Billet Bust-up

large proportion of
warrants cancelled
Steel contract is
working, LME says:
page 11
Monday 29 August 2011/ Number 9215/ World steel and metal news since 1913
DOMestiC DOlDRuMs
Vietnams producers
export billet on
weak local demand
Rebar, wire rod output
slashed: page 13
indian steelmakers
bullish in spite of
slowdown: page 16
Focus
Glencore eyes M&A
OppORtuNitY KNOCKs
Healthy balance sheet will allow Glencore to
expand production side of business
Company negotiates Mutanta and Kansuki
merger, seeks full control of Murrin Murrin
Net proft up 57%
on higher prices,
larger volumes
Copper, lead, zinc,
marketing profts
down on China
destocking
Copper output up
29% year-on-year
Aluminium division
posts greater than
fve-fold rise in Ebitda
Iron ore sales
volumes drop 29%
See pages 5 and 14
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Monday 29 August 2011 | Metal Bulletin | 3
Ivan Glasenberg did not use the old (and
inaccurate) clich that the Chinese word for crisis
is composed of two characters: one for danger,
and one for opportunity. But the Glencore boss
may well have had it in mind when preparing his
commentary on the companys frst-half results
last week.
There has been a lot of fearful talk during this
wild, wild August of a new credit crunch, a collapse
in consumer confdence and a prolonged bout of
risk aversion in commodities and fnancial markets.
Glasenberg gave a nod to all these dangers,
which he said gave cause for concern.
But he was more keen to talk about the
less-discussed aspect of the recent fnancial
turmoil: the opportunities it presents to larger
companies, such as Glencore, which are better
protected against volatility.
Some struggling producers may want to offoad
assets at low prices to generate cash quickly. Who
better than cash-rich, post-listing, fat-profts
Glencore to come to the rescue?
Glasenberg said the company, which made a
$2.45 billion proft in the frst half, is looking at
many, many assets around the world. He even
gave a few helpful hints for potential sellers.
We will look opportunistically for example, if
a company wants to dispose of its nickel assets or a
producer with a pre-fnancing agreement wants
to convert to equity, he said in a conference call.
Glencore is, of course, not the only major metals
and mining group picking over the stock market
carnage of the last month in search of an
opportunity.
Marius Kloppers, ceo of BHP Billiton, had much
the same thing to say after his company
announced record profts (see page 14).
The balance sheet has got capacity, he said.
Kloppers all but ruled out takeovers in the iron
ore and coking coal sector, but cited base metals,
petroleum, oil and gas, and potash.
Glencore has an immediate chance to expand
its production assets base which was already a
key pillar of its post-IPO strategy.
That process began even before the results were
announced last week. Glencore launched a $285
million bid to buy out the 27% it does not own in
nickel miner Minara Resources, whose nickel it
markets.
It will undoubtedly want to cement other
existing relationships to backward-integrate its
supply chain into production.
The timing of the markets crash, just three
months after it went public, must look particularly
sweet from Glasenbergs point of view.
OK, so its stock is down 24% from the London
debut. But if the IPO had been scheduled those
three months later, it would likely have been
shelved: Glasenberg would not get his frst
interim dividend ($163 million) and the company
would not have anything like the $10.4 billion war
chest it now has for a spending spree.
pSee Glencore on M&A hunt as results improve:
page 5
Glasenberg
eyes
opportunity
in crisis
Non-ferrous metals
4 | Metal Bulletin | Monday 29 August 2011
WiNdhoek
by Felix NjiNi
Resource-rich Papua New Guinea
(PNG) wants ownership of the
countrys mineral wealth to be
transferred to traditional
landowners under a
comprehensive review of the
countrys mining laws, mining
minister Byron Chan said.
The prospect has shaken mining
companies operating in the
country, who fear that their
planned investments might be
affected. However, the proposed
changes to mining law will
probably only affect new projects,
Chan said.
An Australian radio station
quoted Chan as saying that the
government wants to amend the
current situation in which local
communities do not beneft from
the countrys mineral resources.
We would like to replace that
almost immediately to revert
ownership to local landowners, so
that the state does not own
anything, Chan said.
PNG to give resource ownership
to traditional landholders
Mining law review Southeast Asian nation to restore local rights and benefts
We are proposing an
amendment to look into future
licences. Current agreements
wont be affected, he explained.
All of these things are being
undertaken now by the [mining
ministry], so there wont be chaos.
Landowners will have
relationships with the mining
companies themselves, with the
government acting just as a
regulator, he added.
PNGs mining sector employs
more than 30,000 people and
contributes about 80% of the
countrys foreign currency
earnings.
Mining majors BHP Billiton,
Xstrata Copper, Rio Tinto, Barrick
Gold and Harmony Gold are
among the companies with
operations in the mineral-rich
island nation.
The proposed changes could
result in these companies and
others having to negotiate with a
variety of traditional landowners.
The miners argue that this would
create new and unnecessary levels
of bureaucracy.
Instead of negotiating with one
central bureaucracy that controls
these things in the state, you now
have to deal with myriad others,
Graham Briggs, ceo of Harmony
Gold, said.
There are probably 800 different
landowner groupings, so you can
imagine how complex
negotiations will be, he added.
Chan: there wont be chaos
loNdoN
Glencores: Ni, Fe-Cr,
sales fall in frst half
Glencore sold 97,800 tonnes of
nickel in the frst half of 2011, down
by 17% on sales volumes in the
corresponding period in 2010, after
last years restocking by stainless
steel producers in the frst half was
not repeated to the same extent
this year.
The company also reported lower
demand from consumers in May
and June as uncertainty over global
economies prompted stainless steel
producers to fall back on stocks.
The global stainless steel
industry experienced continued
growth for the frst four months of
2011. However, the remaining two
months of [the frst half]
experienced a slowdown due to
destocking, falling nickel prices
and the broader macroeconomic
events and associated
uncertainties, Glencore said.
Consequently, nickel markets
were characterised by strong
demand from stainless mills
during the frst four months of 2011
compared with 2010 and some
weakness thereafter, it added.
Murrin Murrin which Glencore
is in negotation to take full control
of produced 14,625 tonnes of
nickel in the frst half of the year,
compared with 14,512 tonnes a year
earlier.
A series of electrical storms,
heavy rains and fooding disrupted
production at Murrin Murrin in the
frst half of the year, while the
failure of an acid plant heat
exchanger in June saw production
continue at reduced rates before
the tie-in of a new unit in July.
base Metals
Rusals Kirkvine refnery
restart delayed as alumina
tags fall 6
MiNors
Fraudulent manganese
fake imports are sidelining
traders 7
ores
Price of ferro-moly slips
further as sellers chase deals 9
iN this seCtioN
loNdoN
Revenues at Canadian high-purity
metals supplier 5N Plus grew by
over 500% in the fourth quarter of
its fnancial year, ended May 31,
following its acquisition of
speciality minor metals group MCP.
Group revenues stood at C$119.8
million ($120 million) at the end of
its fourth quarter, up by 507% from
revenues of C$19.7 million in the
corresponding quarter in 2010.
Revenues for the full year rose to
C$178.8 million, up by 153% on the
previous twelve months. Earnings
before interest, tax, depreciation
and amortisation (Ebitda) rose to
C$19.2 million, up by 209% from
the prior year.
With the acquisition of MCP, we
have literally transformed our
company into a speciality metals
and chemicals powerhouse with a
strong focus on clean technology
markets, 5N Plus president and ceo
Jacques LEcuyer said in a statement
to investors on August 24.
The results were very much in
line with our expectations and
quite indicative of what we believe
the future holds for our company,
he said.
5N Plus acquired MCP in April at a
cost of 236 million ($337 million)
and is now assimilating the two
companies under separate
electronic materials and
eco-friendly materials divisions.
The eco-friendly materials
segment is a new division serving
MCPs customer base in the
pharmaceutical, industrial and
metallurgical industries.
In the fourth quarter, this
segment contributed C$57.4 million
to 5N Plus revenues.
Between the date of acquisition
and the end of the fscal fourth
quarter, MCPs business activities
contributed around C$90 million to
5N Plus revenues across both
divisions.
5N Plus expects that the
company will generate revenues in
excess of C$200 million per quarter,
the company said in a conference
call on August 25.
MCP holds more than a 50%
share in the global bismuth and
bismuth chemicals market and is
also highly active in the gallium,
indium, selenium and tellurium
markets.
5N Plus revenues grow 500% after MCP deal
Monday 29 August 2011 | Metal Bulletin | 5
More opportunities Switzerland-based trader will try to expand production side of business
LONDON
BY CLAIRE HACK
Commodities trading company
Glencore is on the hunt for merger
and acquisition opportunities in
the coming year, as its balance
sheet as of June 30 shows liquidity
of $10.4 billion and it continues to
reap the benets of a high debut
valuation on the London Stock
Exchange (LSE).
It may also be able to take
advantage of lower sale prices as
companies struggling in the wake
of the US and European debt crises
look to divest some of their assets
as quickly as possible.
We will look opportunistically
for example, if a company wants
to dispose of its nickel assets or a
producer with a pre-nancing
agreement wants to convert to
equity, Ivan Glasenberg, Glencore
ceo, said in a conference call on
August 25.
Were trying to expand the
production side of the business.
Today, we do have the balance
sheet across the board and were
looking at many, many assets
around the world, Glasenberg
said.
Glencore on M&A hunt as results improve
He declined to be specic about
which assets Glencore might look
to acquire, but added that the
company is excited about
possible opportunities.
Glasenberg acknowledged the
impact of market volatility, saying
it is a cause for concern at
Glencore, while at the same time it
is remaining alert to the potential
opportunities that such an
environment uncovers in our end
markets.
There is continued demand in
China and net growth in India,
but there will be tight supply and
tight conditions for a while, he
said.
We will ramp up our industrial
assets for our own production
feeding into Glencore. There will
be more opportunities to blend
our production with third parties
and more opportunities to
arbitrage the pricing, Glasenberg
added.
The company also has an
additional $2 billion available
under a committed 364-day
borrowing facility, as well as $427
million of tax benets to support
it, according to cfo Steven Kalmin.
The $427 million of tax benets
resulted from the reorganisation of
the Glencore Group as part of its
otation on the stock market.
This is a real asset. Thats tax
which we would otherwise have
had to pay in the near term. It will
be eaten up over the period we
generate Swiss taxable income,
Kalmin said.
The business is also going to see
some improvements in net cost as
weve seen improvements in the
variable cost of funding of the IPO
[initial public offering] of 50 basis
points, he added.
In the nearer term, Glencore is
continuing with discussions to
merge its Mutanda operation in
the Democratic Republic of Congo
(DRC) with the neighbouring
Kansuki operation, as well as
proceeding with its plan to bring
the Minaras Murrin nickel
operationsin Australia under its
exclusive control.
Regarding Kansuki and
Mutanda, theres a synergistic
effect and were negotiating to
increase our shareholding above
50%, Glasenberg said.
In Minara, it was always a
complicated structure. We believe
the pricing is favourable at these
levels and it makes good sense to
clean up the structure by bringing
it under Glencore control.
Glencore plans to buy up the
remaining 27% of the Minara
project at a total cost of $285
million, Glasenberg said.
Glencore raised rst-half prots
by 57% to $2.45 billion on higher
prices for its metals and other
commodities.
First half revenues rose 32% to
$92.1 billion on higher prices and
generally greater vloumes
LONDON
Glencore: Cu, Pb, Zn
Glencores prots from its copper
and zinc marketing in the rst half of
2011 fell, as China ran down bonded
inventories on higher prices.
The group sold 1.8 million tonnes
of zinc metal and concentrates,
down from 2 million tonnes a year
earlier, while copper metals and
concentrates totalled 1.5 million
tonnes, down 17%.
Lead sales volumes were
unchanged at 400,000 tonnes.
Adjusted Ebitda from metals
marketing was the same at $635
million, while copper, lead and zinc
prots were down, Glencore said.
The decline in prots in selected
base metals came on a period of
destocking in China, driven by high
metal prices seen since the third
quarter of last year, Glencore said.
Meanwhile, Glencoress total
copper output rose 29% in the rst
half on stronger production at its
Katanga and Mopani mines, up 72%
year-on-year to 43,000 tonnes and
57% to 49,600 tonnes respectively.
Contained copper produced from
its own feed sources totalled
143,900 tonnes, up from 111,600
tonnes a year earlier.
Copper metal production at
Kazzinc, 50.7% owned by
Glencore, was 25,800 tonnes,
down from 28,900 tonnes.
Sales revenues at Kazzinc were
also affected by the increase in
Chinese spot treatment charges
and rening charges (TC/RC) after
the Japanese earthquake in May.
Kazzinc has now stockpiled some
$127 million of copper concentrate,
as it awaits a return to normal spot
market conditions in the second
half of the year, Glencore said.
LONDON
Glencore: Al division
Glencores aluminium division
posted Ebitda of $52 million in the
rst half of 2011, on revenues that
climbed 26% year-on-year to
$281 million.
This compares with Ebitda of just
$9 million in the corresponding
period last year.
The companys sales of
aluminium and alumina totalled
6.5 million tonnes in the rst six
months of the year, up 16% from
5.6 million tonnes in the rst half
of 2010.
Market conditions in
aluminium have generally been
favourable, with inventory-
nancing transactions and
logistics bottlenecks creating
signicant premium support,
Glencore said.
Follow us on: Linkedin Metal Bulletin Group; and Twitter @metalbulletin
MOST READ ON THE WEB
1. Glencore offers to buy out
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3. Chinas bonded Cu stocks
fall as arbitrage emerges
4. Downturn causes
slowdown in Asian scrap
payments - UK merchants
5. Papua New Guinea
to transfer resource
ownership to traditional
landowners
6. FeMo price slips further as
sellers chase deals
7. Glencore will nance
Katanga copper processing
expansion
8. Chinese chrome ore import
prices expected to fall back
9. South Africa producers
oppose plan for chrome
export levy
10. Zinc, lead surplus widens
in H1- ILZSG
Most read non-ferrous stories
in the week to August 26.
See www.metalbulletin.com
Glasenberg: looking at assets
Non-ferrous metals
6 | Metal Bulletin | Monday 29 August 2011
Base metals: http://www.metalbulletin.com/Base-metals.html
New York
SuzY waite
The restart of United Co Rusals
idled Kirkvine alumina refnery has
been postponed, with several
market participants speculating
that a restart is unlikely to happen
this year because of an oversupply
of alumina and falling prices.
Rusal initially planned to restart
Kirkvine in July, which would have
doubled its available capacity in
Jamaica to 1.2 million tpy.
Kirkvine, owned by Rusal
subsidiary West Indies Alumina
(Windalco), was idled in 2009 amid
the global downturn.
But the refnery did not ramp up
operations last month, a Rusal
spokeswoman told MB sister
publication AMM, noting that the
company is now in negotiations
with the Jamaican government
regarding taxes.
The reopening of Kirkvine is
expected upon completion of
these negotiations, she said,
declining to comment further.
The Jamaican government and
the Jamaican Ministry of Mining
and Energy did not return calls
rusals kirkvine refnery restart
delayed as alumina tags fall
seeking comment.
Several market sources said the
start-up delays are not a surprise
as an oversupply of alumina has
led to a depreciation of the price.
Alumina prices have slumped to
around $370 per tonne from $418
per tonne in April, and many
anticipate a further drop.
With prices fallingand Rusal
thought to be long materiala
restart of the refnery may not even
take place this year at all, some
market participants predicted.
I think a lot of people doubt
that Kirkvine will come on this
year, one alumina trader said.
A lot of people perceive that
Kirkvine is not going to come on as
quickly as Rusal initially said.
[Rusal] could be completely long.
A second trader agreed, pointing
out that the higher cost of
production in Jamaica, coupled
with the decreasing price of
alumina, makes a Kirkvine restart
this year questionable.
The market all over is long, he
said. It just keeps depressing the
price. We dont need another
Jamaican refnery to add to that
fuel.
This oversupply situation was not
unexpected, he added. Typically,
what happens is alumina refneries
have a very optimistic view of
future markets, and then they in
turn become a self-fulflling
prophecy, and they make their own
bed by miscalculating the future
forecast of demand, and they end
up long.
He said, estimating that the
alumina market, excluding China,
is long by 750,000 tonnes this year,
perhaps pushing alumina prices as
low as $350 per tonne.
Kirkvine is one of Windalcos two
600,000-tpy alumina refneries.
The second, Ewarton, was
restarted in June 2010.
So Paulo
Metalis adds 96,000 tpy
of billet capacity
Metalis Group plans to launch a
new aluminium billet plant at the
start of 2012 at its Alumnio
Nordeste extrusions facility in
northeastern Brazil.
By the middle of next year, the
plant will run at close to capacity of
96,000 tpy of extrusion billet,
Metalis vp Omar Mourad told MB on
the sidelines of MBs Aluminium
Latin America conference in So
Paulo (August 1819).
At the same time, the company
will more than double its capacity
to produce extruded profles to
almost 18,000 tpy, from 8,000 tpy.
Metalis might start to import
primary aluminium ingot to feed
the new billet plant at Alumnio
Nordeste in Pernambuco state,
commercial director Osmar
Marchiori told MB.
Negotiations are under way and
were opening our range of options
of ingot suppliers. Imports are one
option, Marchiori said.
