,182.40 -1% q 30 Apr 15
LME 3 months official 2,135.0-2,135.5 3.78% p 01 May 15
Open interest 412,396 1.36% p 29 Apr 15
LME 3 months unofficial 2,093.0-2,095.0 3.25% p 30 Apr 15
Stocks (troy oz) 7,789,006 -1.56% q 29 Apr 15
LME Stocks (tonnes) 171,575 -6.74% q 30 Apr 15
(Nymex) Palladium $/troy oz
Nickel $
Settlement 776.50 0.9% p 30 Apr 15
LME Cash official 13,755-13,760 7.02% p 01 May 15
Stocks (troy oz) 153,750 -16.01% q 29 Apr 15
LME Cash unofficial 13,770-13,800 9.56% p 30 Apr 15
(Nymex) Platinum $/troy oz
LME 3 months official 13,800-13,810 6.89% p 01 May 15
Settlement 1,157.50 1.87% p 30 Apr 15
LME 3 months unofficial 13,800-13,830 9.4% p 30 Apr 15
Stocks (troy oz) 130,095 -0.49% q 29 Apr 15
(Comex) Silver cents/troy oz
Tin $
Settlement 1,612.40 1.9% p 30 Apr 15
LME Cash official 16,150-16,200 3.39% p 01 May 15
Open interest 179,953 -2.89% q 29 Apr 15
LME Cash unofficial 16,070-16,170 4.03% p 30 Apr 15
LME 3 months official 16,175-16,225 3.55% p 01 May 15
SHANGHAI FUTURES
LME 3 months unofficial 16,100-16,200 4.03% p 30 Apr 15
Aluminium yuan/tonne 13,280 0.49% p 30 Apr 15
Zinc Special High Grade $
Copper yuan/tonne 44,440 2.92% p 30 Apr 15
Zinc yuan/tonne 16,985 2.69% p 30 Apr 15
Weekly Stocks Deliverable
LME 3 months official 2,334.0-2,337.0 5% p 01 May 15
Aluminium (tonnes) 256,915 3% p 24 Apr 15
Copper (tonnes) 208,285 -9.77% q 24 Apr 15
Zinc (tonnes) 157,192 0.34% p 24 Apr 15
Cobalt min 99.3%
DAILY METAL AND STEEL LME Cash official 30,100-30,300 1% p 01 May 15
London forward “LME settlement prices. All prices per tonne, unless otherwise stated, in LME 3 months official 30,200-30,400 1.34% p 01 May 15
LME warehouse, EU duty, if any paid for buyers account.” LME Stocks (tonnes) 465 0% 30 Apr 15
Price Change† Assessed Molybdenum $
Aluminium High Grade $ LME Cash official 16,750-17,250 0% 01 May 15
Cash official 1,918.0-1,919.0 4.85% p 01 May 15 LME 3 months official 16,750-17,250 0% 01 May 15
Cash unofficial 1,918.5-1,920.5 7.23% p 30 Apr 15 LME Stocks (tonnes) 120 0% 30 Apr 15
3 months official 1,921.0-1,921.5 6.23% p 01 May 15 Steel Billet
3 months unofficial 1,916.0-1,918.0 8.34% p 30 Apr 15 LME Cash official 290.0-300.0 0% 01 May 15
LME Tapo Notional Average price LME Cash unofficial 290.0-300.0 -0.17% q 30 Apr 15
(NAP) 1,812.26 0.64% p 29 Apr 15 LME 3 months official 305.0-315.0 0% 01 May 15
LME Stocks (tonnes) 3,814,825 -0.89% q 30 Apr 15 LME 3 months unofficial 305.0-315.0 0% 30 Apr 15
Aluminium Alloy (A380.1/DIN/D12S) $ LME Stocks (tonnes) 65.0 0% 30 Apr 15
LME Cash official 1,800.0-1,810.0 0% 01 May 15
LME Cash unofficial 1,800.0-1,810.0 -0.03% q 30 Apr 15
LME 3 months official 1,800.0-1,810.0 -0.28% q 01 May 15
LME 3 months unofficial 1,800.0-1,810.0 -0.55% q 30 Apr 15
N. American Special Aluminium Alloy
LME 3 months official 1,895.0-1,900.0 2.29% p 01 May 15
continued ››
19 | Monday
XXMay
4 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.1
94XX.1 Copyright © 2002-2014
2002-2015 Metal Bulletin
Gold
$/troy oz Price Change Assessed Price Change Assessed
London morning 1,179.0 -1.1% q 01 May 15 MB free market US: High-grade
London afternoon 1,180.25 -0.46% q 30 Apr 15 cathode premium indicator, $/tonne 132.0-143.0* 0% 30 Apr 15
Handy/Harman 1,180.25 -0.46% q 30 Apr 15 Aluminium
Silver per troy oz Aluminium P1020A, in-warehouse
London Spot pence 1,057.90 1.03% p 01 May 15 Rotterdam duty unpaid, spot low-high,
$/tonne 80.0-140.0* -31.25% q 01 May 15
London Spot cents 1,617.0 2.15% p 01 May 15
Aluminium P1020A, in-warehouse
Handy/Harman 1,602.5 1.17% p 30 Apr 15 Rotterdam duty unpaid, spot weighted
Palladium $/troy oz average, $/tonne 103.30* -38.98% q 01 May 15
London morning 777.0 7.62% p 01 May 15 Aluminium P1020A, cif Korea (Gwangyang
or Busan), spot low-high, $/tonne 223.00-255.00* -4.97% q 28 Apr 15
London afternoon 779.0 2.37% p 30 Apr 15
Aluminium P1020A, cif Korea (Gwangyang
Platinum $/troy oz or Busan), spot weighted average, $/tonne 226.56* -1.21% q 28 Apr 15
London morning 1,139.0 0.44% p 01 May 15 Aluminium P1020A, in-warehouse
London afternoon 1,136.0 0.62% p 30 Apr 15 Singapore, spot low-high, $/tonne 190.0-230.0* -18.45% q 28 Apr 15
Kuala Lumpur tin market Aluminium P1020A, in-warehouse
Singapore, spot weighted average, $/tonne 201.67* -22.01% q 28 Apr 15
Tin $/tonne 15,780.0 0.83% p 30 Apr 15
Johor, spot low-high, $/tonne 190.0-230.0* -19.23% q 28 Apr 15
EXCHANGE RATES
Price Change† Assessed Johor, spot weighted average, $/tonne 205.00* -20.85% q 28 Apr 15
LME Settlement Conversion Rates Aluminium P1020A, cif Shanghai, spot
$/£ 1.5271 0.99% p 01 May 15 low-high, $/tonne 220.0-270.0* -15.52% q 28 Apr 15
$/Yen 119.7500 0.2% p 01 May 15 Aluminium P1020A, cif Shanghai, spot
weighted average, $/tonne 235.00* -19.66% q 28 Apr 15
$/¤ 1.1262 3.96% p 01 May 15
Aluminium P1020A, cif main Japanese
Closing Rates, Midpoint ports, spot low-high, $/tonne 220.0-250.0* -12.96% q 28 Apr 15
$/£ p 30 Apr 15
1.5368 2.09% Aluminium P1020A, cif main Japanese
$/Yen 119.6700 0% 30 Apr 15 ports, spot weighted average,
$/tonne q 28 Apr 15
227.50* -15.29%
$/¤ p 30 Apr 15
1.1205 3.74%
£/¤ q 30 Apr 15
1.3714 -1.6% Rotterdam duty-paid, spot $/tonne 160.0-190.0* -20.45% q 01 May 15
MB BASE METAL PREMIUMS Rotterdam duty-paid, for delivery three
All prices $/tonne unless otherwise stated months forward, $/tonne 160.0-190.0* -20.45% q 01 May 15
*MB Copyright Price Change Assessed † Aluminium P1020A, cif main Japanese
ports, quarterly, $/tonne 380.0* -10.59% q 01 Apr 15
Copper Aluminium 6063 extrusion billet,
Rotterdam, Copper low-high premium, in-warehouse Rotterdam duty-paid, spot
Grade A, cathode, in-warehouse, $ $/tonne 615.0-650.0* -1.94% q 01 May 15
per tonne 30.0-65.0* 5.56% p 01 May 15 Aluminium P1020A, delivered US
Rotterdam, Copper average premium, midwest, spot, $/lb 0.143-0.148* -8.66% q 30 Apr 15
Grade A, cathode, in-warehouse $ per Aluminium P1020A, delivered Sao
tonne 46.67* 16.67% p 01 May 15 Paulo region, spot, $/tonne 500.0-550.0* -8.7% q 30 Apr 15
Leghorn, Copper low-high premium, Aluminium P1020A, cif Brazilian main
Grade A, cathode, cif, $ per tonne 45.0-70.0* 9.52% p 27 Apr 15 ports duty-unpaid, spot, $/tonne 300.0-325.0* -16.67% q 23 Apr 15
Leghorn, Copper average premium,
Grade A, cathode, cif, $ per tonne 63.75* 23.38% p 27 Apr 15 Lead
South Korea, Copper low-high Rotterdam, Lead low-high premium,
premium, Grade A, cathode, cif, $ per tonne 60.0-70.0* 0% 30 Apr 15 99.97% purity, in warehouse, $ per
tonne 30.0-60.0* 0% 28 Apr 15
South Korea, Copper average premium,
Grade A, cathode, cif, $ per tonne 65.00* 1.56% p 30 Apr 15 Rotterdam, Lead average premium,
99.97% purity, in warehouse, $ per
Singapore, Copper low-high premium, tonne 45.00* 0% 28 Apr 15
Grade A, cathode, in warehouse, $
per tonne 25.0-35.0* -7.69% q 30 Apr 15 Singapore, Lead low-high premium,
Singapore, Copper average premium, tonne 30.0-45.0* 0% 30 Apr 15
Grade A, cathode, in warehouse, $ per
tonne 30.00* -6.25% q 30 Apr 15 Singapore, Lead average premium,
Shanghai, Copper low-high premium, tonne p 30 Apr 15
35.00* 7.69%
Grade A, cathode, in-warehouse, $
per tonne 60.0-75.0* -3.57% q 01 May 15 MB US: High Grade ingot premium
indicator, $/Ib 0.110-0.140* 0% 30 Apr 15
Shanghai, Copper average premium,
Grade A, cathode, in-warehouse $ per MB Battery grade free market premium
tonne 69.29* -3.37% q 01 May 15 in warehouse ¤/tonne 85.0-135.0* 0% 28 Apr 15
Shanghai, Copper low-high premium, Nickel
Grade A, cathode, cif $ per tonne 60.0-75.0* -6.9% q 01 May 15 Shanghai, Nickel Low-High Premium,
Shanghai, Copper average premium, 99.8% Purity in warehouse $ per tonne 150.0-180.0* 10% p 30 Apr 15
Grade A, cathode, cif $ per tonne 70.00* -6.67% q 01 May 15 Shanghai, Nickel average Premium,
Johor, Copper low-high premium, Grade A, 99.8% Purity in warehouse $ per tonne 166.67* 13.64% p 30 Apr 15
cathode, in-warehouse, $ per tonne 25.0-25.0* -23.08% q 30 Apr 15 uncut cathodes premium indicator 40.0-110.0* 0% 28 Apr 15
Johor, Copper average premium, Grade A, 4x4 cathodes premium indicator 180.0-250.0* 0% 28 Apr 15
cathode, in-warehouse $ per tonne 25.00* -21.88% q 30 Apr 15 continued ››
20 | Monday
XXMay
4 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.1
94XX.1 Copyright © 2002-2014
Price Change Assessed Price Change Assessed

