MB Weekly 20130826

Monday 26 August 2013/ Number 9317/ World steel and metal news since 1913
SMELTERS SEIZE THEIR MOMENT

Copper concentrates
market loosens up
TC/RCs hit 12-month
highs as mine output
rises 12%: page 5
The party's
over...
MINAS GERAIS MERCHANDISE
Brazilian pig iron
bound for Italy
50,000-tonne cargo
will be first shipment
in two years: page 11
'Weve got assets we can work on.
We feel comfortable going forward'
Ivan Glasenberg: pages 5 & 8
Banks are getting out of the aluminium
nancing game, fearing the crackdown on warehouse queues.
A massive contango has emerged, but who wants to play it? page 6
Miner sees drop of more than $4bn;
expects 2014 capex to be $16.2bn,
down from $22.9bn in 2013: page 4
Glencore Xstrata takes
$7.6bn hit on Xstrata acquisition
Handling their own hangovers
BHP prots slump 29.5% on
volatility in commodities
www.metalbulletin.com
Metal Bulletin is changing
this September
A monthly magazine packed with in-depth
feature articles, market analysis and
high-profile interviews.
In the September edition:
Exclusive interview with Oleg
Deripaska, ceo of Rusal
Focus on the aluminium and stainless
steel markets
A closer look at the finalists for the
Awards for Aluminium Excellence
The complete daily summary of all the
developments in the global metal markets from
the last 24 hours PLUS all Metal Bulletin prices.
All the stories in full and all the
prices in one place, delivered in
digital format.
NEW: Metal BulletinDaily
NEW: Metal Bulletin Magazine
MB_NEW_FP_2013_1B_209x274 12/08/2013 13:06 Page 1
#mbcentenary
Published by the Metals, Minerals and Mining
division of Metal Bulletin Ltd.
Metal Bulletin Ltd, Nestor House, Playhouse
Yard, London EC4V 5EX. UK registration number:
00142215.
Editorial headquarters: 5-7 Ireland Yard, London
EC4V 5EX. Tel: +44 20 7827 9977.
Fax: +44 20 7928 6892 and +44 20 7827 6495.
E-mail: [email protected]
Website: http://www.metalbulletin.com

Editor: Alex Harrison
Steel Editor: Vera Blei
Deputy Editor, Non-ferrous: Fleur Ritzema
Raw Materials Editor: Michelle Madsen
European Editor, Steel First: Naomi Christie
Special Correspondent: Andrea Hotter
Senior Correspondents: Stacy Irish, Janie Davies,
Jethro Wookey, Mark Burton
Correspondent: Claire Hack
Reporters: Alexandra Chapman, El Middelbeek,
Nina Nasman
Newsdesk Manager: Rod George
Senior Sub-editors: Jeff Porter, Tony Pettengell,
James Heywood
Production Designer: Kerry Kitchin
Prices Manager: Mary Higgins
Assistant Prices Co-ordinator: Joanne Wood
Publisher: Spencer Wicks
Managing Director: Raju Daswani
Customer Services Dept: Tel +44 (0)20 7779 7390
Advertising: Tel: +44 20 7827 5220 Fax: +44 20 7827
5206. E-mail: [email protected]
Advertising Sales Team: Julius Pike, Abdul Zaidi
USA Editorial & Sales: Metal Bulletin, 225 Park
Avenue South, 8th Floor, New York, NY 10003.
Tel: +1 (212) 213 6202. Toll free: 1-800-METAL-25.
Editorial Fax: +1 (212) 213 6617. Sales Fax:+1 (212) 213 6273.
North American Editor (Steel): Jo Isenberg
Singapore: Catalpa Suite 11/F 9 Battery Road, Straits
Trading Building, Singapore 049910.
Tel: +65 6597 0923 Fax: +65 6597 7099
Asia Editor: Martin Ritchie
Senior Correspondents: Shivani Singh, Weilyn Loo
Reporter: Daisy Tseng
Senior Sub-editors: Catherine Yates, Cecil Fung
Sub-editor: Deepali Sharma
Shanghai: Metal Bulletin Research, Room 305,
3/F, Azia Center, 1233 Lujiazui Ring Road, Shanghai
200120. Tel: +86 21 5877 0857 Fax: +86 21 5877 0856
So Paulo: Rua Tabapua 422, 4th Floor CJ 43/44,
CEP: 04533-001, Sao Paulo, Brazil. Tel: +55 11 3078
9331. Fax +55 11 3168 5867.
Latin America Correspondent: Juan Weik
Latin America Reporters: Carolina Guerra, Ana
Paula Camargo, Rodrigo Alonso
Metal Bulletin Focus:
Editor, Richard Barrett; Associate Editor, Steve
Karpel. Tel: +44 (0)20 7827 9977
Annual Subscription:
Metal Bulletin is only available on subscription
at: UK delivery only: 1,468.15 (1,330 + 138.15
VAT); North, Central and South America: US$2,850;
Europe eurozone*: 2,330; Rest of the World:
US$2,850.
Single copies: UK delivery only: 60; North,
Central and South America: US$155; Europe
eurozone*: 110; Rest of the World: US$155.
*For subscriptions to European addresses, please
quote your sales tax number, otherwise VAT may
be charged.
Subscription Enquiries
Sales Tel: +44 (0)20 7779 7999
Sales Fax: +44 (0)20 7246 5200
Sales E-mail: [email protected]
US sales Tel: +1 212 224 3570
Asia Pacic sales Tel: +61 3 5221 0715
Asia Pacic E-mail: [email protected]
Book sales: [email protected]
Fullment administrator: Paul Abbott
Metal Bulletin Ltd is a part of Euromoney
Institutional Investor PLC: Nestor House,
Playhouse Yard, London EC4V 5EX.
Directors: Richard Ensor (Chairman), Christopher
Fordham (Managing Director), Sir Patrick Sergeant,
The Viscount Rothermere, Neil Osborn, Dan
Cohen, John Botts, Colin Jones, Diane Alfano, Jane
Wilkinson, Martin Morgan, David Pritchard, Bashar
Al-Rehany, Andrew Ballingal and Tristan Hillgarth.
COPYRIGHT NOTICE: Metal Bulletin Limited, 2013.
All rights reserved. No part of this publication
(text, data or graphic) may be reproduced, stored
in a data retrieval system, or transmitted, in any
form whatsoever or by any means (electronic,
mechanical, photocopying, recording or otherwise)
without obtaining Metal Bulletin Ltds prior written
consent. Unauthorised and/or unlicensed copying
of any part of this publication is in violation of
copyright law. Violators may be subject to legal
proceedings and liable for substantial monetary
damages for each infringement as well as costs
and legal fees. Brief extracts may be used for the
purposes of publishing commentary or review only
provided that the source is acknowledged.
Registered as a Newspaper at the Post Ofce.
ISSN 0026-0533. Printed by The Magazine Printing
Company plc, Eneld, EN3 7NT, UK.
B
O
T
T
L
E