Metalis buys ingots mainly from
BHP Billiton to feed Metalisul in Rio
de Janeiro state the former
Valesul smelter and billet producer
acquired from Vale in the
beginning of 2010.
Metalisuls 95,000 tpy smelter
has been out of operation since
April 2009, because of higher
energy prices.
SPotlight Brazils aluminium sector in split on import duties
kirkvine alumina Market speculates that idled plant unlikely to restart in 2011
So Paulo
Brazils aluminium industry must
fnd a compromise between
extruders fghting for the removal
of import taxes on primary
aluminium, and smelters that
want them retained.
This trade-off will be very
diffcult to achieve [], but
reducing the duties could be an
alternative for the industry,
Rodney Oliveira, a Brazilian trader
from US-based Metal Exchange,
said at MBs Aluminium Latin
America Conference in So Paulo.
Downstream aluminium
companies want the government
to get rid of import duties to ease
tightness in domestic supply,
which could deepen as expansion
of extrusion capacity coincides
with slow growth or even a
decline in aluminium output.
Last year, Brazilian smelters
produced 1.53 million tonnes of
primary aluminium, with
apparent consumption of
aluminium products at around
1.3 million tonnes.
But consumption is expected to
be around 13.2% higher this year,
while production is falling due to
lower output from Votorantim
Metais and the permanent closure
of a Novelis smelter.
First-half output from all Brazils
primary producers fell by 6.8% on
the year to 709,600 tonnes.
Higher energy costs mean that
the future growth of primary
aluminium capacity will be unable
to keep up with the expansion of
Brazils capacity for billet, profles,
and other fnished products.
If demand continues growing
faster than domestic production
and import tariffs continue
unchanged, then the domestic
premium in Brazil will be in
correlation with USA Midwest
premiums plus the import tariff
and logistic cost barriers, Luis
Angel Caldern, director of trading
company Nutec America, said.
Premiums for ingot in Brazil
reached $300 per tonne earlier
this year.
The average level has softened in
the past few weeks because of
lower London Metal Exchange
prices and a temporary slowdown
in the Brazilian market.
Brazil operates a 6% tax on
aluminium ingot imports and a
12% tax on billet on most imports.
In a sign of pent-up demand for
imports, inbound shipments from
Argentina and Venezuela both
exempt from the tax under a trade
agreement have ballooned this
year.
In the frst seven months, imports
of non-alloyed aluminium ingot
rose to 58,207 tonnes, compare to
17,752 tonnes for all of 2010, and
3,922 tonnes in 2009.
Kirkvine restart questionable
Non-ferrous metals
Monday 29 August 2011 | Metal Bulletin | 7
Zinc & Minors: more news at www.metalbulletin.com
New York
bY ThorsTeN schier
Electrolytic manganese fake
allegedly smuggled out of China
whose value is subsequently
under-reported to US Customs is
keeping prices at levels where
US traders cannot compete.
They smuggle it to Vietnam to
save on the export duty. At the
same time, they artifcially lowball
the price they bring in to have an
advantage on the 14% duty rate,
one trader said.
Its fraudulent, a second trader
said. Its not a level playing feld.
The frst trader said the advent of
cheap imports has severely
affected his business. Up to a year
or two ago, we were a major
supplier to the steel industry, but
now we do very little, he said.
US prices are around $1.80 per lb,
but some traders said it is
impossible to sell legally imported
material at these levels. Im
consistently 6 to 7 cents above
(those levels), the second trader
said, adding that consumers,
seeing lower numbers elsewhere,
simply are not buying. I cant sell
a single tonne, he said.
Fraudulent manganese fake
imports are sidelining traders
The practice of smuggling
material out of China into Vietnam
is well known in ferro-alloys, but
traders allege that some importers
of electrolytic manganese fake are
also tampering with invoices to
reduce the payment of the 14%
import duty.
One US-based trader brought in
electrolytic manganese fake in
May at $2,687.09 per tonne ($1.22
per lb) cif Chicago, according to US
Customs fgures. This was well
below a December shipment at
$3,350 per tonne ($1.52 per lb) cif
Baltimore.
The discrepancies are huge,
the second trader said.
With fnancing, warehousing
and transportation costs, the
December shipment would have a
breakeven price of around $1.78 per
lb, the second trader said, only
marginally below the US sales
price, while the May shipment
would have provided a hefty proft
margin.
Prices in China are between
$3,500 and $3,700 per tonne fob,
traders said, meaning current US
prices make importing material
unproftable.
LoNdoN
Gallium prices slip on
weaker sales, market
awaits recovery
Gallium prices slipped on August 24
as sellers reported weaker
concluded business in Europe and
Japan, while the domestic market
in China remained brittle.
MB free-market gallium fell to
$820-890 per kg, from $830-910
per kg at the beginning of last week.
Activity in Europe and the USA
was relatively thin and sales at
$900 are no longer achievable,
sources said.
Domestic prices in China were also
lower at 5,000 yuan ($783) per kg,
down 300 yuan from the start of
the month, a refner in China said.
Gallium has been under pressure
since around mid-May due to a
lack of demand for material, the
refner told MB.
Reports that a major user of
gallium metal has been destocking
have exacerbated the weakness in
the market seen throughout the
summer, a source in Europe said.
If [the company] is destocking it
has a big impact because they are a
big buyer and the market is small,
the source said.
In the longer term, the demand
outlook for gallium remains bright.
Additional LED manufacturing
capacity in Japan coming online in
October, and strong emerging
market demand, should support
fourth quarter sales, they said.
shaNGhai
china zinc ore, conc
imports hit six-month
high as July Tcs jump
Chinas imports of zinc ore and
concentrate jumped by one-third
in July in response to higher
treatment charges (TCs) but are
expected to fall back in August
with the slide in TCs.
Zinc ore and concentrate imports
recovered from a 31-month low in
June to reach 244,615 tonnes in
July, up 32.6% month-on-month
and 25.3% higher year-on-year,
according to customs data released
late on August 22.
Both local and overseas zinc
concentrate suppliers have actually
been reluctant to sell so far this
year. This [imports increase] was
mostly because of a rise in TCs for
July, an analyst in Shanghai said.
In July, spot zinc TCs rose as high
as $105 per tonne, from below $100
in previous months, sources said.
Spot TCs have since fallen as low as
$90 per tonne, so analysts expect
imports to decrease for August.
Also in July, imports of refned
zinc fell by 35.9% month-on-
month and 50.8% year-on-year
to 16,237 tonnes, the lowest in
two-and-a-half years, according
to customs. This was despite the
zinc import tax dropping to 1% in
July from 3%.
This is mainly because of the
negative price gap between the
overseas and local market,
another analyst in Shanghai said.
New York
Us zinc premiums stay
frm, boosts NoLa metal
US zinc premiums remainde frm
last week, with most North
American producers sold out of
spot material and imported zinc
stored in New Orleans looking
increasingly attractive, even amid
tentative signs of lower offers,
market participants said.
MBs sister title AMM heard of
one offer as low as 5 cents per lb for
decent volume and nearby
delivery, although it was unclear if
a deal was signed. That premium
was signifcantly below AMMs
range of 6 to 8 cents per lb for
transactions.
At the same time, rumours are
circulating that one consumer has
already signed a contract to pay
premiums of 7.5 to 8.5 cents per lb
for all of next year, slightly higher
than the 7.5-cent fgure that was
being bandied about the market
in July as a starting level for
negotiations.
The mixed signals are causing
some confusion about the real
fundamentals in the North
American zinc market.
There is perceived tightness due
to warehouse fnancing deals, but
demand is not yet high enough to
warrant concern about supply.
Producers are thought to be sold
out for the second half of the year,
largely due to issues with their
own operations rather than higher
demand, market sources said.
import undercut Material being smuggled from China to Vietnam to avoid tax
US Customs: smugglers under-report imports value
8 | Metal Bulletin | Monday 29 August 2011
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e-mai l : m.mar i s@moxba.nl
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+44 (0)20 7827 5220
Non-ferrous metals
Monday 29 August 2011 | Metal Bulletin | 9
Ores & Alloys: http://www.metalbulletin.com/Ores-and-alloys.html
LoNdoN
by jethro wookey
European ferro-molybdenum
prices slipped further on August 24,
as those looking to sell material
offer lower prices into a quiet
market, and economic uncertainty
rules out long-term deals.
Western-grade ferro-moly
dipped to $36-37 per kg from
$36.10-37.20 previously, with deals
scattered across the range.
Theres not much activity on the
market, and weve seen some
softening, a producer said. A lack
of good activity means some people
have become more aggressive
trying to liquidate parcels.
Material went in an internet
auction at the bottom of the range
and a producer reported small-
volume sales at $37 per kg.
The market is waiting for more
activity, but there are indications
the economy will slow in the coming
months, the producer said.
There is debate over the impact
Price of ferro-moly slips
further as sellers chase deals
of South Korean material on the
European market after its
exemption from EU duty in June.
The Korean material shipped in
June, before the agreement began,
and is now pushing ferro-moly
prices towards zero margin over
oxide prices, a trader said.
But others claimed that Korean
metal has not yet had a discernible
impact on the European market.
Ive not seen Korean material
offered, and I was looking for some
just today, a second trader said.
Drummed molybdic oxide
remained at $14.40-14.70 per lb on
August 24, with little in the way of
reported business since last week.
ferro-moLybdeNum
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ShaNghai
Chinese silico-
manganese soars to
ten-month high
Chinas silico-manganese prices
have surged to 9,000 yuan ($1,406)
per tonne, a ten-month high, as
production continues to be
curtailed by power restrictions.
Prices rose to 8,800-9,000 yuan
per tonne for silico-manganese of
minimum 65% Mn and maximum
17% Si, up from 8,600-8,800 yuan
two weeks ago.
Most smelters in the south have
had to close, and others have been
told to lower production, said
Huang Haisheng, gm of Sinosteel
Guangxi Ferro-alloy Co, at the 3rd
China Ferro-alloys Industry
Development Market Forum in
Dalian on August 20-21.
This is expected to last till March
or April next year, and thus lend
support to the rally, he said.
wiNdhoek
South africa producers
oppose plan for chrome
export levy
South African ferro-chrome
producers are against a proposed
levy on exports of unprocessed
chrome, which they say could
result in lower production.
Investment in smelting capacity
is already hampered by insuffcient
electricity supplies, they said.
Consultant McKinsey & Cos
Johannesburg unit is conducting a
study on the effects of the proposed
export levy, MB understands.
Some chrome producers have
commissioned a study by McKinsey
to establish what would happen to
chrome ore exported from South
Africa should the export levy be
instituted, a senior South Africa
mining executive told MB.
The study should be published at
the end of August, he said.
McKinsey declined to comment.
Speculation has been growing
that the South African government
wants to follow the example of
Zimbabwe and restrict all exports
of unprocessed chrome by bringing
in the export tax.
In May this year, Zimbabwe
reasserted a ban on exports of
unprocessed lumpy chrome.
Despite calls for miners to process
minerals locally in South Africa,
companies say this has not been
possible because of limited
electricity supplies.
There is a shortage of electricity
to feed into smelters to benefciate
locally. If there is no power
available, how does one
benefciate raw chrome? Metmar
ceo David Ellwood said to MB.
Ellwood said that an export levy
will prevent southern African
chrome miners competing with
India, Turkey and Albania for the
Chinese market.
briefs
Chinas ferro-chrome imports
fell for a fourth month to 114,034
tonnes in July on weak demand
and a rise in domestic supply.
Chrome ore imports, at 621,287
tonnes, also stayed near Junes
ten-month low, with market
participants not expecting much
improvement for the rest of the
year. Imports of ferro-chrome with
more than 4% carbon by weight
plunged to an 11-month low in July,
down 17.6% from June and 4.85%
lower year-on-year, according to
customs. Downstream demand
from stainless steel and special
steel sectors is really bad. This
comes as domestic producers up
their game to try to compete with
foreign producers, an analyst in
Beijing said.
Chiles Molymet has reported a
net proft increase of 17.4% in the
frst half of the year and cited higher
molybdenum prices as the main
reason. Molymets profts in H1 2011
were $61 million, in comparison
with $52 million registered in the
corresponding period of 2010. The
average price for molybdenum
reached $16.23 per lb in the
January-June 2011 period, up from
$14.61 per lb in H1 last year.
Molymets consolidated sales
revenues increased by 11% to $684.5
million. The companys earnings
before interest, tax, depreciation
and amortisation (Ebitda) went up
by 22.7% to $95.7 million.
Chinas nickel ore import price
fell last week for the frst time in at
least two weeks, amid a serious
glut in port stockpiles and a weaker
nickel price on the London Metal
Exchange. Importers were selling
nickel ore at 1.8% nickel content
for 740 yuan ($116) per tonne on
August 22, compared with 760-780
yuan per tonne last week.
Trading volume is very small, as
downstream users are not willing
to buy, a nickel ore importer in
Lianyungang port said. Chinese
ports are already overloaded
with nickel ore after inbound
volumes surged in recent months.
Imports hit a fresh record high of
4.63 million tonnes in July,
according to customs fgures
released on August 22.
Slow market Economic uncertainty affects long-term deals in the FeMo market
Scrap and secondary
10 | Metal Bulletin | Monday 29 August 2011
Shanghai
Two-thirds of Chinas lead recyclers
may face closure under Beijings
proposal to set minimum
capacities for recycling facilities.
The proposal is to set minimum
capacities of 30,000 tpy for existing
lead recyclers and 50,000 tpy for
new facilities, according to the
ministry of industry and
information technology.
The measures are part of plans to
raise the sectors environmental
friendliness. The ministry solicited
public opinion on the measures
until August 26.
Lead output could be seriously
affected, Li Shilong, vice-chairman
of the Recycling Branch of China
Nonferrous Metals Industry Assn
(CNIA), said. Only 100 out of the 280
dedicated lead recyclers are bigger
than 30,000 tpy, he estimated.
This will certainly affect general
lead output. Thats why we are
now relatively positive about the
Chinese lead recyclers braced
for tougher capacity regime
heavy pressure Two-thirds of recyclers could close if crackdown is enforced
outlook for lead, a
Shanghai-based analyst said.
Recycled lead accounted for
about 30% of Chinas lead output
last year, with most recyclers
located in Hebei, Hunan, Anhui
and Jiangsu provinces.
The Chinese government plans to
increase the ratio to 40% by 2015.
The countrys recycled lead
output has risen rapidly over the
past decade, growing at an
average of 19.7% per year.
In 2010, 1.37 million tonnes of
recycled lead was produced, up
from 270,000 tonnes in 2001, the
CNIA said.
But in the frst half of this year,
recycled lead output fell by
200,000 tonnes year-on-year as
lead pollution scandals triggered
a government clampdown,
Li Shilong said.
Some are sceptical about the
effectiveness of the proposed
measures. The rules look very strict
but are dependent on support from
local governments, especially in
central and western China, where
they are eager to boost the local
economy, a second
Shanghai-based analyst said.
Recycled lead output might not
fall dramatically either as smaller
recyclers could simply expand to
meet the minimum capacity, the
analyst added.
Turkish mills continued to buy
ferrous scrap last week following
around ten purchases the
previous week.
Buyers mostly targeted
lower-grade European scrap
supplies, instead of the
higher-grade US cargoes they
have previously booked.
This tactic meant that
mainstream prices for scrap did
not push up and that the gulf
between higher-grade material
and lower-grade supplies
widened further.
At the start of the week, one mill
in the south of the country
booked a 20,000-tonne cargo of
HMS 1&2 (80:20) from the UK at
$451 per tonne cfr Izmir.
This purchase was followed by
a second mill making a booking
for a mixed cargo of HMS 1&2
(70:30) and HMS 1 at $439 per
Spotlight Turkish mills stock up by switching to lower grades
tonne cfr and $474 per tonne cfr
Iskenderun, respectively.
Another two mills purchased
cargoes of HMS 1&2 (70:30) from a
different European supplier at
$435 per tonne cfr.
A fourth buyer purchased
shredded material at $470 per
tonne cfr Kocaeli from a supplier
based in the USA; however, this
transaction was for a small
tonnage of material, according to
merchants.
A ffth mill also secured a mixed
cargo of HMS 1&2 (80:20), shredded
and P&S from the USA at $470, $475
and $480 per tonne cfr Samsun,
respectively.
Lower-grade material has
recently been out of favour with
many Turkish mills, one merchant
said, which he said accounted for
the low prices being paid for HMS
1&2 (70:30).
london
indian shredded
ferrous falls again on
low level of enquiries
Prices for shredded ferrous scrap
imported into India fell again last
week as buying interest thinned,
merchants told MB.
Mainstream deals were agreed at
$495-500 per tonne cfr Nhava
Sheva/Chennai for shredded
material in containers, down from
$502-505 cfr a week previously.
HMS 1&2 (80:20) has been sold at
$475-490 per tonne cfr Nhava
Sheva/Chennai depending on
origin, widening from $475-480 cfr
the previous week.
One merchant was able to tie up
deals for 500 tonnes of shredded
material from South Africa at
$502-505 cfr last week. However,
most merchants have had to settle
for lower prices.
The market is slow and only mills
that have run down stocks are
willing to buy at the moment, a
trader said.