briquettes premium indicator 30.0-160.0* 0% 28 Apr 15 Lead
US: melting premium indicator $/Ib 0.200-0.250* 0% 30 Apr 15 Germany: (VDM) virgin soft, ¤/tonne 2,100.00-2,110.00 -1.64% q 01 May 15
plating premium indicator $/Ib 0.650-0.700* 0% 30 Apr 15 European Automotive battery premium free market (Eurobat)
Tin in warehouse Rotterdam ¤/tonne
MB European free market Soft lead (average) 159.91* 0% 01 May 15
Spot premium 99.9% $ per tonne 475-600* 0% 01 May 15 Ca/Ca grid grid lead (average) 418.15* 0% 01 May 15
Spot premium 99.85% $/tonne 250-350* 0% 01 May 15 Connector lead (average) 536.48* 0% 01 May 15
MB US free market: Grade A tin European Industrial battery premium free market (Eurobat)
premium $/Ib 0.24-0.29* 0% 30 Apr 15 in warehouse Rotterdam ¤/tonne
Zinc Stand-by refined or soft lead
Rotterdam, Zinc low - high premium, (average) 247.39* 0% 01 May 15
99.995% purity, in warehouse, $ per Traction refined or soft lead
tonne 105.0-115.0* 0% 29 Apr 15 (average) 241.37 0% 01 May 15
Rotterdam, Zinc average premium, , For an explanation of these premia, see http://www.eurobat.org/statistics
tonne 110.00* 0% 29 Apr 15 Zinc
South Korea, Zinc low-high premium, Germany: (VDM) virgin, ¤/tonne 2,270.00-2,310.00 0.44% p 01 May 15
99.995% purity, in warehouse, $ per UK: Special high grade, delivered
tonne 135.0-140.0* 0% 30 Apr 15 monthly average price £/tonne 1,645* 6.68% p 01 May 15
South Korea, Zinc average premium,
tonne 139.50* 0% 30 Apr 15 PRECIOUS METALS
Johor, Zinc low-high premium, Price Change† Assessed
99.995% purity,in warehouse, $ per tonne 80.0-100.0* 0% 30 Apr 15
Iridium
Johor, Zinc average premium, 99.995%
purity, in warehouse, $ per tonne 90.00* 1.12% p 30 Apr 15 MB free market: min 99.9%, $/troy oz
in warehouse 560-610* 0% 01 May 15
Singapore, Zinc low-high premium,
99.995% purity, in warehouse, $ per Johnson Matthey base price: (unfab)
tonne 80.0-115.0* 0% 30 Apr 15 $/troy oz (08.00 hrs) 580 0% 01 May 15
Singapore, Zinc average premium, Englehard base price: $/troy oz 575 0% 01 May 15
99.995% purity, in warehouse, $ per Palladium
tonne 101.25* 8% p 30 Apr 15
European free market: min 99.9%,
Shanghai, Zinc low-high premium, $/troy oz in warehouse 780-785* 0.64% p 01 May 15
tonne 105.0-115.0* 2.33% p 30 Apr 15 Englehard base price: $/troy oz 785 1.29% p 01 May 15
Shanghai, Zinc average premium, Johnson Matthey base price: (unfab)
99.995% purity, in warehouse, $ per $/troy oz (08.00 hrs) 785 0.64% p 01 May 15
tonne 111.25* 2.7% p 30 Apr 15 Platinum
MB US: Special high grade, $/Ib 0.080-0.090* 0% 30 Apr 15 European free market: min 99.9%,
MB EU: Special high grade, fca $/troy oz in warehouse 1,145-1,150* 0.44% p 01 May 15
Rotterdam, $/tonne 130.0-155.0* -3.39% q 29 Apr 15 Englehard base price: $/troy oz 1,150 1.5% p 01 May 15
Johnson Matthey base price: (unfab)
$/troy oz (08.00 hrs) 1,148 0.26% p 01 May 15
BASE METALS
Rhodium
European free market: min 99.9%,
Aluminium $/troy oz in warehouse 1,135-1,170* 0% 01 May 15
MB Chinese free market, Metallurgical grade, Englehard base price: $/troy oz 1,140 0.44% p 01 May 15
delivered, duty paid RMB/tonne 2,400.0-2,520.0* 0% 01 May 15 Johnson Matthey base price: (unfab)
Alumina Index fob Australia 340.58* 0.17% p 01 May 15 $/troy oz (08.00 hrs) 1,145 0.88% p 01 May 15
Copper & Brass Ruthenium
Producer premium European free market: min 99.9%,
$/troy oz in warehouse 47-52* 0% 01 May 15
(Codelco): contract 2015 Grade A
cathode (average) 112.0 0% 01 Jan 15 Englehard base price: $/troy oz 50 0% 01 May 15
Germany: (VDM) Electro, ¤/tonne Johnson Matthey base price: (unfab)
wirebar (DEL): 5,647.8-5,676.5 0.48% p 01 May 15 $/troy oz (08.00 hrs) 50 0% 01 May 15
cathodes: 5,540.0-5,640.0 -0.18% q 01 May 15
South Africa: Palabora copper rod
7.90mm, Rand/tonne 81,581.650 0% 01 May 15
Nickel
Nickel pig iron high grade NPI
content 10-15% contract price delivered
duty paid China RMB per nickel unit
price 950.00-990.00* 1.57% p 28 Apr 15
Nickel pig iron high grade NPI
content 10-15% spot price China RMB per
nickel unit price 950.00-990.00* 1.57% p 28 Apr 15
continued ››
21 | Monday
XXMay
4 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
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9405.1
94XX.1 Copyright © 2002-2014
MINOR METALS
Germanium
Price Change† Assessed Germanium dioxide MB free market
Antimony $/kg 1,275-1,350* 0% 01 May 15
MB free market Regulus, min 99.65%, Germanium metal $/kg Rotterdam 1,875-1,945* -1.04% q 01 May 15
max Se 50 ppm, max 100 ppm Bi, Germanium metal MB China domestic,
$/tonne in warehouse Rotterdam 8,800-9,000* 0% 01 May 15 min 99.999%, RMB/kg 11,000-11,600* 0% 01 May 15
MMTA Standard Grade II, $/tonne in Indium
warehouse Rotterdam 8,750-8,900* 0% 01 May 15
MB free market $/kg 480-520* -7.83% q 01 May 15
MB Chinese free market
MB China domestic, min 99.99% RMB/kg 2,200-2,400* 0% 01 May 15
MMTA Standard Grade II, delivered
duty paid RMB/tonne 50,500-51,000* 0% 01 May 15 Indium Corp ingots min 99.97% $/kg
fob 745.00 0% 01 May 15
Arsenic Magnesium
MB free market $/Ib 0.70-0.80* 0% 01 May 15 European free market $ per tonne 2,260-2,300* 0% 01 May 15
Bismuth China free market
MB free market $/Ib 6.75-7.30* -0.71% q 01 May 15 min 99.8% Mg, fob China main ports,
MB China domestic, min 99.99%, $ per tonne 2,200-2,230* 0% 01 May 15
RMB/tonne 92,000-93,000* 0% 01 May 15 MB Chinese free market min 99% Mg,
Cadmium ex-works RMB/tonne 12,900-13,300* 0% 01 May 15
MB free market min 99.95% cents/Ib 50.00-55.00* 0% 01 May 15 Manganese Flake
MB free market min 99.99% cents/Ib 52.00-57.00* 0% 01 May 15 MB free market $/tonne 1,900-1,950* 0% 01 May 15
Chromium Mercury
MB free market alumino-thermic min MB free market $ per flask 2,250-2,850* 0% 01 May 15
99% $/tonne 8,700-9,100* 0% 01 May 15 Rhenium in warehouse Rotterdam duty paid
Cobalt Metal Pellets, min 99.9% $/Ib 1,275-1,375* 0% 01 May 15
MB free market High Grade $/Ib 13.50-14.40* 1.82% p 01 May 15 APR catalytic grade $/kg Re 2,775-2,925* 0% 01 May 15
MB free market Low Grade $/Ib 13.20-14.20* 0% 01 May 15 Selenium
MB high-grade, weighted average of MB free market $/Ib 17.50-21.50* 0% 01 May 15
all confirmed international trades,
$/lb p 01 May 15
14.36* 9.28% MB China domestic, min 99.9%, RMB/kg 290-330* 0% 01 May 15
MB low-grade, weighted average of Selenium dioxide, MB China domestic,
all confirmed international trades, min 98%, RMB/kg 195-200* 0% 01 May 15
$/lb p 01 May 15
14.00* 1.74% Silicon
Cobalt free market cut cathodes/rounds MB free market ¤/tonne 2,380-2,450* 0% 01 May 15
MB/LME premium discount (including US free market cents/Ib 138-140* 0% 30 Apr 15
Falconbridge, Vale Inco, Sumitomo
Metal Mining, Jiangsu (KLK) Jinchuan) Export from mainland China
In warehouse Rotterdam $ per Ib 0.43* 72% p 01 May 15 min 98.5%, $/tonne fob 1,980-1,990* 0% 01 May 15
Cobalt free market cut cathodes/rounds Tellurium
MB/LME premium discount (including
Falconbridge, Vale Inco, Sumitomo MB free market $/kg 92.50-112.50* 0% 01 May 15
Metal Mining, Jiangsu (KLK) Jinchuan) MB China domestic, min 99.99%,
In warehouse Rotterdam $ per tonne 938.50* 68.16% p 01 May 15 RMB/kg 520-540* 0% 01 May 15
Cobalt free market ingots MB/LME Titanium
premium discount (including K1A and MB free market ferro-titanium
K1AY) In warehouse Rotterdam $ per Ib -0.44* -27.87% q 01 May 15
70% (max 4.5% Al) $/kg Ti d/d Europe 5.40-5.60* -1.79% q 01 May 15
Cobalt free market ingots MB/LME
premium discount (including K1A and Titanium Ores $/tonne
K1AY) in warehouse Rotterdam Rutile conc min 95% Tio2 bagged,
$ per tonne 980.10* -172.43% q 01 May 15 fob/Aus 800-900 0% 01 May 15
Cobalt free market broken Rutile bulk conc min 95% Tio2
cathodes/briquettes MB/LME premium fob/Aus 810-850 0% 01 May 15
discount (including Chambishi, Tocantins,
Ilmenite bulk conc min 54% Tio2 fob/
CTT, Ambatovy,ICC, Murrin Murrin)
Aus 100-120 0% 01 May 15
$ per Ib 0.34* -780% q 01 May 15
Cobalt free market broken
cathodes/briquettes MB/LME premium
discount (including Chambishi, Tocantins,
CTT, Ambatovy,ICC, Murrin Murrin)
$ per tonne 749.20* -832.36% q 01 May 15
MB China domestic, min 99.8%
RMB/tonne 217,000-220,000* 0% 01 May 15
Cobalt tetroxide min 72.6% Co
delivered China RMB/tonne 161,000-165,000* 0% 01 May 15
Gallium
MB free market $/kg 230-270* 0% 01 May 15
MB China domestic, min 99.99%,
RMB/kg 1,180-1,220* 0% 01 May 15
continued ››
22 | Monday
XXMay
4 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
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9405.1
94XX.1 Copyright © 2002-2014
NOBLE ALLOYS & ORES Price Change Assessed
Lithium Ores Price Change† Assessed Chrome Ore $/tonne

