LITHIUM WRAP: China Price Momentum Continues to Drive up Other Global Markets

DAILY

Monday 8 February 2021 | Number 9702.1 www.metalbulletin.com LITHIUM WRAP: China price momentum continues to drive up other global markets

BEIJING, LONDON “Current offering prices are in a mess in the range of 70,000- Lithium carbonate prices in Europe and the United States as well as 80,000 yuan per tonne for battery-grade lithium carbonate on the the seaborne Asia market rose in the week to Thursday February 4, spot market, but I don’t think there are many deals concluded at supported by the continued uptrend in China’s domestic market. such high levels ahead of the holiday. I have no immediate needs • China’s battery-grade lithium carbonate price increased before the holiday and will see what the market trend will be after further, driven by tight spot supply despite thin trade ahead of the holiday,” a buyer told Fastmarkets. Lunar New Year. “We have already stopped offering for battery-grade lithium • The Asian battery-grade lithium carbonate spot price climbed carbonate, and in my opinion, I think prices will continue the upward 3.3% due to reducing supply at most global suppliers and bullish trend post-holiday,” a producer said. Chinese pricing. The lithium carbonate 99% Li2CO3 min, technical and industrial • The European, US lithium carbonate price jumped 12.1% against grade, spot price range exw domestic China price also surged this a backdrop of a strong Chinese market and limited supply in the week, reaching 63,000-68,000 yuan per tonne on Thursday equivalent technical grade market. compared with 60,000-65,000 yuan per tonne a week earlier. Some offers reached as high as 70,000-72,000 yuan per tonne, but spot Tight battery-grade lithium carbonate spot supply continued to trades were limited. drive the upward trend in the Chinese domestic market this week. The battery-grade lithium hydroxide prices similarly moved up Producers insisted on higher offer prices or stopped offering and with most producers maintaining higher prices ahead of the holiday, said they expect the price trend to continue after the Chinese New but buyers were in no hurry to restock before the holiday. Year holiday that officially ends on February 17. Spot trading fell “Most prices are around and above 55,000 yuan per tonne for during the assessment period because of the holiday and most battery-grade lithium hydroxide this week, but spot trades are buyers have opted to hold a watchful attitude of the market in the limited,” a second buyer said. coming weeks. Fastmarkets’ lithium hydroxide monohydrate, 56.5% LiOH.H2O Fastmarkets’ weekly price assessment for lithium carbonate, min, battery grade, spot price range exw domestic China was at 99.5% Li2CO3 min, battery grade, spot price range exw domestic 55,000-60,000 yuan per tonne on Thursday, up from 52,000-56,000 China was 65,000-70,000 yuan ($10,046-10,819) per tonne on previously. Thursday, up 3.1% from 63,000-68,000 yuan per tonne last week. continued ›

Base metals 4 Exchange news 14 Semi-finished 27 Ores & alloys 6 Non-ferrous scrap 15 Ferrous scrap 28 Non-ferrous raw materials 11 Carbon steel: Flats 17 Ferrous raw materials 31 Minor & precious metals 12 Carbon steel: Longs 23 Prices 34

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Asian seaborne lithium carbonate price edges up further battery grade, spot price ddp Europe and US held steady at $10-11.50 Chinese prices supported another move up in the Asian battery- per kg on February 4, unchanged for two consecutive weeks after grade lithium carbonate spot price this week. Buyer sources also increasing from $9-11 per kg on January 21. said global supply is tight but spot buying activities remained thin. Similarly, the lithium hydroxide monohydrate 56.5% LiOH.H2O min, Fastmarkets assessed the lithium carbonate, 99.5% Li2CO3 min, technical and industrial grades, spot price ddp Europe and US remained battery grade, spot price at $7-8.50 per kg on a cif China, Japan and steady for a second consecutive week at $9-10.50 per kg on Thursday. Korea basis on Thursday, up from $7-8 per kg a week ago. A source active in Europe and Asia agrees that current price “Spot prices for battery-grade lithium carbonate are moving increases are also affected by higher freight rates and shipping higher as there are basically no spot volumes available from most disruptions. Severe logistical hurdles continue to affect the main global suppliers and contract prices are also higher accordingly, seaborne shipping routes out of China, with prohibitively high following the surging prices in China,” a third buyer said. container freight costs persisting and recent land transport issues There were also higher offers heard in the Asian battery-grade adding to the congestion and delays at ports. lithium hydroxide market, driven by the uptrend in China, but the Fastmarkets’ trade log for battery-grade lithium carbonate in spot market was flat overall. Most market participants expected China for February includes all trades, bids and offers reported to clearer market direction after Chinese market participants return Fastmarkets. from their holiday. All lithium carbonate, hydroxide and spodumene prices are The lithium hydroxide monohydrate, 56.5% LiOH.H2O min, available in our Battery Raw Materials Market Tracker. battery grade, spot price, cif China, Japan and Korea held at CARRIE SHI, DALILA OUERGHI $8.50-9.50 per kg on Thursday in a thinly traded market.

EU, US battery-grade carbonate moves up on limited supply The Europe and US battery-grade lithium carbonate price rose this week, with sources citing surging Chinese prices and limited spot supply of the equivalent technical-grade market. The lithium carbonate 99.5% Li2CO3 min, battery grade, spot price ddp Europe and US rallied by 12.1% week on week to $8.50-10 per kg on Thursday, after holding steady at $7.50-9 for the previous three weeks. Sources spoke of scarce spot availability in the technical grade market as a factor driving the lithium complex higher - technical- grade lithium carbonate can be processed to battery-grade. “Very tight availability of [lithium] carbonate, I am sold out for Q1 and only taking orders for Q2,” An upstream source active in Europe and seaborne Asia said. “I don’t see the same pressure on battery-grade compounds at the moment, my understanding is that usually technical-grade lithium prices move first and battery-grade follow... so far the differential between the two is tight at less than $2 per kg,” the same source added. Fastmarkets assessed the lithium carbonate 99% Li2CO3 min, technical and industrial grades, spot price ddp Europe and US at $7-8.50 per kg on Thursday, a level it has held for two consecutive weeks after posting three consecutive weekly price increases between January 7-21. The lithium hydroxide monohydrate 56.5% LiOH.H2O min,

BATTERY-GRADE LITHIUM SPOT PRICES Previous % New price price Change Lithium carbonate 99.5% Li2CO3 min, battery grade, spot price 65,000- 63,000- ▲3.1 range exw domestic China, yuan/tonne 70,000 68,000 Lithium hydroxide monohydrate 56.5% LiOH.H2O min, battery 55,000- 52,000- ▲6.5 grade, spot price range exw domestic China, yuan/tonne 60,000 56,000 Lithium carbonate 99.5% Li2CO3 min, battery grade, spot prices 7-8.50 7-8 ▲3.3 cif China, Japan & Korea, $/kg Lithium hydroxide monohydrate 56.5% LiOH.H2O min, battery 8.50-9.50 8.50-9.50 0 grade, spot price cif China, Japan & Korea, $/kg Lithium carbonate 99.5% Li2CO3 min, battery grade, spot price 8.50-10.00 7.50-9 ▲12.1 ddp Europe and US, $/kg Lithium hydroxide monohydrate 56.5% LiOH.H2O min, battery 10.00- 10.00- 0 grade, spot price ddp Europe and US, $/kg 11.50 11.50

Spodumene min 6% Li2O min, cif China, $/tonne 450-460 390-400 ▲15.2

Source: Fastmarkets

4 Monday 8 February 2021 | Number 9702.1

FASTMARKETS’ KEY PRICES: INDICES

Price Change† Assessed Base metals Alumina index fob Australia ($/t) 301.05 -1.45% q 05 Feb 21 Charge chrome index 50% Cr cif Shanghai ($/lb Cr) 1.06 0.95% p 02 Feb 21 FASTMARKETS’ KEY PRICES Manganese ore index 44% Mn cif Tianjin ($/dmtu) 5.07 0.4% p 05 Feb 21 Daily base metal prices and premiums ($/t) Manganese ore index 37% Mn fob Port Price Change† Assessed Elizabeth ($/dmtu) 3.79 -1.04% q 05 Feb 21 LME copper cash settlement 7,936.50 0.76% p 05 Feb 21 Manganese ore index 37% Mn cif Weekly copper premium (cif Tianjin China ($/dmtu) 4.62 -1.28% q 05 Feb 21 Rotterdam) 40.00-50.00 0% 02 Feb 21 MB Index CFR Turkey HMS 1&2 (80:20) Daily copper premium (cif Shanghai) 60.00-75.00 3.85% p 05 Feb 21 (North Europe material) 381.84 -6.4% q 05 Feb 21 Daily copper premium (in-whs HMS 1&2 ferrous scrap index (80:20) Shanghai) 65.00-75.00 3.7% p 05 Feb 21 fob Rotterdam ($/t) 378.25 -5.01% q 05 Feb 21 LME aluminium cash settlement 2,007.50 1.03% p 05 Feb 21 Copper concentrate Asia-Pacific index TC import $/dmt 37.00 -3.14% q 05 Feb 21 Daily aluminium premium DUP (in-whs Rotterdam) 115.00-120.00 0% 05 Feb 21 Copper concentrate Asia-Pacific index RC import US cents/lb 3.70 -3.14% q 05 Feb 21 Twice weekly aluminium premium DP (in-whs Rotterdam) 150.00-155.00 0% 05 Feb 21 Zinc concentrate spot treatment charge (TC) cif Asia Pacific, $/t 70.00-85.00 -6.06% q 29 Jan 21 Weekly aluminium premium (cif Shanghai) 110.00-130.00 0% 26 Jan 21 FASTMARKETS’ KEY PRICES: ASSESSMENTS Twice weekly aluminium premium (cif † MJP) 120.00-130.00 0% 05 Feb 21 Price Change Assessed Weekly aluminium premium (cif MKP) 115.00-125.00 0% 02 Feb 21 Ferro-chrome, 6-8% C, basis 60% Cr, del European consumers ($/lb Cr) 1.07-1.15 1.83% p 02 Feb 21 Twice weekly aluminium premium (dlvd US MW) 0.135-0.145 -1.75% q 28 Feb 20 Silico-manganese, basis 65-75% Mn, 15-19% Si, del European consumers (€/t) 1,050-1,100 0% 05 Feb 21 LME zinc cash settlement 2,636.50 2.79% p 05 Feb 21 Ferro-silicon, basis 75% Si, del Weekly zinc premium (fca duty-paid European consumers (€/t) 1,280-1,350 1.15% p 05 Feb 21 Rotterdam) 95.00-105.00 0% 02 Feb 21 Ferro-titanium, 70% Ti, ddp ($/kg) 7.70-8.20 0.63% p 03 Feb 21 Weekly zinc premium (in-whs Shanghai) 90.00-100.00 0% 02 Feb 21 Ferro-manganese, basis 78% Mn, del European consumers (€/t) 1,050.00-1,150.00 0% 05 Feb 21 LME nickel cash settlement 17,954.00 1.28% p 05 Feb 21 Ferro-molybdenum, basis 65-70% Mo,