One mill source who bought
shredded material ten days ago at
$510 cfr Nhava Sheva was hopeful
that prices would strengthen shortly
with increased competition for
supply from Turkey after Ramadan.
tokyo
Japanese scrap prices
fall again as tokyo Steel
cuts purchase prices
Japanese domestic scrap prices are
likely to continue their decline
after Tokyo Steel slashed its
purchase prices again, with other
mills expected to follow.
After a two-week hiatus, Japans
largest EAF operator and effective
benchmark price-setter has
reduced the price it will pay for
scrap delivered to three of its works
Okayama, Takamatsu and Tahara
by a further 500 ($7) per tonne.
The latest cuts mean it is now
paying 34,500 per tonne for land
deliveries and 35,000 per tonne
for seaborne deliveries to Tahara;
35,000 per tonne for deliveries to
its Kyushu plant; 35,000 for
shipments to Okayama; 33,000 for
deliveries to its Takamatsu plant;
and 34,500 for those to its main
Utsunomiya works.
Lead: environmental concerns
Those offering higher-grade
scrap will still be able to achieve at
least $470 cfr for shredded
material, merchants agreed.
A second merchant from Europe
commented that the prices being
paid by mills for tonnages from
the USA were overinfated and
that prices had to come down, to
fall into line with prices paid for
European material.
Most merchants still expect
stable prices for ferrous scrap in
the near term, with many hopeful
of levels ticking upwards in
September.
A mill source agreed with these
expectations, saying Turkish
buyers would need to purchase at
least 45-50 cargoes over the
course of September to fll their
production needs.
It could rise to around 65
cargoes, the mill source added.

I
l
a

L
e
a
d
Iron and steel
Monday 29 August 2011 | Metal Bulletin | 11
London
By VaLerIe FLynn
Industry confdence in the London
Metal Exchanges steel billet
contract has been shaken by the
cancellation last week of warrants
covering 84% of the stock at
approved warehouses.
However, the LME maintains that
its lending guidelines and steel
billet contract are working
effectively.
The market is working as it
should. The physical delivery
mechanism of the exchange is
holding up well, Chris Evans,the
LMEs head of business
development, told MB.
Market participants are free to
deliver steel on the market at any
time, and they are able to take
material at any time. Its a
testament to the regulatory
processes that the market feels
able to make and take deliveries of
LME billet, he added.
On August 24, cancelled tonnages
made up 84% of the LMEs total
billet stock of 54,015 tonnes,
Warrants cancelled but billet
contract is working, LMe says
leaving 8,645 tonnes on warrant.
Asked whether he expected the
cancelled tonnages to be put back
on warrant, Evans said that only
happened sometimes.
Sometimes those warrants are
put back into the system. The
lending guidelines prevent
participants from cancelling
warrants and re-warranting as a
way of getting around the lending
guidelines. That might prevent
redelivery, he said.
In terms of warrant
cancellations, it could be that
holders have customers they are
planning to ship to. They might do
[that]. That would be a plausible
explanation, he added.
The large increase in the cash
price for billet on the LME in recent
days will probably encourage
producers to deliver material,
thereby increasing stocks, Evans
suggested.
The offcial cash price increased
by $20 day-on-day on August 24 to
$680/690, from $660/680, a level
broadly in line with physical prices.
The cash price on August 24 had
climbed from a level of $614.50/615
in the previous week.
Delivery in and out of metal is a
natural part of any market, and
particularly the LME market, and
its that fow of metal that helps
ensure prices converge between
futures and physical. That indeed
is what were seeing, Evans said.
With the cash price where it is, it
represents an opportunity for
some of the market to deliver [in],
so I guess people will be expecting
to see signs of that over the next
few weeks, he added.
On August 24, 650 tonnes were
delivered in and 975 tonnes
delivered out, leaving total stock
down 325 tonnes day-on-day. On
August 23, 1,040 tonnes were
delivered out and nothing was
delivered in. On August 22, 845
tonnes were delivered out and
nothing was delivered in,
according to LME data.
The spike in cancelled warrants
in recent days came after a
dominant position took hold of the
market earlier this month.
There was a dominant position,
but we have rules in place to
handle these situations, Evans
said.
According to the LMEs
guidelines, if a member or client
holds 50% or more of the warrants
and/or cash positions in relation to
stocks, they must lend back to the
market if asked at a premium
of no more than 0.5% of that days
cash price. This premium decreases
on a sliding scale as the dominant
position grows.
Evans confrmed that these rules
had been invoked earlier this
month.
Billet Confdence shaken after dominant position took hold of market
1 Traders expect further Fe
scrap deals into Turkey
2 BHP net proft surges 86%
to record $23bn
3 Bluescope will close BF and
cease exports after $1bn loss
4 Steel reeling from LME billet
warrant cancellation
5 China imports of iron ore,
coking coal, scrap jump
6 Spot iron ore price tightens
to $185-186 cfr
7 German police raid homes
of former steel executives
8 Steel production up 11.5%
year-on-year in July
9 Iranian consumers go to
Russia for billet buying spree
10 UAE rebar stockists return to
Turkish rebar market
Most read steel stories for the
week ending August 26.
See www.metalbulletin.com
Most read on the WeB
Markets
China Steel raises prices 13
WorLd
Glencore H1 iron ore sales fall 14
In thIs sectIon
Its a testament to the
regulatory processes
that the market feels
able to make and take
deliveries of LME billet
Chris Evans, LME head of
business development

E
v
r
a
z
12 | Metal Bulletin | Monday 29 August 2011
Iron and steel
Markets
ShanghaI
China Steel raised its
ex-works prices for the
frst time in three
months last week on
higher export prices and domestic
sales.
Taiwans largest steelmaker
pushed up prices by an average of
1% for October and November
shipment to refect the improved
market.
Steel mills are facing a season of
high demand for September and
October, so a price rise is expected,
a China Steel representative said,
adding the company had followed
China Steel raises prices for
October, november shipment
Taiwan rising Season of high demand makes rises expected, steelmaker says
rises by other major producers.
The company had previously
lowered prices for July, August and
September shipment.
Taiwans steel mills, which tend
to focus on exports, have benefted
from the strong international
market that has seen hot rolled coil
prices rise by $20-30 per tonne in
the past month.
China Steel raised its average
hot-rolled coil price to NT$22,487
($779) per tonne, up by NT$489.
It also increased its cold rolled
coil and hot dipped galvanized coil
prices by NT$307 and NT$463 per
tonne respectively, but kept prices
of electro-galv and bars fat.
The mill could have raised prices
by more, the representative said,
but chose to push through smaller
increases to support end users and
re-rollers, as they are still facing
some uncertainties.
ShanghaI
South Korea-Japan
remain in talks over
Q3 ship-plate
Japans ship-plate suppliers have
yet to agree third-quarter
contracts with their South Korean
clients, who have adequate stocks
and the option of sourcing cheaper
material from China, trading
sources said.
The contract is likely to be in the
range of $900-950 per tonne fob,
market participants said.
But since South Korean
customers are in no hurry to
receive material, they are holding
off to see if the Japanese suppliers
will lower their prices, a
purchasing director with Hyundai
Heavy Industries (HHI) said.
Japanese exporters also face
strong competition from Chinese
producers offering material to
Korea at much lower prices of
$760-880 per tonne.
However, since Japanese
suppliers offer Korean clients the
option of setting the price after the
material is shipped, as well as
allowing large Korean shipbuilders
to adjust the purchase volume
every month, it gives them a
certain advantage, the purchasing
director said.
South Korean shipbuilders have
established strategic ties with both
Japanese and Chinese steel mills to
secure supply at competitive
prices, despite the fact that local
producers have suffcient capacity.
Among Chinese plate mills,
Baosteels ship-plate is most
favoured by South Korean users as
it is comparable to Japanese
ship-plate in terms of quality,
Korean market participants said.
Baosteels ship-plate export
offers were at $880-900 per tonne
fob last week, an export source
with the mill said, adding that
they settled at $860 per tonne fob
for the second quarter.
Japanese producers, who have
seen an improvement in the
domestic market, have found it
hard to increase their overseas
sales, despite strong international
demand.
There are plenty of plate offers
from mills in both China and South
Korea, so it is not easy for us to
secure a large quantity of export
tonnages, a JFE Steel
representative told MB.
Third-quarter contract prices have
previously been settled by early
September, the representative
said, although he declined to
comment further on the
negotiations.
LOndOn
Sales to Balkans let
MMK achieve Black Sea
export price hikes
Russias Magnitogorsk
Iron & Steel (MMK) has
achieved sought-after
price increases on its
hot rolled coil exports, with the
sale of fat rolled products into
Europes Balkan region, market
participants told MB.
The mill sold hot rolled coil into
Macedonia at $710 per tonne fob
Black Sea, within the price range
that the mill announced earlier
this month for September rolling,
sources said.
This was $15-20 higher than the
$690-695 at which it sold out its
August rolling in July, the sources
added.
Rising raw material costs and
lower stock levels held by end
users prompted MMK to seek the
increases for September rolling.
The small volumes sold into
Macedonia compared with the
larger tonnages MMK sold into Iran
at $705 per tonne fob from the
Caspian Sea port of Astrakhan,
one trader said.
LOndOn
ESI keeps domestic
rebar prices unchanged
for second month
Abu Dhabis Emirates
Steel Industries (ESI)
has held domestic
rebar prices steady for
the second month running to
attract sales from local consumers.
Rebar has been changing hands
at 2,760 dirhams ($751) for
September production,
unchanged from deals completed
in August, according to market
participants in the UAE.
Ramadan has slowed down
bookings in the local market and
consumption levels have fallen,
MB was told.
The few buyers who have been in
the market have been purchasing
small amounts to serve their
immediate requirements.
Emirates Steel Industries has
kept its rebar prices stable, a trader
in Dubai said. Its Ramadan, so
demand has slowed down.
LOndOn
hRC prices in Middle
East soften, demand
remains low
Lower prices were
offered for hot rolled
coil (HRC) in the Middle
East last week in a bid
to tempt buyers into the market,
MB heard.
HRC from Korea and Japan was
offered at $720-730 per tonne cfr
Persian Gulf for October delivery
and from Ukraine at $700-720 per
tonne cfr.
This compared with offers heard
the week before for Indian and
Chinese material at $735-750 per
tonne cfr and Korean material at
$760 cfr.
Meanwhile, traders were offering
HRC for sale on the spot market at
$730 per tonne cfr, MB heard. The
last deals reported were at
$725-730 per tonne cfr at the end
of July.
MB has heard a mixed bag of
predictions for the markets
direction in September.
Its not going up because steel is
in oversupply and the integrated
mills are making big money. There
is no reason for prices to go up;
demand is not that strong, a
source at a service centre said.
p
Coil: strong international market
p
p
-
Monday 29 August 2011 | Metal Bulletin | 13
Singapore
Vietnams mills have
started exporting billet
after cutting rebar and
wire rod output
because of lower domestic demand.
All billet output in Vietnam is
normally fed straight into the mills
own fnished product lines, and
billet is sometimes imported to
cover a domestic shortfall of supply.
But Weak demand for fnal
products has made mills cut
production for rebar and wire rod,
an offcial at a major mill said. The
mills have extra to sell, and they
have started to export this billet in
[recent] weeks.
Mills in northern provinces have
been sending billet to Thailand
and Cambodia for $675-780 per
tonne delivered.
Malaysian mills are still pushing
billet at $680-685 per tonne fob or
$690-695 per tonne cfr, so the
Vietnamese billet is competitive,
another mill offcial said.
Vietnams mills export billet
on weak domestic demand
Slowdown Thailand and Cambodia take up surplus stock at undercut rates
This is not the frst time
Vietnamese mills have exported
their billet amid a slowdown in
domestic demand for long
products.
When the market was weak in
2009, they also exported their
billet, the frst offcial said.
The mills have to keep producing
because shutdown costs are
expensive, so they need to sell their
billet outside Vietnam, he said.
Billet offers into Southeast Asia
from Taiwan, South Korea and the
Middle East were in the range of
$690-710 per tonne cfr last week,
unchanged from the week before,
mill and trading sources said.
Bookings in Indonesia, the
Philippines and Malaysia were
between $685-690 per tonne cfr,
also unchanged.
Offers are still very frm, because
scrap prices have not fallen either,
a trader in Singapore said.
Offers of HMS 1&2 (80:20 mix) in
containers from Europe, the USA and
the Middle East were at $480-490
per tonne cfr two weeks ago,
unchanged from the previous week.
Most sources were pessimistic
that the recent rise in prices was
sustainable. People are
restocking now. Prices may fall in
the next week or so after restocking
is done, and Indonesia and
Malaysia go on holiday, a mill
offcial in Indonesia said.
Most of Indonesia and Malaysia
will close for at least 10 days from
August 26 to celebrate the end of
Ramadan.
p
Singapore
Malaysian mills cut
rebar prices by $17-34
per tonne
Malaysian mills have
cut rebar prices by
50-100 ringgit ($17-34)
per tonne in recent
weeks on slow demand and
cheaper imports.
Mills were offering rebar at
2,300-2,350 ringgit per tonne last
week, down from 2,400 ringgit per
tonne the week before, and from
2,450 ringgit per tonne a month
ago, mill and trading sources said.
Demand is quietening down
ahead of next weeks Hari Raya
holiday. There is not much activity
in the market, a Singapore-based
trader with operations in Malaysia
said last week.
We also heard that there were
imports coming in from a stockist
based in Singapore selling at 2,300
ringgit per tonne. Some mills are
trying to match these lower import
offers, a mill offcial in Malaysia
said.
Mills may cut prices further if
demand remains slow, offcials say.
Future price cuts are possible.
But billet costs are still very frm.
We hope we dont have to cut
again, another mill offcial said.
London
Heavy plate prices fat
in northern and
southern eU
Heavy plate prices in
Europe were unchanged
last week, with traders
looking to the fourth
quarter for market direction.
Prices for commodity-grade
heavy plate remained at 650-660
($937-952) per tonne ex-works in
northern Europe. Some deals have
been done at this level in August.
The German market was quiet
because many customers bought
material earlier in the summer and
did not need to re-enter the market.
Southern European prices were
lower than those in northern
Europe, at 610-620 per tonne exw
in the domestic market, with
similar offers available on
imported material. However,
buyers needed to order large
tonnages to secure such low prices,
one trader said.
One European trader was offering
his Indian material to Spain at
620 per tonne delivered.
Commodity-grade plate has
been bought into Europe from Asia
at prices less than 600 per tonne
cif this month, traders in northern
and southern Europe confrmed.
Market participants did not expect
demand for commodity-grade
plate to improve immediately the
holidays end in August.
I dont think September will be
a great month. Customers still have
some stocks and they can wait a
couple of weeks. Maybe in the
second half of September, and into
October, demand will be better,
one trader said.
Most of Italy is on holiday for
August so no new deals or offers
have been heard there, following
offers of 610-620 exw earlier this
month.
London
iranian consumers go
to russia for billet
buying spree
Iranian billet
consumers returned to
the Russian market in
a furry of buying to
replenish stocks for September
rolling, MB was told.
About 100,000 tonnes of billet was
purchased by consumers in Iran two
weeks ago because of shortages in
the domestic market and strong
demand for long products,
supported by a construction boom.
The Middle East is not buying a
lot of billet, apart from Iran, which
took 100,000 tonnes from Russian
mills in one week for September
delivery, one trader said.
Billet has been sold at $680-690
per tonne fob Caspian Sea for
September production and
shipment.
London
european producers cut
september surcharge
for stainless Cr sheet
ThyssenKrupp and
Outokumpu have
lowered their alloy
surcharges for cold
rolled sheet for September
production, the steelmakers said.
The downward move comes on
instability in the metals and stock
markets over the past few weeks,
which saw three-month LME
nickel offcials fall to $21,025-21,030
on August 23, down from $25,125-
25,135 per tonne on August 1.
ThyssenKrupp will charge 1,581
($2,280) per tonne for material
produced in September, down from
1,624 for August production.
Outokumpu dropped its
surcharge to 1,564 per tonne for
September rolling, compared with
1,612 for production in August.
p
p
-
p
Billet: competitive pricing

E
v
r
a
z
Iron and steel
14 | Metal Bulletin | Monday 29 August 2011
World news
Australia
Anglo-Australian mining major
BHP Billiton has posted a record
net proft of $23.65 billion for the
fnancial year ended June 30 2011,
up 85.9%, on the back of robust
demand from China. However,
tight labour and raw material
markets, as well as the weakness
of the US dollar continued to put
pressure on the bottom line, BHP
said in its results statement dated
August 24.Robust demand,
industry-wide cost pressures and
persistent supply-side constraints
continued to support the
fundamentals for the majority of
BHP Billitons core commodities,
the miner said. However, tight
labour and raw material markets
are presenting a challenge for all
operators, and BHP Billiton is not
immune from that trend. The
devaluation of the US dollar and
infation reduced underlying ebit
by a further $3.2 billion, it added.
The companys full-year revenue
also rose 35.9% to $71.74 billion.
BHP Billiton upped earnings
from its iron ore operations to
$13.3 billion in the fnancial year
ended June 30 2011, the miner
said in its results statement on
August 24. The miner saw its
iron ore operations underlying
earnings before interest and tax
(Ebit) increase by 122% in the
fnancial year 2011. BHP said that
the increase in earnings was driven
by record levels of production and
high iron ore prices. Shipments of
iron ore from the miners Western
Australian operations rose to a
record rate of 155 million tonnes
per year in the June quarter of 2011.