Petalite 4.2% Li²O bagged fob Chrome ore cif main Chinese ports
Durban $/tonne 170-265 0% 01 May 15 South African UG2 chrome ore concs,
Spodumene 7.25% Li²O cif basis 42% 157-161* -0.93% q 01 May 15
Europe $/tonne 740-790 0% 01 May 15 Turkish lumpy 40-42% cfr main Chinese
Molybdenum Molybdic Oxide ports 215-225* -2.22% q 01 May 15
Europe drummed molybdic oxide $/Ib Ferro-manganese
Mo 7.60-7.70* -2.86% q 01 May 15 basis 78% Mn (Scale pro rata)
US canned molybdic oxide $/Ib Mo 7.50-7.70* -2.56% q 30 Apr 15 standard 7.5% C ¤/tonne 720-740* 0% 01 May 15
Ferro-molybdenum US free market 78% Mn standard 7.5%
C $/long ton in warehouse Pittsburgh 935-950* 0% 30 Apr 15
basis 65% min, in-warehouse
Rotterdam $/kg Mo 19.00-19.40* -2.78% q 01 May 15 US free market medium carbon duty
paid fob Pittsburgh, 80% min Mn 1.5%
US free market 65-70% Mo $/Ib in max C $/Ib 0.96-0.97* 0% 30 Apr 15
warehouse Pittsburgh 8.75-9.25* 1.41% p 30 Apr 15
MB Chinese free market min 65% Mn
MB Chinese free market max 7.0% C in warehouse China
concentrate 45% Mo in warehouse RMB/tonne 4,600-4,900* 0% 01 May 15
China RMB/mtu 1,080-1,100* 0% 01 May 15 Manganese Ore
Tungsten 44% Mn, Cif Tianjin $/dmtu of metal
European free market APT $/mtu 240-250* -2% q 01 May 15 contained q 01 May 15
3.02* -0.33%
Export from mainland China 37% Mn, Fob Port Elizabeth $/dmtu of
APT Chinese No1 grade, min 88.5% metal contained 2.28* -4.2% q 01 May 15
W03, S/mtu fob 250-265* 0% 01 May 15 Ferro-silicon
MB Chinese free market Lumpy basis 75% Si (Scale pro rata)
Concentrate 65% Wo3 in warehouse ¤/tonne 1,200-1,250* 1.24% p 01 May 15
China RMB/tonne 82,000-86,000* 0% 01 May 15 US free market $/Ib in warehouse
Ferro-tungsten Pittsburgh lumpy basis 75% Si -
imported 0.88-0.92* -0.55% q 30 Apr 15
Basis 75% W min $/kg W in warehouse
Rotterdam duty unpaid 33.30-34.00* -0.74% q 01 May 15 Export from mainland China, min 75%
Si, 7.5% C, $/tonne, fob 1,220-1,240* 0% 01 May 15
Vanadium MB Chinese free market min 75% in
Ferro-vanadium basis 78% min, free warehouse China RMB/tonne 4,650-5,000* 0% 01 May 15
delivery duty paid consumer plant,
1st grade, Western Europe $/kg V 19.50-20.00* 2.6% p 01 May 15 Silico-manganese
US free market ferro-vanadium $/Ib Lumpy basis 65-75% Mn basis 15-19%
in warehouse Pittsburgh 9.60-10.00* 1.55% p 30 Apr 15 Si (Scale pro rata) ¤/tonne 840-865* 1.19% p 01 May 15
Vandium pentoxide min 98%, US free market $/Ib in warehouse
in-warehouse Rotterdam $ per Ib V205 3.60-3.95* 0% 01 May 15 Pittsburgh 0.51-0.53* 0.97% p 30 Apr 15
MB Chinese free market min 65% Mn
Zircon max 17% Si in warehouse China
Foundry grade bulk $/tonne fob RMB/tonne 5,200-5,400* 0% 01 May 15
Australia 1,000-1,050 0% 01 May 15 65% min Mn 16% min Si $/tonne fob
Premium bulk $/tonne fob Australia 1,050-1,150 0% 01 May 15 India 790-840* 0% 28 Apr 15
BULK ALLOYS EUROPE