S
H
U
T
T
E
R
S
T
O
C
K
Monday 26 August 2013 | Metal Bulletin | 3
Monday 26 August 2013/ Number 9317/ World steel and metal news since 1913
SMELTERS SEIZE THEIR MOMENT
Copper concentrates
market loosens up
TC/RCshit12-month
highsasmineoutput
rises12%:page5
The party's
over...
MINAS GERAIS MERCHANDISE
Brazilianpig iron
boundfor Italy
50,000-tonnecargo
willbefirstshipment
intwoyears:page11
'Wevegotassetswecanworkon.
Wefeel comfortablegoingforward'
IvanGlasenberg:pages5&8
Banksaregettingout of thealuminium
nancinggame, fearingthecrackdownonwarehousequeues.
Amassivecontangohasemerged, but whowantstoplayit?page6
Minerseesdropofmorethan$4bn;
expects2014capextobe$16.2bn,
downfrom$22.9bnin2013:page4
GlencoreXstratatakes
$7.6bnhit onXstrataacquisition
Handling their own hangovers
BHPprots slump29.5%on
volatilityincommodities
001_9317_Cover.indd 1 8/22/2013 18:44:46
Roll on the
future
Metal Bulletins focus is on providing real-time
metal news, price information and market
analysis from journalists around the globe.
Teams in Singapore, Shanghai, London,
New York and So Paulo, as well as reporters in
South Africa, Mozambique, India, Tokyo, Istanbul
and Brussels, all feed Metal Bulletins website and
news and price alert services.
Based on the work of those dedicated
journalists, editors and newsdesk staff, Metal
Bulletin will be offering a better service to its
subscribers from next week, Monday September 2.
Weve made some changes...
We have been working to enhance our Metal
Bulletin Daily publication.
From next week, every Metal Bulletin Daily will
include all our latest prices on a daily basis.
Key base metals, ores and ferro-alloys, minor
metals, steel, scrap and iron ore prices will appear
in the news sections to which they are relevant.
There will also be a comprehensive list of each
one of our prices at the end of every issue of
Metal Bulletin Daily, enabling subscribers to quickly
reference the prices that they use in their business.
More price information is one important
element of the enhanced publication, but the
new Metal Bulletin Daily will also contain every
story that Metal Bulletins global teams have
produced in the preceding 24 hours.
That will mean that whether it is a market-moving
story about cobalt, a report on copper TC/RCs, our
unique aluminium trade log, or a scoop about the
takeover of a ferro-alloys plant, it will be available
in full to our subscribers, both on the web and in
the new daily.
In addition to the way in which we have
enhanced our daily, we are also launching a
glossy, monthly magazine.
Metal Bulletin Magazine will contain ground-
breaking interviews with leading executives and
detailed feature articles on a range of markets in
a format that we think executives in the business
will appreciate. Regular pages will look at trends
throughout the metal supply chains.
Keep your eyes peeled for the rst cover
interview, carried out by Metal Bulletin special
correspondent Andrea Hotter, which is a cracker.
...and there will be more to follow
One consequence of these new developments,
though, is that Metal Bulletin will from next week
cease publication of its glorious yellow weekly
magazine, which is a familiar sight on ofce desks
around the world.
Metal Bulletin provides price information and
news for the metal markets, and will continue to
do so on the web, in email alerts, in print, in
apps, and in its enhanced daily PDF.
The time and utility of a weekly magazine has
passed though, in our opinion.
In successive roles as chief sub-editor, newsdesk
editor and editor, I reckon I have overseen the
publication of more than 700 print copies of
Metal Bulletin. But that was the past.
Roll on the future
Alex Harrison, editor, Metal Bulletin
Non-ferrous metals
4 | Metal Bulletin | Monday 26 August 2013
ALUMINIUM
Aluminium spreads frozen in a
large contango as nancing
deals fade away 6
BASE METALS
Western banks leave a gap as
they back away from physical
commodities 7
GLENCORE RESULTS
Glencore Xstrata relaxed
about writedown
Glasenberg 8
MINOR METALS
US recovery not ltering
through to minors 9
IN THIS SECTION
LONDON
BY JANIE DAVIES
ENRC and CHEMK Industrial Group
are expected to conrm the
takeover of the Serov Ferro-alloys
Plant by the Russian metallurgical
group within weeks, sources close
to the deal told Metal Bulletin.
The Serov plant, part of ENRCs
ferro-alloys division, produces
high, medium and low carbon
ferro-chrome, as well as ferro-
silicon and ferro-silico-chrome.
The CHEMK Industrial group is
owned by the Urals-Siberian
Metallurgical Co. It also owns RFA
International, which is the
exclusive marketing agent for
CHEMK products.
Negotiations are continuing. I
think [the takeover] will go ahead;
theyre waiting for ENRC board
approval, one market source told
Metal Bulletin.
London-listed ENRC is the target
of a privatisation bid by its three
founding shareholders and the
Serov deal will not be announced
until the delisting is conrmed and
completed, sources close to the
deal told Metal Bulletin.
ENRC will wait to complete its
delisting before handing over that
asset, a source told Metal Bulletin.
ENRC declined to comment.
CHEMK Industrial Group and RFA
International could not be reached
for comment.
The London-listed miner said in
a results report this month that it
had bought out the remaining
non-controlling interests in the
Serov asset this year.
ENRC, CHEMK edge closer to
Serov Ferro-alloys Plant deal
Privatisation ENRC will complete delisting before plant sale is announced
SHANGHAI
Chinese spot nickel
premiums fall further
as market stays quiet
Spot nickel premiums in China
moved further down last week
amid a quiet market.
Traders in Shanghai were offering
premiums of $80-130 per tonne for
spot standard Norilsk Nickel
plate, down from $120-160 seen at
the beginning of the month.
We have not done any business
on imported nickel [...] there are
no buyers in the market, a trader
from Zhejiang province said.
Trade in the market was very light
on lack of demand, a Ningbo
trader said, adding that rising
prices of nickel pig iron may boost
demand for rened nickel.
Spot prices of high-grade NPI (Ni
content 10-15%) rose by 50-60
yuan ($8-10) from three weeks ago
to 980-1,000 yuan per nickel unit
last week.
The hike came after major steel
mills lifted their purchase prices on
tight market availability.
Chinas rened nickel imports
soared 59.9% month-on-month
in July to 16,670 tonnes, according
to the latest gures from Chinese
customs.
Nickel ore imports also moved up
20.9% from June to 6.5 million
tonnes last month, with
Philippines accounting for 60.3%
of shipments and Indonesia
accounting for 39%.
SINGAPORE
The worlds largest miner BHP
Billiton posted a 29.5% slump in
full-year attributable prot citing
slowing global growth and volatile
commodity markets.
Attributable prot for the year
ended June 30 was $10.88 billion
compared with $15.42 billion a
year ago.
Weaker commodity prices hurt
earnings by $8.9 billion and the
company took exceptional charges
of $922 million, including
impairment charges related to its
Nickel West and Worsley assets.
Revenue fell by 8.7% to $65.97
billion.
The miner, which has been on a
major cost cutting drive, expects
nancial year 2014 capital
expenditure to be $16.2 billion,
down from $22.9 billion in 2013.
I want to get capex to $15 billion,
which is a reasonable target, ceo
Andrew Mackenzie said on a
conference call with reporters.
Consistent with our
commitment to shareholders, no
major growth projects were
approved during the 2013 nancial
year, BHP said.
Of the 18 major projects in
execution, about 70% are expected
to deliver rst production by the
end of the 2014 calendar year, the
company said, adding that a
majority of its development
projects are browneld, which are
inherently lower risk.
I have no targets for asset
sales, Mackenzie said.
BHP Billiton posts 29.5% slump
in full-year attributable profits
CHEMK expected to announce takeover of ENRCs Serov plant soon
LONDON
Alumina market sees
higher prices in Q4
Alumina market participants
expect higher prices in the fourth
quarter as demand returns for
available cargoes, and as United
Co Rusal works to limit sales back
to the market that are prompted
by aluminium capacity cuts.
Metal Bulletins fob Australia
alumina index settled at $319.67
per tonne on Friday August 16,
rising from $318.24 previously
after two weeks of almost no
deals being reported.
After the index sat at the
previous level for two weeks,
market participants said that the
real number could well have been
lower before demand returned.
A trader reported an October sale
at $322 per tonne, as the market
expects higher prices to come.
Join the Metal Bulletin Group Follow @metalbulletin Download the app
MOST READ ON THE WEB
1 EXPERT VIEW: Pressure can
only grow for warehousing
changes Clydes Whittaker
2 LORD COPPER: The guard
changes at the LME
3 VIDEO: Deep sea mining
activities ratchet up
4 COMMENT: LME rule changes
turn words to action on
capacity curtailments
5 VIDEO: Alcoas Jamaican
bauxite operations
6 HOTLINE: Behind every great
man...
7 HOTTER ON METALS: Western
banks in physical markets
may have no choice
8 Al spreads frozen in a large
contango as nancing fades
9 Glencore Xstrata relaxed
about writedown
10 LETTER TO METAL BULLETIN:
Response to South African
scrap article
Most read non-ferrous stories
in the week to August 23.
See www.metalbulletin.com
Copper concs market loosens as
mines grow, smelters withdraw
Charged up Treatment, rening costs for copper concs move above benchmarks
LONDON
Commodities giant Glencore Xstrata
posted a 9% year-on-year fall in
underlying earnings in the rst half
of the year even as its marketing
arm reported a solid performance,
the merged entity said.
A goodwill impairment of $7.6
billion was recorded in relation to
the Xstrata acquisition, reecting
the broader negative mining
industry environment and the
heightened risks associated with
greeneld and large-scale
expansion projects, the company
said in the rst half-yearly results
statement since the merger.
It expects cash savings to
materially exceed the previous
guidance of $500 million per
annum.
Underlying earnings for the six
months ended June 30 2013 stood
at $6 billion, compared with
adjusted pro forma earnings
before interest, taxes, depreciation
and amortisation (Ebitda) of $6.6
billion in the same period last year.
Marketing operations contributed
$1.2 billion of ebit, a 6% increase
year-on-year.
The Las Bambas sale process is
underway, the company said
without elaborating further. The
sale of the mine, which will take
place by September 30 2014, was a
precondition made by Chinas
ministry of commerce to approve
the merger between Glencore
and Xstrata.
Underlying earnings of the metals
and minerals division fell 4%
year-on-year in the rst half of 2013
on the back of weak commodities
prices, though production growth
at African copper mines and
Antapaccay offset the weak prices,
the company said.
Glencore Xstrata takes $7.6 billion impairment
charge on Xstrata acquisition
LONDON
BY MARK BURTON
Spot treatment and rening
charges (TC/RCs) for clean copper
concentrates have moved
comfortably above benchmark
levels in recent weeks as mine
production has outperformed
expectations and smelters have
started to think strategically about
purchasing ahead of mating
season, sources said.
Traders, miners and smelters
reported TC/RCs as low as $75 per dry
metric tonne/7.5 cents per lb and as
high as $85/8.50 per lb in deals
carried out over the past month,
compared with prevailing levels of
$68-75/6.8-7.50 per lb seen in June.
Its quite common that
when the market gets
softer there are fewer
tenders, because miners
prefer to try to sell
quietly Mining source
Copper mine production has outperformed expectations recently
LONDON
Ferro-vanadium
continues its upward
trajectory; pentoxide
nally follows
Ferro-vanadium prices
continued to move up in Europe
on Wednesday August 21, as
market participants reported a
marked increase in enquiries.
I would not be surprised to see
it all the way up to $27 [per kg] in
the next week, a trader told
Metal Bulletin.
Last week, it was all about the
trading companies, but this week
were seeing end users back in
the market with enquiries.
Metal Bulletins European
quotation moved up to $25-26
per kg on Wednesday, from
$24-24.80 per kg previously, on a
wave of renewed interest.
Theres a big spread between
consumer and trader prices.
Today, there are offers between
$25.85 and $26.20, a second
trader said.
A parcel of Chilean high-arsenic
concentrate was sold to a Chinese
smelter for about $88/8.80 per lb,
but the bulk of sales for clean
concentrates are pegged below
$80/8 per lb, a mining source said.
At the moment Id say $80/8 isnt
unrealistic for an average quality
concentrate, a trader added.
TC/RCs have risen to 12-month
highs in response to an 11.9%
year-on-year increase in
concentrate production seen over
the rst half of the year, Macquarie
analysts said in a recent note.
There are expectations that, as in
previous years, spot terms will rise
further in the run-up to supply
negotiations for next year, as
smelters cut purchases in the spot
market, market observers said.
Were going to see that typical
pullback from the smelters over the
next couple of months as they try
to make the market look as loose
as possible, the mining source
told Metal Bulletin.
In turn, miners are likely to avoid
holding tenders to avoid putting
undue pressure on the market
ahead of the mating season, a
smelter source said.
Non-ferrous metals
Aluminium: www.metalbulletin.com/Base-metals/Aluminium
LONDON
BY MARK BURTON
The lucrative contango in nearby
aluminium spreads is failing to
attract bidders as banks that have
proted by nancing warrants pull
back from the market, sources told
Metal Bulletin.
The banks have done this in
response to the wide-ranging
probes and legal claims
surrounding their activities in
physical commodities.
Interest in taking on new stock
from the physical market to use in
carry trades is also grinding to a
halt because of expectations that
near-record-high aluminium
premiums could drop dramatically
during the tenure of the deals,
sources also said.
There are expectations that
contract premiums could plunge
during the upcoming mating
season if warehouse companies
withdraw delivery incentives in
response to new LME rules that will
force them to reduce load-out
queues.
Nearby London Metal Exchange
spreads have traded in a wide
contango over recent weeks, with
the cash contract trading at a
$49 discount to the three-month
forward price on August 21.
The contango seen recently on
nearby aluminium spreads is larger
than it has been at any point since
the nancial crisis began, offering
big returns for investors that can
win concessions on storage costs.
On August 16, the $47 cash-to-
three-month contango would
yield a 7.71% annualised
continuously compounded rate of
return, net of assumed storage
costs of 7 cents per day and
calculated bank borrowing costs
and risk premiums for A-rated
nancial institutions, according to
Metal Bulletin Research analysis.
Three months earlier, the
equivalent yield was 3.68% and 12
months ago it was 5.96%, according
to Metal Bulletin Research.
Spread still trading
The spread is still trading just
below the cost of carry for those
paying full LME rent and borrowing
at a standard commercial rate, and
is attracting some borrowing each
time it approaches a full-nance
contango, which would be above
$50 per tonne, a category II broker
told Metal Bulletin.
The size of a contango will
typically be capped as soon as it
exceeds the costs of nance,
storage and insurance, as carry
traders will be able to achieve a
virtually risk-free return by buying
aluminium warrants through
clearing, simultaneously selling
forward contracts and settling
them physically when they
become prompt.
The process of sifting for warrants
for use in carry trades in LME
warehouses dropped sharply as
the investigations were
announced last month, a
ring-dealing trader told Metal
Bulletin.
Normally there is an orderly
queue to sift warrants, but the
likes of JP Morgan just dont seem
interested, the trader said.
Outside the LMEs warehousing
network, interest in buying stock
to store in private rent deals has
also collapsed because of
expectations that premiums will
drop signicantly during the
tenure of deals.
The spreads are offering a good
return; its the premiums that are a
problem, an analyst at a large
category I rm told Metal Bulletin.
Aluminium spreads frozen in a large
contango as nancing deals fade away
Few bidders Banks have retreated, buys for the carry trade are weak on fears that premiums will plummet
Contract premiums
could plunge during the
upcoming mating
season if warehouse
companies withdraw
delivery incentives
SO PAULO
Alcoas smelting plant in Brazils
So Lus in the state of Maranho is
likely to be the worst hit by the
companys plan to curtail smelting
capacity.
Last week, the company
announced plans to permanently
close a potline with a capacity of
40,000 tpy at its New York facility
and temporarily curtail 124,000 tpy
of capacity at its smelters in Brazil
in response to lower aluminium
prices and premiums.
The Pittsburgh-based company
intends to reduce 92,000 tpy at
So Lus and 32,000 tpy at its other
plant in Poos de Caldas, Minas
Gerais state of Brazil.
We are taking these actions due
to the persistent weakness in
global aluminium prices and to
maintain Alcoas competitiveness,
a source at the company told
Metal Bulletin, adding that energy
prices do affect their ability to
compete in Brazil.
In 2012, Alcoas production
dropped 6.5% to 327,600 tonnes,
according to the countrys national
aluminium association Abal.
Production at the companys
So Lus unit was down by 8%
year-on-year at 241,700 tonnes,
while output at the
Poos de Caldas unit fell 2.3% to
85,900 tonnes.
In 2009, after the Wall Street
crisis and the Lehman Brothers
fall, the situation was so
[complicated] that we closed the
same line in Poos de Caldas. The
line reopened. Sadly, today we
announced its closure again,
Franklin Feder, Alcoas president
for Latin America and the
Caribbean, was quoted as saying
in local newspaper O Estado de S
Paulo. I am optimistic, we will
reopen. Aluminium cycles usually
last ve to six years. We are in the
sixth year, Feder added.
Alcoas So Lus plant in Brazil will be hit hardest by smelting cuts
Alcoa smelter, So Lus: will see closure of 40,000-tpy potline
Base metals: www.metalbulletin.com/Base-metals
NEW YORK
BY ANDREA HOTTER
US and European banks appetites
for physical commodities are
waning amid increasing regulatory
scrutiny, with smaller merchants,
trading houses and brokers
expected to step up to partially,
but not completely, ll the gap.
Trading companies like Swiss-
based energy and commodity
group Mercuria and privately
owned trader Gunvor, and banks
like Brazil-based Grupo BTG
Pactual SA and Chinas Industrial
and Commercial Bank of China
(ICBC) are all ramping up their
activities in metals.
That these rms are keen to
expand their commodities
businesses is not new.
Mercuria and Gunvor have both
hired metals personnel to build
teams over the past 18 months.
ICBC took a 20% stake in Standard
Bank in 2008, and has been
negotiating to buy the South African
banks commodities and foreign
exchange business for some time,
according to media reports.
BTG Pactual is also beeng up its
commodities sales and trading
operations. In April, the Central
Bank of Brazil approved the
allocation of $300 million to be
invested in companies BTG Pactual
is creating in connection with its
commodities business.
Latin Americas largest
independent investment bank, BTG
Pactual trades energy, sugar and
ethanol, and set up BTG Pactual
Commodities Holding (UK) in June.
Earlier this month, the bank hired
metals warehouse executive Shon
Loth to its London ofce.
What has changed, however, is
the backdrop against which these
rms will be operating.
US-regulated banks active in
commodities are under increasing
political criticism by the US Senate
over the role they play in the
physical markets, both in terms of
assets they own and the products
they trade.
Adding to the pressure is an
investigation into warehousing by
the US commodities regulator, CFTC,
which has seen Goldman Sachs
Western banks leave
a gap as they back
away from physical
commodities
Hotter on Metals Regulatory and political pressure
is forcing a change in warehousings players
NEW YORK
People with knowledge of the
matter said that merchants and
trading companies are among
those that have expressed
interest in the warehouse
businesses of JP Morgan and
Goldman Sachs.
Finding a buyer is not expected
to prove tricky.
But the high cost required to
nance the storage of metal along
with other physical commodities
trading is likely to limit the
number of participants able to
play a role in the sector.
Some of the names that have
expressed interest in the
warehouse units have raised
eyebrows within the banks selling
them, people with knowledge of
the matter said.
This is largely due to the
relatively small size of the
potential buyers compared to the
scale of the sellers.
Deutsche Bank, Barclays and
Morgan Stanley would have
typically been the kinds of players
that would have looked to get
more involved in the physical side
of the metals markets.
But all three banks face the very
same regulatory and political
pressure as Goldman Sachs and
JP Morgan face in the USA over
their activities in physical
commodities.
Deutsche Bank has eased back
its involvement in physical
metals nancing and trading of
late, while Barclays has
downsized its metals business
since leaving the oor of the
London Metal Exchange in
November last year.
Morgan Stanley is not a big
player in physical metals.
Deep pockets are needed to finance involvement in warehousing
executives among those issued
subpoenas.
JP Morgan has said it plans to get
out of physical commodities trading
as well as divest ownership of assets
like its Henry Bath warehouse unit.
Traditional banking activities in
commodities, including nancial
derivatives and the vaulting and
trading of precious metals, will stay.
Goldman Sachs, however, says it
remains committed to physical
trading, run through its
commodity arm J Aron. The bank
also owns warehousing rm Metro
International Trade Services and
some Columbian coal mines
assets it considers to be non-core.
If the US Federal Reserve decides
to force Goldman Sachs and other
bank holding companies
authorised to engage in physical
commodity activities to exit that
side of the business completely,
the departure of the biggest names
in the sector would come at a very
opportune moment for non-US
regulated entities like Mercuria,
Gunvor and BTG Pactual.
In the physical trading space,
Glencore Xstrata, Tragura and
other physical merchants with
long histories in the sector will be
well placed to step up.
So too will be hedge funds,
whether those already active in
physical commodities or planning
to complement their derivatives.
Mercuria and Gunvor have both hired metals
personnel to build teams over the past 18 months
ICBC is one of the eastern banks ramping up their activities in metals
Non-ferrous metals
Glencore results: www.metalbulletin.com/Base-metals
LONDON
CLAIRE HACK
Glencore Xstrata ceo Ivan
Glasenberg is relaxed about the
$7.6 billion goodwill writedown
