Argus: Metals International

Argus Metals International
Global non-ferrous market prices, news and analysis
Issue 20-56 | Thursday 19 March 2020
OVERVIEW Markets
Key prices
Severe EU virus impact likely: Eurofer
Market Unit Date Low High ±
European steel association Eurofer today has told Argus it
Battery Materials
expects the heaviest impact of the coronavirus pandemic in
Minor Metals
Europe on the steel industry to last for two to three months. Lithium
Steel companies forecast a drop in demand as a result of Carbonate min 99.5%
Yn/t 19 Mar 46,000 51,000 -500
ex-works China
automotive and other industry closures, which will likely see
Carbonate min 99.5% ex-works
lower shipments and/or customers refusing deliveries. This $/kg 19 Mar 5.73 6.35 -0.14
China excl. VAT
will result in a strong impact on revenues, although so far no Carbonate min 99.5% cif China $/kg 17 Mar 8.50 10.00 nc
Hydroxide min 56.5%
significant loss has been reported. ex-works China
Yn/t 19 Mar 52,000 58,000 -500
“The transport of goods is still permitted across EU bor- Hydroxide min 56.5%
$/kg 19 Mar 6.47 7.22 -0.15
ders, which at least ensures access to raw material supplies ex-works China excl. VAT
Hydroxide min 56.5% fob China $/kg 17 Mar 10.00 11.50 nc
and, for now, guarantees steel producers’ ability to ship Graphite
their product,” Eurofer said. Flake 94% min ex-works China Yn/t 17 Mar 3,600.00 4,000.00 nc
Demand in Europe fell by 12pc last year, the association Flake 94% min fob China $/t 17 Mar 530.00 580.00 nc
Flake 94% min ex-works China
said. The coronavirus could further exacerbate this drop in excl. VAT
$/t 17 Mar 451.69 501.87 nc
demand. Manganese
Eurofer called for the EU to ensure that the steel safe- Sulphate min 32% Mn battery
Yn/t 19 Mar 6,200.00 6,400.00 nc
grade ex works China
guards in place are effectively reinforced to prevent dump-
Dioxide min 91% carbon battery
ing at “unsustainable prices by non-EU producers desperate Yn/t 19 Mar 9,400.00 10,400.00 nc
grade ex works China
to offload excess volumes” once demand returns to the
Dioxide min 91% alkaline
market. Yn/t 19 Mar 10,300.00 11,300.00 nc
battery grade ex works China
By Lora Stoyanova Cobalt
Min 99.8% alloy grade
Ferro-molybdenum 60% Mo ex-works, China v India du Rotterdam
$/lb 19 Mar 16.50 17.40 nc
Min 99.8% chemical grade

$/lb 19 Mar 16.00 16.75 nc
du Rotterdam
60% Mo China Yn/t (left axis) Sulphate min 20%
60% Mo India Rs/t (right axis) Yn/t 19 Mar 48,000 53,000 -2,000
ex-works China
140,000 1,300
Sulphate min 20%
$/lb 19 Mar 2.71 2.99 -0.15
ex-works China excl. VAT
130,000 1,250
Vanadium
1,200 Pentoxide V2O5 ex-works China $/lb 19 Mar 6.10 6.20 -0.10
120,000 hhh Base Metals
1,150 Nickel
110,000 Briquettes min 99.8%
$/t 19 Mar 80 120 -5.00
1,100 in-warehouse Rotterdam
100,000 Sulphate min 22%
1,050 Yn/t 19 Mar 23,000 28,000 -500
ex-works China
Lead
90,000 1,000
Lead Ingot primary 99.97%
28 Feb 19 4 Jul 19 7 Nov 19 19 Mar 20 $/lb 17 Mar 0.0850 0.1000 0.0025
premium del US
Rare Earths
contents Dysprosium
Oxide min 99.5% fob China $/kg 19 Mar 267.00 272.00 nc
Minor Metals 2-11
Praseodymium-Neodymium
Base Metals 12-15
Oxide min 99% fob China $/t 19 Mar 38,900 39,400 nc
Ferro-alloys16-24 Ferro alloys
Rare Earths 25-27 Ferro-vanadium
Incorporating Metalprices.com, Argus Minor Metals, Argus Ferro Alloys and 78-82% V dp Rotterdam (per
$/kg 19 Mar 23.25 23.85 -1.45
Argus Rare Earths kg V)
Copyright © 2020 Argus Media group Available on the Argus Publications App
Licensed to: Sameer Virani, Argus Media Limited (London)
Argus Metals International Issue 20-56 | Thursday 19 March 2020
Minor metals: Europe market COMMENTARy
Europe: Prices waver as virus stifles trade Electronic metals price assessments
19 Mar
Electronic metal markets have started showing signs of mov-
Unit Low High ±
ing higher after falling to historic lows. But spot market ac-
tivity has slumped as buyers and sellers assess the impact of Arsenic
Min 99% du Rotterdam (18 Mar) $/lb 0.88 0.98 nc
Europe wide measures to contain the coronavirus outbreak,
Min 99% fob US warehouse (17 Mar) $/lb 1.05 1.13 nc
leaving all prices unchanged. Bismuth
Meanwhile cobalt is holding steady, but the silicon and Min 99.99% du Rotterdam (18 Mar) $/lb 2.55 2.65 nc
tungsten markets have both continued to drop. Min 99.99% ex-works China Yn/t 36,500 37,500 nc
Min 99.99% fob China $/lb 2.35 2.45 nc
Ingot min 99.99% fob US warehouse (17
Antimony $/lb 2.70 3.00 -0.025
Mar)
Prices for grade II and trioxide grade metal were unchanged Gallium
Min 99.9999% ex-works China Yn/kg 1,160 1,260 +10
at $6,250-6,375/t in-warehouse Rotterdam after falling from
Min 99.99% ex-works China Yn/kg 990 1,010 +10
$6,300-6,400/t in the previous assessment of 17 March on Min 99.99% fob China $/kg 142.00 152.00 +2.000
low spot demand following recent price rises in China. Chi- Min 99.99% cif Main Airport (18 Mar) $/kg 155.00 165.00 nc
nese export prices were flat at $6,100-6,300/t fob. European Germanium
Dioxide min 99.999% ex-works China Yn/kg 4,200 4,500 nc
measures to contain the coronavirus are weighing on spot
Dioxide min 99.999% fob China $/kg 600 640 nc
market activity. Dioxide min 99.999% du Rotterdam (18
$/kg 705 735 nc
Mar)
Metal (zone refined ingot) min 99.999%
Cobalt ex-works China
Yn/kg 6,600 7,100 nc
Prices stabilised after falling sharply in the previous assess- Metal min 99.999% cif main airport (18
$/kg 1,000 1,055 nc
Mar)
ment. Chemical grade prices were assessed at $16-16.75/
Min 99.999% fob China $/kg 925 1,025 nc
lb while alloy grade prices were unchanged at $16.50-17.40/ Indium
lb. Traders had maintained higher offer prices until earlier Min 99.99% du Rotterdam (18 Mar) $/kg 150.00 163.00 nc
this week, when European government stepped up efforts to Min 99.99% ex-works China Yn/kg 940 990 nc
Min 99.99% fob China $/kg 137 142 nc
contain the coronavirus outbreak. At the same time, several
Ingot min 99.99% fob US warehouse (17
$/kg 150.00 170.00 -2.500
carmakers announced temporary closures including Volk- Mar)
swagen, PSA Group and Fiat Chrysler. Tesla has also halted Min 99% ex-works China Yn/kg 880 930 nc
Selenium
production at its factory in Nevada. These various elements
Dioxide min 99% ex-works China Yn/kg 62.00 70.00 nc
are weighing on market sentiment as the scale and potential Min 99.5% du Rotterdam (18 Mar) $/lb 5.90 7.40 nc
duration of the pandemic become clearer. Min 99.5% fob US warehouse (17 Mar) $/lb 5.90 6.90 nc
Powder min 99.9% ex-works China Yn/kg 100.00 130.00 nc
Tantalum
Cobalt min 99.8% Alloy Grade du Rotterdam $/lb Pentoxide min 99.5% ex-works China
Yn/kg 1290.00 1350.00 nc
(17 Mar)
Tantalite basis 25% Ta2O5 cif main port
Diff $/lb 61.00 63.50 nc
(18 Mar)
19.0 Min 99.8% du Rotterdam (18 Mar) $/kg 265.00 275.00 nc
Tellurium
18.5 99.99% ex-works China (17 Mar) Yn/kg 355.00 370.00 nc
Min 99.99% du Rotterdam (18 Mar) $/kg 47.00 56.00 nc
Min 99.95% fob US warehouse (17 Mar) $/kg 57.00 63.00 nc
18.0
Zirconium
Fused zirconia 98.5% ZrO ex-works China
-
hh (17 Mar)
Yn/t 25,000 26,000 nc
17.5
Oxychloride 36% Zr(Hf)O2 ex-works China
Yn/t 14,000 15,500 nc
(17 Mar)
Oxychloride 36% Zr(Hf)O2 fob China (17
17.0 $/t 2,080 2,180 nc
Mar)
Silicate 65% Zr(Hf)O2 ex-works China
Yn/t 13,000 13,400 nc
(17 Mar)
16.5 Sponge 99.4% Zr+Hf ex-works China (17
10 Sep 25 Oct 11 Dec 3 Feb 19 Mar Mar)
Yn/kg 225.00 235.00 nc
Copyright © 2020 Argus Media group Page 2 of 29

Issue Ref: 430006

Minor metals: Europe market COMMENTARy
This year was expected to be a pivotal year for electric Battery metals price assessments
19 Mar
vehicle demand, with several launches scheduled from large
Unit Low High ±
carmakers. Production halts and severely reduced car sales
Antimony
will impact production schedules, likely to lead to a fall in Ingot min 99.65% ex-works China Yn/t 38,000 39,000 -500
demand for chemical grade cobalt in the coming months. Ingot min 99.65% fob China $/t 6,100 6,300 nc
Min 99.85% ex-works China Yn/t 39,000 40,000 -1,000
Min 99.65% cif US (17 Mar) $/lb 2.80 3.00 nc
Magnesium Regulus grade II min 99.65% Sb du
$/t 6,250 6,375 nc
Prices fell to $2,200-2,250/t in Rotterdam on limited spot Rotterdam (18 Mar)
Regulus Trioxide grade min 99.65% Sb du
trading activity in Europe. Traders in Eastern Europe found it Rotterdam (18 Mar)
$/t 6,250 6,375 nc
difficult to get any material because of logistics issues. Some Trioxide min 99.5% ex-works China Yn/t 34,000 36,000 nc
Trioxide min 99.5% fob China $/t 5,100 5,200 nc
said delivery charges from Rotterdam to Poland could be
Trioxide min 99.8% ex-works China Yn/t 37,000 38,000 nc
higher than $100/t, meaning there is a dual market. There is Trioxide min 99.8% fob China $/t 5,350 5,450 nc
ample supply in Rotterdam because of shipments beginning Cadmium
to arrive from China. One trader offered material at $2,220/t Min 99.99% du Rotterdam (18 Mar) $/lb 1.22 1.27 nc
Min 99.99% ex-works China (17 Mar) Yn/t 16,000 16,500 nc
for delivery in April, which indicates market participants Min 99.99% cif India (18 Mar) Rs/kg 215.00 220.00 nc
expect prices to soften further in the coming weeks. Min 99.99% fob US warehouse (17 Mar) $/lb 1.21 1.31 nc
Min 99.95% du Rotterdam (18 Mar) $/lb 1.18 1.22 nc
Min 99.95% fob US warehouse (17 Mar) $/lb 1.15 1.24 nc
Manganese
Min 99.95% cif India (18 Mar) Rs/kg 215.00 220.00 nc
Traders counted their losses after a volatile month when Oxide min 99.5% ex-works China (17 Mar) Yn/t 16,500 17,000 nc
prices suddenly increased before a sharp drop just as sud- Cobalt
(Electrolytic metal) min 99.8% ex-works
denly. One trader who bought 100t at $2,300/t at the end China
Yn/kg 250.00 270.00 -5.000
of February said it was a “living nightmare”. They had 50t Chloride min 24% ex-works China Yn/t 58,000 63,000 -3,000
Min 99.8% alloy grade du Rotterdam (18
still left on stock and now prices are $1,600-1,675/t in Rot- Mar)
$/lb 16.50 17.40 nc
terdam. Traders in Europe received offers at $1,480/t cif Min 99.8% fob US warehouse (17 Mar) $/lb 16.75 17.60 -0.500
Min 99.8% chemical grade du Rotterdam
Rotterdam from China and there is plenty of material on its $/lb 16.00 16.75 nc
(18 Mar)
way to Europe. There is concern from market participants Hydroxide min 30% cif China (17 Mar) $/lb 9.80 10.60 nc
that shipments may not be able to offload in Rotterdam due Oxide 72% ex-works China (17 Mar) Yn/kg 195.00 205.00 -5.000
Powder min 99.8% ex-works China (17 Mar) Yn/kg 280.00 295.00 -7.500
to warehouse build up because of logistical delays on the
Sulphate min 20% ex-works China Yn/t 48,000 53,000 -2,000
continent. Sulphate min 20% ex-works China excl.
$/lb 2.86 3.14 nc
VAT (18 Mar)
Tetroxide min 73% ex-works China Yn/kg 195.00 205.00 -5.000
Graphite
Flake 94% min ex-works China (17 Mar) Yn/t 3600.00 4000.00 nc
Magnesium min 99.9% du Rotterdam $/t Flake 94% min fob China (17 Mar) $/t 530 580 nc
Flake 94% min ex-works China excl. VAT
$/t 452 502 nc
Diff
(17 Mar)
2,550 Lithium
Carbonate min 99.5% ex-works China Yn/t 46,000 51,000 -500
2,500 Carbonate min 99.5% ex-works China excl.
$/kg 5.92 6.43 nc
VAT (18 Mar)
2,450 Carbonate min 99.5% cif China (17 Mar) $/kg 8 10 nc
Cobalt oxide min 60% Co ex-works China Yn/kg 210.00 220.00 nc
2,400
Hydroxide min 56.5% ex-works China Yn/t 52,000 58,000 -500
2,350 Hydroxide min 56.5% ex-works China excl.
$/kg 6.68 7.31 nc
-
hh VAT (18 Mar)
2,300 Hydroxide min 56.5% fob China (17 Mar) $/kg 10 12 nc
Manganese
2,250
Sulphate min 32% Mn battery grade ex
Yn/t 6,200 6,400 nc
2,200 works China
Dioxide min 91% carbon battery grade ex
Yn/t 9,400.00 10,400.00 nc
2,150 works China
9 Sep 8 Nov 16 Jan 19 Mar Dioxide min 91% alkaline battery grade ex
Yn/t 10,300 11,300 nc
works China