Weekly nickel premium (cif Shanghai) 100.00-110.00 0% 02 Feb 21 in-whs Rotterdam ($/kg Mo) 26.50-27.20 6.13% p 05 Feb 21 p LME lead cash settlement 2,030.50 0.87% 05 Feb 21 Molybdic oxide, in-whs Rotterdam ($/lb Mo) 11.30-11.45 5.32% p 05 Feb 21 p LME tin cash settlement 23,985.00 1.39% 05 Feb 21 Ferro-tungsten, basis 75% W, in-whs Rotterdam ($/kg W) 30.50-33.00 -0.78% q 05 Feb 21 Cobalt (low-grade) in-whs Rotterdam ($/lb) 21.75-22.35 12.64% p 05 Feb 21 Cobalt (high-grade) in-whs Rotterdam ($/lb) 21.75-22.30 13.24% p 05 Feb 21

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The LME set out its own requirements for responsible sourcing last Base metals year, underpinned by the Organization for Economic Co-operation and Development’s (OECD) due diligence guidance. It set out ways to achieve OECD compliance against a red flag assessment (RFA) FASTMARKETS’ KEY ALUMINIUM PRICES process using three “tracks” labeled A, B and C. Via track A, metal producers can adopt either an internal or † Price Change Assessed external OECD-aligned standard to comply with the LME’s new q Alumina index fob Australia ($/t) 301.05 -1.45% 05 Feb 21 responsible sourcing requirements.

Group 1 pure 99% Al & litho scrap, del UK (£/t) 1,250-1,300 0% 03 Feb 21 It also introduced LMEpassport for aluminium, a digital register

Cast aluminium wheels, del UK (£/t) 1,150-1,200 0% 03 Feb 21 for physical metals data designed to bring transparency to the p LME aluminium cash settlement ($/t) 2,007.50 1.03% 05 Feb 21 supply chains’ sustainability. Daily aluminium premium, duty-unpaid Chamberlain applauded Rio Tinto for encouraging transparency (in-whs Rotterdam) ($/t) 115.00-120.00 0% 05 Feb 21 in the market through the mining and metals company’s Start Weekly aluminium premium, duty-unpaid (cif Shanghai) ($/t) 110.00-130.00 0% 26 Jan 21 initiative, which uses blockchain technology to provide customers Twice weekly aluminium premium (cif MJP) ($/t) 120.00-130.00 0% 05 Feb 21 with information about the aluminium, including its carbon Weekly aluminium premium, duty-free footprint. (cif MKP) ($/t) 115.00-125.00 0% 02 Feb 21 “I think the work that’s being done by Rio and by others providing Twice weekly aluminium premium, dlvd that information - making it verifiable, making it available - is going (US MW) (cents/Ib) 105.09-106.09 -0.66% q 04 Feb 21 to help drive our industry forward and will be hugely important for Extrusion billet premium, 6063, duty-paid, in-whs Rotterdam ($/t) 380-410 0% 05 Feb 21 the confidence of those who are sourcing material and particularly LM24 pressure diecasting ingot (del sourcing material on the exchange,” Chamberlain said. UK consumers) (£/t) 1,670-1,750 0% 03 Feb 21 To meet the growing demand for price transparency in the LM6/LM25 gravity diecasting ingot low-carbon aluminium space, Fastmarkets has launched (del UK consumers) (£/t) 1,750-1,800 0% 03 Feb 21 low-carbon aluminium P1020 and value-added product (VAP) DIN226 pressure diecasting ingot differentials in Europe, with the first publication on Friday March 5. (del European consumers) (€/t) 1,860-1,920 -1.56% q 05 Feb 21 The launch comes after market participants throughout the supply Aluminium ingot ADC 12 spot (MJP) $/tonne 2,150-2,250 0% 03 Feb 21 chain demanded price discovery in the sector since demand for lower carbon aluminium has increased over the past year. NEW YORK Fastmarkets’ low-carbon aluminium differentials will track Customers should define what is low-carbon whether there is a premium, discount or zero difference for aluminium - LME low-carbon units in Europe. MICHAEL ROH Customers should be given the choice to source aluminium on a spectrum of carbon levels and defining low-carbon aluminium by a numerical threshold could have unintended consequences, London Metal Exchange chief executive officer Matthew Chamberlain told Fastmarkets. Chamberlain noted the way of defining low-carbon aluminium by a number could be disruptive and counter-productive, during Fastmarkets’ webinar “Empowering Consumers: The Future of Responsible Materials & Sustainability” on Wednesday February 3. First, defining low-carbon aluminium as metal that falls below a declared carbon content would unfairly lump aluminium just above that threshold in another category, according to the executive. “Say the threshold is 6 tonnes of carbon dioxide per tonne of aluminium. I think there’s a number of problems with that. The first is there’s the sort of cliff edge risk that somebody who’s just on this side and just on that side basically producing equivalent products end up being bucketed into totally different universes,” Chamberlain said. The second issue Chamberlain gave is that putting a number on low-carbon aluminium disincentivizes producers from lowering the carbon content further. “Once you just make it into the bucket, what is your incentive to go further and outperform, to do even better and have even more sustainability around your product?” Chamberlain asked. Instead, Chamberlain believes the industry should leave that decision to the customer. He advocates for more transparency on the carbon footprint of aluminium offerings to help inform customers’ decisions. “I don’t think you want a bifurcation. You want to accept it’s a spectrum and you want to be transparent about that spectrum,” he said.

there’s no material arriving from China and we’re going into the Ores & alloys Chinese New Year holiday, which might tighten things even more,” a second trader said. Demand from steelmakers in Europe is rising amid the limited FASTMARKETS’ KEY NOBLE ALLOYS AND ORE PRICES material availability, market sources said, with much of the previously available material exported to China in the second half of 2020 due to Price Change† Assessed arbitrage opportunities. This was because Chinese ferro-vanadium Molybdic oxide, in-whs Rotterdam ($/lb Mo) 11.30-11.45 5.32% p 05 Feb 21 prices were commanding a premium over its European counterpart Molybdic oxide, USA ($/lb Mo) 10.50-11.40 6.31% p 04 Feb 21 throughout the second half of 2020. Ferro-molybdenum, basis 65% min, “There’s still a material shortage in Europe with most material in-whs Rotterdam ($/kg Mo) 26.50-27.20 6.13% p 05 Feb 21 going to China in the past couple of months,” a third trader said. Tungsten, APT, in-whs Rotterdam ($/mtu) 250.00-255.00 2.02% p 05 Feb 21 The alloy’s price is now up by more than 14% since the beginning Ferro-tungsten, basis 75% W, in-whs of 2021, when it stood at $25-25.50 per kg, Fastmarkets’ historical Rotterdam ($/kg W) 30.50-33.00 -0.78% q 05 Feb 21 data shows. Ferro-vanadium, basis 78% min, free delivery duty paid consumer plant, The oxide market is also marching higher. 1st grade, Western Europe ($/kg V) 28.25-29.50 4.43% p 05 Feb 21 Fastmarkets’ assessment of the price for vanadium pentoxide, 98% US free market ferro-vanadium $/Ib V2O5 min, in-whs Rotterdam climbed by 8.3% to $6.75-7 per lb on in-warehouse Pittsburgh 14.00-14.50* 3.64% p 04 Feb 21 Friday, from $6.20-6.50 per lb the week before, when prices had Vanadium pentoxide, min 98% V, ($/lb climbed to that level from $5.80-6.50 per lb. V2O5) 6.75-7.00 8.27% p 05 Feb 21 The European oxide market is now trading at its highest in nine FASTMARKETS’ KEY BULK ALLOYS AND ORE PRICES months, when prices stood at $6.50-7.25 per lb, according to Price Change† Assessed Fastmarkets’ historical data. Prices are up more than 26% since the Charge chrome 50% Cr index cif beginning of the year, when the market stood at $5.30-5.50 per lb, Shanghai ($/lb Cr) 1.06 0.95% p 02 Feb 21 Fastmarkets’ historical data shows. Manganese ore index 44% Mn cif “Ferro-vanadium is very cheap now compared to V2O5 so I’ve been p Tianjin ($/dmtu) 5.07 0.4% 05 Feb 21 trying to accumulate some vanadium units but its not easy. No one is Manganese ore index 37% Mn fob Port able to offer much tonnage it seems,” a supplier in Europe said. Elizabeth ($/dmtu) 3.79 -1.04% q 05 Feb 21 The European vanadium markets had been on a downtrend for Manganese ore index 37% Mn cif Tianjin China ($/dmtu) 4.62 -1.28% q 05 Feb 21 most of 2020 due to persistently weak demand related to the Covid-19 Ferro-chrome, 6-8% C, basis 60% Cr, pandemic and resultant steel-mill shutdowns. Prices started to move del European consumers ($/lb Cr) 1.07-1.15 1.83% p 02 Feb 21 up at the end of last year while inventories tightened following China’s South African UG2 chrome ore concs, large imports of vanadium in the first half of 2020. index basis 42% 169-169 2.42% p 02 Feb 21 Higher freight costs, in addition to the struggle to find available Ferro-manganese, basis 78% Mn, del European consumers (€/t) 1,050-1,150 0% 05 Feb 21 container space, is also supporting higher vanadium prices. The Ferro-manganese, basis 78% Mn, combination of fewer vessels on the water, an imbalance in trade in-whs Pittsburgh ($/long ton) 1,550-1,600 0.96% p 04 Feb 21 flows to and from China and competition between cargoes has been Silico-manganese, basis 65-75% Mn, responsible for a rapid increase in shipping costs in the past two 15-19% Si, del European consumers (€/t) 1,050-1,100 0% 05 Feb 21 months, sources said. Ferro-silicon, basis 75% Si, del “We maintain a positive view for vanadium demand in 2021 [due to European consumers (€/t) 1,280-1,350 1.15% p 05 Feb 21 the] continued expansion in global economies recovering from the Covid-19 pandemic and the positive benefits of government stimulus LONDON efforts, particularly with regard to infrastructure spending and, in FOCUS: Tight prompt supply, more consumer turn, rebar and vanadium consumption,” Amy Bennett, Fastmarkets activity boost vanadium uptrend; alloy at analyst, said. “We forecast vanadium prices to remain elevated throughout the 1-yr high first quarter of 2021 on tight supply and strengthening demand from The uptrend in European vanadium prices continued to accelerate at steelmakers,” Bennett added. the beginning of February while end-user demand increased amid EWA MANTHEY tight prompt supplies, sources told Fastmarkets. Fastmarkets’ assessment for the ferro-vanadium basis 78% V min, SHANGHAI, LONDON 1st grade, ddp Western Europe price was at $28.25-29.50 per kg on South32 declares force majeure on South Friday February 5, up 2.2% from the midweek assessment of African manganese shipments $28-28.50 per kg, when prices had moved to that level from $27.30-28 per kg on January 29. Diversified miner South32 has declared force majeure on some The market is now trading at its highest since the end of February shipments of South African manganese ore because of disruptions 2020, when prices traded at $27.50-29.95 per kg. resulting from severe weather, Fastmarkets has heard. Spot market activity for both the alloy and oxide markets has The Australia-based miner’s announcement followed a similar picked up in the past few weeks with end-users coming in with larger announcement by South African state transportation provider volume inquiries, market sources said. Transnet. “Producers are tight, traders don’t have stock and end-users are Transnet’s force majeure notice was released on January 29 and actively looking for material,” a trader said. had already prompted fellow manganese miners UMK and “Most suppliers are sold out until March and it’s getting more Assmang to also declare force majeure on some shipments. difficult to find ferro-vanadium around. End users have inquiries but Railway links to South32’s Hotazel Manganese Mines consortium continued ›