BHP Billiton has seen a 13%
year-on-year drop in coking coal
production, the miner said in a
statement accompanying its results
for the 12 months ending June 30
2011. The remnant effects of wet
weather that persisted for much of
the 2011 fnancial year continued to
restrict our Queensland business,
despite an unrelenting focus on
recovery efforts, the miner said.
Floods in Queensland, Australia,
in late 2010 and early 2011, severely
affected coal production at BHPs
operations. Despite production
restrictions, BHPs metallurgical
coal arm saw underlying earnings
before interest and tax (Ebit) in the
period climb $617 million to total
$2.7 billion. The miner said that
the 30% increase in earnings was
due to an almost 50% price rises
for both hard and soft coking coal,
with stronger prices responsible for
$2.1 billion of the increase in Ebit.
CIS
A team of specialists from Ukraines
Metinvest has entered the
Zaporizhstal steelworks to inspect
the plant and see how to integrate
it more closely within the metals
and mining group, a source close
to the situation told MB. The team
arrived at the plant about two
weeks ago to examine
Zaporizhstals operations as well as
its processes in sales, purchasing
and investment, the source said.
Conclusions from the preliminary
inspections have not yet been
announced. They will probably
come out over the next few
months, the source said.
Novolipetsk Steels (NLMK) iron
ore producer Stoilensky GOK
has signed an agreement with
a German-Finnish consortium
for the design and delivery of a
pelletizing plant. The plant will
produce up to 6 million tpy of
pellet and is part of NLMKs strategy
to increase vertical integration
within the group. Completion of
the pelletizer is set for 2014, and
it will be able to provide 100%
of NLMKs pellet capacity the
following year, according to the
company. This will include pellet
production to feed the planned
3.4 million-tpy blast furnace No.
7 at NLMKs Lipetsk site, the group
said. German company Siemens
VAI and Finlands Outotec will
provide and deliver equipment
for the new pelletizer, NLMK said.
NLMK approved plans in February
to build the pelletizer at Stoilensky
GOK, which is in Russias Belgorod
region.
Europe
Tata Steels new steel tube
manufacturing and processing
facility at its Zwijndrecht plant in
the Netherlands will be operational
by July 2012, the company said. The
3 million ($4.3 million) project will
comprise a heat treatment facility
for the production of normalised
precision tubes and a cut-to-
length line. The tubes will be
supplied to the automotive sector,
the md of Tatas tube business in
Europe, Remco Blaauw, said. Steel
for processing at the new facility
will come from Tatas plants in
IJmuiden in the Netherlands and
Port Talbot in Wales.
Switzerland-based steel company
Schmolz & Bickenbach has
reported a 95% surge in its
Ebitda for the frst half of 2011.
Announcing earnings before
interest, tax, depreciation and
amortisation (Ebitda) of 199 million
($288 million) in its results statement
on August 24, up from 102 million
in the frst half of 2010, the comany
attributed the improvement
to high capacity utilisation and
increases demand. Capacity
utilisation in the production and
processing plants as well as in the
distribution companies remains
high. The effciency improvement
measures that were initiated in
previous years are having positive
effects, the company said. Schmolz
& Bickenbach said that the frst
half of 2011 was characterised by
strong demand for special steel
products and automotive parts and
components. It also saw positive
developments in machinery
construction, hydraulics, and energy
exploitation and generation sales.
This led to all of the companys
plants running at full capacity.
As in 2010, demand in all market
segments increased, resulting in
more orders, larger backlogs and
higher production volumes, the
company said.
Middle East
Oman-based steelmaker Jindal
Shadeed has secured a loan of
$475 million from several leading
banks to fund its expansion plans.
The fve-year loan will be used to
fnance billet production at its
facility in Sohar. The company raised
the loan from Standard Chartered,
DBS, Citibank, Bank of Tokyo-
Mitsubishi, Mizuho, Barclays, RBS,
ANZ, Credit Agricole and JP Morgan.
Jindal Shadeed has the capacity to
produce 1.5 million tpy of hot
briquetted iron (HBI), which goes to
long product producers in the
Middle East and North Africa (Mena).
The company plans to increase billet
production to 3.5 million tpy subject
to access to natural gas supplies.
Switzerland-based trading house Glencore saw volumes of
iron ore marketed and sold in the frst half of 2011 drop by 29%
year-on-year, mainly because of the reduced availability of spot
cargoes from Brazil and Australia. One contributing factor for
the decline in sales volumes was the export ban on iron ore in
the state of Karnataka, India, which pushed prices higher. The
company reported in its frst-half 2011 results on August 25 that
it sold and marketed 2.9 million tonnes of iron ore in the frst six
months, down 1.2 million tonnes from 4.1 million tonnes in the
frst half of 2010. We didnt increase [iron ore] volumes in the
frst half of 2011 as much as we would have liked, Glencore chief
executive Ivan Glasenberg told press and analysts last week.
Iron and steel
Monday 29 August 2011 | Metal Bulletin | 15
Numbers: data provided by ISSB (further details available at www.issb.co.uk)
Numbers
Japan: Trade In STeel MIll producTS (SeMIS, long & FlaT producTS, Tube)
0
2
4
6
8
10
12
Import
Export
Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1 Q4 Q3 Q2 Q1
2007 2008 2009 2010 2011
Exports Imports
T
o
n
n
e
s

(
m
i
l
l
i
o
n
)
Japans steel exports of 10.0 million tonnes in the second quarter of y
2011 were just 9% down on the frst quarter, despite the March 11
tsunami
Half-year exports were y down only 2% on 2010 to 21.1 million
tonnes
Japan remains the y worlds second-largest steel exporter after
China (Jan-Jun 2011: 22.2 million tonnes)
Half-year exports to South Korea are y down 13% to 5.0 million
tonnes from the same period in 2010. Exports to other Asian
markets are unchanged at 12.3 million tonnes
Half-year exports to non-Asian countries were up 11% to 3.8 million y
tonnes from the same period in 2010, including a 32% rise to Nafta
countries on the back of a 52% rise in shipments to the USA
0
1
2
3
4
5
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999
Exports Imports
0
1
2
3
4
5
6
Jan-Jun 11
Jan-Jun 10
Jan-Jun 09
Rest
of
world
Africa South &
Central
America
Middle
East
Nafta Other
Asia
Vietnam Taiwan Thailand China South
Korea
Jan-Jun 09 Jan-Jun 10 Jan-Jun 11
T
o
n
n
e
s

(
m
i
l
l
i
o
n
)
T
o
n
n
e
s

(
m
i
l
l
i
o
n
)
0
1
2
3
4
5
Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun
0
100
200
300
400
500
Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun
2010 2011
2010 2011
Semis Long products Flat products Tube
T
o
n
n
e
s

(
0
0
0
)
T
o
n
n
e
s

(
m
i
l
l
i
o
n
)
0
1
2
3
4
5
Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun
0
100
200
300
400
500
Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun
2010 2011
2010 2011
Semis Long products Flat products Tube
T
o
n
n
e
s

(
0
0
0
)
T
o
n
n
e
s

(
m
i
l
l
i
o
n
)
exports
Imports
0
1
2
3
4
5
Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun
0
100
200
300
400
500
Jun May Apr Mar Feb Jan Dec Nov Oct Sep Aug Jul Jun
2010 2011
2010 2011
Semis Long products Flat products Tube
T
o
n
n
e
s

(
0
0
0
)
T
o
n
n
e
s

(
m
i
l
l
i
o
n
)
Japans H1 steel exports by destination (2009-2011)
*Other Asia is: Afghanistan, Bangladesh, Brunei, Burma, Hong Kong, India, Indonesia, Kampuchea,
Laos, Macao, Malaysia, Maldives, Mongolia, Nepal, Pakistan, Philippines, Singapore and Sri Lanka
*
Hemant Nerurkar, managing
director of Tata Steel, agrees that
interest rate hikes prompted by
ination running close to 10%
remain a point of concern. But
the situation does not look
alarming to me. Im hoping that
a good monsoon the country
so far has received good rains
moderation in oil prices and a
government determined not to
let the situation spin out of
control will see the countrys GDP
growing 8%-9% this year.
Steel demand at our stage of
development will rise at a rate
faster than GDP growth. I
therefore think that in spite of
blips in industrial growth and a
setback in auto sales in the rst
quarter, we will be seeing Indian
steel use climbing 11% this year,
Nerurkar adds.
C.S. Verma, chairman of the
majority state-owned Steel
Authority of India Limited (Sail),
comments: This being the nal
year of the countrys 11th
ve-year plan, the government
will be keen that investments in
infrastructure-related projects in
particular are speeded up to
full plan targets. That will
generate a lot of demand for
steel.
Double digit hopes
We are in the midst of the
monsoon, a lean period for
construction work. Im condent
that the second half of 2011-12
will bring good news for steel in
India, Verma notes. He hopes
that Indian steel consumption
will grow at a double digit rate
this year and beyond, but as
things are shaping up, it is
unlikely that the World Steel
Association projection of 13%
growth in Indian steel demand
in 2011 and 14% in 2012 will be
achieved.
While Verma may prove right
about demand for steel in
construction and housebuilding
picking up in the second half,
industry ofcials are worried
about the growing size of
inventories of auto-grade steel
and the at-rolled products
used for consumer durables.
Demand for steel remaining
subdued, the producers,
particularly those without their
own iron ore mines, are seeing
their margins coming under
increasing pressure. This is no
time to demand higher steel
prices to compensate for cost
escalation.
The problem for us in the
industry is that we cant match
the raw material cycle with the
prices offered to customers,
says Nerurkar. For companies
which make at products mostly
for use in automotive and white
goods, the full impact of a
combination of reduced demand
and uneconomic prices since the
beginning of the year will be felt
in the second quarter ending
September 2011.
But Nerurkar is determined to
press ahead with expansion
plans in spite of the current
situation. We must not be
distracted by temporary hiccups
from our goal of building steel
capacity at a rapid pace. If this
country is to be seen as a
reasonably developed economy,
then we have to raise our per
capita consumption of steel to
200 kg and more from the
present low of 50 kg. We are at a
stage of development where
steel use will grow at 10-12%
annually for many years, he
contends.
India, according to Nerurkar,
could well be the next hub for
ultimately growing steel capacity
up to 350 million tpy. According
to the steel ministry, local and
foreign groups have submitted
proposals to various state
governments for creating new
capacity of close to 300 million
tpy. The country produced 66.85
million tonnes of raw steel in
2010, reports the World Steel
Association.
Major investment proposals
from foreign groups, like Posco
and ArcelorMittal, and from Sail,
Tata Steel, JSW and Essar in India,
Optimism prevails
in slowdown
The Indian steel industry
which is growing at a speed
second only to Chinas is fairly
unconcerned about domestic
demand slowing in recent
months in the face of the central
bank raising interest rates at
regular intervals in attempts to
control ination. The fact is,
however, that the rising cost of
money is seen as largely
responsible for pulling down the
countrys industrial growth rate
to 5.7% so far this year from
10.7% in 2010-11.
Steelmakers may be putting on
a brave face, but the Society of
Indian Automobile
Manufacturers has warned that
annual car sales growth will slip
to 10-12% in 2011-12 from close to
30% in the past two years.
Pawan Goenka, president of the
Society, describes the present
times as tough. The impressive
growth of the Indian auto sector
in recent years has encouraged
local steelmakers to build
automotive-grade at steel
capacity as most of the worlds
leading automotive groups have
started manufacturing here.
Malay Mukherjee, ceo of Essar
Steel, acknowledges the fall in
demand for automotive steel in
recent months: The item
constitutes less than 10% of the
countrys total steel demand and
therefore the impact will be
marginal on us. We have seen
explosive growth in the auto
sector for a good number of years
but we dont expect that to
continue forever. Even so, the
sector will remain a growth
driver for the steel industry, he
asserts.
Focus: Indian steel
Indias industrial growth may be slowing, but its ambitious
steel sector is confident that demand will remain strong and
expansion plans are continuing, reports Kunal Bose
Strong automotive growth has encouraged investment in high-
grade at steel capacity
S
A
I
L
16 | Metal Bulletin | Monday 29 August 2011
Focus: Indian steel
demonstrate their condence in
the future of the Indian steel
market. But the enablers for
major capacity creation
particularly for greeneld
projects need to be in place.
Groups will build mills in India
provided they can get iron ore
mines to help absorb market
volatility, and also coal deposits if
possible.
What is missing at this point is a
uniform and transparent policy
for allocating mineral resources.
Moreover, in a normal situation,
it should not take more than a
couple of years to open a mine
after the grant of a licence.
Sadly, however, because of
various obstacles, it is taking us
up to eight years to actually start
mining, says Nerurkar.
Land acquisition for big steel
projects ranging from 5 million
tpy up to 12 million tpy is
becoming increasingly
contentious, with some
high-prole politicians and NGOs
becoming involved. Rahul
Gandhi, general secretary of the
Congress Party and widely seen as
successor to prime minister
Manmohan Singh, took the
industry by surprise when, during
a recent visit to Orissa, he said
that the poor should not be
pushed away to make room for
the 12 million tpy Posco mill,
coming as it did six years after the
project was proposed. The ideal
solution for Posco will be to locate
the project to non-agricultural
land, said Gandhi.
Forced to move
Posco has also been told by the
Karnataka government, under
pressure from farmers and local
religious leaders, that its
proposed 6 million tpy steel
project there would be moved
from Halligudi in Gadag district to
a new site.
Tata Steel, which has placed all
the orders for machinery and
equipment for its 6 million tpy
mill in Kalinganagar, Orissa, has
so far acquired 80% of the
required 3,500 acres (1,416 ha).
While the company is now
working to a new schedule for
commissioning the rst phase of
Kalinganagar by 2013-14 and the
second phase in 2015-16, it will
nish building an extra 3 million
tpy of capacity at the century-old
Jamshedpur site to make it a 10
million tpy mill.
For the Indian steel industry,
which all the while has indulged
in the luxury of building mills on
sprawling campuses, the
Jamshedpur unit and the
Burnpur mill of Sail in West
Bengal stand out as shining
examples of optimum use of
space, says an ofcial of the
Confederation of Indian Industry.
Sail has dismantled a derelict mill
at Burnpur to build a new 3
million tpy plant in a 900 acre
(364 ha) area. The $3.56 billion
Burnpur mill, rising like the
proverbial Phoenix from the
ashes, will be ready for
commissioning in March 2012.
As they expand capacity, a
problem faced by all steel
companies is a shortage of
trained manpower. Some of the
bigger companies have started
their own industrial training
institutes, as they think it will not
be wise to depend on
government establishments
alone to supply trained
personnel.
In addition, the countrys
infrastructure in terms of rail,
roads and ports, is not ready to
allow the planned growth in
steel capacity to operate
efciently. It is a daily struggle for
the 80 million tpy capacity steel
industry to get allotted a
sufcient number of rail wagons
for moving raw materials from
mines and ports to the mills, and
then despatching steel products.
It is no surprise that Tata Steel has
built its own port at Dhamra in
Orissa and Essar Steel operates a
port at Hazira to support the
operations of its 10 million tpy
mill there.
Steel industry ofcials hope
that the allocation of $1 trillion
for infrastructure development
during the 12
th
ve-year plan
(2012-17) will go some way in
lling the gaps in infrastructure.
P.K. Misra, steel secretary, is
expecting the commissioning of
some 30 million tonnes of steel
capacity in the next two years,
largely via the browneld route,
and believes that it will be
another ve to seven years before
some of the announced big steel
projects start production.
The government is working on
a new steel policy which it hopes
will remove the bottlenecks in
land acquisition, environmental
clearances and mines allocation,
and at the same time create
conditions for building very big
steel mills. Tata Steel wants to
build mills in modules of 6
million tpy each once the policy
for big mills is announced,
Nerurkar says.
As attempts are made to get the
big steel projects off the ground,
India remains a net importer of
steel. Last nancial year (from
April 1 2010), the country
imported nearly 6 million tonnes
of steel, including some
high-technology products like
cold-rolled grain-oriented
silicon steel in large quantities,
and exported over 3 million
tonnes (see tables). According to
Nerurkar, Indias net importer
status is not going to end a day
too soon. But encouragingly,
local producers are joining up
with leading world steelmakers
in order to move up in the value
chain.
For example, Nippon Steel is
providing technology to Tata
Steel for building a 600,000 tpy
continuous annealing and
processing line at Jamshedpur.
Similarly, Sail, JSW, Essar and
Uttam Galva will be acquiring
advanced technologies from
foreign companies to make the
steel grades for which the
country remains import
dependent.