Minor metals: Europe market COMMENTARY
Molybdenum Light metals price assessments

19 Mar
Softening demand offset the impact of a potential supply
Unit Low High ±
shortage stemming from lower production in Peru, which
Magnesium
pushed prices down in Europe. Some consumers delayed
Alloy min 90% Mg AZ91 ex-works China Yn/t 15,500 15,950 +25
purchasing of material, despite weakening offers, as the Alloy min 90% Mg AZ91 fob China $/t 2,330 2,390 nc
coronavirus outbreak continued to widen around the world. Min 99.9% fob US warehouse (17 Mar) $/t 4,960 5,181 -110
Min 99.9% du Rotterdam (18 Mar) $/t 2,270 2,330 nc
Prices for 57pc grade powder dropped for the fifth consecu-
Min 99.9% ex-works China Yn/t 13,750 14,150 +50
tive session to $8.80-9/lb on 19 March, the lowest since 2 Min 99.9% fob China $/t 2,030 2,090 nc
December assessment of $8.60-8.90/lb and down from the Powder 99.9% Mg 20-80 mesh ex-works China Yn/t 14,750 15,150 +50
previous assessment of $9-9.10/lb on 17 March. Powder 99.9% Mg 20-80 mesh fob China $/t 2,240 2,300 nc
Manganese
Briquette min 97% Mn ex-works China Yn/t 10,700 11,000 -100
Silicon Briquette 97% Mn fob China $/t 1,555 1,605 -25
Prices continued to fall because of low priced Chinese Dioxide min 91% carbon battery grade ex works
Yn/t 9,400 10,400 nc
China
imports and European sellers trying to raise cash while they Dioxide min 91% alkaline battery grade ex works
Yn/t 10,300 11,300 nc
were still able to deliver material. Prices for 5-5-3 grade China
Electrolytic metal min 99.7% fob US
$/lb 0.98 1.02 nc
metal declined to €1,760-1,825/t and 4-4-1 grade metal warehouse
Flake 99.7% Mn ex-works China Yn/t 10,400 10,600 -100
prices fell to €1,820-1,880/t ddp. Some traders were able to
Flake min 99.7% fob China $/t 1,525 1,575 -25
deliver material to Italy but others described queues at the Flake min 99.7% du Rotterdam (18 Mar) $/t 1,600 1,675 nc
German border. One trader said material which was sup- Lump min 95% Mn ex-works China Yn/t 10,900 11,200 -100
posed to arrive on Tuesday only arrived today. Lump 95% Mn fob China $/t 1,575 1,645 -25
Sulphate min 32% Mn battery grade ex works
Chinese sellers offered material for shipment to Europe China
Yn/t 6,200 6,400 nc
at below $1,600/t, much lower than a week ago. Aluminium Silicon

5-5-3 min 98.5% Si dat Chinese ports Yn/t 11,200 11,400 -250
smelters tried to avoid shutting down operations in Italy
5-5-3 min 98.5% Si fob China $/t 1,600 1,630 -40
and Spain, but pressure from unions, raw material and staff 5-5-3 min 98.5% Si ddp Europe works (18 Mar) €/t 1,775 1,850 nc
shortages mean they are likely to close in the coming days 5-5-3 min 98.5% Si fca duty paid Rotterdam within
€/t 1,700 1,750 nc
90 days (12 Mar)
unless there are changes in government policies. 5-5-3 min 98.5% Si fob US warehouse $/lb 0.900 0.950 nc
5-5-3 min 98.5% Si fob US warehouse works within
$/lb 0.890 0.940 nc
90 days
4-4-1 min 99% Si dat Chinese ports Yn/t 12,300 12,500 -50
Silicon 5-5-3 vs 4-4-1, ddp Europe works €/t 4-4-1 min 99% Si fob China $/t 1,750 1,780 -20
4-4-1 min 99% Si ddp Europe works (18 Mar) €/t 1,850 1,920 nc
Diff 3-3-0-3 min 99% Si fca Europe works (18 Mar) €/t 1,950 2,000 nc
-30 2-2-0-2 min 99.5% Si fca Europe works (18 Mar) €/t 2,000 2,050 nc
Titanium
-40 Concentrate 50% TiO2 ex-works China (VAT unpaid) Yn/t 1,500 1,600 nc
-50 Concentrate 46% TiO2 ex-works China (VAT unpaid) Yn/t 1,550 1,570 nc
Dioxide 93pc min rutile grade ex-works China Yn/t 14,200 16,500 nc
-60 Dioxide 93pc min rutile grade fob China $/t 2,150 2,250 nc
-70 Dioxide 98pc min anatase grade ex-works China Yn/t 11,800 13,500 nc
-
hh Ingot min 99% Ti pure TA1 ex-works China (17 Mar) Yn/t 82,000 84,000 -2,000
-80 Ingot min 99% Ti pure TA2 ex-works China (17 Mar) Yn/t 80,000 82,000 -2,000
Ingot min 99% Ti pure TA3 ex-works China (17 Mar) Yn/t 83,000 86,000 -2,000
-90
6Al 4V ingot fob US producer (28 Feb) $/lb 10.15 10.40 nc
-100 6Al 4V ingot in-warehouse Rotterdam (02 Mar) $/kg 15.00 15.50 -0.375
Ingot CP Grade 1 fob Rotterdam (02 Mar) $/kg 10.70 11.20 -0.100
-110
Ingot CP Grade 2 fob Rotterdam (02 Mar) $/kg 9.75 10.30 nc
10 Sep 25 Oct 11 Dec 3 Feb 19 Mar
Slab CP Grade 1 fob Rotterdam (02 Mar) $/kg 11.00 11.50 -0.200
Slab CP Grade 2 fob Rotterdam (02 Mar) $/kg 9.80 10.50 nc
Slag min 92% TiO2 ex-works China Yn/t 6,550 6,850 nc
Sponge 99.7% Ti ex-works China Yn/t 76,000 77,000 -500
Sponge 99.6% Ti ex-works China Yn/t 75,000 76,000 -500
Sponge TG-Tv 10x30mm du Rotterdam (18 Mar) $/kg 6.00 6.50 nc
Tetrachloride min 99.9% TiCl4 ex-works China Yn/t 7,600 7,800 -150

Minor Metals: EUROPE market commentary
Tantalum Scrap metal price assessments

Supply pressure, low inventory and growing demand pushed Market Unit Date Low High ±
tantalite prices slightly higher mid-March. Sellers were reluc- Molybdenum

tant to sell material at $61/lb and held offers at $63-64/lb. A
99.7% airmelt del US consumer $/lb 28 Feb 15.05 15.80 +1.30
trader sold 15t of tantalite to a Chinese refinery this week at
$63/lb. Material for high niobium content is likely to achieve 99.7% vacuum del US consumer $/lb 28 Feb 18.25 19.25 +2.35
a slight premium, a trader said Prices for 25pc Ta2O5 con- 99.9% pure vacuum del US
$/lb 28 Feb 16.75 17.25 +2.65
tent tantalite rose to $61.50-63.50/lb on 19 March, up from processor
Contained in 316 stainless scrap
the previous assessment of $61-63.50/lb on 17 March. $/lb 16 Mar 8.00 8.25 +0.25
solids del US consumer
Niobium
Tungsten Niobium (columbium) scrap
$/lb 28 Feb 36.00 37.35 nc
China's weakening domestic market, sluggish growth pros- vacuum del US consumer
pects for the global economy because of the coronavirus Niobium (columbium) scrap
$/lb 28 Feb 31.50 32.50 nc
vacuum del US processor
outbreak and sufficient supply weighed on the tungsten
Tantalum
market in Europe. The market still held around the $240/
99.9% vacuum melted del US
$/lb 17 Mar 124.00 128.00 nc
mtu mark in Europe amid steady production. Argus assessed consumer
prices for ammonium paratungstate (APT) down at $235-240/ Titanium
mtu on 19 March, compared with $238-243/mtu duty unpaid Scrap 6Al 4V bulk weldable del US
$/lb 19 Mar 2.20 2.70 -0.05
processor
in-warehouse Rotterdam on 17 March.
Scrap 6Al 4V clips del US
$/lb 19 Mar 1.50 1.70 nc
processor
Tantalum min 99.8% du Rotterdam $/kg
Scrap grade CP1 solids del US
$/lb 19 Mar 1.55 1.70 nc
processor
Diff
Scrap grade CP2 solids del US
280 processor
$/lb 19 Mar 1.42 1.52 nc
Scrap grade CP3/4 solids del US

275 $/lb 19 Mar 1.00 1.15 nc
processor
Scrap 6Al 4V turnings aero quality
270 $/lb 19 Mar 1.15 1.35 nc
del US processor
Tungsten
265
-
hh Carbide scrap inserts fob US
$/lb 28 Feb 6.55 7.05 +0.20
processor
260 Carbide scrap rounds fob US
$/lb 28 Feb 6.55 7.05 -0.03
processor
255 99.9% scrap solids consumer price
$/lb 28 Feb 16.25 17.25 +0.25
fob US processor
250
10 Sep 25 Oct 11 Dec 3 Feb 19 Mar 99.9% scrap del US processor $/lb 28 Feb 13.75 14.25 +0.25
USD v CNY Vanadium pentoxide flake min 98pc du Rotterdam $/lb
Diff Diff
7.2 8.50
8.00
7.1
7.50
7.0
7.00
6.9 6.50
-
hh -
hh
6.00
6.8
5.50
6.7
5.00
6.6 4.50
21 Mar 20 Jun 19 Sep 19 Dec 19 Mar 9 Sep 8 Nov 16 Jan 19 Mar

Minor metals: china market COMMENTARY
China minor metals: Ga, Mg prices rise High-temperature metals price assessments
19 Mar
The gallium market rose as producers increased offer levels
Unit Low High ±
in reaction to squeezed profit margins, while a fall in spot
inventories led to a rebound in magnesium prices. Higher Chromium
(alumino-thermic) min 99% dp
availability and lower demand continued to weigh on manga- Rotterdam (18 Mar)
$/t 6,450 6,750 nc
nese prices. Chrome aluminothermic fob US

$/lb 3.10 3.30 -
warehouse (28 Feb)
(aluminothermic) min 99% Cr ex-works
Yn/t 48,000 50,000 -1,500
China
Antimony
Hafnium
Prices for 99.65pc metal narrowed to 38,000-39,000 yuan/t Min 99% max 1% Zr du Rotterdam $/kg 750 820 nc
($5,370-5,510/t) today from Yn38,000-40,000/t ex-works Molybdenum
on 17 March. The range for 99.8pc trioxide held steady at Ingot min 99.8% in-warehouse
$/kg 36.00 40.00 nc
Rotterdam (17 Mar)
Yn37,000-38,000/t ex-works today, after a fall of Yn1,500/t Oxide min 57% Mo du Rotterdam (18
$/lb Mo 9.00 9.10 -0.075
on 17 March. Mar)
Oxide min 57% fob US warehouse $/lb 9.10 9.25 -0.100
Producers and trading firms opted to sell off stocks at
Niobium
lower prices following output restarts in China and a poten- Ingot min 98.8% in-warehouse
$/kg 60 64 nc
tial fall in demand amid slow economic growth in the first Rotterdam (02 Mar)
Pentoxide min 99.5% ex-works China
half of this year, as the coronavirus crisis escalates in Europe Yn/kg 219 223 nc
(17 Mar)
and the US. Niobium (columbite) concentrate min
$/lb 8.80 9.40 nc
50% Nb2O5 cif main port
Export prices were assessed stable at $6,100-6,300/t Rhenium
fob for metal and at $5,350-5,450/t fob for 99.8pc trioxide APR min 69.2% Re (basic grade) du
$/kg Re 650 850 nc
Rotterdam (18 Mar)
today. Exporters held offer prices firm, despite a lack of APR min 69.4% Re (catalyst grade) dp
$/kg Re 1,100 1,200 nc
buying interest. International consumers are postponing Rotterdam (18 Mar)
APR min 69.4% Re ex-works China (17
Yn/kg 4,600 5,600 nc
purchases until the coronavirus outbreak eases. Other con- Mar)
APR catalyst 69.4% fob US warehouse
sumers replenished sufficient stocks last month and opted to (28 Feb)
$/lb 505 550 -
monitor the epidemic situation. Pellets min 99.9% Re dp Rotterdam (18
$/lb 455 525 nc
Mar)
99.9% fob US warehouse (28 Feb) $/lb 505 550 -
Bismuth Tungsten
Producers held offer prices firm in line with stable produc- APT du Rotterdam (18 Mar) $/mtu WO3 238.00 243.00 nc
tion costs and tight feedstock supply. The range for 99.99pc APT fob China $/mtu WO3 230.00 235.00 -3.000
grade metal was stable at Yn36,500-37,500/t ex-works today APT min 88.5% ex-works China Yn/t 136,000 138,000 -4,000
Carbide min 99.7% ex-works China Yn/kg 213.00 216.00 -5.500
following a rise of Yn500/t on 17 March. There is potential
Carbide powder (3-4micron) fob China $/kg 30.00 31.00 -1.000
for upside in the near term as producers are likely to lift Ingot min 99.9% in-warehouse
$/kg 35.00 37.00 nc
prices again in view of limited profit margins. Rotterdam (17 Mar)
99.9% min Chinese bar del US consumer
Export prices remained unchanged at $2.35-2.45/lb fob (28 Feb)
$/lb 16.90 17.40 -
today, in line with the stable domestic prices and flat de- Oxide (Yellow/Blue oxide) fob China $/t 23,500 24,000 -550
mand from buyers outside of China. Oxide min 99.95% ex-works China Yn/t 156,000 158,000 -2,000
Concentrates 55% min ex-works China Yn/t 85,000 86,000 -5,000
Cobalt
Argus assessed prices for 99.8pc grade metal at Yn250-270/ lower metal prices pushed down the range for 24pc grade
kg ex-works today, down by Yn5/kg from 17 March on low chloride by Yn3,000/t from 17 March to Yn58,000-63,000/t
spot demand. Producers reduced offer prices to attract ex-works today. The range for 20pc grade sulphate fell by
sales, while consumers kept inventories low and bid at Yn2,000/t from 17 March to Yn48,000-53,000/t ex-works
around Yn250/kg for small volumes. A fall in European prices today. Salts prices increased earlier this month on tight sup-
affected buying interest in China. ply caused by the coronavirus outbreak but fell back as the
The May contract on the Wuxi stainless steel exchange supply shortage eased this week.
closed at Yn219.50/kg today, down from Yn233/kg a week Prices for 73pc grade tetroxide were assessed at Yn195-
ago and Yn261/kg on 2 March. 205/kg ex-works today, down by Yn5/kg from 17 March on
Weak spot demand from the power batter sector and the lower offer and bid prices. Prices for 72pc grade oxide held