Price Change† Assessed Price Change† Assessed
Ferro-chrome $/lb Cr Northern Europe Imports
China import charge chrome 50% Cr Metal Bulletin’s appraisal of cfr prices for imported, non-EU origin, commercial-quality
index, CIF Shanghai, duty unpaid 0.79* 0% 01 May 15 carbon steel, ¤ per tonne cfr main EU port
Lumpy Cr charge basis 52% Cr (and Rebar 400-420* 0% 29 Apr 15
high carbon) quarterly 1.08* 0% 26 Mar 15
Wire rod (mesh quality) 430-440* 0% 29 Apr 15
6-8% C basis 60% Cr max 1.5% Si 0.97-1.01* 0% 01 May 15
Plate (8-40mm) 390-400* 0% 29 Apr 15
0.10% C average 60-70% Cr 2.02-2.08* 0% 01 May 15
Hot rolled coil 370-380* 0% 29 Apr 15
European low carbon in warehouse
0.06% C max - 65% Cr 2.05-2.10* 0% 01 May 15 Cold rolled coil 440-450* -0.56% q 29 Apr 15
Low phosphorous Cr min 65% C max 7% Hot-dip galvanized coil 525-530* 0% 29 Apr 15
Si max 1% p max 0.015% Ti max 0.05% 1.00-1.12* 0% 01 May 15 Southern Europe Imports
US free market in warehouse Pittsburgh Metal Bulletin’s appraisal of cfr prices for imported, non-EU origin, commercial-quality
6-8% C basis 60-65% Cr max 2% Si 1.080-1.120* 0% 30 Apr 15 carbon steel, ¤ per tonne cfr main EU port
US free market low carbon duty paid fob Pittsburgh Rebar 400-420* 0% 29 Apr 15
0.05%C - 65% min Cr 2.25-2.27* 0% 30 Apr 15 Wire rod (mesh quality) 430-440* 0% 29 Apr 15
0.10% C - 62% min Cr 2.08-2.11* -0.24% q 30 Apr 15 Plate (8-40mm) 390-400* 0% 29 Apr 15
0.15% C - 60% min Cr 2.05-2.07* 0% 30 Apr 15 Hot rolled coil 380-390* -3.75% q 29 Apr 15
Spot 6-8% C basis 50% Cr delivered Cold rolled coil 450-460* -2.15% q 29 Apr 15
duty paid China RMB/tonne 6,300-6,600* 0% 01 May 15
Hot-dip galvanized coil 505-510* 0% 29 Apr 15
Contract 6-8% C basis 50% Cr
delivered duty paid China RMB/tonne 6,200-6,500* 0% 01 May 15
continued ››
23 | Monday
XXMay
4 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.1
94XX.1 Copyright © 2002-2014
Southern Europe Exports Turkish Domestic
Metal Bulletin’s appraisal of Southern Europe mills’ prices for export outside Southern Metal Bulletin’s appraisal of prices within Turkey for commercial-quality carbon steel of
Europe of commercial-quality carbon steel, ¤ per tonne fob main Southern European Turkish origin, $ per tonne ex-works.
port Billet 410-425* 2.45% p 30 Apr 15
Rebar 410-420* -0.6% q 29 Apr 15 Rebar 468-478* 3.84% p 30 Apr 15
Wire rod (mesh quality) 425-435* 0% 29 Apr 15 Wire rod (mesh quality) 480-490* 2.11% p 30 Apr 15
Northern Europe Domestic Hot rolled coil 425-430* 0% 01 May 15
Metal Bulletin’s appraisal of prices within the EU (excluding the UK) for commercial- Cold rolled coil 530-535* 0% 01 May 15
quality carbon steel of EU origin, ¤ per tonne delivered basis point
Turkish Imports
Rebar 430-450* 1.15% p 29 Apr 15
Metal Bulletin’s appraisal of prices for imported commercial-quality carbon steel, $ per
Wire rod (mesh quality) 420-430* 0% 29 Apr 15 tonne cfr main Turkish port.
Sections (medium) 510-530* 0% 29 Apr 15 Billet 380-385* 0.66% p 30 Apr 15
Southern Europe Domestic Hot rolled coil 370-380* -0.66% q 01 May 15
Metal Bulletin’s appraisal of prices within the EU (excluding the UK) for commercial- Cold rolled coil 450-460* -3.29% q 01 May 15
quality carbon steel of EU origin, ¤ per tonne delivered basis point
UAE imports
Rebar 435-450* 0.57% p 29 Apr 15
Metal Bulletin’s appraisal of prices for imported commercial-quality carbon steel, $ per
Wire rod (mesh quality) 430-445* 0% 29 Apr 15 tonne cfr Jebel Ali.
Sections (medium) 475-485* 0% 29 Apr 15 Billet 360-370* 0% 28 Apr 15
Northern Europe ¤ per tonne ex-works Rebar 440-450* 1.71% p 28 Apr 15
Plate (8-40mm) 480-490* 0% 29 Apr 15 Hot rolled coil 375-410* -3.68% q 28 Apr 15
Hot rolled coil 400-420* 0% 29 Apr 15 Cold rolled coil 450-455* -10.4% q 28 Apr 15
Cold rolled coil 470-500* 0% 29 Apr 15
Hot-dip galvanized coil 480-500* 0% 29 Apr 15 Iran Domestic
Southern Europe ¤ per tonne ex-works Metal Bulletin’s appraisal of prices within Iran for commercial-quality carbon steel of
Plate (8-40mm) 440-450* 0% 29 Apr 15 Iranian origin, million rials per tonne delivered warehouse Tehran.
Hot rolled coil 410-430* 0% 29 Apr 15 Rebar (12-25mm) 15.10-15.30* 0.66% p 29 Apr 15
Cold rolled coil 470-480* 0% 29 Apr 15 Plate 18.20-19.30* 0.54% p 29 Apr 15
Hot-dip galvanized coil 470-490* 0% 29 Apr 15 Hot rolled coil 17.70-19.80* 0% 29 Apr 15
Cold rolled coil 21.40-25.30* -0.85% q 29 Apr 15
Hot-dip galvanized coil 25.40-27.00* -0.19% q 29 Apr 15
CIS Iran Imports
Price Change† Assessed Metal Bulletin’s appraisal of prices quoted by overseas suppliers for commercial-quality
CIS Exports (Black Sea) carbon steel to Iranian buyers, $ per tonne cfr Iranian northern ports.
Metal Bulletin’s appraisal of CIS mills’ prices for export outside the CIS of commercial- Billet 390-400* -2.47% q 29 Apr 15
quality carbon steel, $ per tonne fob stowed main Black Sea Port. Rebar 420-440* -9.47% q 29 Apr 15
Billet 365-370* 0% 27 Apr 15 Egyptian Domestic
Slab 295-315* -3.17% q 27 Apr 15 Metal Bulletin’s appraisal of prices within Egypt for commercial-quality carbon steel of
Rebar 380-395* -1.27% q 27 Apr 15 Egyptian origin, E£ per tonne ex-works
Wire rod (mesh) 395-400* -1.24% q 27 Apr 15 Rebar 4,650-4,730* 0% 30 Apr 15
Heavy plate (10-50mm) 450-460* -6.19% q 27 Apr 15
Hot rolled coil 350-385* -1.34% q 27 Apr 15
LATIN AMERICA
Cold rolled coil 430-455* 0% 27 Apr 15
CIS Domestic
Latin American Exports
Metal Bulletin’s appraisal of prices within Russia for commercial-quality carbon steel of
CIS origin, Rubles per tonne, carriage paid to (cpt) inc VAT. Metal Bulletin’s appraisal of Latin American mills prices for export outside Latin America of
Rebar 24,600-24,750* -1.69% q 27 Apr 15 commercial-quality carbon steel, $ per tonne fob stowed main Latin American port.
Hot rolled sheet 28,650-28,800* -0.69% q 27 Apr 15 Billet 400-420* 0% 01 May 15
Cold rolled sheet 34,400-34,780* -0.72% q 27 Apr 15 Slab 295-310* 0% 01 May 15
Rebar 500-510* 0% 01 May 15
Wire rod mesh quality 500-510* 0% 01 May 15
MIDDLE EAST
Heavy plate over 10mm 520-530* 0% 01 May 15
Price Change† Assessed Hot rolled coil (dry) 400-420* -1.2% q 01 May 15
Turkish Exports Cold rolled coil 510-540* 0% 01 May 15