The author is a specialist writer
based in Kolkata
Monday 29 August 2011 | Metal Bulletin | 17
CARBON FINISHED STEEL EXPORTS*
Category 2010-11 2009-10 % change
Bar and rod 136 212 -35.9
Structurals 35 55 -36.4
Railway materials 6 0 -
Total long 177 267 -33.7
Plate 133 66 101.5
Hot rolled coil 525 540 -2.8
Hot rolled sheet 0 0 0
CR sheet/coil 283 345 -18.0
Galvanized sheet 1,250 1,287 -2.9
Electrical sheet 1 3 -66.7
Tinplate 62 75 -17.3
Blackplate 0 0 0
Tin free steel 0 0 0
Large diameter pipe 608 495 22.8
Total flat 2,862 2,811 1.8
Total carbon steel 3,039 3,078 -1.3
*000 tonnes. Source: Steel Ministry Joint Plant Committee. 2010-11 figures are provisional. Financial year starts April 1
CARBON FINISHED STEEL IMPORTS*
Category 2010-11 2009-10 % change
Bar and rod 438 590 -25.8
Structurals 79 91 13.2
Railway materials 12 12 0
Total long 529 693 -23.7
Plate 764 912 -16.2
Hot rolled coil 2,308 2,986 -22.7
Hot rolled sheet 67 23 191.3
CR sheet/coil 1,126 892 26.2
Galvanized sheet 331 292 13.4
Electrical sheet 315 282 11.7
Tinplate 170 197 -13.7
Blackplate 1 1 0
Tin free steel 56 34 64.7
Large diameter pipe 296 29 920.7
Total flat 5,434 5,648 -3.8
Total carbon steel 5,963 6,341 -6.0
*000 tonnes. Source: Steel Ministry Joint Plant Committee. 2010-11 figures are provisional. Financial year starts April 1
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Daily metal and steel
London forward
LME settlement prices. All prices per tonne, unless otherwise stated, in LME warehouse, EU duty, if any paid, for buyers account.
Year ago Aug 25 Aug 19 Aug 22 Aug 23 Aug 24 Aug 25
Aluminium High Grade $
2015.00-2016.00 LME Cash official 2308.00-2309.00 2324.50-2325.00 2321.50-2322.00 2321.00-2322.00 2333.00-2334.00
unofficial 2331.00-2333.00 2308.00-2309.00 2323.00-2328.00 2324.50-2325.00 2324.00-2329.00
2012.00-2013.00 LME 3 months official 2345.00-2345.50 2362.00-2363.00 2358.00-2359.00 2359.00-2360.00 2368.50-2369.50
unofficial 2365.00-2367.00 2343.00-2344.00 2360.00-2365.00 2362.50-2363.00 2360.00-2365.00
LME Tapo Notional Average Price(NAP) for Aug 2011 2416.20 2410.50 2405.29 2400.67 2397.16
LME stocks (tonnes) 4,662,375 4,654,275 4,646,975 4,654,275 4,649,000
Aluminium Alloy (A380.1/DIN226/D12S) $
2150.00-2160.00 LME Cash official 2285.00-2290.00 2300.00-2305.00 2260.00-2270.00 2260.00-2261.00 2245.00-2250.00
unofficial 2270.00-2280.00 2290.00-2300.00 2270.00-2280.00 2280.00-2290.00 2285.00-2295.00
2045.00-2055.00 LME 3 months official 2250.00-2255.00 2280.00-2290.00 2260.00-2270.00 2260.00-2270.00 2235.00-2245.00
unofficial 2260.00-2270.00 2280.00-2290.00 2260.00-2270.00 2270.00-2280.00 2275.00-2285.00
LME stocks (tonnes) 128,000 131,060 130,840 130,740 130,660
N. American Special Aluminium Alloy
1995.00-2000.00 LME Cash official 2340.00-2341.00 2350.00-2351.00 2354.00-2355.00 2360.00-2361.00 2360.00-2365.00
unofficial 2340.00-2350.00 2360.00-2370.00 2350.00-2360.00 2355.00-2365.00 2360.00-2370.00
2010.00-2015.00 LME 3 months official 2370.00-2380.00 2390.00-2400.00 2380.00-2390.00 2385.00-2395.00 2404.00-2404.50
unofficial 2370.00-2380.00 2390.00-2400.00 2380.00-2390.00 2385.00-2395.00 2390.00-2400.00
LME Stocks (tonnes) 152,620 152,080 151,880 151,680 151,480
Copper Grade A$
7066.00-7067.00 LME Cash official 8781.00-8781.50 8811.00-8811.50 8858.00-8858.50 8831.00-8832.00 8907.00-8907.50
unofficial 8825.00-8835.00 8729.00-8734.00 8815.00-8820.00 8845.00-8855.00 8969.50-8974.50
7094.50-7095.00 LME 3 months official 8805.00-8806.00 8830.00-8831.00 8875.00-8876.00 8854.00-8855.00 8924.00-8925.00
unofficial 8845.00-8855.00 8750.00-8755.00 8835.00-8840.00 8865.00-8875.00 8985.00-8990.00
LME Tapo Notional Average Price(NAP) for Aug 2011 9072.23 9055.94 9044.32 9032.53 9025.95
LME stocks (tonnes) 466,300 465,025 463,775 463,300 464,925
Lead $
1936.00-1937.00 LME Cash official 2315.50-2316.00 2295.00-2300.00 2324.00-2324.50 2342.00-2344.00 2399.00-2399.50
unofficial 2315.50-2320.50 2282.00-2287.00 2305.00-2310.00 2343.00-2348.00 2389.00-2394.00
1963.00-1964.00 LME 3 months official 2319.00-2319.50 2296.00-2297.00 2319.00-2320.00 2341.00-2342.00 2391.00-2395.00
unofficial 2310.00-2315.00 2280.00-2285.00 2305.00-2310.00 2340.00-2345.00 2385.00-2390.00
LME stocks (tonnes) 316,450 315,750 315,025 314,000 317,200
Nickel$
20140-20145 LME Cash official 21550-21575 21070-21075 20960-20965 20810-20820 21030-21050
unofficial 21210-21260 20780-20810 20715-20765 20915-20940 20915-20965
20125-20130 LME 3 months official 21505-21510 21075-21100 21025-21030 20825-20830 21050-21100
unofficial 21250-21300 20820-20850 20750-20800 20950-20975 20950-21000
LME stocks (tonnes) 103,362 103,266 103,926 104,010 105,018
Tin $
20200.00-20250.00 LME Cash official 23150.00-23155.00 23095.00-23100.00 23595.00-23600.00 23220.00-23225.00 23375.00-23400.00
unofficial 22825.00-22925.00 22770.00-22820.00 23270.00-23370.00 23170.00-23220.00 23420.00-23470.00
20170.00-20175.00 LME 3 months official 23200.00-23225.00 23150.00-23200.00 23635.00-23640.00 23250.00-23300.00 23450.00-23475.00
unofficial 22900.00-23000.00 22850.00-22900.00 23350.00-23450.00 23250.00-23300.00 23500.00-23550.00
LME stocks (tonnes) 23,180 22,495 22,430 22,560 22,710
Zinc Special High Grade $
1941.50-1942.00 LME Cash official 2162.00-2163.00 2140.00-2141.00 2168.00-2169.00 2148.50-2149.00 2181.00-2182.00
unofficial 2173.00-2175.00 2128.00-2133.00 2152.00-2157.00 2162.00-2167.00 2174.00-2179.00
1970.00-1971.00 LME 3 months official 2190.00-2191.00 2168.00-2170.00 2195.50-2196.00 2178.00-2179.00 2214.00-2214.50
unofficial 2200.00-2202.00 2155.00-2160.00 2180.00-2185.00 2190.00-2195.00 2200.00-2205.00
LME stocks (tonnes) 871,350 869,325 866,300 863,450 861,400
Cobalt min 99.3%
37800.00-38100.00 LME Cash official 35600.00-36600.00 32000.00-33000.00 35100.00-36100.00 35100.00-36100.00 35100.00-36100.00
LME 3 months official 35500.00-36500.00 32000.00-33000.00 35000.00-36000.00 35000.00-36000.00 35000.00-36000.00
LME stocks (tonnes) 257 257 257 277 277
Molybdenum $
34250.00-36250.00 LME Cash official 32000.00-33000.00 35600.00-36600.00 32000.00-33000.00 32000.00-33000.00 32000.00-33000.00
34750.00-36750.00 LME 3 months official 32000.00-33000.00 35500.00-36500.00 32000.00-33000.00 32000.00-33000.00 32000.00-33000.00
LME stocks (tonnes) 264 264 264 264 264
Steel Billet
485.00-495.00 LME Cash Official 610.00-620.00 647.50-648.00 660.00-670.00 680.00-690.00 645.00-665.00
unofficial 610.00-620.00 647.50-648.00 660.00-670.00 680.00-690.00 645.00-665.00
490.00-500.00 LME 3 months official 560.00-570.00 570.00-580.00 575.00-585.00 575.00-595.00 575.00-585.00
unofficial 560.00-570.00 570.00-580.00 575.00-585.00 575.00-595.00 575.00-585.00
LME stocks (tonnes) 56,225 55,380 54,340 54,015 54,015
Gold $/troy oz
1237.50 London morning 1862.00 1877.75 1886.50 1850.00 1716.50
1237.50 London afternoon 1848.00 1877.50 1876.00 1770.00 1729.00
1237.50 Handy/Harman 1848.00 1877.50 1876.00 1770.00 1729.00
Silver per troy oz
1208.17/1863.00 London Spot pence/cents 2542.70/4198.00 2636.56/4349.00 2594.07/4288.00 2550.30/4208.00 2381.68/3900.00
1881.50 Handy/Harman cents 4242.80 4382.00 4328.00 4050.00 4017.00
Palladium $/troy oz
487.00 London morning 747.00 754.00 764.00 762.00 748.00
490.50 London afternoon 750.00 756.00 762.00 759.00 746.00
Platinum $/troy oz
1521.00 London morning 1871.00 1894.00 1899.00 1870.00 1805.00
1516.00 London afternoon 1855.00 1887.00 1886.00 1865.00 1800.00
Dubai
Dubai Gold & Commodities Exchange settlement prices. All prices per tonne fca on truck Jebel Ali free
zone duty-unpaid customs-cleared
Aug 22 Aug 23 Aug 24 Aug 25
Rebar $
August delivery 635.00 635.00 635.00 635.00
September delivery 635.00 635.00 635.00 635.00
Kuala Lumpur tin market
Year ago Aug 25 Aug 19 Aug 22 Aug 23 Aug 24 Aug 25
Tin $/tonne
20,500 23,050 22,800 22,950 23,300 23,100
Monday 29 August 2011 | Metal Bulletin | 19
102
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LME & SHFE stocks (tonnes effective 24 August)
Note:deliveries in and out for the week Aug 18 - 24
Aluminium
Delivered in Delivered out Total
Ingots T Bars Sows Ingots T Bars Sows Ingots T Bars Sows
Antwerp nil nil nil nil nil nil 35,050 25,050 250
Hamburg nil nil nil nil nil nil 23,425 20,075 nil
Genoa nil nil nil nil nil nil 13,125 nil nil
Leghorn nil nil nil nil nil nil 975 nil 400
Trieste nil nil nil 25 nil nil 69,725 70,475 5,325
Busan nil nil nil 100 100 nil 35,750 8,750 5,650
Gwangyang nil nil nil 3,075 4,075 nil 36,500 18,725 nil
Incheon nil nil nil 2,050 nil nil 22,275 2,250 100
Johor nil nil nil 4,400 400 1,425 155,150 26,250 84,275
Port Klang nil nil nil nil nil nil 20,800 725 3,575
Rotterdam nil nil 12,625 25 nil nil 211,225 223,750 62,100
Vlissingen 48,275 65,175 nil nil nil nil 337,100 376,025 nil
Singapore 1,450 nil nil 575 nil nil 330,200 104,700 124,900
Bilbao nil nil nil nil nil nil 16,225 14,725 nil
Gothenburg nil nil nil nil nil nil nil nil 25
Helsingborg nil nil nil nil nil nil nil 12,400 nil
Hull nil nil nil nil nil nil 3,025 875 nil
Liverpool nil nil nil 100 1,800 nil 4,225 950 50,300
Tyne & Wear nil nil nil 275 500 nil 12,700 49,150 3,575
Baltimore nil nil nil nil 625 750 13,200 215,975 174,725
Chicago nil nil nil nil 750 550 500 48,575 24,600
Detroit nil nil nil 575 3,225 3,375 28,125 670,350 443,300
Long Beach nil nil nil 825 nil 125 7,075 225 350
Los Angeles nil nil nil nil nil nil 75 5,975 2,675
Mobile nil nil nil 4,875 300 1,375 186,100 2,050 1,325
New Orleans nil nil nil 200 nil 75 97,625 30,150 8,425
St Louis nil nil nil nil 125 nil nil nil nil
Toledo nil nil nil nil nil 2,000 1,675 5,225 63,150
Total 49,725 65,175 12,625 17,100 11,900 9,675 1,661,850 1,933,400 1,059,025
Al.Alloy (large sows)
Delivered in Delivered out Total
A380.1 226/DIN D12S/J1S A380.1 226/DIN D12S/J1S A380.1 226/DIN D12S/JS
Antwerp nil nil nil nil nil nil nil 720 nil
Rotterdam nil nil nil nil nil nil 200 1,520 nil
Vlissingen nil nil nil nil nil nil nil 160 nil
Singapore nil nil nil nil nil nil 400 nil nil
Total nil nil nil nil nil nil 600 2,400 nil
Alum.alloy
Delivered in Delivered out Total
A380.1 226/DIN D12S/J1S A380.1 226/DIN D12S/J1S A380.1 226/DIN D12S/JS
Antwerp nil nil nil nil 380 nil nil 460 nil
Bremen nil nil nil nil nil nil nil nil nil
Hamburg nil nil nil nil nil nil 60 nil nil
Genoa nil nil nil nil nil nil 11,720 nil nil
Trieste nil nil nil nil nil nil 9,320 640 nil
Gwangwang nil nil nil nil nil nil nil 200 nil
Incheon nil nil nil nil nil nil nil nil nil
Rotterdam nil nil nil nil 20 nil 860 14,500 nil
Vlissingen nil nil nil nil nil nil 320 12,640 nil
Johor nil nil nil nil nil nil nil 6,000 nil
Port Klang nil nil nil nil nil nil nil 200 nil
Singapore nil 800 nil nil nil nil 680 23,860 nil
Bilbao nil nil nil nil nil nil 2,120 nil nil
Liverpool nil nil nil nil nil nil 320 nil nil
Total nil 800 nil nil 400 nil 25,400 58,500 nil
Nickel
Delivered in Delivered out Total
Cats Pellets Briqs Cats Pellets Briqs Cats Pellets Briqs
Singapore nil nil nil nil nil nil 102 nil nil
St Louis nil nil nil nil nil nil nil nil nil
Total nil nil nil nil nil nil 102 nil nil
Nickel full plate cats
Delivered Delivered Total
In Out
Hamburg nil nil 1,068
Busan nil 300 4,278
Gwangyang nil 222 1,512
Rotterdam 2,724 1,188 78,360
Singapore nil 96 7,380
Gothenburg nil nil 1,260
Helsingborg nil nil 3,780
Hull nil nil 3,384
Liverpool nil nil 2,646
Tyne & Wear nil nil 240
Total 2,724 1,806 103,908
Copper
Delivered Delivered Total
In Out
cats cats cats
Antwerp nil 25 425
Hamburg nil 75 6,900
Leghorn nil 300 5,950
Trieste nil nil 575
Busan nil 375 61,475
Gwangyang nil 500 40,700
Incheon nil 200 13,325
Johor nil nil 3,650
Port Klang nil 125 8,200
Rotterdam 1,000 375 20,450
Vlissingen nil nil nil
Singapore nil 175 43,725
Bilbao nil nil 1,525
Hull nil 200 650
Liverpool nil nil 75
Baltimore nil nil 675
Chicago 2,475 nil 35,700
Mobile nil 425 4,225
New Orleans 950 1,025 116,775
St Louis nil 300 98,300
Total 4,425 4,100 463,300
Cobalt
Delivered Delivered Total
In Out
Rotterdam 20 nil 195
Singapore nil nil 47
Baltimore nil nil 35
Total 20 nil 277
Roasted Molybdenum Concentrate RMC Powder
Delivered Delivered Total
In Out
Rotterdam nil nil 264
Singapore nil nil nil
Baltimore nil nil nil
Total nil nil 264
Lead
Delivered Delivered Total
In Out
Antwerp nil nil 4,625