at Yn195-205/kg ex-works today, while the range for 99.8pc Mineral sands price assessments
grade powder was unchanged at Yn280-295/kg ex-works on 17 Mar
Unit Low High ±
limited trading activity.
Rutile
Hainan min 90% TiO2 ex-works China (17
Gallium Mar)
Yn/t 6,700 7,500 nc
Prices were assessed higher by Yn10/kg from 17 March to Australian min 95% TiO2 ex-works China
Yn/t 8,600 9,300 nc
(17 Mar)
Yn990-1,010/kg ex-works today as producers raised of-
Zircon sand
fer prices because of limited profit margins, despite low
Hainan min 65% O2 ex-works China (17 Mar) Yn/t 9,200 9,700 nc
demand from the semiconductor sector. Several deals were Australian min 66% O2 cif China (17 Mar) $/t 1,500 1,520 nc
concluded at Yn1,000/kg ex-works. Export prices rose by $2/
kg to $142-152/kg fob today, in line with the higher domestic
prices.
Germanium
Prices for 99.999pc grade metal were assessed unchanged Lithium
at Yn6,600-7,100/kg ex-works today, while the range for Argus assessed prices for 56.5pc grade hydroxide at
99.999pc grade dioxide remained at Yn4,200-4,500/kg ex- Yn52,000-58,000/t ex-works today, down by Yn1,000/t from
works amid sporadic trading activity. Producers focused on the low end of the 17 March range in response to a fall in en-
fulfilling long-term contracts or the production of down- quiry prices from consumers. Producers held offer prices at
stream materials. Yn57,000-58,000/t, while consumers bid at around Yn52,000-
Export prices for 99.999pc grade metal and 99.999pc 53,000/t for small volumes.
grade dioxide were unchanged at $925-1,025/kg fob and Prices for 99.5pc grade carbonate were assessed at
$600-640/kg fob, respectively, on limited international Yn46,000-51,000/t ex-works today, down by Yn1,000/t from
demand. low end of the 17 March range as consumers reduced enquiry
prices. Producers were unwilling to cut offer prices because
Indium of firm raw material costs. Most carbonate producers have
Prices for 99.99pc grade metal were assessed unchanged resumed output since the end of February as the coronavirus
at Yn940-990/kg ex-works today on low operating rates at outbreak eases in China, while consumers are keen to keep
refined metal producers. Few deals were concluded on the inventories low because of an unclear outlook for demand
spot market because of low demand from the indium tin from the power battery sector.
oxide industry. Export prices for 99.99pc metal were flat at Prices for 60pc grade lithium cobalt oxide were un-
$137-142/kg fob today on weak international demand. changed at Yn210-220/kg ex-works today on flat demand
from the consumer electronics battery sector.
Magnesium
Lithium hydroxide min 56.5% ex-works China Yn/t The range for 99.9pc grade metal rebounded to Yn13,750-
Diff
14,150/t ex-works today, up by Yn50/t from 17 March.
56,500 Producers raised offer prices after selling off stocks, while
consumers placed more orders over the past few days.
56,000
Export firms began to purchase material from domestic
55,500 suppliers to fulfil orders signed in previous months, but were
55,000 cautious about taking new orders because of uncertainty
over the effect of the coronavirus outbreak outside of China.
-
54,500 hh
Export prices were unchanged at $2,030-2,090/t fob to-
54,000 day, with the higher domestic prices offset by a weaker yuan
against the US dollar. The yuan fell to 7.10 against the dollar
53,500
today, from 7.01 on 17 March.
53,000
10 Dec 15 Jan 17 Feb 19 Mar

Manganese tetrachloride (TiCl4) feedstock costs and reduced buying

Production restarts and low demand from stainless steelmak- interest from mill products manufacturers.
ers pushed down prices for 99.7pc grade flake by Yn100/t Sponge producers cut offers to boost sales in anticipation
from 17 March to Yn10,400-10,600/t ex-works today. Few of even lower prices because of higher stocks and weaker
deals were concluded on the spot market as key producers demand caused by the coronavirus outbreak. A Sichuan-
focused on fulfilling long-term contracts. based producer was keen to export cargoes to ease pressure
Export prices were assessed at $1,525-1,575/t fob today, from plentiful stocks and the persistent fall in prices.
down by $25/t from 17 March. Posco's tender price for April TiCl4 prices fell to Yn7,600-7,800/t ex-works today from
delivery fell to $1,460-1,475 cif South Korean ports, down by Yn7,600-8,100/t ex-works on 17 March on increased supply
$365-380/t from a tender it issued in mid-February. and reduced buying interest from sponge plants. Some pro-
ducers in Hubei province resumed normal operating rates,
Selenium while several producers in Henan province reduced offer
The range for 99pc grade dioxide was stable at Yn62-70/kg prices in view of higher stocks and on expectations of lower
ex-works today, with deals concluded at Yn65/kg. Dioxide prices.
producers held prices firm while waiting for copper refiners
to issue their prices for crude selenium feedstock. Tungsten
Prices for 99.9pc grade powder were unchanged at A lack of demand from the cemented carbide industry
Yn100-130/kg ex-works/warehouse on limited spot trading prompted suppliers to cut offer prices further to boost sales,
activity as consumers in the glassmaking and fertilizer indus- while buying interest remained low as consumers received
tries operated from long-term contracts. few orders from downstream sectors. Prices for 65pc
wolframite fell by Yn2,000/t from 17 March to Yn87,000-
Silicon 88,000/t ex-works today, while the range for 88.5pc am-
Domestic prices for 5-5-3 grade metal fell to Yn11,200- monium paratungstate (APT) dipped to Yn136,000-138,000/t
11,400/t delivered to ports today from the 17 March assess- ex-works from Yn138,000-140,000/t ex-works. Carbide prices
ment of Yn11,500-11,600/t delivered to ports on weaker edged down to Yn213-216/kg ex-works today from Yn216-219/
demand from aluminium alloy producers and trading firms. kg ex-works on 17 March.
The range for 4-4-1 grade metal was also assessed lower at Export prices were stable at $230-235/mtu fob for APT
Yn12,300-12,500/t delivered to ports today from Yn12,400- and at $30-31/kg fob for carbide. International consumers
12,500/t delivered to ports on 17 March. operated from stocks and were watching the development of
A Hunan-based producer concluded deals at Yn11,200/t the coronavirus crisis. An exporter in south China maintained
delivered to ports for 5-5-3 grade metal. Most producers its offer prices and received few enquiries over the past
were downbeat about the market outlook, expecting prices week.
to fall further in view of an expected rise in output in the
coming month. Vanadium
Export prices for 5-5-3 grade metal were assessed down Prices for 98pc pentoxide flake fell to Yn93,000-94,000/t
by $40/t from 17 March to $1,600-1,630/t fob today follow- ex-works today from Yn93,000-96,000/t ex-works on 17
ing the fall in domestic prices and reduced buying interest March, in response to a fall in offer prices from suppliers and
from international consumers. Prices for 4-4-1 grade metal limited buying interest from alloy smelters caused by weak
dropped by $20/t from 17 March to $1,750-1,780/t fob today. demand and lower tender prices from steel mills. Some trad-
A Fujian-based exporter has concluded few deals over the ing firms cut offer prices to boost sales, after alloy smelters
past two days and cut offer prices to $1,760/t fob for 4-4-1 halted operations because of narrower profit margins.
grade metal to attract buyers. Export prices fell to $6.10-6.20/lb fob today from $6.20-
6.30/lb fob on 17 March, in line with the lower domestic
Titanium prices and bid prices and weak demand from international
Sponge prices fell to Yn76,000-77,000/t ex-works today from consumers. A Sichuan-based supplier was reluctant to sell
Yn76,000-78,000/t ex-works on 17 March for 99.7pc grade to international buyers as most of them were looking to
material and to Yn75,000-76,000/t ex-works from Yn75,000- purchase at below $5.50/lb fob.
77,000/t ex-works for the 99.6pc grade, in response to lower

Minor Metals: news and analysis
European Mo market shrugs off output cuts carmakers announcing a reduction in production capacity,
Molybdenum prices in the European spot market shrugged with a steep fall in oil prices further weighing on the molyb-
off the impact of production cuts in Latin America and con- denum market and demand for other metals.
tinued to slide because of falling demand, sources said. As many European nations close off their borders and
Molybdenum metal, oxide powder and briquette mar- curb public interaction, demand across the logistics chain
kets extended losses, with oxide prices falling for the fifth has slowed. Luxembourg-based stainless-steel producer
consecutive session this month. Today, prices for 57pc oxide Aperam has outlined plans to pause production, while Arce-
dropped below $9/lb duty unpaid in warehouse Rotterdam, lorMittal has cut output in Spain.
breaching this level for the first time since early December By Anuradha Ramanathan
last year, Argus data show.
The price decline came despite multiple Peruvian mining Chinese 5G rollout lifts Li battery demand
companies imposing limits on operational activity at the The rollout of fifth-generation (5G) telecom networks is not
mines, which is likely to reduce copper and molybdenum only driving demand for electronic metals in network equip-
production in the Latin American region. The production ment, but increasing demand for lithium batteries to provide
cuts resulted from the Peruvian government’s decision to back-up power for base stations.
declare a national emergency in order to contain the spread Lithium-iron phosphate (LFP) batteries are increasingly
of the coronavirus. replacing lead-acid batteries in telecom networks as they
Chilean producer Codelco today said it will limit operat- provide higher energy density. And with the signal ranges in
ing activity at its mines from today for a period of 15 days. 5G networks running shorter than those in 4G networks, the
Earlier this week, Freeport-McMoRan announced plans to rollout will require more base stations to provide coverage,
temporarily shut down one of the biggest copper and mo- particularly in cities, in turn requiring more back-up power.
lybdenum mines, Cerro Verde, in Peru. The producer, which Consequently, power consumption from the telecom
owns 53.56pc of Cerro Verde, temporarily transitioned the industry is set to climb with the installation of 5G base sta-
mine to a care and maintenance status for a 15-day period tions. Typical power demand from 4G base stations is 780-
effective 16 March. Last year, the mine produced 1 billion 930MW, while 5G base stations consume 3.4-3.7GW, accord-
pounds of copper and 29 million pounds of molybdenum. ing to investment bank Guotai Junan Securities. The bank
Typically, production shortfalls in the molybdenum mar- expects demand for lithium batteries from the 5G sector
ket trigger a price increase. For example, in the first quarter to jump to 13.3GWh this year from 2.7GWh last year, rising
of last year, heavy rainfalls in the Latin American region hit further to 14.5GWh in 2021 and to 16GWh in 2022.
production and boosted prices. State-owned telecom service provider China Mobile and
But the molybdenum price fall this month is primarily be- telecom infrastructure firm China Tower have recently issued
cause of the rapid spread of the coronavirus in Europe that tenders for 2GWh of LFP batteries for their 5G networks.
has forced a dramatic slowdown in downstream demand. China Tower has switched from using lead-acid batteries to
This week bore witness to multiple steel producers and procuring recycled LFP batteries from electric vehicles.
China Tower added a net 69,000 new network sites last
Molybdenum oxide min 57% Mo du Rotterdam $/lb year, bringing its total to 1.994mn, it said today, and expects
it tower business to continue growing with the expansion
Diff
of 5G. The company is expanding its energy business in
12.0
tandem, with a portfolio of power back-up and generation,
11.5 charging and battery exchange in line with growing demand
11.0 for 5G base station co-location.
10.5 The Chinese government is set to release investment
funds to accelerate the construction of new infrastructure,
10.0
-
hh including 5G networks and data centres, according to the
9.5
government’s National Development and Reform Commis-
9.0 sion. The installation of network equipment such as base
8.5 stations and data servers is expected to raise demand for
8.0 minor metals, including gallium, indium and silicon.
10 Sep 25 Oct 11 Dec 3 Feb 19 Mar By Nicole Willing

Minor Metals: price INDEXES
Argus minor metals indexes (monthly averages)

Month index Month index Month index Month index
Unit Mar 2020 low Mar 2020 high Feb 2020 final low Feb 2020 final high
Electronic metals
Arsenic
Min 99% du Rotterdam $/lb 0.88 0.98 0.88 0.98
Min 99% fob US warehouse $/lb 1.03 1.11 1.00 1.08
Bismuth
Min 99.99% du Rotterdam $/lb 2.49 2.59 2.45 2.55
Min 99.99% fob China $/lb 2.32 2.42 2.21 2.31
Ingot min 99.99% fob US warehouse $/lb 2.70 3.03 2.65 2.90
Gallium
Min 99.99% ex-works China Yn/kg 980.00 1001.67 970.00 1000.00
Min 99.99% fob China $/kg 140.00 150.00 138.00 148.00
Min 99.99% cif Main Airport $/kg 151.00 164.00 145.00 160.00
Germanium
Dioxide min 99.999% fob China $/kg 600.00 640.00 600.00 640.00
Dioxide min 99.999% du Rotterdam $/kg 705.00 735.00 714.38 740.63
Metal min 99.999% cif main airport $/kg 1000.00 1055.00 990.00 1069.38
Dioxide min 99.999% fob China $/kg 600.00 640.00 600.00 640.00
Min 99.999% fob China $/kg 925.00 1025.00 925.00 1025.00
Indium
Min 99.99% du Rotterdam $/kg 147.00 158.20 135.00 145.50
Min 99.99% fob China $/kg 136.33 141.33 130.00 135.00
Ingot min 99.99% fob US warehouse $/kg 153.33 176.00 152.50 168.75
Selenium
Min 99.5% fob US warehouse $/lb 6.22 7.22 6.85 7.85
Tantalum
Tantalite basis 25% Ta2O5 cif main port $/lb 60.60 63.30 59.00 62.00
Tellurium
Min 99.95% fob US warehouse $/kg 58.00 64.00 60.00 66.00
Zirconium
Oxychloride 36% Zr(Hf)O2 fob China $/t 2080.00 2180.00 2080.00 2180.00
Battery metals
Antimony
Ingot min 99.65% fob China $/t 6158.33 6358.33 5875.00 6075.00
Min 99.65% cif US $/lb 2.73 2.93 2.59 2.79
Regulus grade II min 99.65% Sb du Rotterdam $/t 6310.00 6445.00 6093.75 6287.50
Regulus Trioxide grade min 99.65% Sb du Rotterdam $/t 6310.00 6445.00 6093.75 6287.50
Trioxide min 99.5% fob China $/t 5291.67 5391.67 5112.50 5212.50
Cadmium
Min 99.95% cif India Rs/kg 215.00 224.00 213.13 223.13
Min 99.99% cif India Rs/kg 215.00 224.00 213.13 223.13
Cobalt
Min 99.8% alloy grade du Rotterdam $/lb 17.50 18.30 17.66 18.58
Min 99.8% chemical grade du Rotterdam $/lb 16.74 17.31 16.85 17.50
Oxide 72% ex-works China Yn/kg 197.50 208.57 186.43 196.43

Minor Metals: price INDEXES
Argus minor metals indexes (monthly averages)