Metal Bulletin’s appraisal of Turkish mills’ prices for export of commercial-quality carbon Galvanized coil 670-690* 0% 01 May 15
steel, $ per tonne fob main Turkish port.
Billet 400-420* 3.8% p 30 Apr 15
Rebar 460-465* 2.21% p 30 Apr 15
Wire rod (mesh quality) 475-485* 1.59% p 30 Apr 15
Merchant bars 490-500* 2.06% p 30 Apr 15
continued ››
24 | Monday
XXMay
4 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.1
94XX.1 Copyright © 2002-2014
NAFTA Indian Imports
Price Change† Assessed Metal Bulletin’s appraisal of prices for imported, non-EU origin, commercial-quality
carbon steel, $ per tonne cfr main India port.
US Imports
Plate (20-60mm) 400-405* 0% 01 May 15
Metal Bulletin’s appraisal of prices for imported, non-Nafta origin, commercial-quality
Hot rolled coil (commodity) 385-390* -1.27% q 01 May 15
carbon steel, $ per short ton cfr Gulf.
Hot rolled coil (CR grade) 385-390* -3.73% q 01 May 15
Rebar 410-410* 0% 01 May 15
Cold rolled 445-450* 0% 01 May 15
Merchant bars 600-620* -1.61% q 01 May 15
Wire rod (low carbon) 440-440* 0% 01 May 15 Indian Domestic
Medium sections 580-620* -4.76% q 01 May 15 Metal Bulletin’s appraisal of prices within India for commercial-quality carbon steel,
Medium plate 520-590* 0% 01 May 15 rupees per tonne ex-works.
Hot rolled coil (commodity) 390-420* 0% 01 May 15 Billet 26,100-26,200* 0% 01 May 15
Cold rolled coil 500-540* 0% 01 May 15 Heavy plate 34,500-35,000* 0% 01 May 15
Hot dipped galvanized 0.012-0.015, G30 650-700* 0% 01 May 15 Hot rolled coil 33,000-33,500* 0% 01 May 15
Hot dipped galvanized 0.019, G60 630-670* 0% 01 May 15 Cold rolled coil 36,000-36,500* 0% 01 May 15
DRI 17,000-17,100* 0% 01 May 15
US Domestic
Hot-dip galvanized coil 46,000-46,500* 0% 01 May 15
AMM’s appraisal of prices within the USA for commercial-quality carbon steel of US or
Canadian origin, $ per short ton, delivery terms as indicated.
Rebar (fob mill) 600-600* 0% 01 May 15 STEELBENCHMARKER™ PRICES
Wire rod (mesh quality delivered) 520* 0% 01 May 15 Price Change† Assessed
Plate (fob mill) 585* -0.85% q 01 May 15 Region: USA East of the Mississippi
Hot rolled coil (fob mill) 440* 0% 01 May 15 Standard plate ($/metric tonne) 644 -2.42% q 27 Apr 15
Cold rolled coil (fob mill) 560* 1.82% p 01 May 15 Standard plate ($/short ton) 584 -2.5% q 27 Apr 15
Hot-dip galvanized (base) (fob mill) 560* 1.82% p 01 May 15 Hot rolled coil ($/metric tonne) 498 -1.19% q 27 Apr 15
Hot rolled coil ($/short ton) 452 -1.09% q 27 Apr 15
ASIA
Cold rolled coil ($/metric tonne) 627 -2.94% q 27 Apr 15
Cold rolled coil ($/short ton) 569 -2.9% q 27 Apr 15
China Exports
Region: Mainland China
Metal Bulletin’s appraisal of Chinese mills prices for export of commercial-quality carbon Rebar 334 -0.3% q 27 Apr 15
steel, $ per tonne fob main China port.
Standard plate 335 -0.89% q 27 Apr 15
Rebar 350-360* 4.41% p 01 May 15
Hot rolled coil 333 0.91% p 27 Apr 15
Wire rod (mesh quality) 355-360* 0.7% p 01 May 15
Cold rolled coil 435 -2.03% q 27 Apr 15
Heavy plate 360-365* -2.03% q 01 May 15
Region: World Export Market
Hot rolled coil 360-365* 0% 01 May 15
Hot rolled coil ($/metric tonne) 390 -2.26% q 27 Apr 15
Cold rolled coil 415-420* -1.18% q 01 May 15
Galvanized coil 1mm 480-485* 0% 01 May 15
STAINLESS STEEL
Eastern China Domestic
Metal Bulletin’s appraisal of prices in Eastern China for commercial-quality carbon steel
of Chinese origin, yuan per tonne delivered warehouse Asia Import
Rebar 2,280-2,350* 1.54% p 01 May 15 $/tonne cif East Asian port
Wire rod (mesh) 2,350-2,420* 2.36% p 01 May 15 Grade 304 2mm CR coil 2B 2,100-2,200* 0% 01 May 15
Sections 2,350-2,420* 0.63% p 01 May 15 Grade 304 HR sheet 1,980-2,100* 0% 01 May 15
Plate 2,420-2,450* 0% 01 May 15 China Domestic
Hot rolled coil (min 2mm) 2,440-2,460* 3.16% p 01 May 15 yuan/tonne, in warehouse
Cold rolled coil (0.5 - 2 mm) 2,990-3,010* 0% 01 May 15 Grade 304 2mm CR coil 14,000-14,200* 1.81% p 01 May 15
Hot-dip galvanized coil 3,350-3,450* -0.73% q 01 May 15 Grade 430 2mm CR coil 7,700-7,800* -1.27% q 01 May 15
Southern China Domestic EU Export
Metal Bulletin’s appraisal of prices in Southern China for commercial-quality carbon steel ¤/tonne fob N.European port
of Chinese origin, yuan per tonne delivered warehouse Min 100 tonne lot
Rebar 2,650-2,780* 0.56% p 01 May 15 Grade 304 2mm CR sheet 2,255-2,363* 0% 01 May 15
Wire rod (mesh) 2,540-2,660* 1.17% p 01 May 15 EU Domestic
Sections 2,590-2,610* 0% 01 May 15 2mm 304 cold rolled stainless sheet, ¤/tonne
Plate 2,560-2,600* 0.58% p 01 May 15 Base price 1,050-1,090* 0% 01 May 15
Hot rolled coil (min 2mm) 2,560-2,580* 1.98% p 01 May 15 Alloy surcharge 1,205-1,273* 0% 01 May 15
Cold rolled coil (0.5 - 2 mm) 3,110-3,140* 0.16% p 01 May 15 304 stainless steel bright bar, ¤/tonne
Hot-dip galvanized coil 3,450-3,600* 0% 01 May 15 Base price 850-900* 0% 01 May 15
Indian Exports Alloy surcharge 1,635-1,731* 0% 01 May 15
Metal Bulletin’s appraisal of Indian mills’ prices for export of commercial-quality carbon
steel, $ per tonne fob main India port.
Billet 405-410* 0% 01 May 15
Plate (12-40mm) 480-485* 0% 01 May 15
Hot rolled coil (commodity) 390-405* 0% 01 May 15
Hot-dip galvanized coil 660-665* 0% 01 May 15
continued ››
25 | Monday
XXMay
4 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.1
94XX.1 Copyright © 2002-2014
FERROUS SCRAP Price Change Assessed
Price Change† Assessed USA export
UK ferrous scrap domestic AMM ferrous scrap export index $/tonne East Coast fob New York
The following is Metal Bulletin’s evaluation of UK prices for processed scrap delivered to HMS 1&2 (80:20) 251.50* 0% 27 Apr 15
consumers within the month listed. Prices may vary according to region and destination, Shredded 256.50* 0% 27 Apr 15
and should therefore be read in conjunction with editorial comment on the Scrap and USA domestic
Secondary Metals pages.
AMM Midwest Index $/gross ton delivered mill
£/tonne No1 heavy melting scrap 226.61* -0.36% q 10 Apr 15
Cut Grades No1 busheling 244.10* 1.77% p 10 Apr 15
OA plate and structural 160-170* 6.45% p 16 Apr 15 Shredded 253.33* 2.32% p 10 Apr 15
1&2 Old steel 145-155* 7.14% p 16 Apr 15
China domestic
12A/C New production heavy and
shovellable steel 160-170* 0% 16 Apr 15 yuan/tonne delivered mill
12D New production heavy and Heavy Scrap 1,410-1,510* -2.01% q 01 May 15