Hamburg nil nil 2,500
Genoa nil 25 9,000
Leghorn nil nil 12,000
Johor nil nil 27,700
Port Klang 500 1,075 54,775
Trieste nil nil 5,800
Rotterdam nil nil 14,300
Vlissingen nil 25 14,475
Singapore 225 4,425 37,100
Barcelona 125 nil 16,975
Bilbao nil nil 31,175
Liverpool nil nil 475
Baltimore nil nil 4,300
Chicago nil nil 1,125
Detroit nil nil 42,025
Long Beach 300 nil 30,075
Los Angeles 275 nil 4,000
Mobile nil nil 875
New Orleans nil nil 700
Total 1,425 5,550 314,00
Zinc
Delivered Delivered Total
In Out
Trieste nil nil 6,550
Johor nil 3,400 70,700
Port Klang 1,975 525 80,350
Rotterdam nil 150 23,350
Vlissingen nil nil 25
Singapore nil 150 2,325
Dubai nil nil 2,000
Bilbao nil nil 600
Hull nil nil 3,925
Liverpool nil nil 200
Balitmore nil nil 9,400
Chicago nil 75 30,450
Detroit nil nil 88,625
Long Beach nil 200 1,025
Los Angeles nil nil 300
New Orleans nil 6,700 542,625
St Louis nil nil 25
Toldeo nil nil 975
Total 1,975 11,200 863,450
Tin
Delivered Delivered Total
In Out
Antwerp nil nil nil
Busan nil nil 70
Gwangyang nil nil 110
Rotterdam nil nil 15
Johor 445 900 16,090
Singapore 125 345 5,875
Baltimore nil nil 400
Total 570 1,245 22,560
NASAAC ingots
Delivered Delivered Total
In Out
Baltimore nil 560 9,100
Chicago 440 20 8,220
Detroit nil nil 14,060
Long Beach nil 60 700
Mobile nil nil 80
New Orleans 100 nil 3,040
Owensboro nil nil nil
St Louis nil nil nil
Total 540 640 35,200
NASAAC T-Bars
Delivered Delivered Total
In Out
Baltimore nil nil 3,360
Chicago nil nil nil
Detroit nil nil 4,200
Louisville nil nil nil
St Louis nil nil nil
Total nil nil 7,560
NASAA large sows
Delivered Delivered Total
Baltimore nil nil 3,300
Chicago nil nil 160
Detroit nil nil nil
Owensboro nil nil nil
Total nil nil 3,460
NASAA small sows
Delivered Delivered Total
In Out
Chicago nil 1,440 67,560
Detroit nil nil 24,400
Louisville nil nil 1,380
Mobile nil nil 1,260
New Orleans nil nil 4,000
St Louis nil nil 6,860
Total nil 1,440 105,460
Shanghai Futures Exchange
Deliverable
Aluminium 124,808
Copper 102,258
Zinc 417,784
Steel Billet
Delivered in Delivered out Total
Kocaeli nil nil nil
Tekirdag nil nil 390
Johor 650 nil 12,870
Rotterdam nil 2,535 13,325
Incheon nil nil 130
Chicago nil nil 7,280
Detroit nil nil 5,915
New Orleans 1,040 nil 14,105
Total 1,690 2,535 54,015
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Exchange Rates & New York Futures
Non-Ferrous Primary Metals
Aug 24 Aug 26
Aluminium
LME prices: see Daily Metal
European free market: $/tonne in warehouse
min 99.7% ingot duty unpaid premium indicator 120-140* 120-140*
LME duty-paid Premium Indicator/HG Cash 190-210* 190-210*
HG duty-paid three months 190-210* 190-210*
Cif Japan: 99.7% duty unpaid premium indicator quarterly 120-121* 120-121*
CIS-origin: indicators in warehouse Europe: A7e premium 120-140* 120-140*
LME warehouse premium Singapore: 85-90* 85-90*
Extrusion billet premium 6063, EC duty paid,
in warehouse Rotterdam ($/tonne) 420-450* 420-450*
US free market: P1020 US midwest
premium indicator ($/lb) 0.083-0.087* 0.083-0.087*
MB Chinese free market,
Metallurgical grade, delivered duty paid RMB/tonne 2,800-3,000* 2,800-3,000*
Alumina
Index fob Australia 369.17
Copper & Brass
LME: see Daily Metal
Producer premium
(Codelco): contract2011 Grade A cathode (average) 98-98 98-98
MB free market US: High-grade cathode
premium indicator, $/tonne 99.00-121.00* 99.00-121.00*
Chinese Grade 1: 110-130* 110-130*
Germany: (VDM) Electro, /tonne wirebar (DEL): 6,193.50-6,216.80 6,193.50-6,216.80
cathodes: 6,110.00-6,210.00 6,110.00-6,210.00
South Africa: Phalaborwa W/B, Rand/tonne 79,310.15-79,310.15 79,310.15-79,310.15
Tin
Kuala Lumpur and LME prices: see Daily Metal
MB European free market
Spot premium 99.9% $ per tonne 500-550* 500-550*
Spot premium 99.85% $/tonne 430-480* 430-480*
MB US free market: Grade A tin premium $/lb 0.29-0.34* 0.29-0.34*
Aug 24 Aug 26
Nickel
LME prices: see Daily Metal
Europe: $/tonne in warehouse Rotterdam
uncut cathodes premium indicator 100.00-150.00* 100.00-150.00*
4x4 cathodes premium indicator 300.00-350.00* 300.00-350.00*
briquettes premium indicator 300.00-350.00* 300.00-350.00*
US: melting premium indicator $/lb 0.30-0.50* 0.30-0.50*
plating premium indicator $/lb 0.65-0.90* 0.65-0.90*
Lead
LME prices: see Daily Metal
Germany: (VDM) virgin soft, /tonne 1,760.00-1,810.00 1,760.00-1,810.00
MB US: High Grade ingot premium indicator, $/lb 0.0700-0.0800* 0.0700-0.0800*
MB European free market:
in warehouse Rotterdam /tonne 15-25* 15-25*
European Automotive battery premium free market (Eurobat)
in warehouse Rotterdam /tonne
Soft lead (average) 157.73-157.73* 157.73-157.73*
Ca/Ca grid lead (average) 352.12-352.12* 352.12-352.12*
Connector lead (average) 309.77-309.77* 309.77-309.77*
European Industrial battery
premium free market (Eurobat)
in warehouse Rotterdam /tonne (average) 101.24-101.24* 101.24-101.24*
LME warehouse premium Singapore: 30-40* 30-40*
Cif Shanghai premium LME: 100-100* 100-100*
Lead concentrates: 70/80% Pb $/tonne T/C, cif. 200-250* 200-250*
Zinc
LME prices: see Daily Metal
Germany: (VDM) virgin, /tonne 1,610-1,650 1,610-1,650
UK: ThyssenKrupp Metallurgie GMbH
contract price forAugust 2011
Special high grade, /tonne 1,676.00-1,676.00 1,676.00-1,676.00
MB US: Special high grade, $/lb 0.0600-0.0800* 0.0600-0.0800*
MB EU: Special high grade, fot Rotterdam, $/tonne 135.00-145.00* 135.00-145.00*
LME warehouse premium Singapore: 60-100* 60-100*
Cif Shanghai premium LME: 80-80* 80-80*
Zinc Concentrates:cif main port $/tonne 250-270* 250-270*
Precious Metals
Base Metals
Aug 24 Aug 26
Iridium
MB free market: min. 99.9%, $/troy oz in warehouse 1,010-1,060* 1,010-1,060*
Johnson Matthey base price: (unfab) $/troy oz (09.00 hrs) 1,050 1,050
Engelhard base price: $/troy oz 1,060 1,060
Palladium
World prices: see Daily Metal
European free market: min. 99.9%,$/troy oz
in warehouse 755-760* 745-750*
Engelhard base price: $/troy oz 765 751
Johnson Matthey base price: (unfab) $/troy oz (09.00 hrs) 760 754
Aug 24 Aug 26
Platinum
World prices: see Daily Metal
European free market: min. 99.9%, $/troy oz
in warehouse 1,860-1,865* 1,820-1,825*
Engelhard base price: $/troy oz 1,892 1,810
Johnson Matthey base price: (unfab)
$/troy oz (09.00 hrs) 1,872 1,820
Rhodium
European free market: min. 99.9%, $/troy oz
in warehouse 1,825-1,875* 1,825-1,875*
Engelhard base price: $/troy oz 1,850 1,875
Johnson Matthey base price: (unfab)
$/troy oz (09.00 hrs) 1,875 1,875
Ruthenium
European free market: min. 99.9%, $/troy oz
in warehouse 140-180* 140-180*
Engelhard base price: $/troy oz 175 175
Johnson Matthey base price: (unfab) $/troy oz (09.00 hrs) 175 175
Exchange Rates
Aug 19 Aug 22 Aug 23 Aug 24 Aug 25
LME Settlement Conversion Rates
$/ 1.6522 1.6514 1.6509 1.6469 1.6377
$/Yen 76.49 76.75 76.57 76.57 77.15
$/ 1.4378 1.4421 1.4465 1.4436 1.4442
Closing Rates, Midpoint
$/ 1.6572 1.6441 1.6494 1.6400 1.6267
$/Yen 76.25 76.77 76.51 76.73 77.45
$/ 1.4419 1.4382 1.4391 1.4409 1.4352
/ 1.1493 1.1432 1.1461 1.1382 1.1334
Standard Bank prices
Standard Banks rand fixing prices per tonne for London Metal Exchange trade
Aug 19 Aug 22 Aug 23 Aug 24 Aug 25
Copper R63,051.17 R63,389.93 R63,550.88 R63,722.88 R64,267.61
Aluminium R16,578.62 R16,726.05 R16,658.03 R16,753.23 R16,839.81
Lead R16,628.88 R16,546.20 R16,675.96 R16,911.96 R17,312.39
Zinc R15,530.34 R15,402.35 R15,560.41 R15,505.04 R15,743.13
Nickel R154,908.50 R151,613.55 R150,402.91 R150,216.30 R151,875.75
Tin R166,252.90 R161,181.40 R169,306.40 R167,568.38 R168,831.00
New York futures
Year ago Aug 24 Aug 18 Aug 19 Aug 22 Aug 23 Aug 24
(Comex) Copper high grade cents/lb
326.45 Aug `11 396.45 398.25 395.60 399.45 399.70
138,225 Open Interest 125,937 126,213 128,576 126,380 120,054
99,687 Stocks (short tons) 84,628 85,050 85,050 85,582 86,054
(Comex) Gold $/troy oz
1232.40 Aug `11 1818.90 1848.90 1888.70 1853.30 1754.10
565,828 Open Interest 521,246 521,310 531,724 528,520 519,960
10,861,200 Stocks (troy oz) 11,450,884 11,575,304 11,575,175 11,580,175 11,579,242
(Nymex) Palladium $/troy oz
486.85 Nymex Sett AUG 756.75 748.55 764.85 764.15 742.90
6,160 Stocks (troy oz) 5,527 5,529 5,529 5,529 5,529
(Nymex) Platinum $/troy oz
1521.40 Nymex Sett AUG 1847.70 1874.90 1905.70 1880.10 1826.30
2,631 Stocks (troy oz) 2,443 2,442 2,442 2,442 2,441
(Comex) Silver cents/troy oz
1858.00 Aug `11 4068.70 4242.80 4332.10 4228.10 3915.70
128,751 Open Interest 116,153 121,950 121,089 122,543 124,826
Shanghai futures
Year ago Aug 25 Aug 19 Aug 22 Aug 23 Aug 24 Aug 25
Aluminium yuan/tonne (August delivery)
15,110 17,415 17,505 17,520 17,545 17,565
Copper yuan/tonne (August delivery)
56,940 66,400 66,710 66,490 66,660 66,910
Zinc yuan/tonne (August delivery)
16,360 16,650 16,750 16,690 16,770 16,890
Monday 29 August 2011 | Metal Bulletin | 21
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NEW
FOR 2011
MB Daily Base Metal Premiums
All prices $/tonne unless otherwise stated, in warehouse price, duty unpaid, spot business, immediate delivery
*MB copyright
Aug 19 Aug 22 Aug 23 Aug 24 Aug 25
Low - High Premium Low - High Premium Low - High Premium Low - High Premium Low - High Premium
Copper - Grade A copper cathode to meet LME specifcations: BS EN 1978:1998 (Cu-CATH-1)
MB Copper Premium Rotterdam 60-85* 80.00* 60-85* 80.00* 60-85* 80.00* 60-85* 80.00* 60-85* 80.00*
MB Copper Premium Hamburg 65-80* 76.67* 60-70* 65.00* 60-70* 65.00* 60-70* 65.00* 60-70* 65.00*
MB Copper Premium Leghorn 60-75* 65.00* 60-70* 65.00* 60-70* 65.00* 60-70* 65.00* 60-70* 65.00*
MB Copper Premium New Orleans 10-10* 10.00* 10-10* 10.00* 10-10* 10.00* 10-10* 10.00* 10-10* 10.00*
MB Copper Premium Baltimore 10-10* 10.00* 10-10* 10.00* 10-10* 10.00* 10-10* 10.00* 10-10* 10.00*
MB Copper Premium Chicago 10-10* 10.00* 10-10* 10.00* 10-10* 10.00* 10-10* 10.00* 10-10* 10.00*
MB Copper Premium Gwangyang 30-40* 35.00* 30-40* 35.00* 50-50* 50.00* 25-50* 37.50* 25-50* 35.00*
MB Copper Premium Busan 30-40* 35.00* 30-40* 35.00* 50-50* 50.00* 25-50* 37.50* 25-50* 35.00*
MB Copper Premium Singapore 30-40* 35.00* 30-40* 35.00* 50-60* 55.00* 50-55* 52.50* 50-50* 50.00*
MB Copper Premium Shanghai 100-130* 110.00* 110-120* 113.33* 110-120* 113.33* 110-130* 120.00* 120-130* 126.67*
22 | Metal Bulletin | Monday 29 August 2011
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Monday 29 August 2011 | Metal Bulletin | 23
Minor metals
The specification for all minor metals will be as laid down by the Minor Metals Trade Assn and published on their website (www.mmta.co.uk), unless otherwise indicated.
Prices will be basis in warehouse Rotterdam, unless otherwise stated, and will reflect a trading range of business done at the time of the assessment.
Aug 24 Aug 26
Antimony
MB free market
Regulus, min 99.65%, max Se 50 ppm, max 100 ppm Bi,
$/tonne in warehouse Rotterdam 14,500-15,100* 14,500-15,100*
MMTA Standard Grade II, $/tonne in warehouse Rotterdam 14,300-14,800 14,300-14,800
MB Chinese free market
MMTA Standard Grade II, delivered duty paid RMB/tonne 89,000-91,000* 90,000-91,000*
Arsenic
MB free market$/lb 0.60-0.65* 0.60-0.65*
Bismuth
MB free market$/lb 12.80-13.20* 12.80-13.20*
MB China domestic, min 99.99%, RMB/tonne 180,000-182,000* 180,000-182,000*
Cadmium
MB free market min 99.95%, cents/Ib 100-120* 100-120*
MB free market min. 99.99%, cents/lb 105-125* 105-125*
Chromium
MB free market
alumino-thermic, min. 99%, $/tonne 12,500-13,500* 12,500-13,500*
western un-degassed AT, min. 99.4%, $/kg d/d 10.25-10.65* 10.25-10.65*
Cobalt
MB free market High Grade, $/Ib 17.00-18.00* 17.00-18.00*
MB free market Low Grade, $/lb 16.00-16.50* 15.80-16.50*
MB China domestic, min 99.8% RMB/tonne 275,000-282,000* 272,000-282,000*
MB Chinese free market
Concentrate min 8% cif main Chinese ports $/lb 12.50-12.80* 12.50-12.80*
Gallium
MB free market $/kg 820-890* 780-850*
MB China domestic, min 99.99%, RMB/kg 5,050-5,150* 4,900-5,100*
Germanium
Germanium dioxide MB free market $/kg 1,300-1,400* 1,300-1,400*
Germanium metal $/kg Rotterdam 1,550-1,650* 1,550-1,650*
Germanium metal MB China domestic, min 99.999%, RMB/kg 10,000-10,300* 9,900-10,300*
Germanium dioxide, China domestic min 99.999%, RMB/kg 8,350-8,450* 8,300-8,400*
Indium
MB free market $/kg 760-810* 750-800*
Aug 24 Aug 26
Indium cont.