Unit Mar 2020 low Mar 2020 high Feb 2020 final low Feb 2020 final high
Light metals
Magnesium
Alloy min 90% Mg AZ91 fob China $/t 2357.86 2417.86 2453.50 2516.50
Min 99.9% fob US warehouse $/t 5034.00 5254.33 5126.00 5346.00
Min 99.9% du Rotterdam $/t 2270.00 2330.00 2276.25 2397.50
Min 99.9% fob China $/t 2057.86 2117.86 2157.00 2217.00
Powder 99.9% Mg 20-80 mesh fob China $/t 2272.14 2332.86 2376.50 2436.50
Manganese
Briquette 97% Mn fob China $/t 1638.93 1688.93 1820.00 1870.00
Electrolytic metal min 99.7% fob US warehouse $/lb 1.00 1.04 1.08 1.12
Flake min 99.7% fob China $/t 1608.93 1658.93 1790.00 1840.00
Flake min 99.7% du Rotterdam $/t 1714.00 1786.00 2075.00 2212.50
Lump 95% Mn fob China $/t 1658.93 1728.93 1840.00 1910.00
Silicon
5-5-3 min 98.5% Si fob China $/t 1658.33 1688.33 1620.00 1646.25
5-5-3 min 98.5% Si ddp Europe works €/t 1800.00 1878.00 1799.38 1882.50
5-5-3 min 98.5% Si fob US warehouse $/lb 0.89 0.94 0.89 0.93
4-4-1 min 99% Si fob China $/t 1791.67 1821.67 1757.50 1783.75
4-4-1 min 99% Si ddp Europe works €/t 1882.00 1946.00 1880.00 1969.38
3-3-0-3 min 99% Si fca Europe works €/t 1960.00 2015.00 1958.75 2038.75
2-2-0-2 min 99.5% Si fca Europe works €/t 2015.00 2075.00 2037.50 2128.13
Titanium
Dioxide 93pc min rutile grade fob China $/t 2150.00 2241.67 2150.00 2200.00
Scrap 6Al 4V bulk weldable del US dealer/processor $/lb 2.23 2.73 2.25 2.75
Scrap 6Al 4V clips del US dealer/processor $/lb 1.50 1.70 1.50 1.70
Scrap 6Al 4V turnings aero quality del US dealer/processor $/lb 1.15 1.35 1.20 1.38
Scrap grade CP1 solids del US dealer/processor $/lb 1.55 1.70 1.55 1.70
Scrap grade CP2 solids del US dealer/processor $/lb 1.42 1.52 1.42 1.52
Scrap grade CP3/4 solids del US dealer/processor $/lb 1.00 1.15 1.00 1.15
Sponge TG-Tv 10x30mm du Rotterdam $/kg 6.04 6.50 6.50 6.70
High-temperature metals
Chromium
(alumino-thermic) min 99% dp Rotterdam $/t 6430.00 6750.00 6118.75 6500.00
Hafnium
Min 99% max 1% Zr du Rotterdam $/kg 750.00 820.00 725.00 772.50
Molybdenum
Oxide min 57% Mo du Rotterdam $/lb Mo 9.17 9.32 10.14 10.38
Oxide min 57% fob US warehouse $/lb 9.28 9.43 10.35 10.46
Niobium
Niobium (columbite) concentrate min 50% Nb2O5 cif main port $/lb 8.86 9.36 8.88 9.29
Rhenium
APR min 69.2% Re (basic grade) du Rotterdam $/kg Re 650.00 850.00 650.00 850.00
APR min 69.4% Re (catalyst grade) dp Rotterdam $/kg Re 1100.00 1200.00 1100.00 1200.00
Pellets min 99.9% Re dp Rotterdam $/lb 455.00 525.00 475.00 545.00
Tungsten
APT du Rotterdam $/mtu WO3 239.20 244.20 234.38 242.50
APT fob China $/mtu WO3 233.17 238.17 233.38 240.25
Carbide powder (3-4micron) fob China $/kg 30.83 31.83 31.06 32.06
Oxide (Yellow/Blue oxide) fob China $/t 23816.67 24483.33 23837.50 24525.00
Vanadium
Pentoxide fused flake min 98% du Rotterdam $/lb V 2O5 5.31 5.69 6.31 6.81
Pentoxide 98% V2O5 fob China $/lb 6.48 6.65 6.64 6.87

Base Metals: market commentary
Europe Ni: Spot premiums fall as mills cut output Aluminium

Date of
Spot nickel premiums in Europe fell over the past week amid Unit Low High ±
assessment
more stainless steel production cuts as the coronavirus pan-
Premiums
demic hit demand on the continent.
P1020 US midwest premium $/lb 18 Mar 0.1375 0.1425 -0.0025
Luxembourg-based stainless steel producer Aperam will P1020 US midwest
$/lb 19 Mar 0.8542 0.8596 -0.0099
temporarily pause output at some of its European lines transaction
amid the escalating coronavirus outbreak, the company 6061 billet US premium $/lb 18 Mar 0.0750 0.0800 nc
said today. Thyssenkrupp’s Acciai Speciali Terni in Italy was 6063 billet US premium $/lb 18 Mar 0.0650 0.0700 nc
6063 billet del US transaction $/lb 19 Mar 0.9192 0.9296 -0.0099
shut down for a deep-clean since last weekend and was
6063 extrusion premium
scheduled to restart production next week, but this plan is $/t 18 Mar 280.00 310.00 nc
billet del Italy
subject to change due to the ever-evolving situation in the 6063 extrusion premium
$/t 18 Mar 300.00 320.00 nc
billet del Germany
country. Italy has been in lockdown since 10 March and the
6063 extrusion duty paid
country is likely to extend the lockdown period beyond 3 premium in-warehouse $/t 18 Mar 270.00 290.00 nc
April. Rotterdam
P1020 duty paid 3-month
The European nickel demand outlook in May is widely
premium in-warehouse $/t 18 Mar 145.00 155.00 nc
anticipated to be weak. Carmakers' shutdowns will also have Rotterdam
an impact on foundries in Europe, since many rely on the P1020 duty paid forward
$/t 18 Mar 83.00 83.00 nc
quarter premium cif Japan
automotive industry.
P1020 duty paid spot
Nonetheless, there were still pockets of spot business $/t 18 Mar 83.00 83.00 nc
premium cif Japan
reported in Europe this week as plants stocked up ahead P1020 duty paid spot
premium in-warehouse $/t 18 Mar 145.00 155.00 nc
of more delivery delays and supply chain disruptions. Many Rotterdam
European countries have imposed border checks and are al- P1020 duty unpaid 3-month
lowing entry only for commercial reasons; the transportation premium in-warehouse $/t 18 Mar 95.00 105.00 nc
Rotterdam
of goods and cross-border workers. P1020 duty unpaid spot
The Argus weekly assessment for the in-warehouse Rot- premium in-warehouse $/t 18 Mar 95.00 105.00 nc
Rotterdam
terdam nickel briquette premium fell to $80-120/t, down
Aluminium-alloy Die Castings
from $90-120/t on 12 March. $/t 19 Mar 1,430 1,460 -35
12 fob China
Amid weak demand outlook and plunging nickel prices on Aluminium-alloy Die Castings
$/t 19 Mar 1,450 1,480 -35
12 cif Japan
the London Metal Exchange (LME), some metal holders are
looking to liquidate their position, leading to more offers of
briquette warrants in Rotterdam. Copper and brass
“Brokers are trying to close their physical warrants, so Unit Timing Low High ±
Copper cathode premiums
you can get it for $20/t in Rotterdam for prompt delivery,
Cathode grade A del US midwest $/lb 18 Mar 0.0650 0.0700 nc
and very good availability,” said one trader. Cathode grade A US midwest
$/lb 19 Mar 2.2650 2.2700 +0.0395
The nickel full-plate cathode premium assessment fell to transaction
Cathode grade A in-warehouse
$80-90/t, down from $100-120/t in the previous week and $/t 17 Mar 20.00 40.00 nc
Rotterdam
the 4x4 cut cathode premium was down at $220-240/t, from Cathode grade A premium del
$/t 17 Mar 50.00 70.00 nc
southern Europe
$230-250/t in the prior week. Brass/bronze alloys del US
The three-month LME nickel contract dived to a C89833 $/lb 19 Mar 2.8000 2.8500 nc
C89836 $/lb 19 Mar 2.8500 2.9000 nc
14-month low at $11,340/t today, down by 4.7pc from
$11,900/t on 12 March.
unchanged from the prior week.
US Ni: Premiums unchanged Demand remained steady for refined nickel, but most
Spot premiums for refined nickel held steady amid falling consumer needs have been satisfied by annual supply con-
LME nickel prices which may signal future weakness. tracts and current inventories.
Nickel premiums for full truckload melting grade, 4x4inch Inquiries have increased in the latest week as some
cathodes assessed at 34-40¢/lb and premiums for full consumers were looking for bargains as LME nickel fell to a
truckload plating grade, 1x1inch cathodes at 60-70¢/lb, both January 2019 low.

Base Metals: market commentary
Nickel stocks in LME warehouses dropped by 1.5pc to Nickel

Unit Timing Low High ±
230,760t, from 234,378t a week earlier.
Europe premiums
The official three-month LME nickel contract plunged by Briquettes in-warehouse
$/t 19 Mar 80.00 120.00 -5.00
4.7pc to $11,340/t from $11,900/t the week prior. Rotterdam
4x4 inch cathode in-warehouse
$/t 19 Mar 220.00 240.00 -10.00
Rotterdam
Metal futures: Metals fall, shrug off stimulus Full plate cathode in-warehouse
$/t 19 Mar 80.00 90.00 -25.00
Rotterdam
Base metal prices on the London Metal Exchange (LME) Cathode premiums del US
mostly fell in this morning's official session as more economic 4x4inch (small lots) $/lb 19 Mar 0.50 0.55 nc
stimulus failed to lift markets, with copper falling below 4x4inch (truckloads) $/lb 19 Mar 0.34 0.40 nc
4x4inch (truckloads) transaction $/lb 19 Mar 1.1751 1.2351 +0.0096
$5,000/t for the first time since November 2016. 1x1inch (small lots) $/lb 19 Mar 0.65 0.75 nc
The European Central Bank (ECB) launched the Pandemic 1x1inch (truckloads) $/lb 19 Mar 0.60 0.70 nc
Emergency Purchase Programme, under which it will buy up China
Metal min 99.9% Ni ex-warehouse yuan/t 19 Mar 91,500 93,500 -7,000
to €750bn in government and private sector bonds through Sulphate min 22% ex-works China
$/t 19 Mar 2,863.25 3,485.70 -102.76
to the end of the year in a bid to keep borrowing costs low. excl. VAT
Sulphate min 22% ex-works China yuan/t 19 Mar 23,000 28,000 -500
"We are determined to use the full potential of our tools,
within out mandate," ECB president Christine Legarde said.
Zinc
The announcement failed to bolster the equity markets, Unit Timing Low High ±
but indexes were relatively muted in comparison to larger
Special high grade premium
falls seen over previous trading days. In Asia, Tokyo’s Nik- $/t 16 Mar 40.00 70.00 nc
in-warehouse Rotterdam
kei 225 and Honk Kong’s Hang Seng indexes closed 1pc and Special high grade premium del US $/lb 16 Mar 0.0800 0.0900 nc
2.6pc lower. In Europe, the German DAX and London’s FTSE Special high grade del US
$/lb 19 Mar 0.9151 0.9251 +0.0096
transaction
100 were up 2pc and 1.4pc. The Dow Jones and S&P 500
were up by 1pc during midday trading Lead
As stocks continued to fall, the US dollar index – which Unit Timing Low High ±
measures the dollar against a basket of currencies – contin-
Lead Ingot primary 99.97%
ued to surge. A strong dollar will weigh heavily on the met- $/lb 17 Mar 0.0850 0.1000 +0.0025
premium del US
als, making purchasing more expensive in other currencies. Lead Ingot primary 99.97% del US
$/lb 19 Mar 0.8384 0.8534 +0.0204
transaction
Metal mining groups have begun reducing operations as
countries take new measures to reduce the spread of the Three-month LME aluminum dropped by 1.3pc to $1,607/t
coronavirus outbreak. MMG has reduced operations at its Las as LME on-warrant stocks increased by 5.5pc to 839,575t.
Bambas mine in Peru, while Codelco has limited its opera- The three-month LME nickel contract dropped by 1.5pc
tions in Chile. Italy-based aluminum alloy producer Raffmetal to $11,340/t.
will extend this week's shutdown through next week to allow Three-month LME lead climbed by 2.8pc to $1,676/t.
employees a full two weeks quarantine period. The three-month LME zinc contract edged up by 0.1pc to
Production cutbacks are likely to reduce supply which $1,845/t. LME on-warrant zinc stocks fell by 6.9pc to 56,350t
could provide some support to prices, as demand may begin following an increase in cancellations.
to rise in China as the virus situation eases in the Hubei Three-month LME tin fell by 5.1pc to $13,400/t.
region, the epicenter of the pandemic. The LME standard aluminum alloy contract decreased by
The three-month LME copper contract fell by 3.9pc to 2.5pc to $1,220/t while the North American aluminum alloy
$4,690/t. contract edged down by 0.1pc to $1,130/t.
After falling 16¢/lb yesterday, Comex’s next most active Three-month LME cobalt remained unchanged at
copper contract was up 3¢/lb today, closing at $2.19/lb. $33,000/t.

BASE Metals: MARKET News AND ANALYSIS
Japan's Cu wire, cable sales continue to fall Some of the most stringent virus containment measures
Japanese shipments of copper cable and wire dropped for a may have been imposed in Europe and North America, but
fifth straight month in February compared with year-earlier the southern hemisphere is catching up fast with resource-
levels, remaining under pressure from weaker manufacturing rich countries such as South Africa, Australia, Peru, Mozam-
demand and sluggish exports. bique and Botswana enforcing quarantine measures and
The country’s total copper wire and cable shipments fell travel bans.
by 4pc from a year earlier to 54,700t in February, according London-based Anglo American earlier this week an-
to data released today by industry group the Japan electric nounced a temporary stalling of work on its Quellaveco cop-
wire and cable manufacturers’ association (JCMA). February per mine in Peru to observe a 15-day government-sanctioned
shipments rebounded by 1pc from January. quarantine, which is also impacting operations of interna-
Domestic sales of copper wire and cable dropped by tional mining firms Newmont and Freeport McMoran. Brazil’s
3pc to 53,300t in February compared with a year earlier, Vale announced a four-week care and maintenance shutdown
pressured by a 7pc fall in shipments to the construction and at its Voisey Bay copper-nickel-cobalt project in Canada.
wholesale sectors to 25,600t. UK-Australia resources firm Rio Tinto this week warned
Sales to manufacturers of electric appliances and of a slowdown on the underground project at its Oyu Tolgoi
machinery also fell by 3pc from a year earlier to 11,300t in copper mine in Mongolia because of a restriction on the
February. But shipments to car manufacturers increased by movement of goods and people. But copper concentrate
3pc to 7,700t. from the open-pit mine continued to be delivered to custom-
Export sales of copper wire and cable fell by 8pc from a ers, it said.
year earlier to 1,400t, according to the JCMA. A statement issued today by Sydney-based Syrah Re-
The JCMA earlier projected the country’s total copper sources — owner of the Balama natural graphite project in
wire and cable demand to increase by 1pc against the previ- Mozambique, the world’s biggest natural graphite exporter
ous year to 704,000t during the April 2019-March 2020 fiscal — is symptomatic of a mining industry that is hamstrung by
year because of solid demand from car manufacturers. But uncertainty.
the global coronavirus outbreak has cast a cloud over the “Risks to the international mobility of personnel and the
demand projection by temporarily forcing manufacturing free movement of supply chains have elevated as countries
plant closures and halting the global flow of goods.
Japanese copper wire and cable shipments totalled
635,097t during the first 11 months of 2019-20, down by
0.6pc on a year earlier. Announcement
By Rieko Suda
Ending spot Japan aluminium premium
Mining firms hit by travel restrictions, quarantine Argus is discontinuing its spot aluminium P1020 duty
Mining companies throughout the world are increasingly be- paid cif Japan assessment following consultation.
ing impacted by travel and logistical restrictions, as well as Effective 1 April, Argus is discontinuing its assess-
quarantine periods imposed by governments to combat the ment for spot aluminium P1020 duty paid cif Japan
spread of the coronavirus. (PA0018785).
The impact on production has so far been sporadic, but The spot aluminium P1020 will be last assessed on 25
the effect on cross-border travel to visit operations is rapidly March.
escalating. Some commodity producers have also issued Also effective 1 April, Argus is changing the frequen-
statements retracting or suspending previous production and cy for the quarterly aluminium P1020 duty paid premium
earnings guidance as they assess the unfolding situation and cif Japan (PA0018783) to upload by the 15th calendar
its effect on supply and demand. day of each quarter.
Australian mining firms with international projects are The quarterly aluminium P1020 will be last assessed
having to rely on feedback from on-the-ground local manage- weekly on Wednesday on 25 March.
ment as all flights out of the country have been put on hold For further details, please contact Blake Hurtik at
indefinitely. The same applies to mining companies headquar- blake.hurtik@argusmedia.com or +1 713 360 7590.
tered in other countries, but with operations elsewhere.