shovellable steel 170-180* 0% 16 Apr 15 Germany domestic
Bales and Cuttings ¤/tonne delivered at scrapyard, Source: BDSV
4A New steel bales 165-175* 6.25% p 16 Apr 15 No E2/8 (new steel scrap) 204.20 -1.64% q 02 Mar 15
4C New steel bales 160-170* 6.45% p 16 Apr 15 No E1 (old steel scrap) 185.40 -1.8% q 02 Mar 15
8A New loose light cuttings 145-155* 7.14% p 16 Apr 15 No E3 (old thick steel scrap) 207.00 -0.58% q 02 Mar 15
8B New loose light cuttings 140-150* 7.41% p 16 Apr 15 No E40 (shredded steel scrap) 214.30 -0.42% q 02 Mar 15
Turnings No E5 (steel turnings) 161.80 -1.52% q 02 Mar 15
UK inter-merchant 7B Heavy steel
turnings 85-95* 0% 16 Apr 15
Cast Iron
9A/10 Heavy and light cast iron 145-155* 7.14% p 16 Apr 15
9B/C Cylinder block scrap 165-175* 6.25% p 16 Apr 15
11A Cast iron borings 135-145* 7.69% p 16 Apr 15
Prices relate to new UK scrap specifications.
‡Please see MB.com for full explanation of price changes.
UK intermechant weekly price
£/tonne
5C Loose old light 95-100* 8.33% p 24 Apr 15
UK ferrous scrap export
MB assessment $ fob main UK port
HMS 1&2 (80:20 mix) 255-257* 0% 01 May 15
Shredded 265-267* 0% 01 May 15
Indian imports
MB assessment $/tonnne cfr Nhava Sheva
MB Index CFR India Shredded 297.25* 0.89% p 24 Apr 15
HMS 1&2 (80:20 mix) 275-280* 0.91% p 24 Apr 15
Alloy steel scrap domestic
UK wholesale merchants’ stainless (£/tonne)
18/8 solids 820-860* 1.82% p 01 May 15
18/8 turnings 695-730* 1.79% p 01 May 15
12-13% Cr solids 160-170* 0% 01 May 15
16-17% Cr solids 180-190* 0% 01 May 15
Cif Europe stainless ¤ per tonne
18/8 solids 1,225-1,255* 3.55% p 01 May 15
18/8 turnings 1,040-1,065* 3.44% p 01 May 15
Rotterdam export
MB assessment $/tonnne fob Rotterdam
MB Index FOB Rotterdam HMS 1&2
(80:20) 246.37* 0.86% p 24 Apr 15
HMS 1&2 (70:30 mix) 244-246* 0% 01 May 15
Shredded 264-266* 0% 01 May 15
Turkish import
MB assessment $/tonne cfr main Turkish ports
MB Index CFR Turkey HMS 1&2 (80:20)
(North Europe material) 269.58* 3.57% p 30 Apr 15
HMS 1&2 (70:30 mix) 260-262* 0% 01 May 15
Shredded 280-282* 0% 01 May 15
continued ››
26 | Monday
XXMay
4 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.1
94XX.1 Copyright © 2002-2014
NON-FERROUS SCRAP EUROPE STEELBENCHMARKER™ SCRAP PRICES
Price Change† Assessed Price Change† Assessed
Aluminium Region: USA, East of the Mississippi
European free market MB assessment ¤/tonne Shredded scrap ($/metric tonne)** 250 0% 27 Apr 15
Floated Frag 1,410-1,460* 0% 01 May 15 Shredded scrap ($/gross ton)** 254 0% 27 Apr 15
Cast 1,350-1,410* 0% 01 May 15 No 1 heavy melting scrap ($/metric
Mixed turnings 6% 1,180-1,220* 0% 01 May 15 tonne) 223 -0.89% q 27 Apr 15
Germany per 1000kg No 1 heavy melting scrap ($/gross
ton) 227 -0.44% q 27 Apr 15
Pure cuttings 1,480-1,570 3.04% p 29 Apr 15
No 1 busheling scrap ($/metric
Commercial cast 1,350-1,450 2.19% p 29 Apr 15 tonne) 244 -0.81% q 27 Apr 15
H9 extrusions 1,810-1,910 1.64% p 29 Apr 15 No 1 busheling scrap ($/gross ton) 248 -0.8% q 27 Apr 15
Alloy turnings 1,160-1,260 3.86% p 29 Apr 15 **For shredded scrap the region is for all but the West Coast
Source: VDM
France per 1000kg SCRAP SUBSTITUTES
Pure cuttings 1,700-1,720 0% 28 Apr 15 Price Change† Assessed
Old rolled 850-900 0% 28 Apr 15 EU imports $/tonne
Commercial cast 1,020-1,050 0.98% p 28 Apr 15 Pig Iron imports cif Italy 280-285* -0.88% q 30 Apr 15
Source: Lettre d’Information Metaux Latin American exports $/tonne, delivery terms as stated
Italy per 1000kg Hot briquetted iron Venezuela 250-255* 0% 01 May 15
Pure cuttings 1,505-1,605 0.97% p 24 Apr 15 Pig iron fob Vitorio/Rio 245-255* 0% 01 May 15
Old mixed scrap 1,415-1,465 1.05% p 24 Apr 15 Pig iron fob Ponta da Maderia 255-260* 0% 01 May 15
Commercial cast 1,450-1,500 1.03% p 24 Apr 15 US Imports $/tonne cfr Gulf of Mexico
Source: Assomet Pig Iron 270-275* 0% 01 May 15
Copper CIS Exports $/tonne fob main port
Germany per 1000kg Pig iron Baltic Sea 310-320* -3.08% q 30 Apr 15
Copper wire (berry) 5,390-5,540 0.09% p 29 Apr 15 Pig iron Black Sea 260-265* -0.94% q 30 Apr 15
Heavy copper 5,040-5,220 0.1% p 29 Apr 15 China Domestic yuan/tonne delivered warehouse
Heavy brass 3,140-3,380 0.31% p 29 Apr 15 Pig Iron 1,640-1,700* 0% 01 May 15
Brass turnings (MS 58) 3,470-3,690 0.28% p 29 Apr 15
Brass sheet (MS 63) 3,790-4,000 0.26% p 29 Apr 15 CHINA IRON ORE
Source: Verein Deutscher Metallhandler cfr main China port $ per dry metric tonne
France per 1000kg Price Change† Assessed
Electro cuttings 5,180-5,200 0% 28 Apr 15 Iron ore index (62% fe) 56.18-56.18* 2.48% p 30 Apr 15
No 1 bright wire 4,930-4,950 0% 28 Apr 15 Iron ore pellet index cfr Qingdao
Mixed (96%) 4,800-4,850 -0.21% q 28 Apr 15 (65% fe) 86.28-86.28* 5.21% p 30 Apr 15
Brass plate cuttings 70/30 3,850-3,950 0% 28 Apr 15
Brass turnings 3,000-3,050 0% 28 Apr 15
UK NON-FERROUS SCRAP
Mixed brass 3,000-3,020 0% 28 Apr 15 Price Change† Assessed
Source: Lettre d’Information Metaux Aluminium - Actual Price
Italy per 1000kg £ per tonne
Electrolytic dd EN 12861-S-Cu-2 5,362-5,414 -0.7% q 24 Apr 15 Group 1 pure 99% & Litho 1,160-1,200* 0% 29 Apr 15
Enamelled wire EN 12861-S-Cu-3 5,200-5,252 -0.72% q 24 Apr 15 Commercial pure cuttings 1,000-1,050* 0% 29 Apr 15
New from tubes, strips etc EN Clean HE9 extrusions 1,150-1,200* 0% 29 Apr 15
12861-S-Cu-4 5,321-5,373 -0.71% q 24 Apr 15 Loose Old Rolled cuttings 760-800* 0% 29 Apr 15
Old from tubes, strips etc Baled old rolled 850-900* 0% 29 Apr 15
12861-S-Cu-7 5,047-5,099 -0.74% q 24 Apr 15
Commercial cast 920-970* 0% 29 Apr 15
EN12861-S-Cu-Zn-1-A-Cu 63.5% 4,050-4,127 -0.51% q 24 Apr 15
Cast wheels 1,240-1,300* 2.42% p 29 Apr 15
Mixed from valves/taps EN
12861-S-Cu-Zn-6 3,499-3,577 -0.59% q 24 Apr 15 Commercial turnings 750-800* 7.64% p 29 Apr 15
Several 95% m/m 12861-S-Cu-Zn-7 3,299-3,377 -0.63% q 24 Apr 15 Group 7 turnings 500-530* 0% 29 Apr 15
Source: Assomet Titanium
$/Ib cif
Turnings, unprocessed type 90/6/4
(O.5% Sn max) 1.10-1.30* -4% q 29 Apr 15
Turnings, unprocessed 90/6/4 (over
0.5% max 2% Sn) 0.95-1.15* -4.55% q 29 Apr 15
continued ››
27 | Monday
XXMay
4 Month
20152015
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.1
94XX.1 Copyright © 2002-2014
NON-FERROUS FOUNDRY INGOTS