incurred following the completion
of the merger, he said during the
companys rst half results call on
Tuesday August 20.
Weve got assets we can work
on. We feel comfortable going
forward, Glasenberg said.
The synergies are hopefully
going to be bigger than we
envisaged I hope we can get
more than those gures as time
goes on. Maybe the writedown
wont exist in ve years.
The writedown was linked to the
Glencore share price on the day the
transaction closed, putting the
nominal value of Xstratas equity at
$44.6 billion.
Commodity prices had come off
since the second half of last year.
There was also a writedown of
about $450 million in respect of
Murrin Murrin nickel, cfo Steve
Kalmin said during the call.
Another $324 million was written
down in relation to the companys
investment in UC Rusal because of
accounting standards
requirements.
The trading part of the business
performed very well. Adjusted
Ebitda [earnings before interest,
taxes, depreciation and
amortisation] on the industrial
side was down 14%, but that was
because there were more assets in
the portfolio, Glasenberg added.
Ebit and Ebitda were down
because of the weakness in core
commodities, although this was
offset by improved production.
Integration with Xstrata
In terms of the integration with
Xstrata, Glasenberg said, the
company has made rapid progress
and has taken decisive action to
reduce asset overheads and
rationalise operations.
In terms of cost-cutting
measures, by September, we will
give a better idea of how were
working on those across the two
companies, he said.
Overall adjusted Ebitda was
down 9% year-on-year, Kalmin
said, marking a relatively positive
performance compared with the
rest of the metals and mining
sector, where falls in earnings were
much more signicant in a
number of cases.
Effectively, its a pleasing result.
We were affected by commodity
prices but we started to see volume
growth, which cushioned the
effects of the lower prices, he said.
Volume growth
Both zinc and iron ore volumes have
shown strong growth during the
rst half of the year, Kalmin said.
Where we end up on the sale of
Las Bambas will be the main factor
to move these numbers potentially
as well, Kalmin added.
On the metals side, Ebitda was
down 4%, while Ebit was down
25%, he said, as a result of
increased depreciation in copper.
We have had a more positive
performance from the Australian
copper side, Kalmin said.
However, copper prices have
dropped 7% in the rst half of 2013
compared with the rst half of
2012, with an average cash price of
$7,543 per tonne during the period.
Glencore Xstrata
relaxed about
writedown
Glasenberg
Growth Where we end up on the sale of Las Bambas
will be the main factor to move these numbers
Weve got assets we can work on. We feel comfortable
going forward Ivan Glasenberg, Glencore Xstrata
LONDON
Glencore Xstratas writedown for
the rst half of 2013 could have
been restricted to $2 billion had
the merger closed 30 days earlier,
ceo Ivan Glasenberg said on
Tuesday August 20.
The writedown, which was linked
to the negative mining industry
environment and sentiment in the
rst half, as well as risks associated
with green eld and expansion
projects, was pushed up by
Glencores share price on the day
the transaction closed.
This is a writedown we had to
take in a way. If we do a valuation
from the bottom down, at that
point, commodity prices had come
off and thats what gave us the
value, Glasenberg said.
In terms of the impact of the
macroeconomic environment, on
commodity prices, and in turn the
companys share price, the
inuence of China and India
remains key, he added.
Today, China consumes 40-50%
of most of the worlds
commodities. They are going to
urbanise 400 million people in the
next seven to eight years. Theres
nothing that changes our view that
this is going to happen, he said.
India is also industrialising
much quicker than people
imagine. They are building power
plants and generating more and
more electricity. There is certainly a
[large] amount of growth in
India, Glasenberg added.
There are areas where the
company may be able to reduce
sustaining capex, cfo Steve Kalmin
said during the call, which have
not yet been taken into account.
There are also more opportunities
for blending and arbitrage now
that Xstratas commodities are
owing into the trading business.
When Xstrata was an associate
company, even though Glencore
wasnt in control, what was key
was that we wanted to have input
on the marketing business,
Glasenberg said.
Glencore Xstrata writedown pushed up significantly by timing
Ebit and Ebitda were
down because of the
weakness in core
commodities
Ivan Glasenberg
Minor metals: www.metalbulletin.com/Minor-and-precious-metals
LONDON
BY MARK BURTON
The recovery in key areas of the US
economy, such as housing,
employment and consumer
condence, has not yet improved
demand for minor metals,
suppliers and consumers in North
America told Metal Bulletin.
The sustained positive trend in
housing starts, employment and
consumer spending since the start
of the year has been taken as a sign
that the US economy is picking up
after the global nancial crisis, but
the upturn has not yet ltered
through to a pick-up in the
consumption of minors, including
bismuth, selenium and indium.
The true test for the US economy
will be whether the recovery will
continue as asset purchases taper
off and interest rates are lifted to
more normal levels, sources in the
US minor metals industry said.
Bad signs from Motor City
The still-precarious state of certain
sectors of the US economy was
highlighted by Detroits application
for bankruptcy protection in July,
the largest ling of its kind in the
USAs history, Vital Materials
Michael Xiong told Metal Bulletin.
Detroit has witnessed a massive
population decline over the past
several decades as its automotive
sector has struggled to compete
with global rivals operating in
cheaper labour markets, and that
exodus has in turn squeezed the
citys tax revenues severely and
caused it to rack up municipal debts.
When he came to power in
January 2009, US president Barack
Obama oversaw an $85 billion
bailout of Detroits auto industry,
US recovery not ltering through to minors
Bleak outlook Closures, consolidation, streamlining ahead for US solar industry as low demand remains
While recent data has provided a
welcome boost to business and
consumer condence in the USA,
for many companies, particularly
those supplying to high-tech
manufacturing sectors, business
conditions are still dictated by
developments in Asia, according
to Umicore Thin Film Products
Christophe Murez.
Over the past few years,
Umicores thin-lm division has
focused on developing a new more
efcient rotary indium-tin-oxide
(ITO) sputtering target for at panel
display manufacturers, most of
which are based in Asian countries,
including Taiwan, Japan, South
Korea and, increasingly, China.
While the steady improvement
in consumer demand in the
nal-use markets in North
America is encouraging, the
commissioning and expansion of
at-panel production capacity in
Asia has a greater and more
immediate impact on Murezs
business, he told Metal Bulletin.
Because were focused on
rotary ITO, at the moment were
much more interested in the new
investment that at-panel
manufacturers have been making
recently. For two years there was
hardly any investment, but in the
past six to nine months weve
seen that changing as several
major companies have rolled out
big expansions, he said.
US market still dependent on Asian growth
and compelled Ford, Chrysler and
GM to refocus on energy-efcient
vehicles as part of a drive to
reorganise US manufacturing
around renewable energy and
green technology.
While progress has been made
since then the Big Threes sales
gures for July were the strongest
since 2006 the citys inability to
escape bankruptcy is a sign of the
underlying fragility that persists in
the US economy, Xiong said.
Solar demand down
Elsewhere, the solar sector, one of
the main beneciaries in Barack
Obamas multi-billion-dollar
green jobs programme, has
undergone its own crisis in the past
three years, and is a long way from
making a meaningful contribution
to the US economy, Xiong said.
Xiong, whose company provides
raw materials including cadmium-
telluride and copper-indium-
gallium-selenide to the solar sector
in North America, said sales may
not rebound until 2016 or beyond.
We have big hopes for the
industry, but we expect it will take
three years or maybe even longer
for the market to rebound. The
industry is still overstocked with
solar panels and we dont expect
big demand in the next two or
three years, he told Metal Bulletin.
In the interim, the industry will
witness further consolidation as
solar companies with less efcient
technologies and manufacturing
processes will close and stronger
players will streamline their panel
production and improve their
conversion efciency.
Solar sector consolidation
Recent acquisitions made by
Hanergy, the worlds largest
thin-lm solar panel maker, and
First Solar, the largest manufacturer
of cadmium-telluride solar panels,
indicate that those companies are
also looking to incorporate new
technologies and expand in new
markets to position themselves for
long-term growth, Xiong said.
The solar sector in the USA is waiting for a pickup in demand, which could be 2-3 years away
We have big hopes for
the [solar] industry, but
we expect it will take
three years or maybe
even longer for the
market to rebound
Michael Xiong, Vital
Scrap and secondary
LONDON
UK monthly domestic
scrap prices settle $16
per tonne higher
UK domestic August scrap prices
settled for delivery to steelworks
rose by 10 ($16) on higher demand
from domestic mills, reduced
supplies and higher international
prices, market participants said.
The price rise for August
settlements was in line with recent
market expectations.
In cut grades, domestic 1&2 old
steel delivered to UK steelworks
closed in a range of 185-205 per
tonne, while OA plate and structural
was at 200-220 per tonne, both up
10 per tonne month-on-month.
The settled prices for 12A, 12C and
12D were in the range of 200-220
per tonne, also up 10 per tonne
month-on-month.
All bales and cuttings prices rose
by 10 on the high and low end of
the range.
Prices for 8B coated cuttings
delivered to steelworks were at
187-192 per tonne. Prices for 4C
bales, which use 8B as a feedstock,
were at 207-212 per tonne.
LONDON
BY JETHRO WOOKEY
UK secondary aluminium prices
stayed at on Wednesday August
21, with producers expecting
higher prices in the next few weeks
after reporting fresh enquiries from
consumers returning from holiday.
Its steady as we wait for the
consumers to come back in force,
a producer said.
The sting was taken out of
demand by the summer break, but
people are ltering back now and
tentative enquiries are coming
through.
LM24 pressure diecasting ingot
remained at 1,520-1,570 per
tonne, while LM6/LM25 gravity
diecasting ingot stayed at
1,720-1,780 per tonne.
Demand has been relatively
strong throughout the summer,
with several producers having to
turn down orders as they often
could not cover the volume with
reduced summertime operations.
That demand was substantially
prompted by the insolvency of
German producer Oetinger in June,
as its customers looked elsewhere
for nearby tonnages.
As Oetingers administrator only
guaranteed payments to suppliers
till the end of August, consumers
are again looking elsewhere to
secure September and fourth-
quarter volumes. This will continue
even if Oetinger can guarantee
payments to the end of the year.
As a professional buyer, no
matter what the promises of the
administrator, you have to look
elsewhere, a second producer
said. You have to diversify your
supplier base, so [Oetingers]
customers will give a percentage of
the work to other companies.
Scrap prices were also stable on
Wednesday, with one scrap dealer
saying that the market was quieter
than he had ever seen it.
UK secondary aluminium market sees
consumer enquiries as holiday season ends
Prices at Producers expect pick-up in the next few weeks, once consumers are back in force from breaks
BURSA
Weakening rupee hits
Indian scrap market
again
Scrap trade into India slowed down
again last week after a short-lived
recovery in the previous week,
Metal Bulletin sister title Steel First
was told on Tuesday August 20.
The slowdown was attributed by
market sources to the weakening
of the rupee against the dollar.
With the Indian rupee touching
Rs64 against the US dollar, it is
becoming quite uncompetitive for
imports [of scrap], a UK-based
trader said.
The rupee was trading at Rs63.26
to $1 on August 20, a sharp fall from
its value on July 20 of Rs59.655 to $1.
Containerised shredded scrap
offers were quoted at $380-385
per tonne cfr Nhava Sheva, which
is up from two scrap purchases
into India of containerised
shredded scrap at $375 per tonne
on August 12.
HMS 1&2 (80:20) imports into
India were priced $10 per tonne
below shredded scrap prices,
sources said.
CAPE TOWN
LETTER: Notion that
SA scrap buyers need
further discount is
incorrect
Dear Metal Bulletin,
[With reference to your article
South Africas scrap, foundry
industries face sweeping
changes, August 15], the notion
that SA foundries are competing at
a disadvantage to foreign
foundries and therefore require
a further articial discount on
their scrap purchases in order to
bring about a level playing eld is
simply incorrect.
South African domestic scrap
prices are based on export prices
in the best markets available to SA
exporters which are not Germany,
Italy or France, but rather China,
India and Southeast Asia.
As an example, old rolled
aluminium in India is about
$1,600 per tonne cif India. Freight
is about $60 per tonne, resulting
in a fob price of $1,540 (equivalent
to R15,685 per tonne). Fobbing
cost is R1,100 ($108) per tonne,
leaving R14,300 per tonne in
Johannesburg.
Therefore the price in India is
R16,000 per tonne cif India
(higher by the time it reaches an
Indian foundry after import costs
and duty into India are added),
while in Johannesburg it is
R14,300 per tonne delivered to
the foundry.
So your conclusion: Looking at
these prices, it would appear that
South African buyers do not get a
logistics-cost discount, is not
correct.
SA foundries may be able to
source smaller quantities at slightly
lower prices but these sources may
have some disadvantages.
The idea that there should be a
discount on larger tonnages makes
no sense with a commodity which
is in short supply and in good
demand. Goods are sold at a
discount for larger quantities only
when they are in unlimited
supply with a limited demand,
such as fruit and vegetables.
Graham Barnett, director of
SA Metal, South Africa
Supply is now much lower following factory closures
Iron and steel
A question of destination 50,000-tonne shipment will be rst in two years
MARKETS
Chinese CRC export prices up
further on rm domestic
market 12
Russian domestic ats up 13
WORLD NEWS
Glencore Xstrata iron ore sales
up 54% in H1 2013 14
IN THIS SECTION
SO PAULO, LONDON
BY JUAN WEIK & NINA NASMAN
A 50,000-tonne cargo of pig iron
from Brazil will be going to the
Italian market, trading sources told
Metal Bulletin sister title Steel First.
The cargo was sold to a trader
four weeks ago by producers in the
south-eastern state of Minas Gerais,
and is being offered at $416-418 per
tonne cif Italy for late September
shipment and delivery after
mid-October, sources involved in
European pig iron trading said.
Various Minas Gerais makers of
merchant pig iron sold the cargo to
a trading company for around $380
per tonne fob between late July
and early August, for shipment at
the end of September from the
port of Rio de Janeiro.
It will be the rst cargo of
Brazilian pig iron shipped to Italy
in more than two years.
According to data from Brazils
foreign trade ministry, the last time
Brazilian pig iron was directly
shipped to the southern European
nation was in April 2011 but that
was a small volume of 459 tonnes
sold at an average fob price of $606
per tonne, which indicates that it
was not basic steelmaking pig iron.
It is necessary to go back as far as
August 2008 to nd a cargo of basic
steelmaking pig iron shipped
directly from Brazil to Italy, when
nearly 20,000 tonnes of Minas
Gerais material left Rio de Janeiro.
Seeking conrmation
While sources involved with the
European pig iron trading market
said that at least part of the
50,000-tonne cargo will indeed go
Brazilian pig iron cargo will go to Italy
to Italy, other sources noted there
was no nal conrmation of the
transaction.
People are talking about Italy,
but this is not conrmed yet, one
trading source from Minas Gerais
told Steel First on Friday August 16.
Three other trading sources two
in Brazil and one in Europe said
they were uncertain about the
cargos destination. Early on
August 19, however, the trading
company that bought the cargo,
Hong Kong-based Fecat, conrmed
that it will indeed be going to Italy.
1 Chinas crude steel output
up 2.7% in early August
2 DAILY SCRAP REPORT: Index
rises with further US, Baltic
Sea cargoes
3 EMR named preferred
bidder for Sita UK scrapyards
4 SunCoke Energy sees rise in
Q3 earnings to $72.4m
5 Moodys downgrades
outlook for Asian steel
industry to negative
6 Spot 63.5% Fe iron ore
prices end three-day rally
7 METAL BULLETIN RESEARCH:
OCTG market worth $33bn
and growing
8 Weakening rupee hits
Indian scrap market again
9 CHINA STEEL WRAP: Most
prices down
10 Mechel sells Ukrainian steel
mill for $2,670
Most read steel stories in the
week to August 23.
See www.metalbulletin.com
MOST READ ON THE WEB
Some traders of CIS-origin pig iron
into Italy remarked on the effects
on competition in the market if
Brazilian material should appear
more regularly. This could
change dynamics in the market,
a trader of Ukrainian pig iron said.
It is only a question of price
and availability of quantity,
another European trader said,
referring to the relatively low cost
of shipping a large pig-iron cargo
from south-eastern Brazil to Italy.
Freight rates from Rio de Janeiro
to Italy should be $30-35 per
tonne for a 50,000-tonne vessel,
sources said.
Italian market participants are
on holiday in August, but the
latest offer for Ukraine-origin
basic pig iron was higher than the
Brazilian cargo, at $425-427 cif.
The sale to Italy may also reect
the USAs reduction in
consumption of Brazilian pig iron,
in favour of locally produced
direct reduced iron (DRI).
Move spells competition for the CISs pig iron exporters
Iron and steel
Markets
SHANGHAI
Chinas cold rolled coil
export prices rose
further on Tuesday
August 20, as exporters
took advantage of the rming
domestic market to make an
upward push.
Base export transaction prices
were at $600-605 per tonne fob for
October shipment, up $5 per tonne
from Metal Bulletin sister title Steel
Firsts assessment last Friday.
Base export offers were at
$620-630 per tonne fob for October
shipment, also up $5 per tonne
week-on-week.
The rm domestic market and
relatively positive sentiment gave
support to higher export prices,
sources told Steel First.
Major Chinese steelmakers
including Baosteel have raised their
September list prices for CRC over
the past week, which gave the
market a clearer signal of an
uptrend, an export director for a
northern Chinese mill said.
Hence, I would not consider
lowering my offer prices even if no
deals can be concluded in the
short term, the source added.
A source with another mill in the
north predicted that overseas buyers
would have to accept higher prices if
Chinese exporters stick to current
offers. This is due to demand slowly
picking up with some buyers
returning to the market from their
summer holidays.
At the moment they are still
resisting prices above $610 per
tonne fob, she said.
Chinese CRC expor t prices up
further on rm domestic market
Feeling good Positive market sentiment supports mills export price increases
Domestic demand for CRC in China has helped exporters raise prices
SHANGHAI
Chinese HRC export
prices unchanged as
buyers sit out
Chinas hot rolled coil
export prices were
unchanged on
Monday August 19 as
market participants sat on the
sidelines, awaiting clarity.
Base transaction prices for
commercial-grade, boron-
containing HRC were at $530-535
per tonne fob for October
shipment, the same level as
Metal Bulletin sister title Steel
Firsts assessment last Friday.
Base export offer prices for the
same product were also at at
$540-560 per tonne fob for
October shipment.
Overseas buyers are resisting
high offer prices amid seasonally
slow demand, while Chinese
exporters are unwilling to close
deals at lower prices given the rm
local market, export sources said.
We have retained our offer
prices over the past week despite
the recovery in the domestic HRC
market, as there have been no
transactions, an export director
with a mill in north China said.
I think the majority of
overseas buyers will continue to
wait on the sidelines until the
trend on Chinas domestic steel
market is settled, he added.
NEW YORK
The US merchant bar
market remained
steady last week and
there was little to
suggest a change in prices in the
near term, market sources told
Metal Bulletin sister title AMM.
I havent heard anything [on a
possible price rise] and [mills] are
not expressing that sentiment,
one US Midwest service centre
source said, adding that this
reected weak market conditions.
As far as I see, there havent been
any net changes. Its just been at.
Prices for 2x2x0.25in angles
remain at $753 per ton ($37.65 per
hundredweight), 3x3x0.25in
angles at $762 per ton, 8x11.5in
channels at $747 per ton and
0.5x4in ats at $757 per ton,
though one mill source claimed
there was some discounting off
published numbers.
Theres more than just a
normal amount of funny business
right now, he said, adding that
discounts of about $10-15 per ton
were available even for smaller
purchases.
Ive heard about [some mills]
giving discounts to everybody, he
told AMM.
US merchant bar demand, prices
steady on weak market conditions
US steel mills have held
rebar prices at for
most customers over
the past several
months in the face of disappointing
demand, market sources have told
Metal Bulletin sister title AMM.
Producers and fabricators in most
regions are chasing too few orders
with too many tons, they added.
Rebar mills have kept their prices
rm at about $645 per ton ($32.25
per hundredweight), and buyers
said that, with such thin margins
on nished fabricated rebar, they
were ready to pressure their
suppliers for a discount.
Most said they had not seen a
decrease in mill selling prices, but
there were rumours circulating that
indicated some softening.
Its a rough market right now.
The overall capacity for rebar
producers is about 60%. These are
tough days, a mill source said.
A combination of wet weather in
many parts of the USA and an
overall sluggish economy has
depressed shipment levels, with
construction contractors slowing
down their work because of the
rain, and many fabricators left
wondering when large-tonnage
jobs will return.
A 700-ton job would be a big
job, and there are very few of them
around, a source at a rebar
fabricator in Missouri said.
NEW YORK
US rebar prices at amid weak demand
I would not consider
lowering my offer prices
even if no deals can be
concluded in the short
term Mill source