increasingly enact border controls, travel restrictions and "We will continue to guarantee ingots delivery service to
quarantine requirements,” the company said. our customers, [and] our raw material suppliers will be able
“With consideration of potential near-term demand and to resume delivery according to the agreed schedule," the
supply shocks because of the coronavirus, the company is company said.
observing a degree of market and operational uncertainty It added that the nature of the coronavirus pandemic
beyond the first quarter of 2020. This level of uncertainty meant that delivery and collection services could change
warrants a suspension of full-year 2020 guidance. Further considering the availability of trucks and restrictions to the
market updates will be provided as greater certainty be- free movement of goods that various governments may yet
comes available,” Syrah said. adopt in the fight to contain the pandemic. Many borders
Many companies that are focused on limiting outbreaks have already closed for non-commercial traffic.
have even placed restrictions on travel to mining operations "The production shutdown of these two weeks can be
within their own countries. This is especially true in Austra- recovered thanks to the commitment and strength of our or-
lia where non-essential travel has largely been shelved. ganisation," Niboli said. “But I believe that the development
Bulk ore loading ports have also been impacted. Sal- of this emergency will radically transform the way we act
danha Bay — South Africa’s largest iron ore port, which also and operate in a completely new global context that needs
exports manganese ore — has imposed strict hygiene condi- to be re-thought.”
tions. By Jethro Wookey
“The port is open but gets closed for the transit of ships’
crews and shore labour. This will cause delays in loading
and add extra costs,” Chris Williams, a Johannesburg-based
shipping broker said, adding that other South Africa bulk ore
ports are only operating at about 70pc of normal capacity
because of coronavirus containment measures.
In neighbouring Botswana, the world’s second-largest
diamond producer, which is also developing its copper and
base metals resources, a travel ban on visitors from 18 coun-
tries is expected to impact the next major diamond “sight”
or sale due on 30 March.
Perth-based Inca Minerals, which has large resources
firm South32 as a farm-in partner at its Riqueza zinc-lead-
copper-silver project in Peru, has implemented a coronavirus
management and travel plan across its mining exploration
operations and activities in Peru, Australia and East Timor.
By Angus Macmillan
Italy’s Raffmetal shuts for two-week quarantine

Italy-based aluminium alloy producer Raffmetal will extend
this week’s shutdown through next week to allow employ-
ees a full two-week quarantine period amid the coronavirus
pandemic, president Orlando Niboli said today.
"We have decided to extend the production shutdown for
another week in order to allow all our employees to spend
the necessary 14-day quarantine period at home, with a
view to social responsibility and as an act of awareness and
further guarantee of health safety towards our employees
and their families," Niboli said.
Raffmetal operates three plants and produces over
250,000 t/yr. The shutdown is not expected to affect prod-
uct deliveries, while scrap purchases will be rescheduled for
later delivery to Raffmetal’s facilities.

Ferro-Alloys: Bulk-Alloy Market commentary
Europe: MC FeMn falls on low demand Bulk alloy and feedstock prices
19 Mar
Medium carbon ferro-manganese prices fell on lower de-
Market Unit Low High ±
mand as steel mills either halted operations or opted to use
manganese flake. High carbon ferro-chrome prices declined Ferro-chrome
Charge chrome 52% Cr ddp
as some mills and foundries delayed or refused deliveries $/lb Cr 1.01 1.01 nc
Europe *
after halting operations. Silico-manganese prices increased HC basis 60% Cr 6-8% C ddp NWE $/lb Cr 0.77 0.85 -0.010
LC Cr min 65% 0.10% C ddp
on tight supply. Europe works
$/lb Cr 1.58 1.68 nc
Charge chrome fob US $/lb 0.74 0.79 nc
Ferro-chrome HC min 60-65% Cr 6-8% C fob US
$/lb Cr 0.85 0.93 nc
warehouse
The market for high carbon alloy softened at the higher end LC min 60-65% Cr 0.05% C max
$/lb Cr 1.89 1.95 nc
of the range to 77-85/lb ddp on lower demand, as some 1.5% Si fob US warehouse
LC min 60-65% Cr 0.10% C max
consumers cancelled deliveries of contracted material and $/lb Cr 1.69 1.76 nc
1.5% Si fob US warehouse
halted operations. Aperam, one of Europe’s largest stainless LC 60% Cr 0.15% C fob US ware-
$/lb 1.62 1.64 nc
house
steel producers, temporarily halted some of its European HC 50% Cr ex-works China Yn/t 5,400 5,700 -50
production lines today, but no deliveries were cancelled HC min 60% Cr ex-works India Rs/t 58,000 59,000 nc
according to market participants. Arcelor Mittal, Europe’s Charge chrome 50-55% Cr 6-10%
$/lb 0.63 0.64 -0.020
C cif China
largest steelmaker, also reduced output. HC Indian 60-62% Cr 6-10% C cif
$/lb 0.62 0.63 -0.020
Ferro-chrome is difficult to move around and requires China
HC Kazakh 65-70% Cr 8-8% C cif
several trucks per deal, because of the larger tonnages in- China
$/lb 0.68 0.70 -0.015
volved. This has made it difficult for business to continue in Chrome ore
48-49.99pc (South Kaliapani
Europe because of border controls and logistical problems in mines) OMC price ex-works India
Rs/t 9,157 9,157 nc
many countries. Some offers were seen in Germany for Rus- 50-52pc (Sukrangi mines) OMC
Rs/t 8,291 8,291 nc
price ex-works India
sian and Kazakh material between 80-82c/lb ddp, but they
South African concentrate 42-44%
were not accepted by buyers. $/t 142.00 144.00 nc
Cr2O3 cif China
Prices for low carbon alloy were assessed unchanged South African concentrate 42-44%
Yn/mtu 26.00 30.00 -0.500
Cr2O3 fca China
today at $1.58-1.68/lb ddp on limited spot trading activity. Turkish lump 40-42% cif China $/t 180.00 185.00 nc
Turkish lump 40-42% fca China Yn/mtu 41.00 43.00 nc
South African UG2 concentrate
Ferro-manganese $/t 115.00 120.00 -6.000
40-42% Cr2O3 cif China main ports
Prices stabilised at €950-1,020/t ddp for high carbon alloy. South African UG2 concentrate
Yn/mtu 24.00 27.00 -0.250
Medium carbon alloy prices fell to €1,300-1,370/t ddp on 40-42% Cr2O3 fca China ports
Ferro-manganese
sluggish demand, as more steel mills halted operations and HC Mn 78% ddp Europe works €/t 950 1,020 nc
lower-priced manganese flake - which some consumers con- MC 78% Mn 1.5-2% C 0.15-0.20 P
€/t 1,300 1,370 -65
ddp Europe works
sider interchangeable - was readily available in Europe.
HC min 80% Mn 6-8% C fob North
$/lt 1,100 1,170 nc
Prices are at a premium to the range for medium and America warehouse (17 Mar)
high carbon alloy in some parts of Europe because of ex- MC 80% Mn 1-2% C fob North
$/lb 0.85 0.90 nc
America warehouse
cessive delivery costs. Logistics have become increasingly HC 65% Mn ex-works China Yn/t 5,400 5,550 +25
difficult due to medical checks on borders and other travel HC 75% fob China (17 Mar) $/t 1,110 1,140 nc
HC 75% Mn ex-works China Yn/t 6,200 6,350 +25
issues. “It’s a disaster, there are queues at the border of
HC min 65-70% Mn ex-works India Rs/t 60,000 61,000 nc
60km”, said one Polish trader. They were offered high car- HC min 70-75% Mn ex-works India Rs/t 62,000 63,000 nc
bon alloy at €980/t in Rotterdam but the price increased to
€1,085/t delivered to their warehouse in Poland. Production
halts at a number of steel mills across Europe are expected
to weigh on prices in the coming weeks.
Silico-manganese
Prices continued to rise and were assessed up at €950-1,000/
t ddp as spot supply remained tight in Europe. Some steel
mills were still trying to buy material no matter the cost, in

order to secure enough to continue operations in the com- Bulk alloy and feedstock prices
ing weeks. But with a wave of new closures at large plants, 19 Mar
most are expected to halt or reduce operations to some
extent, which could weigh on prices in the coming weeks Manganese ore
Ore 44-46% lumpy ore fca China Yn/mtu 38.50 41.50 +0.500
despite tight supply. Manganese alloy producers in Europe Ore 36-38% Mn cif China $/dmtu 4.10 4.25 -0.050
are also expected to halt or reduce operations in response Ore 48-50% Mn cif China $/dmtu 4.30 4.45 -0.100
to safety concerns over staff and supply disruptions. Ore 44-46% Mn cif China $/dmtu 4.50 4.65 -0.100
Silico-manganese
65% Mn ddp Europe works €/t 950 1,000 +25
Ferro-silicon Min 65% Mn 16% Si fob North
$/lb 0.51 0.53 nc
The market stabilised after falling by €70/t on 12 March. America warehouse
65% Mn 17% Si fob China (17 Mar) $/t 1,050 1,080 nc
Prices were assessed at €1,150-1,200/t ddp today, amid thin 65% Mn 17% Si ex-works China Yn/t 5,800 6,000 +100
spot trade. Consumers were reluctant to stock up on ferro- 60% Mn 14% Si ex-works India Rs/t 59,000 60,000 nc
silicon because it does not store well for long periods. 65% Mn 15% Si fob India East Coast $/t 940 950 nc
60% Mn 14% Si fob India East
Many of those who have the option have chosen to use Coast
$/t 840 850 nc
silico-manganese for silicon units, which some steel mills Ferro-silicon
can use in a different process. There were offers of small 75% Si ddp NWE €/t 1,150 1,200 nc
Min 75% Si max 0.1% C fob US
volumes at €1,160/t to foundries in Poland, but consumers $/lb Si 0.82 0.87 +0.015
warehouse
were reluctant to buy because of uncertainty about their 72% Si fob China $/t 1,030 1,050 -5
72% Si ex-works China Yn/t 5,200 5,300 -50
operations in the coming weeks.
75% Si fob China $/t 1,070 1,090 -5
75% Si ex-works China Yn/t 5,500 5,600 -50
US: FeSi ticks higher Low aluminium 75% Si 0.1% Al
$/t 1,190 1,210 nc
fob China
Ferro-silicon prices increased in the past week as tightening Low aluminium 75% Si 0.5% Al
$/t 1,140 1,160 nc
supply led to higher consumer-targeted and inter-trade offers fob China
for spot material. 75% Si ex-works India Rs/t 88,000 89,000 nc
Calcium-silicon
Min 28% Ca 55-60% Si fob China
$/t 1,290 1,320 -50
Ferro-chrome (17 Mar)
Min 28% Ca 55-60% Si ex-works
Prices for 65pc grade alloys with high carbon content China (17 Mar)
Yn/t 8,800 9,100 -500
remained unchanged at 85-93¢/lb from 12 March. Sellers Min 30% Ca 55-60% Si fob China
$/t 1,320 1,350 -50
(17 Mar)
continued to offer higher-chrome bearing alloy at a stronger
Min 30% Ca 55-60% Si ex-works
Yn/t 9,000 9,300 -500
premium to standard grade alloy amid uncertain market China (17 Mar)
conditions. * Quarterly benchmark price
Market participants are waiting for South African-based

producer Merafe Resources, the junior partner in the restocking inventory amid global economic headwinds.
Glencore Merafe chrome venture, to publish the European Prices for low carbon alloy with a maximum of 0.10pc
ferro-chrome benchmark for the second quarter for a clearer carbon content were assessed unchanged at $1.69-1.76/lb
picture of the market in the near term. Nonetheless, a and prices for low-carbon alloy with a maximum of 0.15pc
truckload of standard grade alloy was sold at 89¢/lb on an carbon content were assessed at $1.62-1.64/lb today, flat on
ex-works basis in the past few days, as sellers kept offers 12 March.
rangebound from the previous weeks. Other suppliers indi-
cated offers between the low 80¢/lb range to as high as the Ferro-manganese
low 90¢/lb range for future spot inquiries. Higher-chrome Prices for high-carbon alloy were assessed flat at $1,000-
bearing alloy, including 10-1 chrome to carbon alloy, sold as 1,170/gt and prices for medium-carbon alloy remained un-
high as $1.09/lb for multiple truckloads and as low as $1.00/ changed at 85-90¢/lb from 12 March. Sellers did not mention
lb for similar volumes. any spot inquiries in the latest week.
Prices for low-carbon alloy with a maximum of 0.05pc Electrolytic manganese prices remained flat at $0.98-
carbon content remained at $1.89-1.95/lb, flat on 12 March. 1.02/lb from 12 March. Market participants noted that offer
Suppliers held offers firm in the past week despite subdued levels were holding fairly firm, following recent declines in
spot demand. Traders are taking a cautious approach to prices resulting from Chinese production restarts.

Silico-manganese for 65-70pc grade alloy - both unchanged from 17 March.