of ferro-alloy products, including ferro-silicon, ferro-chrome and Ores & alloys silico-manganese. Yet, market participants told Fastmarkets that the impact of the changes on these markets will be determined by the government’s enforcement of the new policies. have been suspended under Transnet’s force majeure notice due to Futures markets responded almost immediately to the news, severe weather-related damage, Fastmarkets understands. however. Heavy rains started to fall in South Africa in December and The most-actively traded May ferro-silicon futures contract price escalated in late January, washing away some rail lines and leaving on the Zhengzhou Commodity Exchange (ZCE) closed at 7,000 other areas underwater. yuan per tonne on Thursday, up by 386 yuan (5.8%) per tonne from South32 declined to comment on the situation at the time of 6,614 yuan per tonne the previous day. publication. Meanwhile, the most-actively traded May silico-manganese JANIE DAVIES, SIYI LIU futures contract on the ZCE closed at 6,986 yuan per tonne, up by 218 yuan (3.2%) per tonne from 6,768 yuan per tonne the previous SHANGHAI day. Ferro-alloy futures jump as Inner Mongolia Both markets had calmed somewhat during morning trading on moves to raise electricity rates, remove Friday, with the most-actively traded contracts for ferro-silicon and silico-manganese at 6,814 yuan per tonne and 6,848 yuan per tonne discounts respectively. Ferro-alloy futures in China rose on Thursday February 4 following “The higher electricity rates will push up the ferro-alloy prices, and news that the Development and Reform Commission in the we are likely to see some more impact in the physical markets after country’s Inner Mongolia region had announced a series of changes the Lunar New Year holiday (February 11-17),” a market source said. to local electricity rates. Fastmarkets’ price assessment for ferro-silicon 75% Si min, in-whs “Starting from February 10, west Inner Mongolia will remove China was 7,600-7,800 yuan per tonne on Wednesday, widening discounts for large power usage, and smelters with their own power downward by 100 yuan per tonne from 7,700-7,800 yuan per tonne a plants will have to pay cross-subsidization based on the power week earlier. amount they generate and consume,” the commission said on Fastmarkets’ price assessment for ferro-chrome spot 6-8% C, Thursday. basis 50% Cr, ddp China was 8,400-8,800 yuan per tonne on This means smelters will no longer enjoy a discount for the power Tuesday, up by 100 yuan per tonne from 8,300-8,700 yuan per tonne they use beyond a certain level. on January 26. Previously, the autonomous region granted power users that Fastmarkets’ price assessment for silico-manganese 65% Mn min, consumed between 100 million and 500 million kilowatt hours max 17% Si, in-whs China was unchanged for a second straight week (kWh) a 0.5 cent per kWh discount and a 1 cent per kWh discount for at 6,800-6,900 yuan per tonne on January 29. those that consumed between 500 million and 1 billion kWh, SIYI LIU according to market participants. The discount would then increase by 0.5 cent per 500 million kWh LONDON used beyond 1 billion kWh, they added. Supply crimp, demand recovery maintain In addition, Inner Mongolia will implement specific surcharges for surge in European ferro-chrome prices ferro-alloy smelters, along with seven other smelting sectors including electrolytic aluminium, calcium carbide, caustic soda, The attraction of high sales volumes and good netbacks in China yellow phosphorus, cement, steel and zinc, according to the notice. continued to tighten supply and supported prices for ferro-chrome From the second quarter of 2021, the Development and Reform in Europe in the week to Tuesday February 2. Commission is going to categorize smelters with outdated capacity Ferro-chrome producers have targeted China, attracted by the and smelters whose energy consumption exceeds national high demand, rather than Europe. This has reduced the volumes standards into two lists – “restrict” and “remove”. available in Europe, which in turn has increased prices. A surcharge of 0.1 yuan ($0.02) per kWh has been set for those Fastmarkets’ price assessment for ferro-chrome, high carbon, power users on the “restrict list”, while for those on the “remove list”, 6-8.5% C, basis 60-64.9% Cr, max 3% Si, cif Europe, rose by $0.06- surcharges of 0.4 yuan per kWh and 0.5 yuan per kWh have been set 0.07 per lb (6.8%) to $0.97-1.07 per lb Cr on February 2, up from for cement producers and steelmakers respectively, and a surcharge $0.91-1.00 per lb Cr on January 26. of 0.3 yuan per kWh for power users in the other six sectors, “The ferro-chrome market has gone crazy everywhere,” a according to the notice. producer in India told Fastmarkets. “However, you can get much These are set to increase by 30% year on year in 2022 and by 50% larger volumes in China, so there is much more interest there than in year on year in the following year, the commission added. Europe.” Power charges currently vary across the different regions of Inner The effect of strong demand in China for ferro-chrome has been Mongolia, and the rates also differ depending on the amount of particularly clear for 60-64.9% Cr alloy, because the material for this electricity consumed. market chiefly comes from India, where domestic demand has also For example, power rates for smelters in western Inner Mongolia outstripped supply. range between 0.4048 yuan per kWh for those with relatively low Producers of higher grade material (65-70% Cr) have also had consumption rates and 0.3708 yuan per kWh for those with high their focus on China rather than Europe, which has resulted in prices consumption rates, according to the Inner Mongolian website. rising because consumers have had to accept higher offers. The moves are in line with the autonomous region’s initiative to Fastmarkets’ price assessment for ferro-chrome, high carbon, ensure its dual control of the total amount and intensity of energy 6-8.5% C, basis 65-70% Cr, max 1.5% Si, delivered Europe, narrowed consumption, it said. upward by $0.04 per lb (1.8%) to $1.07-1.15 per lb Cr, from $1.03-$1.15 Inner Mongolia is China’s largest production region for a number per lb Cr on January 26. continued ›

LONDON Ores & alloys AT A GLANCE: Bushveld Minerals’ vanadium sales increase in H2 2020; prices to remain

Correspondingly, the price for ferro-chrome, high carbon, 6-8.5% robust in Q1 2021 C, basis 60-70% Cr, max 1.5% Si, delivered Europe, also narrowed A summary of Bushveld Minerals’ financial and production results upward by $0.04 per lb (1.8%) to $1.07-1.15 per lb Cr, from $1.03-$1.15 for the fourth quarter and 12 months ended December 31, 2020. per lb Cr. Bushveld Minerals’ vanadium resource base currently consists of “All our focus is on China, and Europe is the loser,” a second three mineral assets, Vametco, Brits and Mokopane, and its producer said. “I never expected to sell volumes like this, and I think processing facilities consist of Vametco and Vanchem, which are all most of the European market has been caught off-guard.” situated in South Africa. Demand has been rising from traders seeking to restock and from consumers, and this has added pressure to find material. In brief “Demand is finally back and the market has been hectic,” a trader • The 2020 group production of 3,631 tonnes of vanadium was 24% said. “We have seen an increase in inquiries, usually from small higher than the same period last year, primarily as a result of the foundries.” inclusion of Vanchem’s production for the full 12-month period but Consumers also reported that their own needs have been partially offset by impact of the nationwide lockdown in South increasing, albeit from a low level. Africa during the first half of 2020. “Our order book is improving and we have been looking for • Production was marginally lower than 2020 guidance of 3,660- material, but some producers have claimed to be sold out,” a 3,940 tonnes (less than 1%). consumer said. “We managed to find smaller volumes but we don’t • The 2020 group sales of 4,264 tonnes were 78% higher than the see a recovery in global demand yet.” same period last year, as a result of the addition of sales from The current surge in the spot market has benefited consumers Vanchem as well as increased demand from customers in the which had sufficient material in place via contracts. second half of 2020. “We are very picky about where we place our tonnages. • Sales to China made up a total of 21% of total volumes sold in 2020 Long-term contract holders are smiling ear-to-ear because they are compared with 10% in 2019, in line with the group’s strategy of getting their tonnes – loyalty pays in the long term,” a third producer increasing sales to higher-priced markets. said. • Group sales geographic split for 2020 was 37% to the US, 25% to Europe, 21% to China and 17% to the rest of the world. Low carbon ferro-chrome prices rise • Fourth quarter group production of 951 tonnes was 7% lower Fastmarkets’ price assessment for low carbon ferro-chrome, 0.10% quarter on quarter, mainly due to unplanned maintenance C, average 65-70% Cr, delivered Europe, rose by $0.04-0.05 per lb stoppages at both operations and severe weather conditions. (2.3%) to $1.90-2.08 per lb Cr in the two weeks to February 2, from • Quarterly group sales of 1,268 tonnes rose by 35% against the prior $1.85-2.04 per lb Cr on January 19. three months as demand for vanadium products strengthened While the low carbon ferro-chrome market has gone up, across all major markets as a result of increasing industrial output producers also reported increased costs. in developed economies. “We are fully booked and the market is tight,” a fourth producer said. “But while prices are rising, it is not enough to compensate for Vametco the increase in electricity costs and currency movements.” 2020 and fourth-quarter production was lower year on year due to Additionally, a fifth producer said, logistics costs have been rising heavy rainfall affecting overall throughput, incidents at the shaft because of a shortage of containers. furnaces due to Eskom power failures and commissioning issues at JON STIBBS the new kiln off-gas which have been resolved.