MB Chinese free market
Crude min 98% duty paid in w/house China RMB/kg 4,650-4,750* 4,550-4,700*
MB China domestic, min 99.99% RMB/kg 4,950-5,050* 4,900-4,950*
Indium Corp ingots min. 99.97%, $/kg fob 785-785 785-785
Magnesium
European free market $ per tonne 3,100-3,200* 3,100-3,200*
China free market
min 99.8% Mg, fob China main ports, $ per tonne 3,200-3,300* 3,200-3,300*
MB Chinese free market min 99% Mg, ex-works RMB/tonne 17,500-18,000* 17,500-18,000*
Manganese Flake
MB free market $/tonne 3,350-3,400* 3,350-3,400*
Mercury
MB free market $ per flask 2,000-2,200* 2,000-2,200*
Rhenium in warehouse Rotterdam duty paid
Metal Pellets, min 99.9% $/lb 2,100-2,300* 2,100-2,300*
APR catalytic grade $/kg Re 4,400-4,800* 4,400-4,800*
Selenium
MB free market $/lb 52.00-62.00* 52.00-62.00*
MB China domestic, min 99.9%, RMB/kg 1,000.00-1,070.00* 1,000.00-1,070.00*
Selenium dioxide, MB China domestic, min 98%, RMB/kg 740.00-760.00* 740.00-760.00*
Silicon
MB free market /tonne 2,200-2,400* 2,200-2,400*
US free market cents/lb 157-160* 157-160*
Hong Kong
min. 98.5%, $/tonne fob main Chinese ports 2,400-2,500* 2,400-2,500*
Tellurium
MB free market $/kg 310-370* 310-370*
MB China domestic, min 99.99%, RMB/kg 2,480-2,530* 2,500-2,550*
Titanium
MB free market ferro-titanium
70% (max 4.5% Al), $/kg Ti d/d Europe 9.00-9.20* 8.90-9.20*
Titanium Ores $/tonne
Rutile conc min. 95% TiO
2
bagged, fob/Aus 1,300-1,348 1,300-1,348
Rutile bulk conc min. 95% TiO
2
fob/Aus 1,000-1,120 1,000-1,120
Ilmenite bulk conc min. 54% TiO
2
fob/Aus 130-150 130-150
Noble Alloys & Ores
Aug 24 Aug 26
Lithium Ores
Petalite, 4.2% Li
2
O bagged fob Durban, $/tonne 165-260 165-260
Spodumene > 7.25% Li
2
O cif Europe, $/tonne 720-770 720-770
Molybdenum
Molybdic oxide
Europe
Drummed molybdic oxide, $/lb Mo 14.40-14.70* 14.30-14.70*
US
Canned molybdic oxide, $/lb Mo 14.50-15.15* 14.50-15.15*
Ferro-Molybdenum
basis 65-70% Mo, $/kg Mo 36.00-37.00* 35.50-36.50*
basis 60% Mo, $/kg Mo, duty unpaid in warehouse Rotterdam 38.00-40.00* 38.00-40.00*
US free market, 65-70% Mo, $/lb in warehouse Pittsburgh 16.75-17.00* 16.75-17.00*
Hong Kong, min. 60% Mo, $/kg Mo, fob main Chinese ports 40.00-40.00* 40.00-40.00*
MB Chinese free market
Concentrate 45% Mo, in warehouse China RMB/mtu 2,030-2,050* 2,030-2,050*
Uranium
Nuexco spot price indicator $/lb U
3
O
8
49.90-49.90 49.90-49.90
Zircon
Foundry grade bulk, $/tonne fob Australia 2,200-2,400 2,200-2,400
Premium bulk, $/tonne fob Australia 2,560-2,640 2,560-2,640
Aug 24 Aug 26
Tungsten
European free market
APT, $/mtu 455-467* 450-467*
US free market
APT, $/stu 305-309* 305-309*
Hong Kong
APT Chinese No1, $/mtu fob main Chinese ports 452.00-462.00* 452.00-462.00*
MB Chinese free market
Concentrate 65% W03, in warehouse China RMB/tonne 151,000-153,000* 151,000-153,000*
Ferro Tungsten
basis 75% W min, $/kg W, in warehouse Rotterdam,
duty unpaid 48.80-50.00* 48.80-50.00*
Hong Kong, min. 75% W, $/kg W, fob main Chinese ports 53.00-54.00* 53.00-54.00*
Tungsten Ore
Min. 65% WO
3
$/mtu WO
3
140-160* 140-160*
Vanadium
Ferro vanadium basis 70-80%, $/kg V 28.10-28.80* 27.80-28.70*
US free market ferro-vanadium, $/lb, in warehouse Pittsburgh 15.50-16.00* 15.50-16.00*
Vanadium pentoxide cif Europe min 98% $ per Ib V
2
O
5
6.10-7.00* 6.10-7.00*
Vanadium pentoxide US free market min 98% $ per Ib V
2
O
5
6.50-6.75* 6.50-6.75*
Bulk Alloys
Aug 26
Ferro-Chrome $/lb Cr
Lumpy Cr charge, basis 52% Cr, (and high carbon) quarterly 1.20-1.20*
6-8% C basis 60% Cr, max 1.5% Si 1.13-1.25*
European low carbon 0.10% C average 60-70% Cr quarterly 2.25-2.35*
0.10% C average 60-70% Cr 2.25-2.35*
European low carbon, in warehouse, 0.06% C max - 65%Cr 2.25-2.45*
Low phosphorous Cr min 65%, C max 7%, Si max 1%, P max 0.015%, Ti max 0.05% 1.30-1.40*
US free market, in warehouse Pittsburgh,6-8% C basis 60-65% Cr, max 2% Si 1.160-1.200*
US free market, low carbon, duty paid, fob Pittsburgh,
0.05%C - 65% min Cr 2.46-2.55*
0.10%C - 62% min Cr 2.23-2.29*
0.15%C - 60% min Cr 2.18-2.20*
Spot 6-8% C, basis 50% Cr, delivered duty paid China RMB/tonne 8,300-8,400*
Contract 6-8% C, basis 50% Cr, delivered duty paid China RMB/tonne 8,250-8,400*
Chrome Ore $/tonne
Chrome ore, cif main Chinese ports
SA friable lumpy basis 35-40% 210-250*
SA LG6 Met grade basis 42% 230-270*
SA UG2 Met grade basis 40% 220-260*
Turkish lumpy 40-42% cfr main Chinese ports 310-330*
Aug 26
Ferro-Manganese
basis 78% Mn (Scale pro rata), standard 7.5% C, Euro/tonne 880-925*
US free market, 78% Mn, standard 7.5% C, $/long ton in warehouse Pittsburgh 1,300-1,360*
US free market, medium carbon, duty paid, fob Pittsburgh,
80% min Mn, 1.5% max C, $/lb 1.05-1.11*
Hong Kong, min. 75% Mn, 7.5% C, fob main Chinese ports 1,480-1,530*
MB Chinese free market
min 65% Mn, max 7.0% C, in warehouse China RMB/tonne 8,000-8,200*
Manganese Ore
48/50% Mn Max 0.1%P, $/mtu metallurgical Mn, fob 5.30-5.50*
Ferro-Silicon
Lumpy, basis 75% Si (Scale pro rata), Euro/tonne 1,220-1,320*
US free market, $/lb in warehouse Pittsburgh:lumpy basis 75% Si imported 1.00-1.05*
Hong Kong, min. 75%, fob main Chinese ports 1,510-1,550*
MB Chinese free market
min 75% in warehouse China RMB/tonne 6,750-6,900*
Silico-Manganese
Lumpy, 65-75% Mn basis, 14-25% Si (Scale pro rata) Euro/tonne 870-920*
US free market, $/lb in warehouse Pittsburgh: 0.61-0.63*
Hong Kong, min. 65% Mn, max 17% Si,fob main Chinese ports 1,500-1,520*
MB Chinese free market
min 65% Mn max 17% Si,in warehouse China RMB/tonne 9,100-9,400*
l All prices $/tonne, duty paid, delivered consumers works, unless otherwise shown. Other currency prices are given where the local markets are dominant or active.
Date indicates last price change. These markets last assessed on Aug 26 (UK), Aug 25 (US).
l Reminder: prices marked * are MB copyright. These markets were last assessed on Aug 26 (Europe and Asia) and Aug 25 (USA).
l All Chinese domestic prices include VAT of 17%
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World Steel
EU Imports
Metal Bulletins appraisal of cfr prices for imported, non-EU origin,
commercial-quality carbon steel, per tonne cfr main EU port
(/$=0.69).
Rebar 540-570 24/08 Sep
Wire rod (mesh quality) 570-580 24/08 Sep
Plate (8-40mm) 580-600 24/08 Oct
Hot rolled coil 520-530 24/08 Oct
Cold rolled coil 590-610 24/08 Oct
Hot-dip galvanized coil 580-630 24/08 Oct
EU exports
Metal Bulletins appraisal of EU mills prices for export outside the
EU of commercial-quality carbon steel, $ per tonne fob main EU port
Rebar 720-730 24/08 Sep
Wire rod (mesh quality) 730-740 24/08 Sep
EU domestic
Metal Bulletins appraisal of prices within the EU (excluding the
UK) for commercial-quality carbon steel of EU origin, per tonne
delivered basis point (/$=0.69)
Rebar 540-575 24/08 Aug
Wire rod (mesh quality) 570-580 24/08 Aug
Sections (medium) 580-600 24/08 Aug
Plate(8-40mm) 620-650 24/08 Aug
Hot rolled coil 520-540 24/08 Aug
Cold rolled coil 625-660 24/08 Aug
Hot-dip galvanized coil 590-640 24/08 Aug
CIS
Product Price Date Month
CIS Exports (Black Sea)
Metal Bulletins appraisal of CIS mills prices for export outside the
CIS of commericial-quality carbon steel, $ per tonne fob stowed
main Black Sea port.
Billet 680-690 22/08 Sep
Slab 610-620 22/08 Sep
Rebar 700-710 22/08 Sep
Wire rod (mesh) 720-730 15/08 Sep
Heavy plate (10-50mm) 755-760 24/08 Sep
Hot rolled coil 700-710 22/08 Sep
Cold rolled coil 815-820 22/08 Sep
CIS Domestic
Metal Bulletins appraisal of prices within Russia and Ukraine
for commercial-quaility carbon steel of CIS origin, $ per tonne
ex-works.
Rebar 750-770 22/08 Aug
Hot rolled coil 695-710 22/08 Aug
Cold rolled coil 790-810 22/08 Aug
Middle East
Product Price Date Month
Turkish Exports
Metal Bulletins appraisal of Turkish mills prices for export of
commercial-quality carbon steel, $ per tonne fob main Turkish port.
Billet 690-695 25/08 Sep
Rebar 720-730 25/08 Sep
Wire rod (mesh quality) 740-750 25/08 Sep
Merchant bars 775-780 18/08 Sep
Turkish Domestic
Metal Bulletins appraisal of prices within Turkey for commercial-
quailty carbon steel of Turkish origin, $ per tonne ex-works.
Billet 695-700 25/08 Sep
Rebar 720-750 25/08 Sep
Wire rod (mesh quality) 750-760 25/08 Sep
Hot rolled coil 730-770 25/08 Sep
Cold rolled coil 870-910 25/08 Sep
Turkish imports
Metal Bulletins appraisal of prices for imported commercial-quality
carbon steel, $ per tonne cfr main Turkish port.
Billet 690-700 25/08 Sep
Hot rolled coil 730-760 25/08 Oct
Cold rolled coil 830-860 25/08 Oct
GCC country imports
Metal Bulletins appraisal of prices for imported commercial-quality
carbon steel, $ per tonne cfr main Gulf port.
Billet 710-720 23/08 Oct
Rebar 720-725 23/08 Oct
Hot rolled coil 700-730 23/08 Oct
Cold rolled coil 790-800 23/08 Oct
Product Price Date Month
Iran Domestic
Metal Bulletins appraisal of prices within Iran for commercial-
quality carbon steel of Iranian origin, million rials per tonne
delivered warehouse Tehran (m rials/$=10,558).
Rebar (12-25)mm) 8.90-9.20 24/08 Aug
Equal Angles 9.10-9.60 24/08 Aug
l-beams 9.45-13.30 24/08 Aug
Plate 9.80-10.00 24/08 Aug
Hot rolled coil 8.90-9.15 24/08 Aug
Cold rolled coil 9.50-10.00 24/08 Aug
Hot-dip galvanized coil 12.40-13.10 24/08 Aug
Hollow sections 10.00-10.20 24/08 Aug
Iran Imports
Metal Bulletins appraisal of prices quoted by overseas suppliers for
commercial-quality carbon steel to Irainian buyers, $ per tonne cfr
Iranian northern ports
Billet 700-710 24/08 Oct
Rebar 720-730 24/08 Oct
Egyptian Domestic
Metal Bulletins appraisal of prices within Egypt for commercial-
quality carbon steel of Egyptian origin, E per tonne ex-works
Rebar 4,8000 1/08 Aug
South America
Product Price Date Month
South American exports
Metal Bulletins appraisal of South American mills prices for export
outside South America of commercial-quality carbon steel, $ per
tonne fob stowed main South American port.
Billet 690-720 25/08 Sep
Slab 680-710 12/05 May
Rebar 710-750 25/08 Sep
Wire rod mesh quality 750-780 25/08 Sep
Wire rod drawing quality 750-780 25/08 Sep
Medium plate: 3-10mm 1,000-1,050 28/07 Aug
Heavy plate: over 10mm 1,000-1,050 28/07 Aug
Hot rolled coil (dry) 760-800 28/07 Aug
Cold rolled coil 880-900 28/07 Aug
Galvanized coil 900-920 28/07 Aug
Nafta
Product Price Aug 25
US Imports
Metal Bulletins appraisal of prices for imported, non-Nafta origin,
commercial-quality carbon steel, $ per short ton cfr Gulf.
Slab 735-760
Rebar 700-715
Merchant bars 700-710
Wire rod (low carbon) 700-750
Medium sections 640-650
Heavy sections (over 24in) 730-740
Medium plate 840-880
Heavy plate 880-960
Hot rolled coil (commodity) 675-700
Cold rolled coil 790-830
Galvanized coil (base US) 950-975
US domestic
AMMs appraisal of prices within the USA for commercial-quality
carbon steel of US or Canadian origin, $ per short ton, delivery terms
as indicated.
Rebar (fob mill) 740
Wire rod
(mesh quality; delivered) 925
Plate (fob mill) 1011
Hot rolled coil (fob mill) 685
Cold rolled coil (fob mill) 795
Hot-dip galv coil (fob mill) 895
Asia
Product Price Date Month
China Exports
Metal Bulletins appraisal of Chinese mills prices for export of
commercial-quality carbon steel, $ per tonne fob main China port.
Billet 870-872 26/08 Oct
Rebar 720-730 26/08 Oct
Wire rod (mesh quality) 720-740 26/08 Oct
Heavy plate 705-715 26/08 Oct
Hot rolled coil 700-710 26/08 Oct
Cold rolled coil 760-770 26/08 Oct
Galvanized coil 1mm 800-840 26/08 Oct
China Imports
Metal Bulletins appraisal of prices for imported, non-EU origin,
commercial-quality carbon steel, $ per tonne cfr main China port.
Cold rolled coil, 1mm & below 800-810 26/08 Sep
Hot dip galvanized coil 830-850 26/08 Sep
Product Price Date Month
Eastern China Domestic
Metal Bulletins appraisal of prices in Eastern China for commercial-
quality carbon steel of Chinese origin, yuan per tonne delivered
warehouse (yuan/$=6.39)
Rebar 4,679-4,950 26/08 Aug
Wire rod (mesh) 4,950-5,010 26/08 Aug
Sections 4,660-4,840 26/08 Aug
Plate 4,850-4,880 26/08 Aug
Hot rolled coil (min 2mm) 4,790-4,810 26/08 Aug
Cold rolled coil (0.5 - 2mm) 5,410-5,450 26/08 Aug
Hot-dip galvanized coil 5,780-5,830 26/08 Aug
Southern China Domestic
Metal Bulletins appraisal of prices in Southern China for commer-
cial-quality carbon steel of Chinese origin, yuan per tonne delivered
warehouse (yuan/$=6.39)
Rebar 5,060-5,270 26/08 Aug
Wire rod (mesh) 5,140-5,160 26/08 Aug
Sections 5,050-5,100 26/08 Aug
Plate 4,960-5,010 26/08 Aug
Hot rolled coil (min 2mm) 4,940-4,960 26/08 Aug
Cold rolled coil (0.5 - 2mm) 5,560-5,600 26/08 Aug
Hot-dip galvanized coil 5,900-6,080 26/08 Aug
Indian exports
Metal Bulletins appraisal of Indian mills prices for export of
commercial-quality carbon steel, $ per tonne fob main India port.
Billet 660-670 10/06 Jun
Plate (12-40mm) 715-720 15/07 Aug
Hot rolled coil (commodity) 695-700 12/08 Sep
Hot-dip galvanized coil 970-980 11/03 Mar
Indian imports
Metal Bulletins appraisal of prices for imported, non-EU origin,
commercial-quality carbon steel, $ per tonne cfr main India port.
Billet 655-665 10/06 Jun
Plate (20-60mm) 745-755 05/08 Oct
Hot rolled coil (commodity) 720-725 05/08 Oct
Hot rolled coil (CR grade) 725-730 05/08 Oct
Cold rolled 790-800 19/08 Oct
Hot dip-galvanized coil 840-850 15/07 Aug
Indian domestic
Metal Bulletins appraisal of prices within India for commercial-
quality carbon steel, rupees per tonne ex-works.
Billet 29500-29600 12/08 Aug
Heavy plate 37000-37500 05/08 Aug
Hot rolled coil 34500-35500 05/08 Aug
Cold rolled coil 42500-43000 05/08 Aug
HBI 21500-21600 12/08 Aug
Hot-dip galvanized coil 44000-44500 05/08 Aug
SteelBenchmarker
TM
Prices
Product Price Aug 15
Prices in $/metric tonne, except (short ton) and { per tonne}
Region: USA, East of the Mississippi
Rebar 853(774)
Standard plate 1,110(1,007)
Hot rolled coil 731(663)
Cold rolled coil 864(784)
Region: Mainland China
Rebar 654
Standard plate 645
Hot rolled coil 637
Cold rolled coil 723
Region: Western Europe
Hot rolled coil 753{520}
Cold rolled coil 874{604}
Region: World Export Market
Standard plate 762
Hot rolled coil 710
Cold rolled coil 803
Stainless Steel
Product Price Date Month
Stainless Steel - Asia import
$/tonne cif East Asian port
Grade 304 2mm CR coil, 2B 3,250-3,300 26/08 Sep
Grade 304 HR sheet 3,100-3,200 26/08 Sep
Stainless Steel - China Domestic
yuan/tonne, in warehouse
Grade 304 2mm CR coil 22,600-22,700 26/08 Aug
Grade 430 2mm CR coil 10,900-11,700 26/08 Aug
Stainless Steel - EU export
$/tonne fob N. European port.