D
A
L
I
A
N

B
I
N
H
A
I

C
R
A
N
E

H
O
I
S
T

C
O
Russian domestic at prices up
on export support, weak rouble
SHANGHAI
Chinas plate export
market was lacklustre
on Wednesday
August 21 as mills
focused their attention on the
stronger domestic market, while
overseas buyers remained
reluctant of accepting high offers.
Base export transaction prices for
commercial-grade, boron-
containing plate were at $530-535
per tonne fob for October
shipment, unchanged from Metal
Bulletin sister title Steel Firsts
assessment the previous Friday.
Base export offer prices for the
same product were also
unchanged week-on-week at
$540-555 per tonne fob for
October shipment.
The export market has remained
stagnant over the past few days,
with very few deals heard
concluded, sources told Steel First.
Weve got a lot more enquiries
from overseas buyers in recent
days, as some of them are
returning to work from holidays.
But they are not likely to accept our
offers in the short term as they
need to observe the market
situation rst, a northern Chinese
mill source said.
An export director for a major
eastern Chinese mill told Steel First
that his mill was focusing on
domestic sales at the moment.
Chinese plate export prices
unchanged amid market lull
MOSCOW
BY NADIA POPOVA
Russian steelmakers
have managed to push
through price rises of
$3-24 on August-
produced hot and cold rolled
sheet, citing higher export costs
and a weak rouble.
Domestic at steel prices in Russia
have been falling since May due to
what market participants said were
end-user nancing problems.
August-produced 4mm hot
rolled sheet was sold out at
20,000-20,400 roubles ($607-619)
per tonne cpt Moscow including
VAT, equivalent to 15,330-15,840
roubles per tonne ex-works.
This was 1-4% higher than the
price of 19,600-19,800 roubles per
tonne cpt Moscow at which
producers sold their July production.
August-produced 1mm cold
rolled sheet has changed hands
at 22,100-22,500 roubles per
tonne cpt Moscow including VAT,
equivalent to 17,100-17,620
roubles exw.
This was 1-2% higher than the
price of 21,990-22,000 roubles per
tonne cpt Moscow, including VAT,
at which Russian producers sold
their July-rolled material.
Export prices up
CIS export at steel prices have
risen for the past four weeks.
According to Metal Bulletin sister
title Steel Firsts assessments, the
CIS export price for hot rolled coil
(HRC) rose to $530-570 per tonne
fob Black Sea, from $500-515 per
tonne on July 15.
Prices for cold rolled coil (CRC) rose
to $615-650 per tonne fob Black
Sea, from $590-625 per tonne fob
in the middle of last month.
Initial offers for August-produced
domestic at steel showed a rise of
as much as 10% month-on-
month, with the highest rise
announced by Severstal.
Russian steel mills have pushed through a rise after months of falls
MOSCOW
Ukrainian steel plate
export prices up $5-10
Ukrainian steel plate
producers are
offering their
September-rolled
material to export markets at
$540-550 per tonne fob Azov Sea/
Black Sea, prices that are $5-10
higher month-on-month.
The rise is motivated more by
the expectation of renewed
demand after the end of the
Islamic holy month of Ramadan,
rather than actual buyers
interest, market participants said
on Tuesday August 20.
Metinvest has already sold
some September plate to Africa at
$550 per tonne fob, according to
one trader.
Slide ends Flat steel prices have been falling since May, but recovery is in sight
Steel buying increased
last week in the UAE for
restocking purposes,
after a very slow period
of business in the Islamic holy
month of Ramadan.
This does not mean there is high
demand, traders told Metal
Bulletin sister publication Steel
First. They believe the burst of
buying is temporary.
Most market participants agreed
that the market is waiting to see
whether price increases will be
permanent.
Hot rolled coil (HRC) was offered
to the UAE on Tuesday August 20 at
$580-600 per tonne cfr, up from
last weeks $570-600 per tonne cfr.
BURSA
Post-Ramadan
restocking boosts steel
buying in UAE
NEW YORK
Chinese wire rod
imports to USA double
in rst half of 2013
US wire rod imports
from China surged to
more than 244,000
tonnes in the rst
half of 2013, more than double
the volume in the corresponding
period last year.
China thus replaces Turkey as
the largest offshore supplier to
the USA, according to US Census
Bureau data analysed by Metal
Bulletin sister publication AMM.
Wire rod mills, traders and
buyers spoke of a large inux of
Chinese material earlier this year,
and Chinese wire rod imports
spiked in May and June,
triggering alarm among US mills
that imports would put pressure
on domestic margins.
Census Bureau data analysed by
AMM shows that US imports of
Chinese wire rod in the rst half of
this year exceeded Chinas
full-year total for last year of
219,271 tonnes.
We are nervous about so many
imports coming in and what it will
mean for business, a mill source
said. Our margins are getting
eroded because of the Chinese. At
this point, were helpless.
Iron and steel
World news
Asia
Indias public sector rm National
Aluminium Company Limited
(NALCO) reported a drop in net prot
for the quarter ended June 30, 2013,
on low international aluminium
prices. The companys net prot
stood at Rs 160 crore ($25.50 million)
during the quarter, down from
$36.13 million recorded last year.
Alumina production in the quarter
reached 480,000 tonnes,
compared with 470,000 tonnes
during the comparable quarter of
the previous scal year, the
company said. Alumina sales
during the quarter were 280,000
tonnes, against 250,000 tonnes in
the same period last year. Metal
sales were 85,000 tonnes, against
100,000 tonnes in the same period
last year. Bauxite production
increased to 1.46 million tonnes,
compared to 1.14 million tonnes in
the corresponding quarter last year.
Steel consumption in India rose by
just 0.2% in the rst four months
of the countrys scal year, to
July 31, due to low offtake by the
domestic construction and
automotive sectors. Consumption
rose to 24.14 million tonnes in
April-July, against 24.08 million
tonnes in the corresponding
period last year, according to a
report published by the joint plant
committee (JPC) of Indias steel
ministry. Crude steel output was up
by 3.1% to 26.12 million tonnes,
compared with 25.34 million
tonnes in the same period last
year. The countrys main steel
producers such as Tata Steel,
Steel Authority of India (Sail),
Rashtriya Ispat Nigam (RINL) JSPL,
JSW Steel and Essar Steel
contributed 14.12 million tonnes,
while other steel producers
contributed 14.97 million tonnes
during the period.
Rumours about a steel output cut in
northern Chinas Tangshan city
have re-emerged following local
media reports about a timetable for
capacity cuts in Hebei province,
where it is located. A total of 60
million tpy of steel capacity will be
phased out in Hebei by the end
of 2017 and another 26 million tpy
by 2020, according to local media
reports on Tuesday August 20
Glencore Xstrata iron ore sales up 54% in H1 2013
Global mining and trading group Glencore Xstrata saw its iron ore sales
volumes jump by 54% year-on-year to 12.8 million tonnes in the rst
half of 2013, it said on Tuesday August 20. The company sold 8.3 million
tonnes of iron ore in January-June last year. Glencore Xstrata reported a
loss of $5 million in adjusted earnings before interest, taxes,
depreciation and amortisation (Ebitda) for its iron ore business a slight
improvement year-on-year from a loss of $8 million in the rst half
of 2012. Weaker spot prices have affected earnings from iron ore across
the market. Metal Bulletins iron ore index for 62% Fe material averaged
$137.70 per tonne cfr Qingdao in the rst half of this year, compared with
$141.10 per tonne cfr in the corresponding period in the previous year.
regarding upcoming guidelines to
control air pollution in the province.
However, the reports had little
impact on the spot steel market as
there was no ofcial
announcement and no details have
been conrmed yet, according to
market sources. If this is true, Im
happy that the government is
getting serious about pollution
control and capacity control of the
steel industry.
CIS
The Russian Federal Customs
Service has returned its regime of
checks on Ukrainian cargoes back
to normal, the countrys
state-run news agency reported
on Tuesday August 20. No ofcial
statement to this effect was issued
by the customs service, however.
The reversion followed almost a
week of tighter, time-consuming
border control procedures affecting
all goods from Ukraine. As a result
of the tighter checks, Russian
buyers put on hold their new offers
from Ukrainian steelmakers
Metinvest and ArcelorMittal
Krivyi Rih, market participants told
Metal Bulletin sister publication
Steel First on August 19.
Europe
Steelmaking group ThyssenKrupp
will close down its electro-
galvanized sheet plant in Neuwied,
Germany, as part of a plan to return
to protability, the company said
on Tuesday August 20. In view of
the difcult situation in the steel
market, particularly with regard to
sales of auto sheet, savings at the
ThyssenKrupp site in Neuwied are
unavoidable, the Essen-based
producer said. Production at the
Neuwied plant, which is part of
tinplate subsidiary ThyssenKrupp
Rasselstein, will be closed down
step-by-step, beginning with the
closure of one of the galvanizing
lines (EBA 6) by September 30 this
year. The other galvanizing line,
FBA 11, has already been
discontinued. Neuwieds cold
rolling mill is planned for closure
on December 31, while the pickling
unit will continue operations until
September 2015.
Latin America
Ternium, Tenaris and Tecpetrol
have entered into a memorandum
of understanding to jointly build
and operate a natural gas-red
combined cycle electric power
plant in Nuevo Len state, in the
north of Mexico. Expected to cost
about $1 billion, the plant would
supply energy to both Ternium and
Tenaris, which have steelmaking
operations in Mexico, the
companies said on Monday
August 19. The joint venture, called
Techgen, would be mainly
controlled by Ternium, with a 48%
stake, with Tecpetrol holding 30%
and Tenaris the remaining 22%.
With a power capacity of between
850 and 900 megawatts, Techgen
is expected to be operational in the
fourth quarter of 2016, with the
investment partially nanced
with debt, the companies said.
Altos Hornos de Mxico (Ahmsa)
hopes that Mexicos planned
energy reforms will allow
steelmakers to get into the shale
gas sector and to benet from
higher local steel content in
pipeline projects. The energy
proposal, presented earlier this
month by the countrys president,
should resolve problems that
represent a constraint for the
growth of the Mexican steel
industry, the integrated
steelmakers spokesman, Francisco
Ordua, told Metal Bulletin sister
title Steel First recently. We believe
that the proposal submitted by
president Enrique Pea Nieto [has]
a good balance between what is
possible and what is desirable,
Ordua said. The reforms should
also focus on reducing energy
prices for the industrial sector and
on solving the energy supply
shortages that have affected the
Mexican steel industry.
Brazils at steel and iron ore
producer Usiminas has once again
denied that it is interested in
acquiring a stake in local miner
MMX. At rst, no, cfo Ronald
Seckelmann said on Wednesday
August 21 when asked by
journalists whether the steelmaker
was a possible suitor for the iron
ore producer. MMX interests [us]
as a port operator, he said. I
M
A
G
E
:

G
L
E
N
C
O
R
E

X
S
T
R
A
T
A
P
r
i
c
e
s
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 22 Aug 16 Aug 19 Aug 20 Aug 21 Aug 22
Aluminium High Grade $
1828.00-1829.00 LME Cash official 1876.00-1876.50 1872.00-1872.50 1848.00-1849.00 1852.00-1852.50 1857.00-1857.50
unofficial 1886.50-1887.50 1874.00-1876.00 1865.50-1867.50 1841.00-1843.00 1834.00-1835.00
1868.50-1869.50 LME 3 months official 1925.00-1926.00 1930.50-1931.50 1905.00-1905.50 1901.50-1902.00 1904.00-1904.50
unofficial 1933.00-1934.00 1923.00-1925.00 1915.00-1917.00 1890.00-1892.00 1881.00-1882.00
LME Tapo Notional Average Price(NAP) for Aug 2013 1801.29 1806.77 1809.79 1812.63 1815.44
LME stocks (tonnes) 5,443,050 5,447,425 5,440,275 5,431,600 5,428,175
Aluminium Alloy (A380.1/DIN226/D12S) $
unofficial 1775.50-1780.50 1771.00-1781.00 1765.00-1775.00 1760.00-1770.00 1760.00-1770.00
unofficial 1805.00-1810.00 1800.00-1810.00 1795.00-1805.00 1790.00-1800.00 1790.00-1800.00
LME stocks (tonnes) 67,700 67,540 67,400 67,260 67,140
N. American Special Aluminium Alloy
unofficial 1855.00-1860.00 1840.00-1850.00 1820.00-1830.00 1805.00-1815.00 1810.00-1820.00
unofficial 1885.00-1890.00 1870.00-1880.00 1850.00-1860.00 1835.00-1845.00 1840.00-1850.00
LME Stocks (tonnes) 111,840 111,800 111,740 111,680 111,680
Copper Grade A$
unofficial 7361.50-7371.50 7294.00-7299.00 7287.50-7289.50 7222.50-7224.50 7275.00-7277.00
unofficial 7390.00-7400.00 7325.00-7330.00 7318.00-7320.00 7253.00-7255.00 7303.00-7305.00
LME Tapo Notional Average Price(NAP) for Aug 2013 7129.79 7141.77 7150.61 7156.30 7167.81
Lead $
unofficial 2226.00-2231.00 2231.50-2233.50 2238.00-2240.00 2207.00-2212.00 2207.00-2209.00
unofficial 2232.00-2237.00 2238.00-2240.00 2240.00-2242.00 2218.00-2223.00 2217.00-2219.00
Nickel$
15750-15755 LME Cash official 14680-14685 14650-14655 14560-14565 14445-14450 14430-14435
unofficial 14660-14680 14725-14750 14700-14725 14425-14450 14365-14375
15850-15855 LME 3 months official 14790-14800 14750-14775 14650-14655 14550-14600 14530-14540
unofficial 14730-14750 14800-14825 14775-14800 14500-14525 14435-14445
Tin $
unofficial 21770.00-21820.00 21835.00-21885.00 21795.00-21845.00 21870.00-21895.00 21965.00-22040.00
unofficial 21800.00-21850.00 21850.00-21900.00 21775.00-21825.00 21825.00-21850.00 21925.00-22000.00
Zinc Special High Grade $
unofficial 1952.00-1953.00 1950.00-1953.00 1946.00-1948.00 1929.00-1931.00 1924.00-1925.00
unofficial 1990.00-1991.00 1990.00-1993.00 1987.00-1989.00 1970.00-1972.00 1963.00-1964.00
LME stocks (tonnes) 1,034,700 1,032,175 1,028,625 1,026,100 1,023,575
Cobalt min 99.3%
LME 3 months official 27000.00-28000.00 27400.00-28400.00 27000.00-27500.00 27000.00-28000.00 26700.00-28200.00
LME stocks (tonnes) 517 517 517 517 522
Molybdenum $
LME stocks (tonnes) 204 204 204 204 216
Steel Billet
340.00-345.00 LME Cash Official 140.00-150.00 140.00-150.00 140.00-150.00 140.00-150.00 140.00-150.00
unofficial 141.00-151.00 140.00-150.00 140.00-150.00 140.00-150.00 140.00-150.00
unofficial 160.00-170.00 160.00-170.00 160.00-170.00 160.00-170.00 160.00-170.00
Gold $/troy oz
1640.50 London morning 1360.75 1375.25 1365.75 1360.00 1370.50
1642.00 London afternoon 1369.25 1365.00 1372.50 1363.00 1375.50
1642.00 Handy/Harman 1369.25 1365.00 1372.50 1363.00 1375.50
Silver per troy oz
1857.74/2933.00 London Spot pence/cents 1459.25/2283.00 1484.35/2323.00 1460.78/2287.00 1464.32/2294.00 1481.22/2307.00
2942.00 Handy/Harman cents 2323.50 2314.00 2320.00 2299.00 2311.50
Palladium $/troy oz
632.00 London morning 754.00 756.00 746.00 743.00 750.00
Platinum $/troy oz
1525.00 London morning 1518.00 1515.00 1505.00 1511.00 1519.00
Dubai
Please note this price is no longer quoted
Rebar $
Kuala Lumpur tin market
Tin $/tonne
18,900 21,700 21,800 21,800 21,800 21,770
P
r
i
c
e
s
LME & SHFE stocks (tonnes effective 20 August)
Note:deliveries in and out for the week Aug 14 - 20
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 26,850 20,850 nil
Hamburg nil nil nil nil nil nil 23,425 20,075 nil
Genoa nil nil nil nil nil nil 12,000 nil nil
Leghorn nil nil nil nil nil nil 375 nil 400
Trieste nil nil nil 100 275 nil 47,850 48,600 5,325
Busan nil nil nil nil nil nil 17,025 5,300 nil
Gwangyang nil nil nil nil nil nil 24,050 22,400 nil
Incheon nil nil nil nil nil nil 8,550 2,250 100
Johor nil nil nil nil nil nil 26,550 nil 16,250
Port Klang nil nil nil nil nil nil 15,300 nil 1,000
Rotterdam nil nil nil 25 nil nil 266,725 347,150 44,200
Vlissingen 10,175 nil nil 1,800 12,500 nil 709,100 1,288,900 71,775
Singapore nil nil nil 2,675 nil nil 298,000 95,850 111,075
Bilbao nil nil nil 125 nil nil 18,350 13,750 nil
Gothenburg nil nil nil nil nil nil nil nil nil
Helsingborg nil nil nil nil nil nil nil 12,400 25
Hull nil nil nil nil nil nil 3,025 875 nil
Tyne & Wear nil nil nil nil nil nil 8,750 2,125 1,050
Liverpool nil nil nil nil nil 200 nil nil 14,025
Baltimore nil nil nil 25 3,575 nil 26,750 58,750 150,250
Chicago nil nil nil nil 550 nil 50 9,500 4,000
Detroit 975 3,750 6,175 nil 6,225 4,500 60,925 801,975 594,925
Long Beach nil nil nil nil nil nil nil nil nil
Los Angeles nil nil nil nil nil nil 75 4,375 1,950
Mobile nil nil nil 350 nil nil 64,525 nil nil
New Orleans nil nil nil nil nil nil 300 nil 200
St Louis nil nil nil nil nil nil nil nil nil
Toledo nil nil nil nil nil nil 475 3,275 6,300
Total 11,150 3,750 6,175 5,100 23,125 4,700 1,659,025 2,758,400 1,022,850
Al.Alloy (large sows)
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 200 1,580 nil
Rotterdam nil nil nil nil 20 nil nil 980 nil
Vlissingen nil nil nil nil nil nil nil 80 nil
Singapore nil nil nil nil nil nil 400 nil nil
Total nil nil nil nil 20 nil 600 2,640 nil
Alum.alloy
A380.1 226/DIN AD12.1 A380.1 226/DIN AD12.1 A380.1 226/DIN AD12.1
Antwerp nil nil nil nil nil nil 1,420 15,240 1,660
Hamburg nil nil nil nil nil nil 20 nil nil
Genoa nil nil nil nil nil nil 2,240 nil nil
Trieste nil nil nil nil nil nil 7,060 nil nil
Busan nil nil nil nil nil nil nil nil 120
Gwangyang nil nil nil nil nil nil nil nil 40
Rotterdam nil nil nil nil 720 nil 320 9,100 nil
Vlissingen nil nil nil nil nil nil 320 6,840 640
Johor nil nil nil nil nil nil nil 880 nil
Port Klang nil nil nil nil nil nil nil 60 nil
Singapore nil nil nil nil nil nil 680 15,380 nil
Bilbao nil nil nil nil nil nil 1,980 nil nil
Liverpool nil nil nil nil nil nil 160 nil nil
Total nil nil nil nil 720 nil 14,200 47,500 2,460
Nickel
Cats Pellets Briqs Cats Pellets Briqs Cats Pellets Briqs
Busan 42 nil nil nil nil nil 318 nil nil
Incheon nil nil nil nil nil nil 132 nil nil
Johor nil 384 nil nil nil nil nil nil 6
Rotterdam nil nil nil nil nil nil nil 384 342
Vlissingen nil nil nil nil nil nil nil nil 300
Singapore nil nil nil nil nil nil 6 nil nil
Chicago nil nil nil nil nil nil nil 1,008 nil
Total 42 384 nil nil nil nil 456 1,392 648
Nickel full plate cats
Delivered Delivered Total
In Out
Antwerp 30 240 17,832
Hamburg nil nil 348
Genoa nil nil 24
Busan nil nil 6,192
Gwangyang nil nil 516
Johor nil nil 4,122
Rotterdam 3,132 306 75,030
Vlissingen nil 120 8,574
Singapore nil nil 5,316
Helsingborg nil nil 2,802
Dubai nil 198 4,116
Hull nil nil 3,384
Tyne & Wear nil nil nil
Liverpool nil nil 3,408
Detroit nil nil 402
Total 3,162 864 132,066
Nickel Bagged Briquettes
In Out
Busan nil nil 432
Johor 570 nil 70,668
Vlissingen nil nil 300
Dubai 240 nil 1,836
Total 810 nil 74,694
Copper
In Out
cats cats cats
Antwerp nil nil 127,075
Leghorn nil nil 25
Trieste nil nil 25
Busan nil 5,850 11,950
Gwangyang nil 625 4,475
Incheon nil nil 25
Johor nil 15,450 201,000
Port Klang nil nil nil
Rotterdam 1,550 900 5,225
Vlissingen nil nil 8,025
Barcelona nil nil nil
Bilbao nil nil 25
Hull nil nil 800
Liverpool nil nil nil
Chicago nil 225 5,300
Mobile nil nil 50
New Orleans 4,025 2,500 187,000
St Louis nil 1,550 8,650
Total 5,575 27,100 566,925
Lead
In Out
Antwerp 5,525 6,950 21,425
Hamburg nil nil 400
Genoa nil nil 4,800
Leghorn nil nil 200
Trieste nil nil 50
Johor 975 nil 40,900
Port Klang nil 400 34,125
Rotterdam nil nil 150
Vlissingen nil 2,100 50,975
Singapore nil nil 300
Barcelona nil nil 5,050
Bilbao nil nil 7,225
Baltimore nil nil nil
Detroit nil 2,475 23,025
Long Beach nil nil 300
Los Angeles nil nil 675
Mobile nil nil nil
New Orleans nil nil nil
Total 6,500 11,925 189,600
Zinc
In Out
Antwerp nil 1,050 190,175
Trieste nil nil nil
Johor nil nil 5,700
Port Klang nil nil 21,900
Rotterdam nil nil 8,575
Vlissingen nil nil 54,950
Bilbao nil nil 600
Hull nil nil 3,925
Liverpool nil nil 75
Baltimore nil 225 5,925
Chicago nil nil nil
Detroit nil nil 112,675
New Orleans nil 12,625 619,725
Total nil 13,900 1,028,625
Cobalt
In Out
Antwerp nil nil 41
Rotterdam 5 nil 368
Singapore nil nil 62
Baltimore nil nil 46
Total 5 nil 517
Roasted Molybdenum Concentrate RMC Powder
In Out
Rotterdam nil 12 204
Total nil 12 204
Tin
In Out
Busan nil nil 20
Gwangyang nil nil 50
Rotterdam nil nil 5
Johor 155 nil 7,265
Port Klang 100 300 4,605
Singapore nil 45 1,910
Total 255 345 13,965
NASAAC ingots
In Out
Baltimore nil nil 1,880
Chicago nil nil 280
Detroit 80 nil 19,340
Long Beach nil nil nil
Mobile nil nil nil
New Orleans nil nil 40
Total 80 nil 21,540
NASAAC T-Bars
In Out
Total nil nil 4,660
NASAA large sows
Baltimore nil nil nil
Chicago nil nil nil
Total nil nil 2,440
NASAA small sows
In Out
Chicago nil 240 15,940
Detroit 40 nil 67,140
Mobile nil nil nil
New Orleans nil nil 20
Total 40 240 83,100
Steel Billet
Antwerp nil nil 21,255
Incheon nil nil 65
Johor nil nil 325
Chicago nil nil 195
New Orleans nil 65 1,105
Total nil 65 38,935
Shanghai Futures Exchange
Deliverable
Aluminium 317,815
Copper 156,110
Zinc 261,559
P
r
i
c
e
s
Exchange Rates & New York Futures
Non-Ferrous Primary Metals
Precious Metals
Base Metals
Aug 21 Aug 23
Iridium
MB free market: min. 99.9%, $/troy oz in warehouse 775-825* 775-825*
Johnson Matthey base price: (unfab) $/troy oz (08.00 hrs) 825 800
Engelhard base price: $/troy oz 800 800
Palladium
World prices: see Daily Metal
European free market: min. 99.9%,$/troy oz
in warehouse 745-750* 750-755*
Aug 21 Aug 23
Platinum
World prices: see Daily Metal
European free market: min. 99.9%, $/troy oz