LONDON Production PEOPLE MOVES: Michael Lillja to join • 2020: 2,654 tonnes Nitrovan and ferro-vanadium, down 6% from Outokumpu in March 2,833 tonnes in 2019 • Q4 2020: 703 tonnes Nitrovan and ferro-vanadium, down 20% Michael Lillja will join Outokumpu as senior sales director in March, from 880 tonnes in Q4 20219 Fastmarkets understands. The chrome market veteran will join the Helsinki-listed stainless Sales steel manufacturer and ferro-chrome producer from Turkish • 2020: 3,333 tonnes industrial group Yildirim Group. • Q4 2020: 907 tonnes Lillja joined Yildirim Group’s Polymetcore operation in 2018, where he handled global sales of ferro-chrome and other ferro-alloys, after Production guidance 2021 leaving chrome producer Afarak, where he had spent seven years as 2,700-2,850 tonnes, unchanged on from 2020 head of marketing. He had previously held a number of senior roles at companies Vanchem including Luxalloys, CMC Cometals and International Ferro Metals. Production in Q4 2020 was lower due to an unplanned maintenance JANIE DAVIES stoppage during the quarter resulting in lower production but achieved sales rose in the same period, driven by increased demand from customers supported by an increase in industrial output in developed economies.

continued ›

Production • 2020: 900 tonnes • Q4 2020: 261 tonnes, down 11% from 294 tonnes in Q3 2020

Sales • 2020: 3,333 tonnes • Q4 2020: 361 tonnes, up 20% from 301 tonnes in Q3 2020

Production guidance 2021 • 1,400-1,500 tonnes, up 40% from 960-1,110 tonnes in 2020

Vanadium and VRFB markets • The robust vanadium demand and rising prices seen at the end of 2020 have continued in 2021 across all key markets. The recovery is driven by higher steel mill capacity utilization rates and low warehouse stocks. The company expects prices to remain robust for the rest of Q1 2021. • An increase in momentum for vanadium redox flow batteries (VRFB) remained unaffected during the year, with increased deployment of VRFBs, mostly in China. Demand is expected to rise as governments continue to accelerate the energy transition to a low-carbon energy future, increasing potential demand for renewable energy generation and energy storage.

Key quotes - Fortune Mojapelo, CEO of Bushveld Minerals “We have entered the new financial year on a positive footing with the secured funding, the higher production for the year and a rising vanadium price. While Covid-19 remains a part of our everyday lives, we continue to concentrate on executing the goals that are within our own hands, including: meeting our 2021 production guidance, reducing our costs and advancing the development of vanadium redox flow batteries as a major source of energy storage.” EWA MANTHEY

The promise of the new energy economy is just that: promise. At the same time forecasts show future runaway demand, most materials fueling the new economy are in over-supply with historically low prices.

How do you make sense of a market that is inevitable and transformative on one hand, and underperforming all the same?

Find out now 11 Monday 8 February 2021 | Number 9702.1

The index averaged $304.47 per tonne in January. Non-ferrous And Fastmarkets’ alumina index adjustment to fob Australia index, Brazil, was assessed at a $0.23 per tonne discount on January 28, down from a $4.51 per tonne discount on January 14. raw materials The average adjustment in January was -$2.37 per tonne. Brazil shipped 428,149 tonnes via Belém, in the northern state of Pará, in January, down by 25.5% from 574,324 tonnes in the first SHANGHAI month of 2020. Meanwhile, exports via the São Luís port, in the Chinese alumina price retreats on easing northeastern state of Maranhão, totaled 327,141 tonnes in January, logistics concerns, lower buying appetite falling by 5.4% year-on-year from 345,890 tonnes. Alunorte operations are based in Pará, while the Alumar refinery, Fastmarkets’ alumina price in China dipped in the week to Thursday owned by a consortium formed between Alcoa, South32 and Rio February 4 due to less buying activity and a reduction in domestic Tinto, is in Maranhão. logistical issues that emerged earlier in the year. While volumes to Canada and Iceland were higher year on year in The weekly price assessment for alumina, metallurgical grade, January, shipments to Norway, Bahrain and the United States fell. ddp China was at 2,350-2,390 yuan ($363-370) per tonne on Brazil exported 325,022 tonnes of alumina to Canada in January, Thursday, down by 30 yuan on the high end from 2,350-2,420 yuan 13.7% more than the 285,778 tonnes in the corresponding month of per tonne one week ago. 2020. It also shipped 151,419 tonnes to Iceland, a 39.1% year-on-year There were fewer transactions done over the assessment period increase from 108,838 tonnes. because consumers had already finished restocking ahead of the Shipments to Norway were 36.3% lower at 110,461 tonnes, from Chinese New Year holiday on February 11-17, according to market 173,300 tonnes in January last year. Bahrain was the destination for sources. 60,500 tonnes of alumina, down by 39.1% on an annual basis from “We already have enough material to cover the holiday period; no 99,347 tonnes, and exports to the US were 55,969 tonnes, a 20.7% need to buy now,” one aluminium producer in northern China said. drop from 70,576 tonnes. Meanwhile, an improved transportation situation has eased Bauxite exports, meanwhile, rose year on year. Brazil exported consumers’ concerns of disrupted supply from their long-term 422,564 tonnes in January 2021, up by 56.4% from 270,187 tonnes a contracts. year before. “We have seen delivery becoming smoother in northern China RENATO ROSTÁS after the [Covid-19 resurgence] there came under control and fewer cases were reported,” one alumina trader in Beijing said. Earlier restrictions to transportation enforced to contain the rising number of coronavirus infections in northern China - as well as restocking for Chinese New Year - had increased tightness of spot material and boosted the short-term outlook for prices two weeks ago. This caused the price to climb from 2,290-2,360 yuan per tonne at the start of the year. Additionally, many industries are stopping for the national holiday, reducing pressure on the transport network, according to an aluminium smelter in northwest China: “Trains are less busy on reduced delivery needs from the coal side after the majority of coal mines [ceased operations] for an earlier China New Year holiday this week.” This weakening urgency to stockpile alumina has resulted in a cooling market, which in turn has reduced consumers’ desire to buy during the assessment period. HUI LI

SÃO PAULO Brazil alumina exports down 17% in January

Brazil reported a 17.2% year-on-year decrease in alumina exports during January 2021, with the biggest reduction being in shipments from the port of Belém, used by Norsk Hydro’s Alunorte refinery, data from the ministry of economy showed on Thursday February 4. Alumina exports totaled 763,086 tonnes in January this year, down from 921,718 tonnes a year before. Export revenues reached $213.2 million on an fob basis in January, down by 21.1% from $270.2 million in the corresponding period of the previous year. The average price was $279 per tonne, falling by 4.7% from $293 per tonne one year earlier. Fastmarkets’ alumina index, fob Australia, was $302.00 per tonne on Thursday, unchanged from Wednesday but down from $302.82 per tonne on Tuesday.

Market participants said that one of the main reasons for the Minor & shortage was that semiconductor companies diverted their production to consumer electronics in spring 2020 after the Covid-19 pandemic led to closures of many automotive plants and the precious metals demand for 5G phones, laptop computers and other devices increased faster than expected. FASTMARKETS’ KEY MINOR METAL PRICES A few months later, however, when carmakers recovered and sales of electric vehicles (EVs) accelerated, chipmakers struggled to † Price Change Assessed ramp up their production to accommodate demand, sources told Antimony, ingots (regulus), in-whs Fastmarkets. Rotterdam ($/t) 8,750-9,000 2.01% p 05 Feb 21 To ease the tightness, Taiwan Semiconductor Manufacturing Antimony, MMTA standard grade II, in-whs Rotterdam ($/t) 8,600-8,850 1.45% p 05 Feb 21 (TSMC), the world’s largest contract chipmaker, plans to prioritize Bismuth, min 99.99% Bi, in-whs production of auto chips if is able to further increase capacity, the Rotterdam ($/lb) 3.05-3.15 2.48% p 05 Feb 21 company said after Europe, US, and Japan urged the Taiwanese Cobalt (standard-grade) in-whs government to intervene through diplomatic channels. Rotterdam ($/lb) 21.75-22.35 12.64% p 05 Feb 21 Yet the increasing demand for laptops, 5G smartphones and Cobalt (alloy-grade) in-whs Rotterdam ($/lb) 21.75-22.30 13.24% p 05 Feb 21 other electronics and a market in which supply chains have several Cobalt sulfate, Co 20.5%, China ex-works (yuan/tonne) 81,500-84,000 12.59% p 05 Feb 21 supply levels suggest there is no quick fix to this shortage that Indium, min 99.99% In, in-whs started in late December. Sources estimate the tightness could Rotterdam ($/kg) 195-205 1.27% p 05 Feb 21 persist into the second quarter of 2021. Manganese flake, in-whs Rotterdam CRISTINA BELDA ($/tonne) 2,500-2,600 -8.11% q 05 Feb 21 Selenium, min 99.5% Se, in-whs LONDON Rotterdam ($/lb) 6.00-7.80 6.15% p 05 Feb 21 Tellurium, min 99.9% Te, in-whs ($/kg) 56.00-70.00 0% 05 Feb 21 Ganfeng Lithium to increase stake in Bacanora lithium project in Mexico

LONDON Junior miner Bacanora Lithium has signed a new joint venture GM to cut auto production at four plants agreement with offtake partner Ganfeng Lithium after the latter hit by chip shortage exercised the option to increase its stake in the Sonora lithium project to 50%, it said on February 1. General Motors (GM) has become the latest automaker hit by the Chinese lithium producer Ganfeng Lithium previously owned a global shortage of computer chips and has been forced to 22.5% stake in Bacanora’s Sonora lithium project in the Sonora state temporarily stop production in North America and South Korea, it of Mexico. said on Wednesday February 3. The completion of Ganfeng Lithium’s investment in the Sonora The US automaker will cut production entirely at three of its lithium project remains subject to regulatory approval in China. factories in North America and will halt production at one assembly The final outstanding approval is needed from the Chinese State plant in South Korea during the week of February 8. Administration of Foreign Exchange, which is expected in the The affected plants in North America are Fairfax (Kansas), coming weeks. Ingersoll (Ontario) and San Luis Potosi (Mexico) while its Bupyeong 2 Once the approval process is complete, Bacanora Lithium will plant in South Korea will also run at half capacity since the received £21,883,485 ($29,841,600) from Ganfeng in exchange for beginning of next week. 73,955,680 new ordinary shares that will be issued to Ganfeng. “Despite our mitigation efforts, the semiconductor shortage will “[Ganfeng] investment further de-risks the project and reduces impact GM production in 2021. We are currently assessing the overall equity demands on Bacanora’s own shareholders to fund Phase 1 of impact, but our focus is to keep producing our most in-demand the project. The Sonora lithium project is now well placed to be in products,” GM said. production in 2023 and delivering battery-grade lithium products “Our supply chain organization is working closely with our supply into the fast-growing energy storage market,” Bacanora chief base to find solutions for our suppliers’ semiconductor requirements executive officer Peter Secker said. and to mitigate impacts on GM,” it added. First production at the Sonora lithium project is slated to start in The company did not disclose what volume of production will be 2023. Stage 1 production is expected to deliver 17,500 tonnes per lost. It has put the focus on keeping operations running at plants year of lithium carbonate, according to the company’s website. building the highest-profit vehicles such as full-size trucks and Lithium is a key raw material used for manufacturing batteries sports utility vehicles, and the Chevrolet Corvette sports car. that power electric vehicles and energy storage systems. It will provide further details on this matter during the 2020 Domestic lithium battery-grade prices in China started to post earning call on February 10, it said. sharp increases at the beginning of the fourth quarter of 2020 and The cuts come just a week after GM announced that it aims to go accelerated at the beginning of 2021, with suppliers saying most of fully electric by 2035 and carbon neutral by 2040, and the company their stock at hand had been booked previously and they have was quick to emphasize that the production cuts “will not impact limited spot supply for the remainder of the first quarter. the commitment to an all-electric future.” Fastmarkets’ weekly price assessment for lithium carbonate, The shortage of silicon based semiconductors has already led to 99.5% Li2CO3 min, battery grade, spot price range exw domestic production cuts across the industry with Ford, Volkswagen, Toyota, China was 65,000-70,000 yuan ($10,046-10,819) per tonne on Nissan, Daimler and Renault heavily affected. Thursday February 4, up 40.6% from 45,000-51,000 yuan per tonne European auto suppliers Continental and Bosch have also on February 6, 2020. confirmed bottlenecks in chip supplies. DALILA OUERGHI continued ›