Aluminium UK £/tonne
MB free market
LM24 pressure diecasting ingot 1,480-1,520* 0% 29 Apr 15
LM6/LM25 Gravity diecasting ingot 1,650-1,680* 0% 29 Apr 15
NB: prices expressed delivered consumer works, LM series as specified in BS1490
Aluminium Europe
MB free market
Duty paid delivered works pressure
Log on to your
diecasting ingot price (DIN226/A380)
- ¤/tonne 2,080-2,140* 0.36% p 01 May 15
Price Book
Aluminum US $/Ib delivered Midwest
A380.1 alloy 0.98-1.00* 0% 30 Apr 15
AFFIMET ¤/tonne
AS12 3,430 5.38% p 01 Apr 15
AS12 UN 3,325 7.78% p 01 Apr 15
today
AS9 U3 2,700 9.76% p 01 Apr 15
AS5 U3 3,050 8.54% p 01 Apr 15
Reflects generally larger traded lots
VDM ¤/1000 kg delivered
DIN 226 2,510-2,610 0.79% p 29 Apr 15
DIN 231 2,590-2,690 0.76% p 29 Apr 15
Cutting-edge graphing technology enables you to:
DIN 311 2,570-2,670 0.77% p 29 Apr 15
• Track over 950 metals prices with ease
Aluminium Bronze £/tonne UK
AB1 ex-works 4,200 0% 28 Apr 15 • Quickly analyse and compare prices
AB2 ex-works 4,350 0% 28 Apr 15
• Create sophisticated charts for presentations and reports
Source: C.F. Booth Ltd.
Brass UK £/tonne
SCB3 ex-works 3,400 0% 28 Apr 15
High Tensile HTB1 ex-works 3,600 0% 28 Apr 15
Gunmetal UK £/tonne
LG2 85/5/5/5 ex-works 4,200 0% 28 Apr 15
LG4 87/7/3/3 ex-works 4,850 0% 28 Apr 15
G1 1.15 PB ex-works 5,600 0% 28 Apr 15
Phosphor Bronze UK £/tonne
PB1 ex-works 5,850 0% 28 Apr 15
Phosphor Copper £/tonne
10% P ex-works 5,850 0% 28 Apr 15
15% P ex-works 5,950 0% 28 Apr 15
Zinc Alloys UK £/tonne
Brock Metal Co Contract Alloy Price (delivered UK, min 25 tonne lots)
Brock Metal ZL3 1,998 5.71% p 01 Apr 15
Brock Metal ZL5 2,026 5.69% p 01 Apr 15
Start using your Price Book today