Min 100 tonne lot
Grade 304 2mm CR sheet 3,838-3,949 26/08 Sep
Stainless Steel - EU domestic
2mm 304 cold rolled stainless sheet /tonne
base price 1,100-1,160 26/08 Sep
Alloy Surcharge 1,564-1,581 26/08 Sep
304 Stainless steel bright bar /tonne
Base price 1,100-1,150 26/08 Sep
Alloy Surcharge 2,180-2,233 26/08 Sep
Key:
Date: Date of last reported transactions
Month: Month of production in the case of export or domestic
tables; month of delivery in the case of import tables
Prices in italics are offer prices not transaction
l All prices are MB copyright except SteelBenchmarker
24 | Metal Bulletin | Monday 29 August 2011
P
r
i
c
e
s
Scrap, Secondary Metals, Scrap Substitutes & Iron Ore
Ferrous scrap
UK ferrous scrap
The following is Metal Bulletins evaluation of UK prices for
processed scrap delivered to consumers. Prices may vary according
to region and destination, and should therefore be read in
conjunction with editorial comment on the Scrap & Secondary
Metals pages.
/tonne Aug 5
Cut Grades
OA plate and structural 245-260
1&2 Old steel 225-245
12A/C/D New Production heavy and
shovellable steel 230-250
Bales and Cuttings
4A New steel bales 260-270
4C New steel bales 250-260
8A New loose light cuttings 235-250
8B New loose light cuttings 225-245
Turnings
7B Heavy steel turnings 195-205
Cast Iron
9A/10 Heavy and light cast iron 230-250
9B/C Cylinder block scrap 290-305
11A Cast iron borings 230-250
Prices relate to new UK scrap specifications.
Please see MB.com for full explanation of price changes
UK Intermerchant weekly price
/tonne Aug 26
5C Loose old light 175-185
UK ferrous scrap export MB assessment, $/tonne fob main UK port
Aug 18 Aug 25
HMS 1&2 (80:20 mix) 425-430 423-425
Shredded 442-445 430-435
Indian Imports MB assessment, $/tonne cfr Nhava Sheva
Aug 18 Aug 25
HMS 1&2 (80:20 mix) 475-480 475-480
Shredded 502-505 495-500
Alloy steel scrap
UK wholesale merchants stainless (/tonne) Aug 26
18/8 turnings 891-900
18/8 solids 1,150-1,200
12-13% Cr solids 230-250
16-17% Cr solids 300-310
Cif Europe stainless ($/tonne)
18/8 solids 2,011-2,056
18/8 turnings 1,709-1,748
UK home high speed (pence/kg)
6-5-2 solids 200-220
6-5-2 turnings 130-160
Rotterdam exportMB assessment, $/tonne fob Rotterdam
Aug 18 Aug 25
HMS 1&2 (80:20 mix) 435-440 430-435
HMS 1&2 (70:30 mix) 415-420 415-420
Shredded 440-445 435-440
Turkish importMB assessment, $/tonne cfr main Turkish ports
Aug 18 Aug 25
HMS 1&2 (80:20 mix) 465-470 465-470
HMS 1&2 (70:30mix) 435-437 435-439
Shredded 469-475 470-475
US exportMB assessment, $/tonne fob East Coast
Aug 18 Aug 25
HMS 1&2 (80:20 mix) 433-435 435-440
Shredded 436-440 440-445
USA
Iron Age scrap price bulletin composite - $/long ton delivered
Pittsburgh/Chicago.
Week ending Aug 18 Aug 25
No 1 heavy melting 418.50 418.50
No 2 bundles 352.00 352.00
MB assessment of Broker Buying Price, $/tonne delivered Detroit
No 1 busheling 400.00 400.00
No 1 bundles 375.00 375.00
China domestic
yuan/tonne delivered mill Aug 26
Heavy Scrap 3,840-3,870
Germany
Euro/tonne, delivered at scrapyard. Source: BDSV
Jul Aug
No E2/8 (new steel scrap) 330.80 321.20
No E1 (old steel scrap) 266.80 265.80
No E3 (old thick steel scrap) 310.10 308.20
No E40 (shredded steel scrap) 305.40 304.70
No E5 (steel turnings) 233.70 236.40
Non-Ferrous scrap Europe
Aluminium
European free market (MB assessment. /tonne eff Aug 26)
Floated Frag 1,330-1,400
Cast 1,230-1,300
Mixed turnings 6% 1,100-1,180
LME Cash primary (lowest midday bid) $2,333.00
LME 3 Months alloy (lowest midday bid) $2,235.00
Germany (per 1000kg eff Aug 24)
Pure Cuttings 1,300-1,400
Commercial Cast 1,100-1,250
H9 Extrusions 1,570-1,650
Alloy Turnings 830-950
Source:VDM
France (per 1000kg eff Aug 9)
Pure Cuttings 1,600-1,630
Old Rolled 900-950
Commercial Cast 1,000-1,020
Source: Lettre dInformation Metaux
Italy (per 1000kg eff Aug 19)
Pure Cuttings 1,330-1,430
Old Mixed Scrap 1,215-1,265
Commercial Cast 1,215-1,265
Source: Assomet
Copper
Germany (per 1000kg eff Aug 24)
Copper Wire (Berry) 5,850-6,100
Heavy Copper 5,520-5,720
Heavy Brass 3,200-3,400
Brass Turnings (MS 58) 3,400-3,800
Brass Sheet (MS 63) 3,700-4,300
Source:Verein Deutscher Metallhandler
France (per 1000kg eff Aug 9)
Electro Cuttings 6,400-6,450
No 1 Bright Wire 5,900-5,950
Mixed (96%) 5,800-5,850
Brass Plate Cuttings 70/30 4,400-4,430
Brass Turnings 3,500-3,550
Mixed Brass
3,350-3,400Source: Lettre dInformation Metaux
Italy (per 1000kg eff Aug 19)
Electrolytic dd EN 12861-S-Cu-2 5,925-5,977
Enamelled wire EN 12861-S-Cu-3 5,765-5,817
New from tubes, strips etc EN 12861-S-Cu-4 5,885-5,937
Old from tubes, strips etc 12861-S-Cu-7 5,615-5,667
EN 12861-S-Cu-Zn-1-A-Cu 63.5% 4,190-4,267
Mixed from valves/taps EN 12861-S-Cu-Zn-6 3,639-3,717
Several 95% m/m 12861-S-Cu-Zn-7 3,439-3,517
Source: Assomet
SteelBenchmarker
TM
scrap prices
Prices in $/metric tonne, except [gross ton]
Region: USA, East of the Mississippi Aug 15
Shredded Scrap 432 [439]
No 1 Heavy melting scrap 396 [402]
No 1 Busheling scrap 468 [476]
For shredded scrap the region is for all but the West Coast
Register as a price provider at www.steelbenchmarker.com
Scrap Substitutes
Product Price Date Month
EU Imports /tonne cfr Western Europe
Pig Iron 368-372 16/08 Sep
South American exports $/tonne, delivery terms as stated
Hot briquetted iron 350-400 25/08 Aug
Pig Iron basic steelmaking;
fob Vitorio/Rio 495-505 25/08 Sep
Pig Iron basic steelmaking;
fob Ponta da Madeira 510-515 25/08 Sep
US Imports $/tonne cfr Gulf of Mexico
Pig Iron 535-540 16/08 Sep
CIS Exports $/tonne fob main Black/Baltic sea port
Pig Iron 530-535 16/08 Sep
China Domestic yuan/tonne, delivered warehouse
Pig Iron 3900-3950 26/08 Aug
China Iron ore
cfr main China port $ per dry metric tonne
Product Price Date Month
Iron ore fines (63.5% fe) 187-188 26/08 Aug
Iron ore pellets (65-66% fe) 202-204 26/08 Aug
MB Indices
Aug 26
$/tonne
Iron ore index (62%) 178.40
Ferrous Scrap CFR Turkey HMS 1&2 (80:20) 464.51
Ferrous Scrap FOB Rotterdam HMS 1&2 (80:20) 439.44
Ferrous Scrap CFR India Shredded 500.69
UK non-ferrous scrap
The following UK prices were assessed on Aug 24)
Aluminium /tonne
Actual Price MB LME Discounts
Group 1 Pure 99% min (baled) 1300-1350 61-111
Group 1 Litho (baled) 1300-1350 61-111
Commercial pure cuttings 1200-1250 161-211
Clean HE9 extrusions 1300-1350 61-111
Mixed alloy/Old Rolled cuttings 900-950 431-481
Baled Old Rolled 950-1000 381-431
Commercial cast 1000-1080 301-381
Cast wheels 1300-1350 31-81
Commercial turnings 720-820 561-661
Group 7 turnings 600-650 731-781
LME primary avge: 1411.44
LME alloy avge 1381.94
Titanium $/lb cif
Turnings, unprocessed type 90/6/4 (0.5% Sn max) 2.70-2.85
Turnings, unprocessed 90/6/4 (over 0.5%, max 2% Sn) 2.60-2.75
Non-ferrous foundry ingots
Aluminium UK effective August 24) /tonne
MB free market
LM24 Pressure diecasting ingot 1,620-1,680
LM6/LM25 Gravity diecasting ingot 1,920-1,960
NB: prices expressed delivered consumer works, LM series as
specified in BS1490
Aluminium Europe effective August 26) $/tonne
MB free market
Duty unpaid in warehouse alloy premium 70-80
Duty paid delivered works pressure /tonne
diecasting ingot price (DIN226/A380) 1,810-1,900
Aluminium US effective August 25 $/lb delivered Midwest
A380.1 alloy 1.18-1.20
AFFIMET prices effective August 1 /tonne
AS 12 3,170
AS 12 UN 3,180
AS 9 U3 2,510
AS 5 U3 2,860
Reflects generally larger traded lots
VDM effective August 24) /1000 kg delivered
DIN 226 2,260-2,360
DIN 231 2,340-2,440
DIN 311 2,320-2,420
Aluminium Bronze UK effective August 23) /tonne
AB1 ex-works 5,700
AB2 ex-works 5,760
Source: C.F. Booth Ltd
Brass UK effective August 23) /tonne
SCB3 ex-works 3,900
High Tensile HTB1 ex-works 4,550
Source: C.F. Booth Ltd
Gunmetal UK effective August 23) /tonne
LG2 85/5/5/5 ex-works 5,100
LG4 87/7/3/3 ex-works 5,700
G1.11.5 Pb ex-works 6,890
Source: C.F. Booth Ltd
Phosphor Bronze UK effective August 23) /tonne
PB1 ex-works 7,380
Source: C.F. Booth Ltd
Phosphor Copper UK effective August 23) /tonne
10% P ex-works 7,400
15% P ex-works 7,500
Source: C.F. Booth Ltd
Zinc Alloys UK /tonne
Brock Metal Co June Contract Alloy Price (delivered UK, min 25
tonne lots)
Brock Metal ZL3 1,990
Brock Metal ZL5 2,035
Monday 29 August 2011 | Metal Bulletin | 25
l Prices and other information contained in this publication have
been obtained by Metal Bulletin from various sources believed to be
reliable. This information has not been independently verified by
Metal Bulletin. Those prices and price indices which are evaluated
or calculated by Metal Bulletin represent an approximate evaluation
of current levels based upon dealings (if any) that may have been
disclosed prior to publication to Metal Bulletin. Such prices are
collated through regular contact with producers, traders and
purchasers although not all market segments may be contacted
prior to the evaluation, calculation, or publication of any specific
price or index. Actual transaction prices will reflect quantities,
grades and qualities, credit terms, and many other parameters.
The prices are in no sense comparable to the quoted prices of
commodities in which a formal futures market exists.
Efforts are made to ensure that pricing information is representative,
but because of the possibility of human or mechanical error by our
sources, Metal Bulletin, or others, Metal Bulletin does not guarantee
the accuracy or completeness of any published information.
Metal Bulletin is not responsible for errors or omissions, or for the
results obtained by the use of such information, and disclaims any
liability to any person for any loss or damage caused by such errors
or omissions, including those arising from the negligence of Metal
Bulletin, its employees, or representatives.
Key:
Month: Month of production in the case of export or domestic
tables; month of delivery in the case of import tables
l All prices are MB copyright; except SteelBenchmarker
Hotline
26 | Metal Bulletin | Monday 29 August 2011
One of Hotlines chief joys in life is
prompting a chorus of appreciative
noises from her workmates when
she sits down in front of her
computer to eat her latest,
fragrant, culinary experiment.
Imagine then, the levels of
empathy felt when Hotline learned
that Anglo-Australian miner BHP
Billiton has banned its employees
from eating food with strong
odours in the offce.
A spokesman for BHP Billiton
confrmed this policy among
several others, including a ban on
PostIt notes stuck to keyboards and
monitors, and forbidding workers
to eat at their desks.
We have a clean-desk policy for
security reasons, the spokesman
said, adding that rules varied from
offce to offce.
BHP obviously feels that the
more aromatic aspects of world
cuisine are not heaven-scent.
Hotline would like to invite
time-poor BHP offce workers
mourning their lunchtime curries
to come to MB Towers to share their
deliciously smelly food.
BHP Billiton bans smelly food in offces
A Russian, a mansion and no idea
Be on your guard, Rinat and
Lakshmi, because you face serious
competition on the UK real estate
market.
According to UK and Russian
media reports, an unnamed party
has acquired the Park Place
mansion in Oxfordshire for
140 million ($229 million).
The amount edges out the
136 million that Rinat Akhmetov
paid for his pied terre at One
Hyde Park earlier this year, and is
double what ArcelorMittal chief
Lakshmi Mittal stumped up for his
humble abode at Kensington
Palace Gardens a few years ago.
While reports state that it was a
Russian billionaire who bought
Park Place reportedly once home
to King George IIs eldest son and
now boasting a helipad, spa
complex, home cinema and
high-tech security system that
individuals identity remains a
mystery.
But one person who most
defnitely did not acquire the place
was Vladimir Lisin, chairman of
Novolipetsk Steel.
Lisins own press service released
a statement earlier this month,
which also came through NLMKs
press service, asserting that the
Russian steel magnate had not
acquired and was not interested
in the possibility of acquiring
Park Place.
Thats that, then.
The denial followed reports on
Russian public radio station Radio
Rossii, saying that Lisin had
acquired the mansion, his press
service claimed.
So, the new owner of Park Place
remains for now an unresolved
riddle for Hotline.
If anyone can furnish defnite
proof of the individual investors
identity, Hotline would like to hear
from you.
ThyssenKrupp has
appointed Frank
Brggestrat head of
human resources at its
soon-to-be-spun-off stainless
steel unit. Brggestrat, who holds
the same role at ThyssenKrupps
marine systems division, will take
up his new role on September 1.
The options under consideration
for the stainless unit are an initial
public offering, a spin-off or
an outright sale, ThyssenKrupp
reiterated last week.
Dead Sea Magnesium (DSM) has
appointed Meir Mergi president
and ceo, the company announced
last week. Mr Mergi brings
extensive experience to DSM,
having participated since 1994
[in] the construction, start-up
and operations of the state-of-
the-art and fully integrated DSM
magnesium electrolytic smelter in
Sdom, Israel, the company said.
Copper producer Kazakhmys has
appointed Charles Watson an
independent non-executive
director with effect from August 24.
Watson will retire from Shell,
where he has worked for 29 years,
on August 31. He has served as Shell
executive vp covering Russia, as
CIS chairman of Shell Russia and as
chairman of the board of directors
for the Sakhalin Energy Investment
Co, with overall responsibility
including oversight of Shells
activities in Kazakhstan.
Jeff Millhollin will take over as
ceo of Pacifc Steel & Recycling on
September 2, flling the post held
by Raymond Wahlert for the past
eight years. A 25-year recycling
industry veteran, Millhollin has
been with the US-based scrap
processor for the past twelve years,
working as a regional manager in
the Boise/Nampa area, manager
of ferrous marketing and vp of
operations before he was named
executive vp.
CaNickel Mining has appointed
Dianmin Chen ceo following the
resignation of interim ceo Kevin
Zhu, the company said last week.
Zhu resigned due to personal
reasons, the Vancouver, British
Columbia-based company said in
a statement.
Milling
ABout
A United Nations driver has been
arrested for allegedly attempting
to smuggle 1,200kg of cassiterite
out of the Democratic Republic of
Congo (DRC) into Rwanda, Hotline
learned last week.
The driver was caught at the
border town of Goma in
possession of two dozen 50kg
parcels of the mineral, according
to local media.
The cassiterite is from the volatile
eastern parts of the DRC where
mineral exports are said to be
under the control of rebel forces.
The incident will fuel fears that
smuggling of highly sought-after
minerals such as cassiterite, coltan,
gold and diamonds is still rife in
eastern parts of the DRC.
The incident calls into question
how well offcials in the UN
mission comply with both UN
Security Council resolutions
regarding their presence in the
DRC and with Congolese law,
information minister Lambert
Mende said.
While the arrest will be a cause
for embarrassment for the UN
mission, armed forces have long
been implicated in the illegal
cross-border mineral trade.
Last month, police seized ten
tonnes of cassiterite following a
raid at the DRC armed forces
headquarters in Goma Ndosho.
Police sources believe the
mineral was transported in an
army truck from South Kivu by
soldiers, local radio reports said.
DRCs North and South Kivu and
Maniema provinces are rich in
cassiterite, coltan, gold and
diamonds. Rebels in the eastern
parts of the country have often
been accused of illegally mining
and exporting the minerals to pay
for war activities.
DRC media reports claim that
80% of mineral exports in North
Kivu, South Kivu and Maniema are
beyond state control.
The DRC government last year
suspended artisanal mining in
these regions, but the army
offcials sent in to enforce the
suspension are themselves
allegedly involved in the illegal
mining and export of minerals.
un implicated in DRC illegal cross-border mineral trade
Monday 29 August 2011 | Metal Bulletin | 27
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