SHANGHAI Easpring signs 8-year contract to buy nickel, cobalt raw materials from Lygend subsidiary

Chinese battery raw material supplier Beijing Easpring Material Technology Co has inked a deal with Indonesia’s Halmahera Persada Lygend (HPAL) for an eight-year supply of nickel and cobalt beginning in 2021. “Nickel and cobalt [resources] have becoming more and more important amid robust demand following strong sales of new energy vehicles (NEVs) globally… and the deal will help us secure a sufficient supply of raw materials to meet growing demand,” the company said in a filing to the Shenzhen Stock Exchange on Thursday February 4. The supply contract specifies eight-year totals for battery-grade nickel raw materials between 43,200 tonnes and 149,040 tonnes and cobalt by-products between 5,400 tonnes and 18,312 tonnes, both on a metal content basis, according to the filing. The annual breakdown for the supply of nickel amounts to 5,400-18,630 tonnes (nickel contained), while the annual total for cobalt by-products is 675-2,289 tonnes (cobalt contained), the filing said. HPAL - a joint venture between China’s Ningbo Lygend Resources & Technology Co and Indonesia’s Harita Group - has a planned annual output of 240,000 tonnes of nickel sulfate and 30,000 tonnes of cobalt sulfate in Indonesia. This is the second such deal that HPAL has signed in recent months, after it inked an eight-year nickel and cobalt supply contract with China’s Gem in September 2020. A booming new energy vehicle (NEV) market, both in China and globally, has spurred participants to take actions to ensure they have sufficient supply of nickel and cobalt to meet growing demand. China produced 1.37 million NEVs in 2020, an increase from the 1.24 million units produced a year earlier, according to the China Association of Automobile Manufacturers (CAAM). Sales of these vehicles increased to 1.37 million units last year, from 1.21 million units in 2019. CAAM expects NEV sales in China to reach 1.8 million units in 2021. The Chinese nickel sulfate price has risen steadily since the start of 2021. Last week, it reached its highest since Fastmarkets began tracking the market in July 2018. Fastmarkets assessed the price of nickel sulfate min 21%, max 22.5%, cobalt 10ppm max, exw China at 33,000-33,500 yuan ($5,103-5,180) per tonne on January 29, up by 1,000 yuan per tonne (3.1%) from 32,000-32,500 yuan per tonne a week earlier. Fastmarkets’ price assessment for cobalt sulfate 20.5% Co basis, exw China was at 76,000-79,000 yuan per tonne on Wednesday, up by 3,000-5,000 yuan per tonne (5.4%) from 73,000-74,000 yuan per tonne on January 29. SALLY ZHANG

on January 8. Exchange news “One particularly interesting metal is zinc, which is the only base metal that is currently posting a negative price performance this year, on rising stocks and apparent weakening demand in China,” & prices Natalie Scott-Gray, senior metals analyst at StoneX, said in a note on February 4. The emergence of shadow stocks in London Metal Exchange- SHANGHAI registered warehouses was another factor putting pressure on prices. Wuxi Stainless Steel Exchange launches Looking forward, however, the focus should be on supply. APT contract “While we have been seeing a buildup in stocks of refined zinc since the beginning of the year, the concern over future supply is The Wuxi Stainless Steel Exchange launched an electronic trading where attention should be paid,” Scott-Gray added, “especially in contract for ammonium paratungstate (APT) with the trading code China, because the weakness in demand for zinc from local oxide APT2105 on Friday February 5. manufactures and galvanizers may be misleading.” For this new contract, the delivery period is May 2021 and the last trading day is May 17, 2021 with the deadline for delivery of bill of Other SHFE base metal stock movements lading of May 18, the exchange said. • Copper stocks rose by 2,023 tonnes (3%) to 68,588 tonnes. The trading hours for this contract are 8:30-11:30 each trading day. • Aluminium stocks increased by 24,412 tonnes (10.2%) to The quality of APT traded on the contract is aligned with China’s 263,916 tonnes. national standard GB/T 10116-2007 and the grade is APT-0. • Lead stocks inched up by 92 tonnes (0.3%) to 35,574 tonnes. Sources told Fastmarkets they will consider whether to • Nickel stocks were down by 756 tonnes (5.5%) to 12,938 tonnes. participate in this electronic trading after the Lunar New Year • Tin stocks grew by 1,159 tonnes (18.4%) to 7,450 tonnes. holiday (February 11-17). KAREN NG The Wuxi APT contract closed daily trading at 140 yuan ($21.64) per kg on Friday. China’s physical domestic APT market has been robust recently, with the spot price rising to 138,000-139,000 yuan per tonne this week, compared with 136,000-137,000 yuan per tonne a week earlier, according to market sources. Sources told Fastmarkets that the uptrend in China’s domestic APT price would continue given healthy demand from the downstream tungsten powder and alloy industries as well as tightening availability of the material in overseas markets. This bullishness fed into the Chinese APT export market and Fastmarkets’ weekly price assessment for tungsten APT 88.5% WO3 min, fob main ports China was $248-254 per metric tonne unit (mtu) on Wednesday February 3, up by $1-5 per mtu (1.2%) from $243-253 per mtu a week earlier. RUBY LIU

SINGAPORE SHFE STOCKS REPORT 05/02: Zinc inventories surge 35% on waning demand

Base metals inventories went up in Shanghai Futures Exchange- registered warehouses in the week to Friday February 5, with the the sole exception of nickel, and with zinc showing the biggest rise in percentage terms, up by 34.9% over the week. Zinc inventories rose by 15,615 tonnes week on week to 60,361 tonnes, from 44,746 tonnes the week before. The inflows mainly came to warehouses operated by Nanchu in Guangdong and by Quansheng Logistics in Shanghai, with respective increases of 3,349 tonnes and 3,156 tonnes. This took their totals up to 9,500 tonnes and 16,629 tonnes this week respectively, according to the stocks report. Zinc inventories have been rising in bonded warehouses as well as domestic warehouses due to poor demand. In turn, the poor demand has been pushing down the price of zinc on the SHFE. The price for zinc, SHFE daily close, China, was 20,200 yuan ($3,123) per tonne on February 5, up week on week by 575 yuan per tonne from 19,625 yuan per tonne on January 29. But this was still well below the high of 21,660 yuan per tonne

hit a low of $2.12 per lb in March and a high of $3.63 per lb in Non-ferrous scrap December. Mueller Industries posted net sales of $675.9 million in the fourth quarter, up by 24.3% from $543.8 million in the same period a year & secondary earlier. The “net sales growth of $132 million was largely influenced by FASTMARKETS’ KEY NON-FERROUS SCRAP PRICES the higher copper prices ($61.8 million), with the balance attributable to recently acquired businesses and higher unit sales † Price Change Assessed volumes,” Mueller said. Alumiminium scrap, group 1 pure 99% For the full year, sales slipped by 1.3% to $2.398 billion from nearly Al & litho, del UK (£/t) 1,250-1,300 0% 03 Feb 21 $2.431 billion, while net income grew by 38.2% to $139.5 million from Aluminium scrap, cast aluminium wheels, del UK (£/t) 1,150-1,200 0% 03 Feb 21 nearly $101 million in 2019. Aluminium scrap, commercial pure Mueller Industries specializes in copper and copper alloy cuttings, del UK (£/t) 900-950 0% 03 Feb 21 manufacturing, and also produces goods made from aluminium, steel and plastic. NEW YORK The most-active March-delivery Comex copper contract settled US Cu scrap discounts fall, supply tightens at $3.5655 per lb on February 3, up by 0.2% from $3.5575 per lb one week earlier. Copper scrap discounts fell in the United States amid a seasonal RIJUTA DEY BERA slowdown in scrap metal flows. “Material is getting tight overall,” a copper scrap seller said. NEW YORK A brass ingot maker agreed, noting that this tightness during the Ball sees accelerating demand for sustainable winter months could last for “another 45 days.” aluminium in beverage packaging Spot trade remains stable and quiet overall, a copper scrap trader said. Ball Corp expects investment in beverage packaging to continue to Fastmarkets assessed the copper scrap No1 copper, discount, grow as demand for sustainable aluminium cans for traditional and buying price, delivered to brass mill US, at 11-13 cents per lb on non-traditional beverages continues to accelerate, the Colorado, Wednesday February 3, down by 1 cent from 12-14 cents per lb a United States-based company said in its 2020 earnings report. week earlier. After delays to some projects last year for health and safety The discount for refiners’ No1 copper scrap was assessed at 23-25 reasons due to the Covid-19 pandemic, additional beverage can line cents per lb, also down by 1 cent from 24-26 cents per lb in the same investments in the United Kingdom, Czech Republic and Russia are comparison. on track to support regional contracted demand in 2021 and The discount for the No1 bare bright, buying price, delivered to beyond, while demand in North America and Central America brass ingot makers was assessed at 12-14 cents per lb on Wednesday, continues to outstrip supply, the company said. down by 3 cents from 15-17 cents per lb last week. Ball has been moving toward aluminium packaging in a drive to The discounts for brass ingot makers’ No1 copper scrap and No2 produce more environmentally-friendly material. It launched the copper scrap were assessed at 23-25 cents per lb and 42-46 cents US pilot of its recyclable aluminium cups in September 2019 and an per lb respectively on Wednesday, down from 26-28 cents per lb and extruded aluminium bottle line in January 2020 as an alternative 44-46 cents per lb the previous week. to plastic. The light copper discount was assessed at 47-51 cents per lb on Aluminium cans are by far the most recycled beverage container February 3, widening downward by a penny from 48-51 cents per lb and contain on average 73% recycled content - more than three the previous week. times the amount in a glass or plastic bottle. The average can is With the exception of yellow brass solids, most brass scrap prices recycled over and over in a “closed loop” recycling process. Glass strengthened week on week. and plastic are typically “downcycled” into products such as carpet Fastmarkets assessed the copper scrap No1 comp solids, buying fiber or landfill liner. price, delivered to brass ingot makers (commonly called red brass) Demand for cans has steadily increased during the Covid-19 at $2.55-2.57 per lb on Wednesday, up by 3 cents from $2.52-2.54 per pandemic because beverage sales have shifted from bars and lb one week earlier. restaurants to home consumption. The buying price for copper scrap comp borings, turnings rose by According to Ball, output from the company’s can manufacturing an average of 5.5 cents to $2.53-2.56 per lb from $2.48-2.50 per lb in lines in Rome, Georgia, and Fort Worth, Texas, will be used to help the same comparison. meet rising consumer demand in North America and Central But the yellow brass solids price was assessed at $2.10-2.12 per lb America. on the same day, down by an average of 4.5 cents from $2.15-2.16 Expansion projects in Glendale, Arizona, and Pittston, per lb on January 27. Pennsylvania, are expected to be online in the first and second quarters of 2021 respectively. Mueller posts strong Q4 results on Comex gains “To deliver longer-duration contracted volume growth and align Mueller Industries Inc posted an increase in net income and sales for with our customers’ can-filling investments, additional can the fourth quarter of 2020, boosted by the strong rally in the base manufacturing investments [in North America and Central price of copper. America] are anticipated beyond 2021,” Ball said. The average price of copper rose by 21.9% during the fourth The company recently announced construction of an aluminium quarter compared with the year-earlier quarter, and by 2.8% for the manufacturing facility in Bowling Green, Kentucky, to align end year as a whole versus 2019, Collierville, Tennessee-based Mueller capacity with growing can demand. The Bowling Green facility is said in its earnings release on February 2, noting that Comex copper scheduled to begin production in 2022. continued ›