in warehouse 1,510-1,515* 1,540-1,545*
Engelhard base price: $/troy oz 1,516 1,523
Johnson Matthey base price: (unfab)
$/troy oz (08.00 hrs) 1,517 1,545
Rhodium
in warehouse 975-1,025* 975-1,025*
Engelhard base price: $/troy oz 1,020 1,020
Johnson Matthey base price: (unfab)
$/troy oz (08.00 hrs) 1,010 1,010
Ruthenium
in warehouse 60-75* 60-75*
Exchange Rates
Aug 16 Aug 19 Aug 20 Aug 21 Aug 22
LME Settlement Conversion Rates
$/ 1.5629 1.5648 1.5665 1.5692 1.5583
$/Yen 97.55 97.98 97.13 97.49 98.64
$/ 1.3342 1.3354 1.3382 1.3392 1.3312
Closing Rates, Midpoint
$/ 1.5614 1.5671 1.5679 1.5689 1.5573
$/Yen 97.58 97.98 97.14 97.69 98.61
$/ 1.3333 1.3351 1.3427 1.3377 1.3345
/ 1.1711 1.1738 1.1677 1.1728 1.1670
Standard Bank prices
Standard Banks rand fixing prices per tonne for London Metal Exchange trade
Copper R73,281.65 R74,093.54 R73,708.50 R73,915.74 R75,937.47
Aluminium R18,746.24 R19,043.33 R18,758.11 R18,923.29 R19,215.84
Lead R22,222.76 R22,760.46 R22,618.28 R22,677.30 R23,043.49
Zinc R19,480.50 R19,887.44 R19,681.30 R19,781.35 R20,089.99
Nickel R146,703.15 R149,041.35 R147,761.93 R147,606.75 R149,330.08
Tin R218,531.25 R222,214.50 R223,443.63 R224,985.38 R227,590.00
New York futures
(Comex) Copper high grade cents/lb
346.00 Aug `13 333.80 336.45 333.65 333.95 331.15
148,489 Open Interest 161,377 160,440 159,176 160,062 160,387
50,249 Stocks (short tons) 54,243 51,508 49,382 46,832 44,006
(Comex) Gold $/troy oz
1637.40 Aug `13 1361.60 1371.70 1366.20 1373.10 1370.60
405,295 Open Interest 391,719 380,782 382,810 385,410 381,781
10,844,138 Stocks (troy oz) 6,998,990 6,998,991 6,981,055 6,981,055 6,982,155
(Nymex) Palladium $/troy oz
628.15 Nymex Sett AUG 755.95 762.15 752.00 748.75 746.00
5,465 Stocks (troy oz) 562,967 562,866 562,265 562,265 561,662
(Nymex) Platinum $/troy oz
1525.20 Nymex Sett AUG 1531.40 1526.70 1508.10 1524.60 1518.20
3,827 Stocks (troy oz) 229,223 229,172 229,172 229,172 228,772
(Comex) Silver cents/troy oz
2954.90 Aug `13 2292.90 2331.70 2316.10 2306.60 2295.80
126,869 Open Interest 133,727 132,284 133,784 131,076 131,397
Shanghai futures
Aluminium yuan/tonne (August delivery)
15,300 14,435 14,460 14,370 14,405 14,415
Copper yuan/tonne (August delivery)
55,620 53,380 53,070 52,640 52,870 53,180
Zinc yuan/tonne (August delivery)
14,515 15,120 15,130 14,990 15,040 15,075
Aug 21 Aug 23
Aluminium
LME prices: see Daily Metal
LME duty-paid Premium Indicator/HG Cash 245-265* 245-265*
HG duty-paid three months 245-265* 245-265*
Cif Japan: 99.7% duty unpaid premium indicator quarterly 250-250* 250-250*
CIS-origin: indicators in warehouse Europe: A7e premium 180-215* 180-215*
Extrusion billet premium 6063, EC duty paid,
in warehouse Rotterdam ($/tonne) 485-500* 485-500*
US free market: P1020 US midwest
premium indicator ($/lb) 0.114-0.119* 0.110-0.113*
MB Chinese free market,
Metallurgical grade, delivered duty paid RMB/tonne 2,400-2,600* 2,400-2,600*
Alumina
Index fob Australia 320.50
Copper & Brass
LME: see Daily Metal
Producer premium
(Codelco): contract2013 Grade A cathode (average) 85-85 85-85
MB free market US: High-grade cathode
premium indicator, $/tonne 132.00-176.00* 132.00-176.00*
Chinese Grade 1: 130-140* 130-140*
Germany: (VDM) Electro, /tonne wirebar (DEL): 5,481.50-5,506.50 5,481.50-5,506.50
cathodes: 5,410.00-5,510.00 5,410.00-5,510.00
South Africa: Palabora copper rod 7.90mm, Rand/tonne 82,377.95 82,377.95
Tin
Kuala Lumpur and LME prices: see Daily Metal
MB European free market
Spot premium 99.9% $ per tonne 450-750* 450-750*
Spot premium 99.85% $/tonne 350-450* 350-450*
MB US free market: Grade A tin premium $/lb 0.24-0.29* 0.24-0.29
*
Aug 21 Aug 23
Nickel
Europe: $/tonne in warehouse Rotterdam
uncut cathodes premium indicator 5.00-70.00* 5.00-70.00*
4x4 cathodes premium indicator 175.00-200.00* 175.00-200.00*
briquettes premium indicator 25.00-100.00* 25.00-100.00*
US: melting premium indicator $/lb 0.15-0.25* 0.15-0.25*
plating premium indicator $/lb 0.50-0.60* 0.50-0.60*
Lead
Germany: (VDM) virgin soft, /tonne 1,830.00-1,870.00 1,830.00-1,870.00
MB US: High Grade ingot premium indicator, $/lb 0.1200-0.1400* 0.1200-0.1400*
MB European free market:
in warehouse Rotterdam /tonne 50-100* 50-100*
European Automotive battery premium free market (Eurobat)
in warehouse Rotterdam /tonne
Soft lead (average) 160.86* 160.86*
Ca/Ca grid lead (average) 430.42* 430.42*
Connector lead (average) 431.75* 431.75*
European Industrial battery
premium free market (Eurobat)
in warehouse Rotterdam /tonne
Stand-by refined or soft lead (average) 185.89* 185.89*
Traction refined or soft lead (average) 143.10* 143.10*
Lead concentrates: 70/80% Pb $/tonne T/C, cif. 200-250* 200-250*
Zinc
Germany: (VDM) virgin, /tonne 1,600-1,600 1,600-1,600
UK:
Special high grade, delivered monthly average price /tonne 1,369.00-1,369.00* 1,369.00-1,369.00*
MB US: Special high grade, $/lb 0.0900-0.1000* 0.0900-0.1000*
MB EU: Special high grade, fot Rotterdam, $/tonne 135.00-145.00* 135.00-145.00*
Zinc Concentrates:cif main port $/tonne 250-270* 250-270*
For an explanation of these premia see http://www.eurobat.org/statistics
P
r
i
c
e
s
MB Daily Base Metal Premiums
All prices $/tonne unless otherwise stated, in warehouse price, duty unpaid, spot business, immediate delivery
*MB copyright
Low - High Premium Low - High Premium Low - High Premium Low - High Premium Low - High Premium
Copper - Grade A copper cathode to meet LME specications: BS EN 1978:1998 (Cu-CATH-1)
MB Copper Premium Rotterdam 100-140* 120.00* 100-140* 120.00* 100-140* 120.00* 100-140* 122.50* 100-140* 127.50*
MB Copper Premium Hamburg 100-130* 110.00* 100-130* 110.00* 100-130* 110.00* 100-140* 112.50* 100-140* 116.67*
MB Copper Premium Leghorn 100-120* 107.50* 100-120* 107.50* 100-120* 107.50* 100-130* 110.00* 100-130* 110.00*
MB Copper Premium New Orleans 70-120* 103.33* 70-120* 103.33* 70-120* 103.33* 70-120* 103.33* 70-120* 103.33*
MB Copper Premium Chicago 20-50* 38.00* 20-50* 38.00* 20-50* 38.00* 20-50* 38.00* 20-50* 38.00*
MB Copper Premium St Louis 70-120* 92.50* 70-120* 92.50* 70-120* 92.50* 70-120* 92.50* 70-120* 92.50*
MB Copper Premium Gwangyang 150-155* 152.50* 182-225* 209.00* 182-225* 209.00* 182-225* 209.00* 182-225* 209.00*
MB Copper Premium Busan 150-155* 152.50* 182-225* 209.00* 182-225* 209.00* 182-225* 209.00* 182-225* 209.00*
MB Copper Premium Singapore 110-120* 115.00* 110-120* 115.00* 110-120* 115.00* 110-120* 115.00* 110-120* 115.00*
MB Copper Premium Shanghai 185-215* 201.00* 175-200* 191.25* 175-200* 191.25* 175-200* 191.25* 160-190* 178.75*
MB Copper Premium Johor 110-120* 115.00* 110-120* 115.00* 110-120* 115.00* 110-120* 115.00* 110-120* 115.00*
Aluminium - Primary aluminium ingot to meet LME specications: P1020A
MB Aluminium Premium Rotterdam 180-215* 197.86* 180-215* 197.86* 180-215* 196.43* 180-215* 196.43* 180-215* 196.43*
MB Aluminium Premium New Orleans 190-200* 195.00* 190-200* 195.00* 190-200* 195.00* 190-200* 195.00* 190-200* 195.00*
MB Aluminium Premium Baltimore 180-190* 185.00* 180-190* 185.00* 180-190* 185.00* 180-190* 185.00* 180-190* 185.00*
MB Aluminium Premium Chicago 180-190* 185.00* 180-190* 185.00* 180-190* 185.00* 180-190* 185.00* 180-190* 185.00*
MB Aluminium Premium Detroit 180-190* 185.00* 180-190* 185.00* 180-190* 185.00* 180-190* 185.00* 180-190* 185.00*
MB Aluminium Premium Gwangyang 223.80-240* 226.33* 223.80-240* 226.33* 223.80-240* 226.33* 223.80-240* 226.33* 223.80-240* 226.33*
MB Aluminium Premium Singapore 180-195* 187.50* 180-195* 187.50* 180-195* 188.75* 180-195* 188.75* 180-195* 188.75*
MB Aluminium Premium Johor 180-195* 188.75* 180-195* 188.75* 180-195* 189.17* 180-195* 189.17* 180-195* 189.17*
MB Aluminium Premium Shanghai 240-250* 246.67* 240-250* 246.67* 240-250* 246.67* 240-250* 246.67* 240-250* 246.67*
MB Aluminium Premium Japan 250-250* 250.00* 250-250* 250.00* 250-250* 250.00* 250-250* 250.00* 250-250* 250.00*
Lead - Primary lead of 99.97% purity (minimum) to meet LME specications: BS EN 12659:1999
MB Lead Premium Rotterdam 30-80* 58.57* 30-80* 58.57* 30-80* 58.57* 30-80* 63.33* 30-80* 63.33*
MB Lead Premium Singapore 90-100* 95.00* 90-100* 95.00* 90-100* 95.00* 90-100* 95.00* 90-100* 95.00*
MB Lead Premium Shanghai 20-60* 40.00* 20-60* 40.00* 20-60* 40.00* 20-60* 40.00* 20-60* 40.00*
Nickel Primary nickel of 99.80% purity to meet LME specications: B39-79 (2008)
MB Nickel Premium Rotterdam 5-300* 120.78* 5-300* 120.78* 5-300* 120.78* 5-300* 120.78* 5-300* 120.78*
MB Nickel Premium Singapore 60-80* 70.00* 60-80* 70.00* 60-80* 70.00* 60-80* 70.00* 60-80* 70.00*
MB Nickel Premium Shanghai 80-150* 121.36* 80-150* 121.36* 80-150* 121.36* 80-150* 121.36* 80-130* 110.00*
Zinc Primary zinc of 99.995% purity (minimum) to meet LME specications: BS EN 1179:2003
MB Zinc Premium Rotterdam 105-120* 111.25* 105-120* 111.25* 105-120* 111.25* 105-120* 111.25* 105-120* 113.33*
MB Zinc Premium New Orleans 90-120* 110.00* 90-120* 110.00* 90-120* 110.00* 90-120* 110.00* 90-120* 110.00*
MB Zinc Premium Gwangyang 175-175* 175.00* 175-175* 175.00* 175-175* 175.00* 175-175* 175.00* 175-175* 175.00*
MB Zinc Premium Johor 100-190* 146.00* 100-190* 146.00* 100-190* 146.00* 100-190* 146.00* 100-190* 146.00*
MB Zinc Premium Singapore 180-225* 203.57* 180-225* 203.57* 180-225* 203.57* 180-225* 203.57* 180-225* 203.57*
MB Zinc Premium Shanghai 180-200* 194.29* 180-200* 194.29* 180-200* 194.29* 180-200* 194.29* 180-200* 194.29*
This Disclaimer is in addition to our Terms and Conditions as available on our website and shall not
supersede or otherwise affect these Terms and Conditions. Prices and other information contained in this
publication have been obtained by us from various sources believed to be reliable. This information has
not been independently verified by us. Those prices and price indices that are evaluated or calculated
by us represent an approximate evaluation of current levels based upon dealings (if any) that may
have been disclosed prior to publication to us. Such prices are collated through regular contact with
producers, traders, dealers, brokers 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.