Prices for 65/17 grade alloy remained unchanged for the Demand is limited and market participant expect prices to
fourth consecutive week at 51-53¢/lb. No spot transactions hold fairly steady in the near-term, unless a potential drop in
were heard in the past week. global manganese ore prices weighs on the Indian market.
Market participants express concerns about the depre-
Ferro-silicon ciating rupee pushing up imported raw material costs. The
Prices for 75pc grade alloy edged higher to 83-87¢/lb from rupee sank to its lowest levels of Rs75:$1 amid global turmoil
81-85¢/lb on 12 March. Offers rose in the latest week as about the coronavirus outbreak's impact on industry.
supply tightness spurred sellers to raise offers for spot al- State-owned producer Moil has rolled over its February
loy. Traders inquired for spot alloy from domestic sources prices for ferro grade and silico-manganese ore with Mn
as replacement alloy from Brazil and Malaysia is difficult to content of 30pc and 25pc into March, reflecting subdued
obtain. demand for manganese alloy.
A multi-truckload spot transaction was purchased by a
consumer at 85¢/lb on a delivered basis at the beginning of Silico-manganese
the week, but suppliers lifted offers as high as 90¢/lb by the Domestic prices for 60pc silico-manganese were assessed
week’s end, citing dwindling inventories. at Rs59,000-60,000/t ex-works today, unchanged from 17
March.
Major steel-consuming sectors have been impacted by
India: Low demand weighs on SiMn uncertainty over the potential for a near-term demand
Low demand from steelmakers continues to weigh on silico- revival because of the virus. Plentiful Indian supplies as a
manganese prices, which are stagnating at a year-to-date result of the demand weakness continue to exert pressure
low. Ferro-chrome, and ferro-silicon market is also under on prices. While inventory build-ups remain a concern as the
pressure on account of limited demand for alloy world over. end of the financial year approaches on 31 March. Alloy pro-
ducers are worried that a possible drop in global manganese
Ferro-chrome ore prices could prompt buyers to negotiate for lower offers
Prices for 60pc alloy were assessed flat at Rs58,000-59,000/t leading to further pressure on prices.
ex-works today, unchanged from 17 March and their lowest Limited demand from overseas buyers and the rupee's
level since May 2016. The market is widely expected to hold depreciation continue to exert pressure on export prices.
steady at this level for the time being amid muted demand. Argus assessed 60/14 grade at $840-850/t fob east coast In-
With lower demand for finished stainless steel goods and dia today and 65/15 grade at $940-950/t fob east coast. The
inventories built up, mills have cut down their monthly alloy further depreciation of the rupee might compel suppliers to
intakes and are purchasing for immediate requirements only. lower export offers in an attempt to spur sales.
Uncertainty about the stainless steel demand outlook glob-
ally and shipment restrictions amid the coronavirus outbreak Ferro-silicon
have dented exports, leading to further stock build-up in the Domestic prices were assessed flat at Rs88,000-89,000/t ex-
domestic market. works north east India, unchanged from previous assessment
Indian mining firm OMC's tender for February and March on 17 March.
shipments is under discussion with prices rising by around Prices have been holding steady at a year-to-date high
7pc from its base price. OMC's 48-49.99pc ore from its South owing to tight supply of alloy from overseas, particularly
Kaliapani mines fetched bids of 7,419-7,319 rupees/t ($98.94- China. But faced with a cash crunch, some sources said sup-
98.65/t), against a base price of Rs6,919/t. And 48-49.99pc pliers might soon lower offer level in order to generate sales
ore from the firm's Sukrangi mines fetched bids of Rs6,919/t, - albeit limited overseas supplies of alloy make it unlikely
in line with the base price. that any price cuts would be particularly steep.
Bhutanese suppliers have kept their prices to India stable
Ferro-manganese owing to limited demand, and are expected to keep them
Prices were assessed today at Rs62,000-63,000/t ex-works unchanged in the near-term.
for 70-75pc grade alloys and at Rs60,000-61,000/t ex-works

China: Rising ore costs lift Mn alloys Spot demand remained limited as trading firms and steel-
Prices for ferro-manganese and silico-manganese moved up makers observed the market, while suppliers kept offers
following a rise in ore costs, while the ferro-chrome and firm in view of higher ore costs and the possibility of fewer
ferro-silicon markets fell further on reduced demand and requirements from importing countries amid the global coro-
lower tender prices from steel producers. navirus outbreak.
Ferro-chrome Silico-manganese
Prices for 50pc grade alloy fell to 5,400-5,700 yuan/t ($770- A rise in ore prices and limited profit margins pushed up the
810/t) ex-works today from Yn5,400-5,800/t ex-works on 17 market, with the range for 65/17 grade alloy moving up by
March on reduced demand and lower tender prices from Yn100/t from 17 March to Yn5,800-6,000/t ex-works today.
major stainless steel mills. An expected fall in ore imports amid the global corona-
Tisco cut its bid price for high-carbon alloy to Yn5,450/t virus crisis prompted trading firms to raise their offer prices,
delivered plus value-added tax (VAT) and payable by cash, pushing up the range for Australian lumpy 44-46pc grade ore
down by Yn150/t from a tender it issued in February, with to Yn38.50-41.50/mtu deq today from the 17 March assess-
shipments due on 15 April. Baosteel Desheng Stainless Steel's ment of Yn38-41/mtu deq.
tender price dropped to Yn5,650/t delivered plus VAT and The ore import market fell on lower offers from mining
paid by cash, down by Yn150/t from the tender it issued last companies outside of China caused by weaker demand from
month. the alloy sector. Buying activity remained limited as alloy
Import prices declined slightly following the lower tender producers were not eager to purchase material in anticipa-
prices from steel mills for March delivery. Prices for South tion of even lower prices in the near term.
African 50-55pc grade charge chrome fell to 63-64¢/lb cif The import range for Australian lumpy 44-46pc ore was
from 65-66¢/lb cif on 17 March. Indian 60-62pc grade prices assessed lower at $4.50-4.65/dry metric tonne unit (mtu) cif
dipped to 62-63¢/lb cif from 64-65¢/lb cif, while Kazakh today from the 12 March assessment of $4.60-4.75/dmtu cif.
65-70pc grade prices fell to $68-70¢/lb cif from 70-71¢/lb cif Import prices for 48-50pc fell by $0.10/dmtu to $4.30-4.45/
over the same period. dmtu cif today. Import prices for South African lumpy 36-
Chrome ore prices moved down on a fall in buying inter- 38pc grade moved down to $4.10-4.25/dmtu cif today from
est from alloy smelters and lower alloy prices. Port prices $4.15-4.30/dmtu cif on 12 March.
for South African UG2 40-42pc grade concentrate fell to
Yn24-27/mtu today from Yn24.50-27/mtu on 17 March, with Ferro-silicon
import prices dipping to $115-120/t cif from $122-125/t cif. Reduced demand from steelmakers and trading firms pushed
Port prices for South African UG2 40-42pc grade concentrate down domestic prices for 72pc grade alloy to Yn5,200-
fell to Yn24-27/mtu today from Yn24.50-27/mtu on 17 March, 5,300/t ex-works today from the 17 March assessment of
with import prices dipping to $115-120/t cif from $122-125/t Yn5,200-5,400/t ex-works. Prices for 75pc grade alloy also
cif. Port prices for South African 42-44pc grade concen- fell to Yn5,500-5,600/t ex-works today from Yn5,500-5,700/t
trate declined to Yn26-30/mtu today from Yn27-30/mtu on ex-works on 17 March.
17 March, and import prices were stable at $142-144/t cif. An Inner Mongolia-based alloy producer cut its offer
Port prices for Turkish 40-42pc grade lumpy ore remained at prices to Yn5,500/t ex-works paid by acceptance bill for 72pc
Yn41-43/mtu, with the import range unchanged at $180-185/t grade processed block and to Yn5,700/t ex-works for 75pc
cif in response to stable offer prices from suppliers. grade alloy over the past two days.
Export prices for 72pc grade alloy fell to $1,030-1,050/t
Ferro-manganese fob today, down from $1,030-1,060/t fob on 17 March follow-
Suppliers increased their offer prices as a rise in ore feed- ing the decline in domestic prices and weak demand from
stock costs outweighed lower tender prices from steelmak- international consumers. The range for 75pc grade alloy
ers. The range for 65pc grade high-carbon alloy and 75pc dropped to $1,070-1,090/t fob today from $1,070-1,100/t fob
grade alloy rose by 50/t from the low end of the 17 March on 17 March.
range to Yn5,400-5,550/t ex-works and Yn6,200-6,350/t ex-
works, respectively.

Ferro-Alloys: Noble-Alloy Market commentary
Europe: FeV falls on demand, liquidity slump Noble-alloy and feedstock prices
As the novel coronavirus virus sweeps through Europe, de- 19 Mar
mand for most noble alloys from downstream industries took
a nosedive this week, pushing prices down sharply. Ferro-boron
17% B fob warehouse US $/lb 1.45 1.65 nc
Ferro-molybdenum
Ferro-molybdenum 60% Mo du Rotterdam $/kg Mo 21.65 22.00 -0.300
Low spot demand and falling raw material prices weighed 65-70% Mo dp Rotterdam $/kg Mo 21.75 22.00 -0.250
Min 65% Mo max 1.5% Si fob North
on the ferro-molybdenum markets, while transportation and America warehouse
$/lb Mo 10.15 10.40 -0.600
logistical disruptions delayed or halted deliveries, market 60% Mo fob China $/kg 24.20 24.70 -0.400
participants said. A producer sold 20t of alloy for $21.75/kg 60% Mo ex-works China Yn/t 102,000 105,000 -1,000
60% Mo ex-works India Rs/kg 1,060 1,080 nc
delivered duty paid to the end consumer, while a trader sold
Ferro-niobium
20t of alloy at $21.85/kg delivered to a Turkish consumer. Min 65% Nb du Rotterdam $/kg Nb 36.50 38.00 nc
Prices for small quantities ranging from 500kg to 5t were 65% Nb fob US warehouse (28
$/lb 17.25 18.00 -0.100
Feb)
concluded within a $22-22.60/kg band. Min 66% Nb Brazilian Imports fca
Yn/t 200,000 206,000 nc
Market participants said some consumers in France and China port (17 Mar)
Ferro-tungsten
Spain have requested delays to deliveries, while Italian trad-
Min 75% W du Rotterdam $/kg W 34.00 35.00 -1.000
ers are selling to mills within the country. A trader sold 1t of 75% W fob North America
$/lb 16.75 17.25 nc
alloy to an Italian foundry for $27/kg for immediate delivery warehouse
75% ex-works China Yn/t 159,000 161,000 -1,000
this week. Argus assessed prices for 65-70pc grade alloy at Min 75% W fob China $/kg 35.00 36.00 -1.000
$21.75-22/kg on 19 March, down from $22-22.25/kg on 17 Ferro-titanium
March. Russian min 70% Ti du Rotterdam $/kg Ti 3.70 3.90 nc
Min 70% Ti dp/duty-free Rot-
$/kg Ti 3.80 4.00 nc
terdam
Ferro-titanium 70% Ti fob North America
$/lb 1.90 2.00 nc
warehouse
Prices remained stable at $3.80-4/kg for Western grade and
30% Ti ex-works China (17 Mar) Yn/t 9,800 10,400 nc
$3.70-3.90/kg on Russian grade material after rising in the 70% Ti rutile ex-works China (17
Yn/t 33,500 34,500 nc
previous assessment. The price effect of supply disruptions Mar)
70% scrap grade ex-works China
in Russia and logistical challenges in Europe was mitigated Yn/t 32,500 33,500 nc
(17 Mar)
by falling demand from specialty steelmakers. Many steel
operations have been halted in recent days as a precaution
to protect staff from the coronavirus outbreak. Demand for
aerospace applications is expected to remain strong despite
the threat of temporary closures and airline bankruptcies.
Market participants are working on the assumption that
large airlines will be prevented from closure by government
stimulus measures, leaving large metals orders from those
companies intact. Ferro-vanadium
Alloy prices slumped on the back of a sharp decline in
Ferro-tungsten demand from the steel industry. The ongoing spread of
Alloy prices declined on low spot demand and trading activ- coronavirus in Italy, France, Spain and Germany has damp-
ity dropped in Europe. The market is likely to come under ened demand from the industrial sectors. Liquidity in the
pressure by end of March and April as supply shipments from spot market waned and consumers entered the market only
China are expected to reach Europe, market participants for small volumes and for immediate requirements. Argus
said. Prices for 75pc grade alloy declined to $34-35/kg duty assessed prices for 78-82pc grade alloy at $23.25-23.85/kg
unpaid Rotterdam on 19 March, falling from the previous as- on 19 March, falling from the previous assessment of $24.50-
sessment of $35-36/kg on 17 March. 25.50/kg on 17 March.

Ferro-Alloys: NoBle-alloy Market commentary
US: FeV drops sharply Noble-alloy and feedstock prices

Ferro-vanadium prices fell in the past week, in line with re- 19 Mar
cent declines in Europe, as traders restocked inventory and
Titanium
took a more competitive approach to securing spot deals. Turnings 90/6/4 max 0.5% Sn
$/lb 0.79 0.84 nc
ddp UK
Scrap min 85% Ti tin-bearing
Ferro-molybdenum mixed turnings del US dealer/ $/lb 0.27 0.29 nc
Prices for 65pc grade alloy declined to $10.15-10.40/lb from processor
Scrap min 85% Ti non-tin-bearing
$10.75-11.00/lb on 12 March. Suppliers lowered offers to mixed turnings del US dealer/ $/lb 0.29 0.35 nc
consumers to spur spot purchases, but muted demand out- processor
Ferro-vanadium
weighed lower-cost offers.
78-82% V dp Rotterdam $/kg V 23.25 23.85 -1.450
Market participants will be monitoring Rio Tinto's Ken- 78-82% V max 1.5% Si fob North
$/lb V 11.00 11.50 -2.000
necott operation following an earthquake in Magna, Utah America warehouse
50% V ex-works China (19 Mar) Yn/t 97,000 100,000 -1,000
registering a 5.7 magnitude, according to the US Geological 80% V fob China (19 Mar) $/kg 25.00 26.00 -1.000
Survey. The Kennecott site has a large smelting operation in 60% V ex-works India Rs/kg 1,500 2,000 nc
the area and is one of the major North American producers Vanadium-nitrogen alloy
77% V, 18% N ex-works China Yn/t 143000 145000 -2000
of alloy and molybdenum oxide.
Oxide prices declined to $9.10-9.25/lb today from $9.20-9.35/
lb on 12 March. Sellers lowered offers in the past week, opt-
ing to track replacement costs in the Korean and European
spot market.
Ferro-titanium demand. Market participants said demand from steel con-

Prices for 70pc grade alloy remained at $1.90-2.00/lb today, sumers is so far broadly unchanged from last week.
flat on 12 March. Powder consumers added that they see no change to
While the ferro-titanium market may face headwinds end-use demand for the near-term. As a result, a powder
stemming from declines in global stock markets, those con- alloy consumer purchased multiple truckloads of alloy at
cerns are as yet unrealised. Consumers in the steel sector $1.96/lb in-warehouse, rangebound from the previous week.
expressed greater concerns about near-term supply disrup-
tions from raw material producers rather than end-product Ferro-vanadium
Prices for 80pc grade alloy fell to $11.00-11.50/lb from
Ferro-vanadium 78-82% V Rotterdam v USA $13.00-13.50/lb on 12 March. Suppliers with ample inventory
held back from offering on inter-trade inquiries in recent
weeks, firming up the spot market for consumer inquiries
dp Rotterdam ($/kg of V)(lhs) fob US ($/lb of V)(rhs)
150 60 momentarily amid falling replacement costs for European-
origin alloy.
125 50
This week, alloy transactions drifted downward in line
100 40 with declining prices for imported alloy. At the beginning of
the week, a mill purchased 5t of alloy at $12.80/lb delivered,
75 30
followed by an additional mill purchase at $11.99/lb on a
50 20 delivered basis for 5t of alloy in special packaging. By mid-
week, a mill bought 5t of alloy at $11.40/lb on a delivered
25 10
basis. Traders were able to replace alloy when inter-trade
0 0 offers dried up in recent weeks and compete for spot trans-
27 Mar 15 23 Nov 16 19 Jul 18 19 Mar 20 actions in the latest week.