Ball said that demand remains strong in Brazil and continues to outstrip supply as small grocery stores and gas stations continue to emphasize recyclable aluminium beverage packaging over returnable glass. “To support contracted volume growth and align with our customers’ brewing capacity additions and can-filling investments across South America, additional can manufacturing investments are anticipated in 2021 and beyond,” Ball said. “The previously announced multi-line facility in Frutal, Brazil, will begin production in the second half of 2021,” it added. Ball supplies sustainable aluminium packaging solutions for beverage, personal care and household products, along with providing aerospace, other technologies and services primarily for the US government. Fastmarkets’ price assessment for aluminium pressure diecasting ingot DIN226/A380, delivered Europe fell to €1,890-1,950 ($2,273- 2,436) per tonne on Friday January 29, down from the previous week’s €1,940-2,000 per tonne and down from a six-year high of €1,980-2,050 per tonne on January 15. ANDREA HOTTER

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BURSA Carbon steel TURKEY FLAT STEEL WRAP: Prices show correction in January, demand moderate flat products Turkish prices for hot-rolled and cold-rolled coil both fell in January 2021, with the market slow to moderate because of decreasing FASTMARKETS’ KEY FLAT STEEL PRICES prices globally, Fastmarkets heard on Thursday February 4. The country’s HRC producers were fully booked until late April, so † Price Change Assessed most market participants expected prices to show more correction, HRC, EU imports (cfr main EU port, after the sharp increases in November and December 2020. northern Europe) (€/t) 680-685 0% 03 Feb 21 “There was a shortage globally during November and December, HRC, EU imports (cfr main EU port, southern Europe) (€/t) 650-670 -3.3% q 03 Feb 21 and buying was strong - mainly from China. So price increases were HRC, CIS exports (fob stowed main sharp in those months,” one Turkish trader said. “However, the Black Sea port) ($/t) 695-725 -5.65% q 01 Feb 21 shortage is over and now China is exporting at low prices again.” HRC, UAE imports (cfr Jebel Ali) Fastmarkets’ daily steel hot-rolled coil, index, export, fob main ($/t) 740-780 -0.65% q 02 Feb 21 port China, was $644.11 per tonne on February 4, compared with HRC, Turkish imports (cfr main Turkish port) ($/t) 715-730 -1.37% q 05 Feb 21 $660.90 per tonne on January 4. HRC, Latin America exports (fob The price had been as high as $702.96 per tonne on December 22, stowed main Latin American port) ($/t) 750-760 0% 29 Jan 21 but has mostly been decreasing since then. HRC, commodity grade, US imports (ddp, Houston) ($/short ton) 980-1,040 -5.61% q 03 Feb 21 Investigations HRC, US Midwest index (fob mill) Turkey’s Ministry of Trade started an anti-dumping investigation ($/short ton) 1,185-1,185 3.86% p 04 Feb 21 into imports of hot-rolled flat steel from the EU and South Korea on HRC, China export index (fob main China port) ($/t) 649-649 0.15% p 05 Feb 21 January 9. HRC, South East Asia imports (cfr The application for the investigation was made by the Turkish Vietnam) ($/t) 655-660 0.77% p 05 Feb 21 Steel Producers’ Association (TÇÜD), on behalf of flat steel HRC, Saudi Arabia imports (cfr main producers Erdemir, Çolakoglu, Habas and Tosçelik. Isdemir also

port) ($/t) 770-780 0% 02 Feb 21 supported the application, the ministry said in a statement in the CRC, EU imports (cfr main EU port, country’s Official Gazette. northern Europe) (€/t) 770-780 0% 03 Feb 21 Turkish market participants had told Fastmarkets in December CRC, EU imports (cfr main EU port, southern Europe) (€/t) 770-780 0% 03 Feb 21 that they were expecting an announcement regarding such an CRC, CIS exports (fob stowed main investigation, after the European Commission calculated a 4.8-7.6% Black Sea port) ($/t) 785-810 -1.85% q 01 Feb 21 preliminary anti-dumping duty on Turkish HRC. CRC, UAE imports (cfr main Jebel Ali) ($/t) 790-850 0% 02 Feb 21 Crude steel output CRC, Turkish imports (cfr main Turkish port) ($/t) 800-810 0% 05 Feb 21 Turkey produced 35.76 million tonnes of crude steel in the 12 months CRC, Latin America exports (fob of 2020, a 5.99% year-on-year increase from the 35.74 million tonnes stowed main Latin American port) ($/t) 790-800 0% 29 Jan 21 produced in 2019, the World Steel Association said. CRC, US imports (ddp Houston) ($/short And the country produced 3.4 million tonnes of crude steel in the ton) 1,180-1,220 2.56% p 03 Feb 21 year, a 17.7% increase year-on-year, the TÇÜD said on February 4. CRC, US domestic (fob mill) ($/short TÇÜD expected steel consumption and production to increase in ton) 1,340-1,340 0% 04 Feb 21 2021, provided the effects of the Covid-19 pandemic diminish. CRC, China export (fob main China port) ($/t) 715-720 0% 02 Feb 21 Turkey globally ranked the seventh-biggest steel producer in 2020.

Automotive output Turkey produced 1,297,854 vehicles in 2020, down by 11.18% from 1,461,244 vehicles the previous year, the Turkish Automotive Manufacturers Association (OSD) said.

Domestic prices HRC, CRC Turkish hot-rolled and cold-rolled flat steel prices decreased in January due to the globally weakening prices and demand. Fastmarkets’ weekly price assessment for steel HRC, domestic, exw Turkey, was $780-790 per tonne on January 29, falling from $810-820 per tonne on January 8. The corresponding assessment for steel cold-rolled coil, domestic, exw Turkey, was $940-950 per tonne on January 29, falling from $980-990 per tonne on January 8.

Coated coil Galvanized coil prices increased in Turkey during January because coated coil producers did not give any discounts, although demand continued ›

from 6,924,046 tonnes in 2019, the Turkish Statistical Institute (TUIK) Carbon steel said last week. Turkish exports of flat steel products decreased by 2.82% year-on-year to 5,451,349 tonnes in 2020, compared with 5,609,697 flat products tonnes in 2019, the institute added.

was moderate to weak. Investments In addition, most coated coil producers had booked HRC, the Turkey’s biggest steel producer, Erdemir, has bought compatriot base material for their end-products, at high prices, so their magnesia producer Kümas. production costs were high. Kümas is located in Kütahya, in north-west Turkey. It produces Fastmarkets’ weekly price assessment for steel hot-dipped and supplies sintered and fused magnesia, caustic calcined galvanized coil, domestic, exw Turkey, ended the month at $1,020- magnesia, dolomite and alumina-based refractory materials from 1,050 per tonne on January 29, rising from $1,010-1,030 per tonne on its integrated refractory plant. Kümas also mines its own raw January 8. materials. The price assessment for steel, prepainted galvanized, domestic, SERIFE DURMUS exw Turkey, also known as color-coated coil, with 9002 color code, fell to $1,090-1,120 per tonne on January 29, from $1,100-1,150 per BURSA tonne on January 8. TURKEY FLAT STEEL: HRC prices fall further, The reasons for the lower PPGI prices were competition and weak CRC prices steady on low stocks demand. And the price assessment for steel HDG, export, fob Turkey, was Turkish hot-rolled coil prices continued to fall in the week to Friday $1,020-1,050 per tonne fob on January 29, rising from $1,010-1,030 February 5, while cold-rolled coil prices were stable because of low per tonne on January 8. stock levels in the country, sources told Fastmarkets. European and African buyers booked Turkish HDG at $1,040-1,050 Demand for CRC was strong, so producers did not give any per tonne fob around mid-January. discounts during the week. Buyers were hesitant about booking HRC, however, because Import prices prices have been falling, so only very few deals were done. Towards mid-January, China sold HRC at $730 per tonne cfr Turkey. In addition, buyers said they wanted to see the direction of prices Later, China sold several cargoes totaling more than 10,000 after the Chinese New Year holiday (February 11-17). tonnes of HRC at $715-730 per tonne cfr Turkey. One of the main reasons for the falling HRC price was the decline Fastmarkets’ price assessment for steel HRC, import, cfr main in scrap values because of a lack of demand. port Turkey, was $715-720 per tonne on January 29, falling from Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), $740-805 per tonne on January 8. North Europe origin, cfr Turkey, was $396.39 per tonne on February Imports of cold-rolled coil from countries in the Commonwealth 4, falling from $407.95 per tonne on January 29. of Independent States during January remained limited because of Offer prices from the Commonwealth of Independent States reduced availability from the region. (CIS), the biggest source of HRC imports in Turkey also continued to CRC that was not annealed was sold to Turkey at $750 per tonne fall in the week to February 5. cfr from China mid-January. This price would normalize to the equivalent of $805 per tonne cfr for annealed CRC. Domestic prices Later, China sold CRC at $800 per tonne cfr Turkey. Fastmarkets’ weekly price assessment for steel hot-rolled coil, Fastmarkets’ weekly price assessment for steel CRC, import, cfr domestic, exw Turkey was $740-760 per tonne on February 5, down main port Turkey, was $800-810 per tonne on January 29, falling from $780-790 per tonne on January 29. from $810-840 per tonne on January 8. Turkish HRC producers were offering the material at $740-760 per tonne ex-works for May production over the past week, down from HRC exports last week’s offers of $780-790 per tonne ex-works for late April Demand for Turkish HRC was slow to moderate in January, with production. several deals heard, sources said. However, buyers for HRC preferred to wait and see if prices had Demand was not very strong because of the provisional duties reached a bottom during the week, so buying was limited, sources imposed by the EU, the biggest export market for Turkish HRC. told Fastmarkets. The European Commission set provisional duties at 4.8-7.6% on Fastmarkets’ weekly price assessment for steel cold-rolled coil, HRC imports originating from Turkey, with effect from January 6. domestic, exw Turkey was $940-950 per tonne on February 5, But these duties were considered by Turkish producers to be unchanged week-on-week. neither reasonable nor fair. Producers were offering 1mm thick CRC at $940-960 per tonne During January, about 5,000 tonnes of Turkish HRC was sold at ex-works during the week, narrowing downward from $940-980 per $800 per tonne fob. tonne ex-works offered last week. Later in the month, about 4,000 tonnes of Turkish HRC was sold at $760 per tonne fob, Fastmarkets heard. HRC exports Fastmarkets’ weekly price assessment for steel HRC, export, fob Fastmarkets’ weekly price assessment for steel HRC, export, fob main port Turkey, was $760-780 per tonne on January 29, falling main port Turkey was $730-740 per tonne on Friday, falling from from $810-820 per tonne on January 8. $760-780 per tonne on January 29. Turkish producers were offering the product at $730-740 per Import, export volumes tonne fob for May production, falling from offers last week at Turkey imported 7,027,378 tonnes of flat steel in 2020, up by 1.49% $780-790 per tonne fob for April production. continued ›