Evaluations or calculations of prices and price indices by us are based upon certain market assumptions
and evaluation methodologies, and may not conform to prices or information available from third parties.
There may be errors or defects in such assumptions or methodologies that cause resultant evaluations to be
inappropriate for use. Your use or reliance on any prices or other information published by us is at your sole
risk. Neither we nor any of our providers of information make any representations or warranties, express or
implied as to the accuracy, completeness or reliability of any advice, opinion, statement or other
information forming any part of the published information or its fitness or suitability for a particular
purpose or use. Neither we, nor any of our officers, employees or representatives shall be liable to any
person for any losses or damages incurred, suffered or arising as a result of use or reliance on the prices or
other information contained in this publication, howsoever arising, including but not limited to any
direct, indirect, consequential, punitive, incidental, special or similar damage, losses or expenses.
We are not an investment adviser, a financial adviser or a securities broker. The information published
has been prepared solely for informational and educational purposes and is not intended for trading
purposes or to address your particular requirements. The information provided is not an offer to buy
or sell or a solicitation of an offer to buy or sell any security, commodity, financial product, instrument
or other investment or to participate in any particular trading strategy. Such information is intended to
be available for your general information and is not intended to be relied upon by users in making (or
refraining from making) any specific investment or other decisions. Your investment actions should be
solely based upon your own decisions and research and appropriate independent advice should be
obtained from a suitably qualified independent adviser before any such decision is made.
Disclaimer
P
r
i
c
e
s
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 21 Aug 23
Antimony
MB free market
Regulus, min 99.65%, max Se 50 ppm, max 100 ppm Bi,
$/tonne in warehouse Rotterdam 9,700-10,100* 9,900-10,400*
MMTA Standard Grade II, $/tonne in warehouse Rotterdam 9,500-9,900 9,800-10,300
MB Chinese free market
MMTA Standard Grade II, delivered duty paid RMB/tonne 64,000-66,000* 65,000-66,000*
Arsenic
MB free market$/lb 0.70-0.80* 0.70-0.80*
Bismuth
MB free market$/lb 7.80-8.20* 7.90-8.40*
MB China domestic, min 99.99%, RMB/tonne 101,000-103,000* 104,000-106,000*
Cadmium
MB free market min 99.95%, cents/Ib 82.50-92.50* 82.50-92.50*
MB free market min. 99.99%, cents/lb 87.50-97.50* 87.50-97.50*
Chromium
MB free market
alumino-thermic, min. 99%, $/tonne 8,500-8,900* 8,500-8,900*
Cobalt
MB free market High Grade, $/Ib 12.00-13.50* 12.15-13.65*
MB free market Low Grade, $/lb 11.45-13.00* 11.45-13.20*
MB China domestic, min 99.8% RMB/tonne 190,000-202,000* 190,000-202,000*
Concentrate min 8% cif main Chinese ports $/lb 10.20-10.50* 10.20-10.50*
Gallium
MB free market $/kg 280-310* 280-310*
MB China domestic, min 99.99%, RMB/kg 1,550-1,630* 1,550-1,630*
Germanium
Germanium dioxide MB free market $/kg 1,275-1,350* 1,275-1,350*
Germanium metal $/kg Rotterdam 1,810-1,850* 1,810-1,850*
Germanium metal MB China domestic, min 99.999%, RMB/kg 11,700-12,000* 11,700-12,000*
Germanium dioxide, China domestic min 99.999%, RMB/kg 8,000-8,200* 8,000-8,200*
Indium
MB free market $/kg 630-655* 650-680*
Aug 21 Aug 23
Indium cont.
Crude min 98% duty paid in w/house China RMB/kg 4,100-4,200* 4,100-4,200*
MB China domestic, min 99.99% RMB/kg 4,400-4,500* 4,400-4,500*
Indium Corp ingots min. 99.97%, $/kg fob 580-580 580-580
Magnesium
European free market $ per tonne 2,700-2,800* 2,700-2,800*
China free market
min 99.8% Mg, fob China main ports, $ per tonne 2,800-2,850* 2,800-2,850*
MB Chinese free market min 99% Mg, ex-works RMB/tonne 16,600-17,100* 16,800-17,100*
Manganese Flake
MB free market $/tonne 2,170-2,220* 2,200-2,250*
Mercury
MB free market $ per flask 3,300-3,600* 3,300-3,600*
Rhenium in warehouse Rotterdam duty paid
Metal Pellets, min 99.9% $/lb 1,300-1,400* 1,300-1,400*
APR catalytic grade $/kg Re 3,000-3,300* 3,000-3,300*
Selenium
MB free market $/lb 27.00-31.00* 27.00-31.00*
MB China domestic, min 99.9%, RMB/kg 480.00-500.00* 480.00-500.00*
Selenium dioxide, MB China domestic, min 98%, RMB/kg 345.00-355.00* 345.00-355.00*
Silicon
MB free market /tonne 1,950-2,050* 1,950-2,050*
US free market cents/lb 120-125* 120-125*
Export from mainland China
min. 98.5%, $/tonne fob 1,800-1,870* 1,800-1,870*
Tellurium
MB free market $/kg 85-110* 85-110*
MB China domestic, min 99.99%, RMB/kg 840-860* 870-900*
Titanium
MB free market ferro-titanium
70% (max 4.5% Al), $/kg Ti d/d Europe 6.05-6.20* 6.15-6.25*
Titanium Ores $/tonne
Rutile conc min. 95% TiO
2
bagged, fob/Aus 1,500-1,700 1,500-1,700
Rutile bulk conc min. 95% TiO
2
fob/Aus 1,400-1,700 1,400-1,700
Ilmenite bulk conc min. 54% TiO
2
fob/Aus 250-350 250-350
Noble Alloys & Ores
Aug 21 Aug 23
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 9.30-9.35* 9.35-9.40*
US
Canned molybdic oxide, $/lb Mo 9.10-9.30* 9.20-9.40*
Ferro-Molybdenum
basis 65-70% Mo, $/kg Mo 23.30-23.50* 23.50-23.70*
US free market, 65-70% Mo, $/lb in warehouse Pittsburgh 11.00-11.30* 11.10-11.40*
Concentrate 45% Mo, in warehouse China RMB/mtu 1,420-1,430* 1,420-1,430*
Uranium
Nuexco spot price indicator $/lb U
3
O
8
35.75-35.75 35.75-35.75
Zircon
Foundry grade bulk, $/tonne fob Australia 1,250-1,550 1,250-1,550
Premium bulk, $/tonne fob Australia 1,350-1,550 1,350-1,550
Aug 21 Aug 23
Tungsten
European free market
APT, $/mtu 410-425* 410-425*
Export from mainland China
APT Chinese No1 grade, min 88.5% WO3, $/mtu, fob 433.00-455.00* 433.00-455.00*
Concentrate 65% W03, in warehouse China RMB/tonne 144,000-150,000* 144,000-150,000*
Ferro Tungsten
basis 75% W min, $/kg W, in warehouse Rotterdam,
duty unpaid 48.00-49.00* 48.00-49.00*
Export from mainland China, min. 75% W, $/kg W, fob 53.00-55.00* 53.00-55.00*
Vanadium
Ferro vanadium basis 70-80%, $/kg V 25.00-26.00* 25.50-26.80*
US free market ferro-vanadium, $/lb, in warehouse Pittsburgh 12.50-13.00* 11.20-12.20*
Vanadium pentoxide cif Europe min 98% $ per Ib V
2
O
5
5.55-6.00* 5.55-6.00*
Bulk Alloys
Aug 23
Ferro-Chrome $/lb Cr
China import charge chrome 50% Cr index, CIF Shanghai, duty unpaid 0.85*
Lumpy Cr charge, basis 52% Cr, (and high carbon) quarterly 1.125-1.125*
6-8% C basis 60% Cr, max 1.5% Si 0.90-0.94*
European low carbon 0.10% C average 60-70% Cr quarterly 2.02-2.08*
0.10% C average 60-70% Cr 1.90-1.99*
European low carbon, in warehouse, 0.06% C max - 65%Cr 2.00-2.05*
Low phosphorous Cr min 65%, C max 7%, Si max 1%, P max 0.015%, Ti max 0.05% 0.98-1.14*
US free market, in warehouse Pittsburgh,6-8% C basis 60-65% Cr, max 2% Si 0.940-1.000*
US free market, low carbon, duty paid, fob Pittsburgh,
0.05%C - 65% min Cr 2.13-2.17*
0.10%C - 62% min Cr 1.95-1.98*
0.15%C - 60% min Cr 1.89-1.92*
Spot 6-8% C, basis 50% Cr, delivered duty paid China RMB/tonne 6,900-7,000*
Contract 6-8% C, basis 50% Cr, delivered duty paid China RMB/tonne 6,700-6,900*
Chrome Ore $/tonne
Chrome ore, cif main Chinese ports
SA LG6 Met grade basis 42% 165-180*
SA UG2 Met grade basis 40% 145-155*
Turkish lumpy 40-42% cfr main Chinese ports 260-265*
Aug 23
Ferro-Manganese
basis 78% Mn (Scale pro rata), standard 7.5% C, Euro/tonne 700-730*
US free market, 78% Mn, standard 7.5% C, $/long ton in warehouse Pittsburgh 1,015-1,060*
US free market, medium carbon, duty paid, fob Pittsburgh,
80% min Mn, 1.5% max C, $/lb 0.86-0.88*
min 65% Mn, max 7.0% C, in warehouse China RMB/tonne 6,050-6,150*
Manganese Ore
44% Mn, Cif Tianjin $/dmtu of metal contained 5.10*
38% Mn, Fob Port Elizabeth $/dmtu of metal contained 3.37*
Ferro-Silicon
Lumpy, basis 75% Si (Scale pro rata), Euro/tonne 1,020-1,060*
US free market, $/lb in warehouse Pittsburgh:lumpy basis 75% Si imported 0.91-0.93*
Export from mainland China, min. 75% Si, 7.5% C, $/tonne fob 1,350-1,380*
min 75% in warehouse China RMB/tonne 5,850-5,950*
Silico-Manganese
Lumpy, 65-75% Mn basis, 14-25% Si (Scale pro rata) Euro/tonne 770-810*
US free market, $/lb in warehouse Pittsburgh: 0.49-0.51*
min 65% Mn max 17% Si,in warehouse China RMB/tonne 6,550-6,800*
l All prices $/tonne, duty paid, delivered consumers works, unless otherwise shown. Other currency prices are given where the local markets are dominant or active.
Date indicates last price change. These markets last assessed on August 23 (UK), August 22 (US).
l Reminder: prices marked * are MB copyright. These markets were last assessed on August 23 (Europe and Asia) and August 22 (USA).
l All Chinese domestic prices include VAT of 17%
P
r
i
c
e
s
P
r
i
c
e
s
World Steel
EU Imports
Metal Bulletins appraisal of cfr prices for imported, non-EU origin,
commercial-quality carbon steel, per tonne cfr main EU port
(/$=0.75).
Northern Europe Southern Europe
Rebar 475-480 470-475 21/08
Wire rod (mesh quality) 480-490 470-475 21/08
Plate (8-40mm) 460-470 435-440 21/08
Hot rolled coil 420-430 430-445 21/08
Cold rolled coil 505-515 510-525 21/08
Hot-dip galvanized coil 540-550 525-535 21/08
Southern Europe exports
Metal Bulletins appraisal of Southern Europe mills prices for export
outside Southern Europe of commercial-quality carbon steel, per
tonne fob main Southern European port
Rebar 450-460 21/08 Oct
Wire rod (mesh quality) 460-470 21/08 Oct
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 (/$=0.75)
Northern Europe Southern Europe
Rebar 490-505 480-495 21/08
Wire rod (mesh quality) 490-500 480-490 21/08
Sections (medium) 540-560 530-540 21/08
per tonne ex-works
Plate(8-40mm) 500-505 460-465 21/08
Hot rolled coil 450-455 430-460 21/08
Cold rolled coil 535-550 510-535 21/08
Hot-dip galvanized coil 535-550 480-510 02/08
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 505-515 19/08 Sep
Slab 460-500 19/08 Sep
Rebar 590-595 19/08 Aug
Wire rod (mesh) 570-590 19/08 Aug
Heavy plate (10-50mm) 540-550 19/08 Sep
Hot rolled coil 530-570 19/08 Sep
Cold rolled coil 615-650 19/08 Sep
CIS Domestic
Metal Bulletins appraisal of prices within Russia and Ukraine for
commercial-quaility carbon steel of CIS origin, excl VAT ex-works.
Russian Domestic Ukrainian Domestic
Russian Ruble/tonne Hryvnias/tonne
Rebar 17,000-18,940 5,445-5,490 19/08
Hot rolled coil 15,300-15,840 4,640-4,670 19/08
Cold rolled coil 17,100-17,620 5,200-5,260 19/08
Middle East
Turkish Exports
Metal Bulletins appraisal of Turkish mills prices for export of
commercial-quality carbon steel, $ per tonne fob main Turkish port.
Billet 530-540 22/08 Sep
Rebar 595-600 22/08 Sep
Wire rod (mesh quality) 605-610 22/08 Sep
Merchant bars 630-650 22/08 Sep
Turkish Domestic
Metal Bulletins appraisal of prices within Turkey for commercial-
quailty carbon steel of Turkish origin, $ per tonne ex-works.
Billet 545-555 22/08 Sep
Rebar 600-610 22/08 Sep
Wire rod (mesh quality) 605-615 22/08 Sep
Hot rolled coil 590-610 23/08 Oct
Cold rolled coil 690-710 23/08 Oct
Turkish imports
Metal Bulletins appraisal of prices for imported commercial-quality
carbon steel, $ per tonne cfr main Turkish port.
Billet 530-535 22/08 Sep
UAE imports
Metal Bulletins appraisal of prices for imported commercial-quality
carbon steel, $ per tonne cfr Jebel Ali
Billet 535-550 20/08 Sep
Rebar 600-610 20/08 Sep
Hot rolled coil 580-600 20/08 Sep
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/$=31,200).
Rebar (12-25)mm) 18.80-19.20 23/08 Aug
Equal Angles 19.25-19.80 23/08 Aug
l-beams 19.30-20.80 23/08 Aug
Plate 19.80-20.40 23/08 Aug
Hot rolled coil 18.00-19.00 23/08 Aug
Cold rolled coil 21.30-24.40 23/08 Aug
Hot-dip galvanized coil 24.00-26.40 23/08 Aug
Hollow sections 20.40-20.80 23/08 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 540-550 23/08 Oct
Rebar 610-620 23/08 Oct
Egyptian Domestic
Metal Bulletins appraisal of prices within Egypt for commercial-
quality carbon steel of Egyptian origin, E per tonne ex-works
Rebar 4,800-4,800 22/08 Aug
Latin America
Latin American exports
Metal Bulletins appraisal of Latin American mills prices for export
outside Latin America of commercial-quality carbon steel, $ per
tonne fob stowed main Latin American port.
Billet 500-530 23/08 Sep
Slab 470-500 23/08 Sep
Rebar 580-600 23/08 Sep
Wire rod mesh quality 590-610 23/08 Sep
Heavy plate: over 10mm 570-600 23/08 Sep
Hot rolled coil (dry) 570-600 23/08 Sep
Galvanized coil 690-720 23/08 Sep
Nafta
Product Price Aug 23
US Imports
Metal Bulletins appraisal of prices for imported, non-Nafta origin,
commercial-quality carbon steel, $ per short ton cfr Gulf.
Rebar 580-600
Merchant bars 660-700
Wire rod (low carbon) 570-590
Medium sections 720-760
Medium plate 640-670
Heavy plate 850-900
Hot rolled coil (commodity) 580-600
Cold rolled coil 670-700
Galvanized coil (base US) 890-940
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) 645
Wire rod
(mesh quality; delivered) 640
Plate (fob mill) 720
Hot rolled coil (fob mill) 660
Cold rolled coil (fob mill) 760
Hot-dip galv coil (fob mill) 860
Asia
China Exports
Metal Bulletins appraisal of Chinese mills prices for export of
commercial-quality carbon steel, $ per tonne fob main China port.
Rebar 520-530 23/08 Oct
Wire rod (mesh quality) 530-540 23/08 Oct
Heavy plate 530-535 23/08 Oct
Galvanized coil 1mm 645-665 23/08 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 730-740 23/08 Oct
Hot dip galvanized coil 760-790 23/08 Oct
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/$=6.12)
Rebar 3,450-3,630 23/08 Aug
Wire rod (mesh) 3,460-3,530 23/08 Aug
Sections 3,500-3,550 23/08 Aug
Plate 3,620-3,680 23/08 Aug
Hot rolled coil (min 2mm) 3,610-3,630 23/08 Aug
Cold rolled coil (0.5 - 2mm) 4,440-4,530 23/08 Aug
Hot-dip galvanized coil 4,500-4,670 23/08 Aug
Southern China Domestic
Metal Bulletins appraisal of prices in Southern China for commer-
cial-quality carbon steel of Chinese origin, yuan per tonne delivered
warehouse (yuan/$=6.12)
Rebar 3,620-3,800 23/08 Aug
Wire rod (mesh) 3,630-3,790 23/08 Aug
Sections 3,760-3,810 23/08 Aug
Plate 3,810-3,850 23/08 Aug
Hot rolled coil (min 2mm) 3,760-3,770 23/08 Aug
Cold rolled coil (0.5 - 2mm) 4,470-4,530 23/08 Aug
Hot-dip galvanized coil 4,500-4,600 23/08 Aug
Indian exports
Metal Bulletins appraisal of Indian mills prices for export of
commercial-quality carbon steel, $ per tonne fob main India port.
Billet 560-565 23/08 Aug
Plate (12-40mm) 500-505 23/08 Sep
Hot rolled coil (commodity) 525-530 23/08 Oct
Hot-dip galvanized coil 775-780 23/08 Sep
Indian imports
Metal Bulletins appraisal of prices for imported, non-EU origin,
commercial-quality carbon steel, $ per tonne cfr main India port.
Billet 590-595 23/08 Aug
Plate (20-60mm) 550-555 23/08 Aug
Hot rolled coil (commodity) 520-525 23/08 Aug
Hot rolled coil (CR grade) 540-545 23/08 Sep
Cold rolled 610-620 23/08 Sep
Hot dip-galvanized coil 650-655 23/08 Aug
Indian domestic
Metal Bulletins appraisal of prices within India for commercial-
quality carbon steel, rupees per tonne ex-works.
Billet 27000-27200 23/08 Aug
Heavy plate 33000-33500 23/08 Aug
Hot rolled coil 33750-34250 23/08 Aug
Cold rolled coil 38750-39250 23/08 Aug
DRI 18000-18200 23/08 Aug
Hot-dip galvanized coil 45000-45500 23/08 Aug
SteelBenchmarker
TM
Prices
Product Price Aug 12
Prices in $/metric tonne, except (short ton) and { per tonne}
Region: USA, East of the Mississippi
Standard plate 805(731)