www.metalbulletin.com/my-price-book
†
Change based on available assessed prices over a one-week period
* MB copyright
28 | Monday
Monthly averages:
Low High
Mercury
MB free market
April min 99.99%, $/flask in warehouse

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

BASE METALS Silicon
Low High MB free market ¤/tonne 2,380.000 2,450.000
Aluminium Titanium
Aluminium P1020A, in-warehouse Rotterdam duty unpaid, spot $/tonne Ferro-Titanium
Rotterdam premium 187.045 227.455 70% (max 4.5% Al), $/kg d/d Europe 5.500 5.656
Aluminium P1020A, in-warehouse Rotterdam duty paid, spot $/tonne
ORES & ALLOYS
H/G Cash $/tonne 250.000 292.222
Low High
Alumina
Index fob Australia 341.077 Molybdenum
Free market in warehouse
Copper Europe drummed molybdic
US High-grade cathode premium oxide $/lb Mo 7.894 8.067
indicator, $/tonne 132.000 143.000 US canned molybdic oxide $/lb Mo 7.900 8.100
Nickel Ferro-molybdenum
Free market in warehouse premium basis 65% min, in-warehouse Rotterdam,
Europe $/tonne uncut cathodes 35.000 105.000 $/kg Mo 19.800 20.278
4x4 cathodes 180.000 250.000
Tungsten
briquettes 30.000 160.000
European free market APT $/mtu 248.333 260.000
US Melting $/lb 0.200 0.250
Ferro-tungsten
Plating $/lb 0.650 0.700
basis 75% W min 33.861 34.756
Tin
Vanadium
European free market
min 98%, in-warehouse Rotterdam, $/lb V2O5 3.633 3.972
Spot Premium 99.9% $/tonne 456.250 600.000
Ferro-vanadium
Spot premium 99.85% $/tonne 250.000 350.000
basis 78% min, free delivery duty paid consumer plant,
Kuala Lumpur (ex-smelter) $/tonne 16,052.73
1st grade Western Europe $/kg V 19.189 19.589
US Free market 70-80% 9.800 10.007
MINOR METALS
Antimony PRECIOUS METALS
MB free market Gold
Regulus 99.65%, max Se 50ppm, London $/troy oz Morning 1,198.25250
$/tonne in warehouse 8,622.222 8,897.222 Afternoon 1,197.91000
MMTA Standard grade II $/tonne 8,516.667 8,780.556 London £/troy oz Morning 802.27250
Bismuth Afternoon 800.88300
MB free market $/troy oz Handy/Harman 1,198.93
min. 99.99%, $/lb, tonne lots in Palladium
warehouse 6.739 7.450
Morning $/troy oz 764.70000
Cadmium Afternoon $/troy oz 768.80000
MB free market
Platinum: per troy oz
min 99.95%, cents/lb in warehouse 51.667 58.222
Morning $/troy oz 1,151.15000
min 99.99%, cents/lb in warehouse 55.000 61.778
Afternoon $/troy oz 1,150.10000
Cobalt
Rhodium
MB free market
European free market
High Grade, $/lb in warehouse 12.833 13.861
min 99.9% in warehouse, $/troy oz 1,140.625 1,185.000
Low Grade, $/lb in warehouse 12.722 13.678
Silver
Germanium Dioxide
London
MB free market min 99.99%, $/kg 1,275.000 1,350.000
spot pence/troy oz 1,092.08650
Rotterdam $/kg 1,895.556 1,975.556
spot cents/troy oz 1,631.90000
Indium Handy/Harman cents/troy oz 1,634.10
MB free market
Ingots min 99.97%, $/kg in warehouse 516.111 593.333
Magnesium
MB free market
min 99.8%, $/tonne 2,260.000 2,300.000
China free market min 99.8% 2,200.000 2,230.000
continued ››
29 | Monday
XXMay
4 April
2015
2014
| Metal
| Metal
Bulletin
Bulletin
Daily
Daily
| Number
| Number
9405.1
93XX.5 Copyright©©Metal
2002-2015
BulletinMetal
Limited,
Bulletin
2013
FOUNDRY INGOTS Jan-Apr 2015 Apr

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

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In addition, domestic prices for HRC in Southern Europe have been

Imported 18/8 stainless steel turnings prices were assessed at

ALUMINA INDEX FOB AUSTRALIA +0.17% ALUMINIUM STANDARDISED TO P1020

CHARGE CHROME INDEX

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HMS 1&2 FERROUS SCRAP INDEX

MB dailies for the past week April 2015 issue of MB

For coverage of the base metals

Price Change Assessed Price Change Assessed

NOBLE ALLOYS & ORES Price Change Assessed

Lithium Ores Price Change† Assessed Chrome Ore $/tonne

BULK ALLOYS EUROPE

NON-FERROUS FOUNDRY INGOTS

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April min 99.99%, $/flask in warehouse

min 99.5% in warehouse $/lb 17.944 22.056

FOUNDRY INGOTS Jan-Apr 2015 Apr

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