source from a major steelmaker told Fastmarkets. Carbon steel Indian steel mills may come back into the market after the Lunar New Year, sources said. “Some of the Indian mills were holding back and waiting for good flat products prices in the domestic markets. So now, they have excess inventories and want to sell to southeast Asia soon,” the same seller source said. About 5,000 tonnes of Turkish HRC was sold at $730-740 per Industry sources said India could offer at least $750 per tonne cfr tonne fob. Southeast Asia, especially as they were offering at $780 per tonne fob to Europe. Import prices Russian HRC from a steel mill in Magnitogorsk was offered at $700 Russian HRC, meanwhile, was on offer in Turkey at $730-735 per per tonne cfr Vietnam, with bids at $640-650 per tonne cfr. The tonne cfr this week, falling from last week’s offer prices at around Russian mill was also heard to be actively offering steel slab to Asia $735-738 per tonne. at low prices. Ukrainian HRC was on offer in Turkey at $720-735 per tonne cfr, “It makes sense that MMK would start to offer slab into Asia falling from offers at $750-755 per tonne cfr last week. instead of HRC given the low bids from buyers for its HRC cargoes,” No new prices were heard from China, but several cargoes a seller source from east Asia told Fastmarkets. This means the totalling more than 10,000 tonnes of Chinese HRC were sold at Russian mill would make better margins selling slab compared with $715-730 per tonne cfr Turkey last week. selling HRC into Asia. And no new deals were heard during the week, sources said, Fastmarkets’ weekly price assessment for steel HRC, import, cfr because of uncertainty over the direction of prices. Vietnam, which mainly looks at 2-3mm rerolling-grade SAE1006 Fastmarkets’ weekly price assessment for steel HRC, import, cfr HRC and equivalent products, was $655-660 per tonne on Friday, up main port Turkey was $715-730 per tonne on February 5, narrowing by $5 per tonne from $650-655 per tonne a week earlier. down from $715-750 per tonne on January 29. The lower end of the A major South Korean steel mill did not offer any material this assessment reflected the deal price from China heard last week. week. It aims to offer HRC cargoes again after the Lunar New Year No new prices for CRC imports were heard this week, sources said. holidays. It had listed HRC offers at $760 per tonne fob. As a result, Fastmarkets’ weekly price assessment for steel CRC Another major South Korean steel mill was heard offering HRC at import, cfr main port Turkey was $800-810 per tonne on February 5, $790 per tonne cfr Indonesia. unchanged week-on-week. “Automotive [original equipment manufacturers] in Indonesia SERIFE DURMUS still need to purchase from east Asia at high prices, but those who are buying building material are not in the market right now,” a steel SINGAPORE trader with knowledge of the Indonesian HRC markets said. ASIA HRC: Buyers source imports amid high A major domestic Indonesian producer was heard offering HRC at domestic offers high levels, which caused buyers to remain wary of purchasing both domestic and imported material. Prices for imported hot-rolled coil in Vietnam have increased slightly Taiwanese steel mills have offered HRC at $780 per tonne fob, in the week to Friday February 5, with buyers sourcing imported with Taiwanese material still heading towards the United States. material due to high offers from domestic producer Formosa Ha A major Taiwanese steel mill increased its domestic prices by Tinh Steel Corp, market sources told Fastmarkets. NT$700 ($25) per tonne to NT$23,500 per tonne. Many Vietnamese buyers are still in the final stages of negotiation A major Japanese producer was heard offering HRC at $780 per with Formosa Ha Tinh Steel Corp after it released its new offers for tonne cfr Southeast Asia, sources said, although this could not be April-shipment and delivery material late on Monday at stable levels. directly confirmed with the steelmaker. It is offering SAE1006 HRC with skinpass at $724-729 per tonne cif Fastmarkets’ weekly price assessment for steel HRC (Japan, and SAE1006 HRC without skinpass at $719-724 per tonne cif. SS400 Korea, Taiwan-origin), import, cfr Vietnam was $725 per tonne on HRC was offered at $715-720 per tonne cif. Friday, unchanged week on week. The steelmaker is also offering HRC at $749 per tonne cfr PAUL LIM Thailand, $750 per tonne cfr Malaysia and $760 per tonne cfr Indonesia. SHANGHAI “Given Formosa Ha Tinh’s domestic price of $720-725 per tonne CHINA HRC: Overseas buyers bid higher on cif, its export price is around $740 per tonne fob,” a Vietnamese limited supply buyer source told Fastmarkets on Friday. Formosa Ha Tinh’s offer of $720-725 per tonne cif has led to some China’s hot-rolled prices gained in the domestic market on Friday buyers sourcing cheaper imported SAE1006 HRC from China. February 5 amid inactive trading, while in the export market, most There were transactions heard concluded at $655-660 per tonne mills suspended offering goods, which forced overseas buyers to bid cfr Vietnam for China-origin position cargoes, sold by traders who higher, sources told Fastmarkets. had taken on inventories in the past two months. The quantities could not be directly confirmed by counterparties. Domestic “Now is the time to sell because no one knows how prices will move • Eastern China (Shanghai): 4,470-4,500 yuan ($692-696) per after Tet. If the traders have made sufficient margins, they can offload tonne, up 30-50 yuan per tonne their cargoes now. Why wait?” a Vietnamese trader said on Friday. • Northern China (Tangshan) - weekly assessment: 4,330-4,350 The upcoming Lunar New Year festival in Vietnam, also known as yuan per tonne, down 20-70 yuan per tonne Tet, has seen some buyers sitting back and abstaining from buying. Several Shanghai-based traders said sellers in the spot market there “Some buyers are really down to their last coil. No one knows how had raised offers after price gains in the futures market, but trading prices will move after Tet, so they want to wait and see,” a seller was inactive because many downstream buyers had slowed down continued ›

Heard in the market Carbon steel Thursday’s index represents an all-time high for hot-rolled coil prices in the United States, surpassing the previous record of $58 per cwt reached on January 14. With the domestic spot market continuing flat products to face an unprecedented supply squeeze amid strong end-market demand, sources said pricing may remain at historic levels in the operations before the upcoming Chinese New Year (February 11-17). near term. One trader said they were struggling to find trucks to transport And with prime scrap prices staying sideways in early Midwest goods, which also dampened trading activity. trades this month, market participants did not expect downward Over the past week, HRC prices in Shanghai gained 30-40 yuan per pricing pressure from falling raw material costs. Still, even if prime tonne but trading activity has been weak compared to recent weeks. scrap were to decline, sources said the current level of demand in the In northern China, a Tianjin-based trader said mills in Tangshan hot band market would easily override weakening input prices. had secured enough orders amid the price drops, with some of them Sources also noted signs of a recovery in the oil and gas end starting to suspend offering goods on Friday. market, with the US drill rig count at its highest since May 1, 2020. Market participants also speculated that President Joe Biden’s Export decision to reimpose Section 232 duties on aluminium imports from • Fastmarkets’ steel hot-rolled coil index export, fob main port the United Arab Emirates suggests that his administration will not China: $649.21 per tonne, up $5.10 per tonne change existing trade policies - and potentially prompt an influx of Traders said HRC supply has been limited in China’s export market, foreign material - in the near term. with most major mills no longer offering such goods. As such, a Zhejiang-based trader said his overseas customers had Quote of the day raised bids into a range of $645-670 per tonne fob China. That “[Prices for] prime grades of scrap will end up sideways, but either compares to bids from Pakistan earlier in the week at $635-640 per way it will not impact price because demand is so strong,” according tonne cfr Pakistan, equivalent to $615-620 per tonne fob China. to a southern service center source. “Oil and gas is bubbling a bit, But the trader did not sign any deals on Friday because it was hard which is a change.” to get goods from Chinese mills, he said. Grace Lavigne Asenov in New York contributed to this report. Before mills suspended offering HRC for export on Thursday, PATRICK FITZGERALD prices in the Chinese market were mixed with a northern China- based mill willing to accept $640-645 per tonne fob, while another NEW YORK mill there set the cheapest prices at $665-670 per tonne fob. US hot-rolled coil import prices fall from highest since 2008 Market chatter “Many mills suspended offering goods because they’re operating Prices for imported hot-rolled coil in the United States fell from the slowly before Lunar New Year. But another important reason for highest in more than 12 years, with buyers looking for deals amid that is actually many of them are bullish on demand after the speculation that prices will drop by the time cargoes arrive at week-long holiday because many market participants believe American ports. demand will recover faster after the holiday than previous years “A lot of consumers are shopping for their best deals, but the since many people are staying put during the holiday,” a second problem is inventory availability in some cases,” a West Coast Zhejiang-based trader said. distributor said. The Chinese government has encouraged workers to stay where Fastmarkets’ assessment for steel hot-rolled coil, import, ddp they are based to avoid spreading Covid-19 amid a resurgence of Houston fell to $980-1,040 per short ton ($49-52 per hundredweight) cases in some parts of the country. on Wednesday February 3, down 5.6% from $1,040-1,100 per ton on January 20, its highest since it was $1,110-1,140 per ton in August 2008. Shanghai Futures Exchange Exporters in South Korea, Canada and Mexico can be competitive The most-traded May HRC futures contract closed at 4,450 yuan with US mills because they are not subject to tariffs under Section per tonne on Friday, up by 63 yuan per tonne from Thursday. 232, sources noted. There were offers from South Korea in the MIRANDA SONG assessment. One offer from Turkey, which is subject to 232 tariffs, was reported NEW YORK at $980 per ton for delivery in April. Another source reported a US hot-rolled coil index soars past $59/cwt Turkish offer at $1,020 per ton for delivery in May, but that customer to all-time high passed on the offer because domestic futures are priced lower. Fastmarkets’ steel hot-rolled coil index, fob mill US was calculated Hot-rolled coil prices in the United States have reached an all-time at $57.68 per cwt ($1,153.60 per ton) on February 3, down 0.2% from high, supported by strong demand and extremely tight supply, $57.81 per cwt a day earlier. The price reached a record high of $58 Fastmarkets has learned. per cwt on January 14. Fastmarkets’ daily steel hot-rolled coil index, fob mill US was Fastmarkets’ assessment for steel cold-rolled coil import, ddp calculated at $59.23 per hundredweight ($1,184.60 per short ton) on Houston was $1,180-1,220 per ton ($59-61 per cwt) on Wednesday, Thursday February 4, up by 2.69% from $57.68 per cwt the previous up 2.6% from $1,140-1,200 per ton two weeks earlier and at its day and more than double $29.57 per cwt on February 4, 2020. highest since the price stood at $1,200-1,220 per ton in August 2008. Inputs were received across all three sub-indices in a range from Fastmarkets’ assessment for steel cold-rolled coil, fob mill US rose $54.00-62.50 per cwt, representing confirmed deals, mill offers and to an all-time high of $67 per cwt ($1,260 per ton) on January 28, up assessments. Inputs were carried over in all three sub-indices at the 4.7% from $64 per cwt a week earlier. assessor’s discretion to minimize day-to-day volatility. Fastmarkets assessed steel hot-dipped galvanized 0.012-0.015 continued ›