Hot rolled coil 720(653)
Cold rolled coil 834(757)
Region: Mainland China
Rebar 479
Standard plate 498
Hot rolled coil 497
Cold rolled coil 610
Region: Western Europe
Hot rolled coil 600{451}
Region: World Export Market
Hot rolled coil 566
Cold rolled coil 648
Stainless Steel
Stainless Steel - Asia import
$/tonne cif East Asian port
Grade 304 2mm CR coil, 2B 2,450-2,520 23/08 Oct
Grade 304 HR sheet 2,230-2,350 23/08 Oct
Stainless Steel - China Domestic
yuan/tonne, in warehouse
Grade 304 2mm CR coil 16,400-16,500 23/08 Aug
Grade 430 2mm CR coil 8,800-8,900 1623/08 Aug
Stainless Steel - EU export
/tonne fob N. European port.
Min 100 tonne lot
Grade 304 2mm CR sheet 2,077-2,121 23/08 Oct
Stainless Steel - EU domestic
2mm 304 cold rolled stainless sheet //tonne
Base price 1,040-1,060 23/08 Sep
Alloy Surcharge 1,037-1,061 23/08 Aug
304 Stainless steel bright bar /tonne
Base price 900-950 23/08 Sep
Alloy Surcharge 1,440-1,579 23/08 Aug Key:
Date: Date of last assessment
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
P
r
i
c
e
s
Scrap, Secondary Metals, Scrap Substitutes & Iron Ore
Ferrous scrap
UK ferrous scrap domestic
The following is Metal Bulletins evaluation of UK prices for
processed scrap delivered to consumers within the stated month.
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 August
Cut Grades
OA plate and structural 200-220
1&2 Old steel 185-205
12A/C/D New Production heavy and
shovellable steel 200-220
Bales and Cuttings
4A New steel bales 210-215
4C New steel bales 207-212
8A New loose light cuttings 190-195
8B New loose light cuttings 187-192
Turnings
7B Heavy steel turnings 128-138
Cast Iron
9A/10 Heavy and light cast iron 175-188
9B/C Cylinder block scrap 208-223
11A Cast iron borings 175-200
Prices relate to new UK scrap specifications.
Please see MB.com for full explanation of price changes
UK Intermerchant weekly price
/tonne Aug 23
5C Loose old light 120-135
UK ferrous scrap export MB assessment, $/tonne fob main UK port
Aug 16 Aug 23
HMS 1&2 (80:20 mix) 356-360 356-361
Shredded 362-366 364-369
Indian Imports MB assessment, $/tonne cfr Nhava Sheva
Aug 16 Aug 23
MB index CFR India Shredded 378.36
HMS 1&2 (80:20 mix) 340-360 340-360
Alloy steel scrap domestic
UK wholesale merchants stainless (/tonne) Aug 23
18/8 solids 830-850
18/8 turnings 664-680
12-13% Cr solids 220-230
16-17% Cr solids 260-280
Cif Europe import stainless (/tonne)
18/8 solids 1,020-1,040
18/8 turnings 867-884
UK home high speed (pence/kg)
6-5-2 solids 220-240
6-5-2 turnings 110-120
Rotterdam exportMB assessment, $/tonne fob Rotterdam
Aug 16 Aug 23
MB index FOB Rotterdam HMS 1&2 (80:20) 353.83
HMS 1&2 (70:30 mix) 342-347 342-247
Shredded 363-367 365-370
Turkish importMB assessment, $/tonne cfr main Turkish ports
Aug 16 Aug 23
MB index CFR Turkey HMS 1&2 (80:20) 373.03
HMS 1&2 (70:30mix) 360-365 360-365
Shredded 381-385 383-388
USA exportMB assessment, $/tonne fob East Coast
Aug 16 Aug 23
HMS 1&2 (80:20 mix) 352-357 354-359
Shredded 357-361 359-364
USA domestic
Iron Age scrap price bulletin composite - $/long ton delivered
Pittsburgh/Chicago.
Week ending Aug 16 Aug 23
No 1 heavy melting 340.83 340.83
No 2 bundles 297.00 297.00
MB assessment of Broker Buying Price, $/tonne delivered Detroit
No 1 busheling 310.00 310.00
No 1 bundles 285.00 285.00
China domestic
yuan/tonne delivered mill Aug 23
Heavy Scrap 2,650-2,750
Germany domestic
Euro/tonne, delivered at scrapyard. Source: BDSV
Jul Aug
No E2/8 (new steel scrap) 235.10 246.90
No E1 (old steel scrap) 210.60 226.30
No E3 (old thick steel scrap) 229.90 247.20
No E40 (shredded steel scrap) 239.90 254.50
No E5 (steel turnings) 185.90 198.40
Non-Ferrous scrap Europe
Aluminium
European free market (MB assessment. /tonne eff Aug 23)
Floated Frag 1,300-1,350
Cast 1,220-1,280
Mixed turnings 6% 1,170-1,250
LME Cash primary (lowest midday bid) $1,857.00
LME Cash alloy (lowest midday bid) $1,760.00
Germany (per 1000kg eff Aug 21)
Pure Cuttings 1,220-1,300
Commercial Cast 1,200-1,320
H9 Extrusions 1,370-1,470
Alloy Turnings 1,000-1,100
Source:VDM
France (per 1000kg eff Aug 13)
Old Rolled 820-840
Commercial Cast 950-980
Source: Lettre dInformation Metaux
Italy (per 1000kg eff Jul 26)
Old Mixed Scrap 1,195-1,245
Commercial Cast 1,185-1,235
Source: Assomet
Copper
Germany (per 1000kg eff Aug 21)
Copper Wire (Berry) 5,170-5,350
Heavy Copper 4,900-5,100
Heavy Brass 3,250-3,400
Brass Turnings (MS 58) 3,400-3,600
Brass Sheet (MS 63) 3,500-3,700
Source:Verein Deutscher Metallhandler
France (per 1000kg eff Aug 13)
Electro Cuttings 4,980-5,000
No 1 Bright Wire 4,640-4,660
Mixed (96%) 4,600-4,650
Brass Plate Cuttings 70/30 3,450-3,500
Brass Turnings 3,000-3,050
Mixed Brass 3,000-3,030
Source: Lettre dInformation Metaux
Italy (per 1000kg eff Jul 26)
Electrolytic dd EN 12861-S-Cu-2 4,973-5,025
Enamelled wire EN 12861-S-Cu-3 4,811-4,863
New from tubes, strips etc EN 12861-S-Cu-4 4,932-4,984
Old from tubes, strips etc 12861-S-Cu-7 4,658-4,710
EN 12861-S-Cu-Zn-1-A-Cu 63.5% 3,544-3,621
Mixed from valves/taps EN 12861-S-Cu-Zn-6 2,993-3,071
Several 95% m/m 12861-S-Cu-Zn-7 2,793-2,871
Source: Assomet
SteelBenchmarker
TM
scrap prices
Prices in $/metric tonne, except [gross ton]
Region: USA, East of the Mississippi Aug 12
Shredded Scrap 360 [365]
No 1 Heavy melting scrap 342 [348]
No 1 Busheling scrap 392 [399]
For shredded scrap the region is for all but the West Coast
Register as a price provider at www.steelbenchmarker.com
Scrap Substitutes
EU Imports /tonne cfr Western Europe
Pig Iron 306-343 22/08 Oct
Latin American exports $/tonne, delivery terms as stated
Hot briquetted iron Venezuela 280-300 23/08 Sep
Pig Iron fob Vitorio/Rio 375-380 23/08 Sep
Pig Iron fob Ponta da Madeira 395-400 23/08 Sep
US Imports $/tonne cfr Gulf of Mexico
Pig Iron 405-415 23/08 Sep
CIS Exports $/tonne fob main port
Pig Iron Baltic Sea 430-435 22/08 Oct
Pig Iron Black Sea 385-395 22/08 Sep
China Domestic yuan/tonne, delivered warehouse
Pig Iron 2650-2700 23/08 Aug
China Iron ore
cfr main China port $ per dry metric tonne
Iron ore index (62%) 139.22
Iron ore fines (63.5% fe) 138-139 23/08 Aug
Iron ore pellets (65-66% fe) 161-164 23/08 Aug
UK non-ferrous scrap
The following UK prices were assessed on Aug 21
Aluminium /tonne
Actual Price MB LME Discounts
Group 1 Pure 99% & Litho 1100-1150 38-88
Commercial pure cuttings 1030-1080 108-158
Clean HE9 extrusions 1100-1150 38-88
Loose Old Rolled cuttings 830-850 287-307
Baled Old Rolled 940-970 167-197
Commercial cast 990-1030 107-147
Cast wheels 1100-1150 -13-37
Commercial turnings 760-820 317-377
Group 7 turnings 550-600 537-587
LME primary avge: 1188.05
LME alloy avge 1137.81
Titanium $/lb cif
Turnings, unprocessed type 90/6/4 (0.5% Sn max) 1.55-1.65
Turnings, unprocessed 90/6/4 (over 0.5%, max 2% Sn) 1.45-1.50
Non-ferrous foundry ingots
Aluminium UK (effective August 21) /tonne
MB free market
LM24 Pressure diecasting ingot 1,520-1,570
LM6/LM25 Gravity diecasting ingot 1,720-1,780
NB: prices expressed delivered consumer works, LM series as
specified in BS1490
Aluminium Europe (effective August 23) $/tonne
MB free market
Duty unpaid in warehouse alloy premium 70-80
Duty paid delivered works pressure /tonne
diecasting ingot price (DIN226/A380) 1,800-1,860
Aluminium US effective August 22 $/lb delivered Midwest
A380.1 alloy 1.03-1.05
AFFIMET prices effective August 1 /tonne
AS 12 2,965
AS 12 UN 3,005
AS 9 U3 2,370
AS 5 U3 2,720
Reflects generally larger traded lots
VDM (effective August 21) /1000 kg delivered
DIN 226 2,180-2,280
DIN 231 2,260-2,360
DIN 311 2,240-2,340
Aluminium Bronze UK (effective August 20) /tonne
AB1 ex-works 4,860
AB2 ex-works 4,990
Source: C.F. Booth Ltd
Brass UK (effective August 20) /tonne
SCB3 ex-works 3,550
High Tensile HTB1 ex-works 3,940
Gunmetal UK (effective August 20) /tonne
LG2 85/5/5/5 ex-works 4,750
LG4 87/7/3/3 ex-works 5,240
G1.11.5 Pb ex-works 5,730
Phosphor Bronze UK (effective August 20) /tonne
PB1 ex-works 6,150
Phosphor Copper UK (effective August 20) /tonne
10% P ex-works 7,020
15% P ex-works 7,120
Zinc Alloys UK /tonne
Brock Metal Co June Contract Alloy Price (delivered UK, min 25
tonne lots)
Brock Metal ZL3 1,730
Brock Metal ZL5 1,765
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
Moves at your company? Let Hotline know
by emailing [email protected]
MILLING
ABOUT
As LME ceo race closes, trade & industry tells HKEx to listen
Anglo American has
appointed a new ceo of
its copper business
following the
resignation of John MacKenzie after
24 years in the role. Hennie Faul,
previously group head of mining,
will take over the position in
October, the company said. Faul has
worked at Anglo American for nine
years and has 26 years of technical
and operational experience.
Deutsche Bank has appointed
Bryan Duncan as gm of the
companys Chinese commodities
trading business. Duncan will be
responsible for expanding the size
and scope of the banks onshore
business at Deutsche Commodities
Trading Co, a wholly foreign-
owned enterprise (WFOE) in
Shanghai. Until July, Duncan was
lead iron ore and steel trader at
Citigroups Shanghai ofce, and
prior to that he worked for Noble in
various trading roles covering coal,
nickel ore and ferro-alloys.
Triland Metals has hired
Patrick Ranahan for its
New York ofce, the London-based
ring-dealing broker said on
Friday August 23. Ranahan has
more than 20 years experience
in the metals markets. Ranahan
will be joining Triland Metals
Americas to develop the companys
new business and will be
responsible for enhancing its
existing customer portfolio, chief
operating ofcer Martin Pratt said.
The recent spate of lawsuits by US
aluminium consumers against the
London Metal Exchange has sent an
important message to Hong Kong
Exchanges & Clearing: listen to the
trade and industry voice.
Nowhere else is that clearer than
in the selection of the new chief
executive of the LME, an
announcement on which is
imminent.
The biggest issue facing the LME
right now is warehousing, and the
need to ensure that the producer
and consumer community, critical
in the price-convergence process
on which the exchange has built its
franchise, does not feel that it is
being ignored.
There have been rumblings of
discontent in other factions, Metal
Bulletin has heard, including some
outside of aluminium, a factor that
the selection committee is now
weighing as it nalises its offer to
the new LME ceo.
In one corner, Martin Pratt, chief
operating ofcer of LME ring dealer
Triland; in the other corner, Garry
Jones, ceo of NYSE Liffe.
The race has been close -
Diarmuid OHegarty fought well
but was knocked out of the contest
recently and Pratt has had the
edge in the nal round, Metal
Bulletin understands.
Whoever the victor is, an
in-depth understanding of the
physical market is going to be
essential and that does not
mean just warrant trading, but
includes the nitty-gritty of
treatment and rening charges, as
well as long-term frame
agreements.
No candidate from the trade
and industry side was identied,
but the importance of the position
to the future of the LME is
something of which HKEx ceo
Charles Li has become very aware
in recent weeks.
The Tianfu Mercantile Exchange
became the third Chinese bourse
to offer domestic investors price
exposure to the indium market on
Friday August 16. The move follows
the lead of Wuxi Stainless Steel
Exchange and Fanya Metal Exchange.
The Tianfu indium contract was
priced at 4,480 yuan per kg on its
maiden trading day, in line with Metal
Bulletins domestic indium quote,
then 4,400-4,450 yuan per kg.
A total of three warehousing rms
will have London Metal Exchange-
listed sheds in Kaohsiung, Taiwan,
as of November 21 this year, the
exchange has said.
They will be the rst LME sheds to
be listed in Taiwan following the
approval of Kaohsiung as a delivery
location in June. It is the ninth
Asian location to be approved.
Warehousing companies
Steinweg, Pacorini and H&M
Warehousing (Taiwan) will be the
rst to set up shop there.
They will all store the six base
metals as well as aluminium alloy
and will charge an FOT rate of
T$1,350 ($45.05) per tonne.
Enamelled copper wire-maker
Shandong Pengtai is branching
out into real estate and wine in
search of better returns, the
chairman of the company told
Metal Bulletin last week.
In recent years the company has
seen prots shrink to 7,000-8,000
yuan per tonne, over a base copper
price of about 52,000 yuan,
Chi Xiangkun said.
That compares with 30,000-yuan
prots it was able to achieve in the
1990s, at a time when the copper
price was 20,000 yuan.
And while the higher copper price
has ramped up its input costs, it has
simultaneously forced Shandong to
offer looser payment terms to
customers that are struggling to
cope with higher wire prices.
After years of ghting the lower
margins and heavier credit
obligations, Pengtai has sought to
make investments outside of its
specialisation, like many other
businesses in China.
With support from the local
government, Shandong has just
bought 200 hectares of vineyard
land as part of its strategic move
into markets less plagued by
overcapacity, Chi said.
Tianfu Mercantile
Exchange becomes
third Chinese
bourse to offer
indium trading
Three warehousing
companies to set up
shop in Taiwan
from November
Ivan Glasenberg isnt likely to set
down the mantle as ceo of
Glencore Xstrata any time soon as
his wife doesnt want him at home.
Glasenberg told investors and
analysts during the companys
results call on August 20 that he will
be sticking around for the
foreseeable future.
His comments were in response to a
question from the oor over whether
his wife might want him to slow
down after the merger to which the
answer was a resounding no, as long
as the company lets him keep the job.
I will stick around as long as [the
board] wants me, he said.
Behind every great
man...
Shandong Pengtai turns to wine to escape weak copper market
FIVE EASY WAYS TO ORDER
+44 (0) 20 7779 8000 +44 (0) 20 7779 8090 [email protected]
www.metalbulletinstore.com Metal Bulletin Research, Nestor House, Playhouse Yard, London, EC4V 5EX UK
You are also able to request a brochure, sample extracts and detailed table of contents for more information Quote promo code 5979 when ordering
New
for 2013
A Ten Year Strategic Outlook for the
Primary Battery Metals Sector
Lead Lithium Cobalt Nickel Zinc Manganese Cadmium
Battery_Metals_SFS_halfpgad_2013_209 x 126 06/08/2013 13:51 Page 1
www.metalbulletinstore.com
[email protected]
+44 (0) 20 7779 7999
Find your next challenge with Metal Bulletin Jobs register now!
www.metalbulletinjobs.com
Metal Bulletin Jobs is a new specialist job site
exclusively for the metals and mining industries
Are you an employer or agency looking to advertise your vacancies?
Call our sales team on +44 (0) 20 7827 5268 or email [email protected]
to learn how we can help you.
Register now to browse all the latest jobs in the metals sector:
Key locations
A wide range of sectors: from copper to precious
metals specialists, from mining jobs to plant
equipment manufacturing jobs
A variety of job functions: from traders to
procurement managers, from junior analysts to
executive management level positions
NEW from
MB_Jobs_FP_ad_2013_3_209x274 14/02/2013 11:25 Page 1

MB Weekly 20130826

Uploaded by

Copyright:

Available Formats

MB Weekly 20130826

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

MB Weekly 20130826

Uploaded by

Copyright:

Available Formats

Monday 26 August 2013/ Number 9317/ World steel and metal news since 1913

SMELTERS SEIZE THEIR MOMENT

You might also like