Ferro-Alloys: NoBle-alloy Market commentary
India: FeMo holds firm despite headwinds China: Prices fall on low feedstock costs
Domestic ferro-molybdenum prices continue to hold steady, A fall in feedstock costs and tender prices from steelmakers
staving off pressures from sluggish steel sentiment and a continued to weigh on the ferro-molybdenum and ferro-
currency-related rise in costs for imported oxide. vanadium markets.
Ferro-molybdenum Ferro-molybdenum
Prices were assessed today at Rs1,060-1,080/kg ex-works, A sharp decline in feedstock concentrate costs and lower
flat on 17 March. tender prices from steelmakers pushed down domestic
The rupee's depreciation has led to higher costs for prices to 102,000-105,000 yuan/t ($24-24.70/kg) ex-works
dollar-denominated oxide imports which might encourage today from the 17 March assessment of Yn103,000-106,000/t
ferro-molybdenum producers to increase offer levels. But ex-works. Export prices dropped to $24.20-24.70/kg fob
limited demand from steelmakers is pushing them to keep today from $24.60-25.10/kg fob on 17 March.
their prices unchanged. A Liaoning-based alloy producer concluded deals at
Prices for 57pc oxide were assessed at Rs950-960/kg Yn102,000-103,000/t ex-works over the past two days, down
ex-works today, unchanged from 17 March. Several market by Yn1,000-2,000/t from earlier this week. Another Liaoning-
participants expect molybdenum oxide prices to soon tick based alloy producer cut its offer prices to Yn102,000/t
higher because of the rupee's depreciation but note that ex-works and was reluctant to close deals at lower prices
muted buying activity might curb any gains. because of limited profits.
Prices for 45pc grade concentrate were assessed at
Ferro-vanadium Yn1,480-1,510/mtu ex-works today, down by Yn70/mtu from
Prices were assessed at Rs1,500-2,000/t ex-works today, 17 March following a fall in offer prices from large mining
unchanged from 17 March. companies because of weak demand from alloy producers.
A few offers have been seen at lower levels compared Prices for 57pc grade roasted concentrate fell to Yn1,580-
with the start of this week, as sellers attempted to attract 1,590/mtu ex-works today from Yn1,650-1,660/mtu ex-works
deals. But buyers are still reluctant to build up inventories on 17 March.
amid limited consumption rates and the approaching end to
the financial year on 31 March. Ferro-vanadium
A fall in pentoxide flake feedstock costs and lower tender
prices from steel mills pushed down prices for 50pc grade
alloy to Yn97,000-100,000/t ex-works today from Yn98,000-
101,000/t ex-works on 17 March. Pentoxide suppliers cut of-
Ferro-molybdenum 60% Mo ex-works, China v India
fer prices to boost sales as alloy smelters were not willing to
accept higher prices amid lower demand and tender prices
60% Mo China Yn/t (left axis) from steelmakers.
60% Mo India Rs/t (right axis)
140,000 1,300 Nanjing Iron and Steel (Nisco) purchased 60t of the alloy
at Yn99,000/t delivered plus value-added tax and payable by
130,000 1,250
acceptance bill, including a tender fee, down by Yn3,000/t
1,200 from 24 February.
120,000 hhh
1,150 Export prices for 80pc grade alloy fell to $25-26/kg fob
110,000 today from $26-27/kg fob on 17 March on the lower domes-
1,100
tic prices and bid prices and limited buying interest from
100,000 1,050 international consumers. Exporters have not signed any spot
90,000 1,000 contracts as overseas buyers are looking to restock the alloy
28 Feb 19 4 Jul 19 7 Nov 19 19 Mar 20 at below $24.50/kg fob.

Ferro-alloys: News and Analysis
Aperam to pause output at European steel lines usual 20mn t seasonal peak in late February or early March.
Luxembourg-based stainless steel producer Aperam will tem- Most of the declines this week were for long products, while
porarily pause output at some of its European lines amid the flat steel products fell by around 300,000t.
escalating coronavirus outbreak, the company said today. Markets narrowed declines after the data release. Iron
Aperam said border closures and movement restrictions ore closed flat at Yn678/t, rebar closed down by 0.9pc at
introduced by European governments have hit its ability to 3,528/t and HRC fell by 1.7pc to Yn3,429/t. Physical prices
receive supplies and maintain production. also moved lower in domestic and seaborne trade.
The company did not specify which lines will pause, but China’s ferrous markets have been able to escape the
said outages will take a few days to implement. It also said meltdown in other markets hit by the effects of the coro-
its multi-plant production set-up will minimise the impact on navirus and its containment measures, even with today’s
customers and that all its service centres continue to oper- declines. Most Asian ferrous markets have held steady or
ate as normal. moved higher this year and with China reporting no new
Aperam said the restart of production and overall output virus cases today, market participants said their main con-
across plants in Europe will be “adapted in line with future cerns are from risks outside of China.
measures ordered by authorities, the related impact on our European auto factory shutdowns weighed on sentiment
workforce and the production situation of our customers”. yesterday and there are signs of overseas weakness filtering
The group’s European operations are split across Belgium back into China. Its outlook remains stronger than regional
and France, both of which announced lockdown measures counterparts, so imports are reappearing. Indonesian billet
over the past week to limit the spread of coronavirus. was sold to China at $405/t cfr last week and there was an
In Belgium, the firm's Chatelet site has a melt shop and unconfirmed sale of Russian billet at $395/t cfr China today.
hot rolling mill, while its Genk site hosts a melt shop and hot Aggressive fiscal and monetary policies have stabilised
rolling and finishing capacity. China’s steel markets by allowing most of its blast fur-
In France, Aperam operates a melt shop and finishing naces to keep running, despite a collapse in construction
lines at Imphy and cold-rolled and finishing capacity at Gueg- and industrial steel demand. The result has been record
non and Isbergues. steel inventories, financed by a flood of credit into China’s
Aperam’s stainless and electrical shipments from its economy.
plants in Europe and Brazil totalled 1.72mn t in 2019. Larger mills have taken out tens of billions of yuan for
By Ronan Murphy medium- and long-term financing since the outbreak to keep
operations running, market participants said. Smaller mills
China’s steel inventory drop signals demand rebound that are unable to get more credit have had to reduce pro-
Chinese ferrous futures reversed declines today after indus- duction or cut costs, or shift inventories to traders.
try data showed the country’s steel inventories falling this “We heard some mills are selling their iron ore cargoes
week, raising hopes that construction demand was finally to get cash back - maybe they are facing difficulty with cash
returning to normal. flow,” a Shandong trader said.
Fears that the coronavirus pandemic will eventually drag China has reduced taxes on steel exports, freed up bank
down Chinese domestic markets sent futures sharply lower liquidity, and waived port fees and accelerated bond issu-
in morning trade. The most-liquid May futures contracts ances.
for iron ore and hot-rolled coil (HRC) both fell by the 6pc China’s central bank said this week that banks have is-
daily limit. Shanghai traders cut prices for HRC by 70 yuan/t sued Yn111bn in low-cost loans as of 15 March to support the
($10/t) to Yn3,420/t ($481/t) and for rebar by Yn20/t to restart of the economy, with more support expected to go
Yn3,510/t, while PB iron ore fines offers fell by Yn5-10/wet to industries hit hard by the virus such as tourism, food and
metric tonne (wmt) to Yn665-675/wmt in north China in the transportation.
morning. By China staff
Mill- and trader-held steel inventories fell by 1.9mn t in
the week to 19 March, according to industry data released
during midday. It was the first weekly decline since Decem-
ber and showed trader-held warehouse stocks peaking at For more news and analysis, please click here
over 26mn t in the week of 12 March, above and after the

Ferro-Alloys: Price Indexes
Monthly averages
Mar 2020 Mar 2020 Feb 2020 Feb 2020
Unit
low high final low final high
Ferro-chrome
HC basis 60% Cr 6-8% C ddp NWE $/lb Cr 0.77 0.86 0.78 0.84
LC Cr min 65% 0.10% C ddp Europe works $/lb Cr 1.58 1.68 1.59 1.69
Charge Chrome fob US warehouse $/lb 0.74 0.78 0.73 0.77
HC min 60-65% Cr 6-8% C fob US warehouse $/lb Cr 0.85 0.93 0.83 0.92
LC min 60-65% Cr 0.05% C max 1.5% Si fob US warehouse $/lb Cr 1.89 1.95 1.93 1.98
LC min 60-65% Cr 0.10% C max 1.5% Si fob US warehouse $/lb Cr 1.68 1.75 1.66 1.72
LC 60% Cr 0.15% C fob US warehouse $/lb 1.62 1.64 1.63 1.65
Ferro-manganese
HC Mn 78% ddp Europe works €/t 926.67 983.33 930.00 980.00
MC 78% Mn 1.5-2% C 0.15-0.20 P ddp Europe works €/t 1,342 1,437 1,312 1,412
HC min 80% Mn 6-8% C fob North America warehouse $/lt 1,093.33 1,163.33 1,070.00 1,125.00
MC 80% Mn 1-2% C fob North America warehouse $/lb 0.85 0.90 0.85 0.90
Manganese ore
44-46% lumpy ore fca China Yn/mtu 38.25 40.75 41.31 43.31
Silico-manganese
65% Mn ddp Europe works €/t 925.00 973.33 920.00 980.00
Min 65% Mn 16% Si fob North America warehouse $/lb 0.51 0.53 0.52 0.54
65% Mn 17% Si fob China $/t 1,053.33 1,083.33 1,124.00 1,154.00
65% Mn 15% Si fob India East Coast $/t 951.67 961.67 971.25 981.25
60% Mn 14% Si fob India East Coast $/t 858.33 868.33 888.75 898.75
Ferro-silicon
75% Si ddp NWE €/t 1,185.00 1,235.00 1,146.88 1,196.88
Low aluminium 75% Si 0.1% Al fob China $/t 1,223.33 1,243.33 1,248.75 1,268.75
Low aluminium 75% Si 0.5% Al fob China $/t 1,173.33 1,193.33 1,198.75 1,218.75
72% Si fob China $/t 1,075.00 1,096.67 1,107.50 1,131.25
75% Si fob China $/t 1,108.33 1,133.33 1,138.75 1,165.00
Min 75% Si max 0.1% C fob US warehouse $/lb Si 0.80 0.85 0.78 0.82
Calcium-silicon
Min 28% Ca 55-60% Si fob China $/t 1,323.33 1,353.33 1,352.00 1,382.00
Min 30% Ca 55-60% Si fob China $/t 1,353.33 1,383.33 1,385.00 1,415.00
Ferro-boron
17% B fob US warehouse $/lb 1.45 1.65 1.50 1.66
Ferro-molybdenum
60% Mo du Rotterdam $/kg Mo 22.38 22.82 24.87 25.43
65-70% Mo dp Rotterdam $/kg Mo 22.42 22.88 24.89 25.43
Min 65% Mo max 1.5% Si fob North America warehouse $/lb Mo 10.55 10.80 11.55 11.79
60% Mo fob China $/kg 25.13 25.63 27.61 28.11
Ferro-niobium
Min 65% Nb du Rotterdam $/kg Nb 37.08 38.00 37.94 39.31
Min 66% Nb Brazilian Imports fca China port Yn/t 200,000.00 205,666.67 200,000.00 204,200.00
Ferro-tungsten
Min 75% W du Rotterdam $/kg W 35.50 36.45 33.06 34.25
75% W fob North America warehouse $/lb 16.75 17.25 15.94 16.44
Min 75% W fob China $/kg 35.67 36.67 33.10 34.10
Ferro-titanium
Russian min 70% Ti du Rotterdam $/kg Ti 3.63 3.77 3.49 3.68
Min 70% Ti dp/duty-free Rotterdam $/kg Ti 3.74 3.89 3.67 3.91
70% Ti fob North America warehouse $/lb 1.91 2.02 1.87 2.00
Ferro-Vanadium
Ferro-vanadium 78-82% V dp Rotterdam $/kg V 24.83 25.73 28.88 29.94
Ferro-vanadium 78-82% V max 1.5% Si fob North America
$/lb V 12.37 12.90 12.99 13.36
warehouse
Ferro-vanadium 80% V fob China $/kg 27.00 28.29 30.08 31.23

Rare earths: MARKET COMMENTARY
Flat demand keeps prices unchanged China export and delivered Europe prices
Prices for light, medium and heavy rare earths were un-
Element units Date Low High ±
changed as suppliers maintained their offer prices, in
response to flat spot demand amid the coronavirus outbreak Cerium
carbonate min 45% REO fob China $/kg 17 Mar 0.72 0.82 nc
globally.
metal min 99.9% C 0.03% max. Fe
$/kg 19 Mar 6.50 7.00 nc
0.2% max fob China
Light rare earths metal min 99% fob China $/kg 19 Mar 5.60 5.95 nc
oxide 99.5-99.9% fob China $/t 19 Mar 1,740 1,790 nc
The light rare earths market was stable on flat demand,
oxide 99.5-99.9% cif Europe $/kg 2 Mar 1.90 2.00 nc
following a small rise in praseodymium-neodymium prices
Dysprosium
earlier this week.
metal min 99% fob China $/kg 19 Mar 368.00 383.00 nc
Argus assessed the range for 99pc praseodymium-neo- oxide min 99.5% fob China $/kg 19 Mar 267.00 272.00 nc
dymium oxide at 272,000-276,000 yuan/t ($38,330-38,890/t) oxide min 99.5% cif Europe $/kg 2 Mar 260.00 285.00 +24.000
ex-works today, unchanged from 17 March but higher from Europium
Yn270,000-275,000/t on 16 March. Flat spot demand and metal min 99.9% fob China $/kg 19 Mar 271.00 283.00 nc
oxide min 99.99% fob China $/kg 19 Mar 30.90 32.50 nc
ample supplies prevented prices from rising further.
Export prices were assessed stable from 17 March at Erbium
oxide min 99.5% cif Europe $/kg 2 Mar 24.00 25.00 +1.000
$38,900-39,400/t fob today, as the stable domestic prices
offset a weaker yuan against the US dollar to leave the Ferro-dysprosium
min 80% Dy fob China $/kg 19 Mar 263.00 268.00 nc
market unchanged. The yuan fell to 7.10 against the dollar
Gadolinium
today, from 7.01 on 17 March.
The range for 99pc praseodymium-neodymium metal was oxide min 99.999% fob China $/t 17 Mar 43,600 44,600 nc
unchanged at Yn344,000-348,000/t ex-works today, after
Lanthanum
rising from Yn343,000-348,000/t on 16 March. Export prices metal min 99.9% C 0.03% max. Fe
$/kg 19 Mar 6.15 6.50 nc
stayed at $49.50-50/kg fob today, in line with the stable 0.2% max fob China
domestic prices. Suppliers were reluctant to cut offer prices
because of limited margins. oxide min 99.999% fob China $/kg 19 Mar 3.23 3.53 nc
The neodymium market was stable on limited spot sup-
Mischmetal
ply and higher production costs. The range for 99.5-99.9pc 35% La 65% Ce fob China $/kg 19 Mar 5.20 5.60 nc
neodymium oxide remained at Yn293,000-297,000/t ex-works low Zn and Mg fob China $/kg 17 Mar 21.50 23.00 nc
today, with the range for 99pc neodymium metal holding at Neodymium
Yn373,000-378,000/t ex-works. metal min 99% fob China $/kg 19 Mar 53.40 54.00 nc
metal 99% cif Europe $/kg 2 Mar 56.00 58.00 +2.000
oxide 99.5-99.9% cif Europe $/kg 2 Mar 44.00 47.00 +2.750
Chinese dysprosium 99.5% min export and ex-works
Praseodymium
ex-works, Yn/kg (LHS) fob, $/kg (RHS)
2,700 400 Praseodymium-Neodymium
2,600
375 oxide min 99% fob China $/t 19 Mar 38,900 39,400 nc
2,500 Samarium
2,400 350 metal min 99% fob China $/kg 19 Mar 13.00 14.00 nc
oxide min 99.5% fob China $/kg 19 Mar 1.68 1.80 nc
2,300 325 Terbium
2,200 metal min 99.9% fob China $/kg 19 Mar 765.00 773.00 nc
300 oxide min 99.99% fob China $/kg 19 Mar 610.00 618.00 nc
2,100
oxide min 99.99% cif Europe $/kg 2 Mar 600.00 615.00 +99.000
2,000 275 Yttrium
18 Sep 1 Nov 17 Dec 4 Feb 19 Mar metal min 99.9% fob China $/kg 17 Mar 32.00 35.00 nc
oxide min 99.999% fob China $/t 19 Mar 2,550 2,800 nc
oxide 99.999% cif Europe $/kg 2 Mar 3.50 4.00 nc

Rare Earths: MARKET COMMENTARY
Export prices held at $42,200-42,800/t fob for 99.5- China domestic ex-works prices
99.9pc neodymium oxide and $53.40-54/kg fob for 99pc
Element units Freq. Low High ±
neodymium metal, in line with the stable domestic prices.
Prices for 99.5-99.9pc praseodymium oxide were steady Cerium
carbonate min 45% REO Yn/t 17 Mar 4,300 4,800 nc
at Yn315,000-320,00/t ex-works today, with the range for
metal min 99.9% C 0.03%
99pc praseodymium metal flat at Yn640,000-660,000/t ex- Yn/t 19 Mar 39,000 41,000 nc
max. Fe 0.2% max
works. metal min 99% Yn/t 19 Mar 31,500 33,500 nc
oxide 99.5-99.9% Yn/t 19 Mar 11,100 11,500 nc
Medium and heavy rare earths Dysprosium

Suppliers maintained their offer prices on flat spot demand metal min 99% Yn/kg 19 Mar 2,600 2,700 nc
and tight ore feedstock availability. Prices for 99.5pc dys- oxide min 99.5% Yn/kg 19 Mar 1,880 1,900 nc
prosium oxide were unchanged at Yn1,880-1,900/kg ex-works Erbium

today, with the range for 80pc ferro-dysprosium holding oxide min 99.5% Yn/t 19 Mar 153,000 157,000 nc
at Yn1,850-1,870/kg ex-works in line with the stable oxide Europium

prices and weaker magnet sector. oxide min 99.99% Yn/kg 19 Mar 213 223 nc
Export prices were assessed flat at $267-272/kg fob for Ferro-dysprosium

99.5pc dysprosium oxide and $263-268/kg fob for 80pc ferro- min 80% Dy Yn/kg 19 Mar 1,850 1,870 nc
dysprosium, in line with the steady domestic prices. Ferro-gadolinium
Prices for 99.99pc terbium oxide were assessed stable min 75% Gd ex-works China Yn/t 19 Mar 163,000 167,000 nc
from 17 March at Yn4,250-4,300/kg ex-works today, with the Gadolinium
range for 99.9pc terbium metal flat at Yn5,350-5,450/kg ex- metal min 99% Yn/t 17 Mar 275,000 320,000 nc
works. The stable domestic prices and limited demand from oxide 99.5-99.9% Yn/t 19 Mar 163,000 167,000 nc
international buyers kept export prices flat at $610-618/kg Lanthanum
fob for 99.99pc terbium oxide and $765-773/kg fob for 99.9pc metal min 99.9% C 0.03%
Yn/t 19 Mar 38,500 40,500 nc
max. Fe 0.2% max
terbium metal.
metal min 99% Yn/t 19 Mar 31,500 33,000 nc
Suppliers maintained gadolinium prices on low trading oxide min 99.999% Yn/t 19 Mar 22,500 23,500 nc
volumes. The range for 99.5-99.9pc gadolinium oxide held at oxide 99.5-99.9% Yn/t 19 Mar 11,000 11,400 nc
Yn163,000-167,000/t ex-works today, with the range for 75pc Ce chloride min 45% REO Yn/t 17 Mar 3,500 4,000 nc
ferro-gadolinium flat at Yn163,000-167,000/t ex-works. Mischmetal
35% La 65% Ce Yn/t 19 Mar 32,500 34,500 nc
low Zn and Mg Yn/t 17 Mar 140,000 150,000 nc
Neodymium
Neodymium oxide 99.5-99.9% and metal 99% min fob China
oxide 99.5-99.9% Yn/t 19 Mar 293,000 297,000 nc
Praseodymium
Oxide, $/t (LHS) Metal, $/kg (RHS) metal min 99% Yn/t 19 Mar 640,000 660,000 nc
46,000 58 oxide 99.5-99.9% Yn/t 19 Mar 315,000 320,000 nc
45,000 57 Praseodymium-Neodymium
56
44,000 oxide min 99% Yn/t 19 Mar 272,000 276,000 nc
55
43,000 Samarium
54 metal min 99% Yn/t 19 Mar 93,000 97,000 nc
42,000 oxide min 99.5% Yn/t 19 Mar 12,000 13,000 nc
53
41,000 Terbium
52
metal min 99.9% Yn/kg 19 Mar 5,350 5,450 nc
40,000 51 oxide min 99.99% Yn/kg 19 Mar 4,250 4,300 nc
18 Sep 1 Nov 17 Dec 4 Feb 19 Mar
Yttrium
metal min 99.9% Yn/kg 17 Mar 225 240 nc
oxide min 99.999% Yn/t 19 Mar 18,000 19,500 nc

Rare Earths: price indexes
Argus rare earths indexes (cumulative averages)

month index Mar month index Mar month index Feb month index Feb
element units
2020 low 2020 high 2020 final low 2020 final high
Cerium
carbonate min 45% REO fob China $/kg 0.72 0.82 0.72 0.82
metal min 99.9% C 0.03% max. Fe 0.2% max fob China $/kg 6.50 7.00 6.50 7.00
metal min 99% fob China $/kg 5.60 5.95 5.60 5.95
oxide 99.5-99.9% fob China $/t 1,746.67 1,801.67 1,770.00 1,850.00
Dysprosium
oxide min 99.5% fob China $/kg 263.50 268.50 247.53 252.26
Europium
metal min 99.9% fob China $/kg 271.00 283.00 271.75 283.75
Ferro-dysprosium
min 80% Dy fob China $/kg 257.93 262.43 242.85 247.45
Gadolinium
oxide min 99.999% fob China $/t 43,600.00 44,600.00 43,525.00 44,525.00
Lanthanum
metal min 99.9% C 0.03% max. Fe 0.2% max fob China $/kg 6.15 6.50 6.15 6.50
oxide 99.5-99.9% fob China $/t 1,725.00 1,775.00 1,740.00 1,790.00
Mischmetal
35% La 65% Ce fob China $/kg 5.20 5.60 5.20 5.60
low Zn and Mg fob China $/kg 21.50 23.00 21.50 23.00
Neodymium
oxide 99.5-99.9% fob China $/t 42,214.29 42,814.29 42,105.00 42,805.00
Praseodymium
oxide 99.5-99.9% fob China $/t 44,800.00 45,300.00 45,770.00 46,270.00
Praseodymium-Neodymium
oxide min 99% fob China $/t 39,032.14 39,532.14 40,145.00 40,825.00
Samarium
Terbium
Yttrium
oxide min 99.999% fob China $/t 2,550.00 2,800.00 2,550.00 2,800.00

*Additional user fees apply for real-time LME and COMEX data
Introducing definitive
coverage of the global
metal markets.
Argus Metals.
NOW AVAILABLE: We’ve just launched our brand new online platform - Argus Metals.
Designed specifically for the world’s metal professionals, this comprehensive new platform
provides you with the very latest global news, prices, analysis, powerful analytical tools and -
for the first time - data feeds* from key metal exchanges in one place.
To find out more, visit:

argusmedia.com/argusmetals
/argusmetals
Market Reporting
Metals Consulting
illuminating the markets Events

Chinese Steel HRC Futures Contract

Contract Liquidity at LME seeing fast growth.
FOB China Futures Contract
▸ LME contract specifications: click here

▸ Argus fob China HRC Index: click here
For more information, please contact
singapore@argusmedia.com
Metals
illuminating the markets
Argus Metals International is published by Argus Media group
Registered office Trademark notice Publisher Customer support and sales:

Lacon House, 84 Theobald’s Road, ARGUS, the ARGUS logo, ARGUS MEDIA, INTEGER, Adrian Binks support@argusmedia.com
London, WC1X 8NL ARGUS METALS INTERNATIONAL, other ARGUS sales@argusmedia.com
Tel: +44 20 7780 4200 publication titles and ARGUS index names are Chief operating officer
trademarks of Argus Media Limited. Matthew Burkley
Visit www.argusmedia.com/Ft/trademarks for London, UK
ISSN: 2399-4843 Tel: +44 20 7780 4200
more information.
Global compliance officer
Copyright notice Astana, Kazakhstan
Copyright © 2020 Argus Media group Disclaimer Jeffrey Amos
Tel: +7 7172 72 92 94
All rights reserved The data and other information published herein
All intellectual property rights in this publica- (the “Data”) are provided on an “as is” basis. Chief commercial officer Beijing, China Tel: +86 10 8535 7688
tion and the information published herein are the Argus and its licensors (including exchanges) Jo Loudiadis Dubai Tel: +971 4434 5112
exclusive property of Argus and/or its licensors make no warranties, express or implied, as to the
(including exchanges) and may only be used under Houston, US
accuracy, adequacy, timeliness, or completeness Global SVP editorial
licence from Argus. Without limiting the foregoing, of the Data or fitness for any particular purpose. Tel: +1 713 968 0000
Neil Fleming
by accessing this publication you agree that you will Argus and its licensors (including exchanges) shall Moscow, Russia Tel: +7 495 933 7571
not copy or reproduce or use any part of its contents not be liable for any loss, claims or damage arising
Managing editor New York, US
(including, but not limited to, single prices or any from any party’s reliance on the Data and disclaim
Andrew Bonnington Tel: +1 646 376 6130
other individual items of data) in any form or for any and all liability related to or arising out of use
any purpose whatsoever except under valid licence of the Data to the full extent permissible by law. Sao Paulo, Brazil
from Argus. Further, your access to and use of data Editor
Tel: +55 11 3235 2700
from exchanges may be subject to additional fees All personal contact information is held and used Ellie Saklatvala
Tel: +44 20 7780 4308 Singapore Tel: +65 6496 9966
and/or execution of a separate agreement, whether in accordance with Argus Media’s Privacy Policy
directly with the exchanges or through Argus. https://www.argusmedia.com/en/privacy-policy AMI@argusmedia.com Tokyo, Japan Tel: +81 3 3561 1805
Metals
illuminating
. the markets

Argus: Metals International

Caricato da

Informazioni sul documento

Titolo originale

Copyright

Formati disponibili

Condividi questo documento

Condividi o incorpora il documento

Opzioni di condivisione

Hai trovato utile questo documento?

Questo contenuto è inappropriato?

Copyright:

Formati disponibili

Argus: Metals International

Caricato da

Copyright:

Formati disponibili

Argus Metals International

Global non-ferrous market prices, news and analysis

Issue 20-56 | Thursday 19 March 2020

Min 99.8% chemical grade

Minor metals: Europe market COMMENTARy

Copyright © 2020 Argus Media group Page 2 of 29

Issue Ref: 430006

Minor metals: Europe market COMMENTARy

Copyright © 2020 Argus Media group Page 3 of 29

Minor metals: Europe market COMMENTARY

Molybdenum Light metals price assessments

at below $1,600/t, much lower than a week ago. Aluminium Silicon

Copyright © 2020 Argus Media group Page 4 of 29

Minor Metals: EUROPE market commentary

Tantalum Scrap metal price assessments

tantalite prices slightly higher mid-March. Sellers were reluc- Molybdenum

Scrap grade CP3/4 solids del US

USD v CNY Vanadium pentoxide flake min 98pc du Rotterdam $/lb

Copyright © 2020 Argus Media group Page 5 of 29

Minor metals: china market COMMENTARY

nese prices. Chrome aluminothermic fob US

Copyright © 2020 Argus Media group Page 6 of 29

Minor metals: china market COMMENTARY

Copyright © 2020 Argus Media group Page 7 of 29

Minor metals: china market COMMENTARY

Manganese tetrachloride (TiCl4) feedstock costs and reduced buying

Copyright © 2020 Argus Media group Page 8 of 29

Minor Metals: news and analysis

Copyright © 2020 Argus Media group Page 9 of 29

Minor Metals: price INDEXES

Argus minor metals indexes (monthly averages)

Copyright © 2020 Argus Media group Page 10 of 29

Minor Metals: price INDEXES

Argus minor metals indexes (monthly averages)

Copyright © 2020 Argus Media group Page 11 of 29

Base Metals: market commentary

Europe Ni: Spot premiums fall as mills cut output Aluminium

Copyright © 2020 Argus Media group Page 12 of 29

Base Metals: market commentary

Nickel stocks in LME warehouses dropped by 1.5pc to Nickel

Copyright © 2020 Argus Media group Page 13 of 29

BASE Metals: MARKET News AND ANALYSIS

Copyright © 2020 Argus Media group Page 14 of 29

Italy’s Raffmetal shuts for two-week quarantine

Copyright © 2020 Argus Media group Page 15 of 29

Ferro-Alloys: Bulk-Alloy Market commentary

Copyright © 2020 Argus Media group Page 16 of 29

Ferro-Alloys: Bulk-Alloy Market commentary

Market participants are waiting for South African-based

Copyright © 2020 Argus Media group Page 17 of 29

Ferro-Alloys: Bulk-Alloy Market commentary

Silico-manganese for 65-70pc grade alloy - both unchanged from 17 March.

Copyright © 2020 Argus Media group Page 18 of 29

Ferro-Alloys: Bulk-Alloy Market commentary

Copyright © 2020 Argus Media group Page 19 of 29

Ferro-Alloys: Noble-Alloy Market commentary

Copyright © 2020 Argus Media group Page 20 of 29

Ferro-Alloys: NoBle-alloy Market commentary

US: FeV drops sharply Noble-alloy and feedstock prices

Ferro-titanium demand. Market participants said demand from steel con-

Copyright © 2020 Argus Media group Page 21 of 29

Ferro-Alloys: NoBle-alloy Market commentary

Copyright © 2020 Argus Media group Page 22 of 29

USD v CNY Vanadium pentoxide flake min 98pc du Rotterdam $/lb