the sector - including criticism from Brazilian authorities. Carbon steel “The auto sector, together with the whole Brazilian industry, are the biggest taxpayers in the country... On top of that, we generate premium jobs with a great focus on research and development for flat products innovation,” Moraes said. “On the other hand, it seems some authorities are against the inch G30, ddp Houston at $1,300-1,340 per ton ($65-67 per cwt) on industry and believe solely in ‘opening up’ our economy. We are in Wednesday, up 8.2% from $1,200-1,240 per ton two weeks earlier favor of that as long as costs are reduced with structural reforms,” and its highest level since Fastmarkets began assessing this price he added. in 2013. Steelmakers and other industrial groups, like the auto sector, had Fastmarkets’ assessment for steel medium plate, import ddp expressed fears in 2018 that a rush to “open up” the economy via Houston was $940-980 per ton ($47-49 per cwt) on February 3, lower import duties and tariffs, for example, would hurt the Brazilian unchanged from two weeks earlier, and remaining at its highest industry. level since it was $950-970 per ton in November 2008. President Jair Bolsonaro was elected in 2018 with a liberal agenda MARK SHENK spearheaded by his now minister of economy Paulo Guedes. But the government’s prioritiesshifted away from facilitating imports, and SÃO PAULO reforms on the tax system and others to improve the business Brazilian vehicle production up 4.2% in environment did not make their way to Congress. January, Anfavea says RENATO ROSTÁS

Brazilian vehicle production climbed by 4.2% year on year in LONDON January, with the industry slowly recovering from Covid-related EUROPE HRC: Domestic prices stable despite restrictions imposed in the second quarter of 2020, trade producers’ bullish mood association Anfavea said on Thursday February 4. Output totaled 199,707 units in the first month of 2021, rising from Domestic prices for hot-rolled coil across Europe were stable day on 191,731 units in the same month last year. But the total was down by day on Thursday February 4, despite attempts by mills to achieve 4.6% from 209,296 units in December amid vacation and price rises, sources have told Fastmarkets. manufacturing downtime, Anfavea added. Fastmarkets calculated its daily steel hot-rolled coil index, In January, new registrations of domestically made autos reached domestic, exw Northern Europe, at €710.00 ($854.16) per tonne on 154,986 units, down by 9.4% from 171,155 units in the corresponding Thursday, unchanged day on day. month in 2020. New registrations as a whole totaled 171,146 units, The index was down by €1.00 per tonne week on week but up by down by 11.5% from 193,459 units in the same comparison. €43.33 per tonne month on month. Concurrently, exports of 25,040 units in January were up by 21.9% The calculation of Thursday’s index was based on achievable from 20,549 units in the same month last year. Excluding December prices heard at €700-720 per tonne ex-works. 2020, when automakers rushed to anticipate as many shipments as At the end of last week, ArcelorMittal increased its official offers they could, according to Anfavea, January’s export figures were the on HRC to €750 per tonne ex-works across the EU, up by €20 per highest since reaching 42,100 units in July 2019. tonne compared with previous offers. And Swedish steelmaker SSAB “These are very good export numbers, especially when you has been targeting a €40 per tonne price rise. consider how tough the scenario is in Latin America due to the Market sources estimated achievable prices in Italy at €700-720 Covid-19 pandemic,” Anfavea president Luiz Carlos Moraes said per tonne ex-works. during a press conference. European steelmakers have been bullish despite the weakening of Shipments abroad prevented inventories from rising significantly international finished steel and raw material prices, market sources in January. Stocks finished last month at 100,800 units (equivalent said. The upward mood among producers has been supported by to 18 days in sales), up by 4.1% from 96,800 units in December good order books and healthy demand, and this combination kept (equivalent to 17 days in sales). material availability tight in Europe, market sources said, despite Brazilian automakers were still facing material challenges, mainly the availability of export material from overseas. with their suppliers, due to an imbalance in supply and demand for Fastmarkets’ steel hot-rolled coil index, export, fob main port some products like steel, rubber and semiconductors, Moraes said. China, was $644.11 per tonne on February 4, down by $0.48 per “[This environment also] generated a cost pressure [for vehicle tonne day on day and down by $16.79 per tonne month on month. producers]. First, the unfavorable currency exchange resulted in Producers in the North have been reported to be offering either bigger costs, and then raw material prices increased during the late-second-quarter-rolling HRC or to be completely sold out for second half of 2020,” Moraes said. second-quarter production. Italian steelmakers, in the meantime, Fastmarkets’ assessment for steel hot-dipped galvanized coil have been offering and trading April-May rolling coil, according to domestic monthly, exw Brazil was 6,250-6,375 Reais ($1,168-1,192) market sources. per tonne on January 8, up by 16.4% from 5,360-5,490 Reais per Buyers must pay higher prices for HRC if they need material with tonne on December 11 and by 86.5% from 3,350-3,420 Reais per shorter lead times. tonne on July 10, near the beginning of the second half. As a result, market sources believed that domestic HRC prices That price assessment covers mostly spot contracts with suppliers across Europe were likely to remain fairly stable for at least a month, since automakers are under longer-term deals. In annual contracts fluctuating in the range of €700-720 per tonne ex-works. The with automakers, flat steel producers secured average increases of outlook for the longer term, however, was negative due to a decline 40%, national steel distributor association Inda said last month. in global market. In addition, buyers questioned the sustainability of Regarding Ford Motor Co’s decision to halt manufacturing the strong demand. activities in Brazil, Moraes responded to criticism about tax relief for Buyers have been cautious in making new deals and building continued ›

Producers in Northern Europe have been reported to be either Carbon steel completely sold out of second-quarter production or were offering CRC scheduled for rolling at the end of the second quarter. Fastmarkets’ weekly price assessment for steel CRC, domestic, flat products exw Southern Europe, was €790-800 per tonne on February 3, down by €10 per tonne from €800-810 per tonne a week earlier. stocks, because they believed that prices might start to decline in The assessment was based on “workable” prices heard in the about one month. market. Official offers in the region have been heard at €820-840 MARIA TANATAR per tonne ex-works. Producers in the south of Italy were reported to be offering LONDON late-second-quarter rolling coil. EUROPE HDG: Domestic prices hold stable Buyers believed that increased interest in sales to Europe from in the North on tight supply overseas suppliers indicated that European producers would have to accept lower prices. Domestic prices for hot-dipped galvanizing coil have been stable in Fastmarkets’ weekly price assessment for steel CRC, import, cfr Northern Europe over the week to Wednesday February 3, supported main port Southern Europe, was unchanged on February 3 at by tight supply, sources told Fastmarkets. €770-780 per tonne. Fastmarkets’ weekly price assessment for steel hot-dipped And the corresponding assessment for steel CRC, import, cfr galvanized coil domestic, exw Northern Europe was unchanged over main port Northern Europe, was €770-780 per tonne on February 3, the week at €820-840 ($987-1,011) per tonne on February 3. also stable over the week. The assessment was based on achievable prices heard in the Both assessments were based on offers of materials from Asia. market. MARIA TANATAR Market sources said that supply in the HDG segment remains tight due to good demand, long lead times from domestic mills and a lack of overseas alternatives. Producers in the North have been reported offering either late-second-quarter-rolling HDG or to be completely sold out for second-quarter production. Some sources said that buyers that need material with shorter delivery times will have to pay higher prices. In addition, market sources said that the cancellation of orders by Liberty Steel and NLMK in Benelux in the fourth quarter of 2020 created the shortage in the market, and that buyers were still trying to replace lost volumes. In early December, market sources said that Liberty Steel’s Liège-Dudelange sites in Belgium were reported to be canceling or delaying HDG deliveries because they were unable to secure feedstock. In the meantime, Fastmarkets’ corresponding weekly price assessment for steel hot-dipped galvanized coil domestic, exw Southern Europe was €800-820 ($963-987) per tonne on Wednesday, down by €10-20 per tonne week on week from €820-830 per tonne. The assessment was based on deals and achievable prices heard in the market. Official offers have been heard at €820-840 per tonne ex-works. MARIA TANATAR

LONDON EUROPE CRC: Offers down but buyers not tempted

Domestic prices for cold-rolled coil in Europe inched down over the week to Wednesday February 3, but buyers declined the lower offers, sources have told Fastmarkets. Fastmarkets’ weekly price assessment for steel CRC, domestic, exw Northern Europe, was €800-810 ($962-974) per tonne on February 3, compared with €800-820 per tonne a week earlier. The assessment was based on achievable prices heard in the market. Two sources believed that some mills might accept €790 per tonne ex-works, but no deals have been reported at this price yet. A majority of sources, however, believed that lead times were long and that demand remained sufficiently strong that prices would not go below €800 per tonne ex-works in the next few weeks.

“February bookings are done, so there is no big hurry. We can Carbon steel afford to wait,” a mill source said.

Imports long products Rebar offers from overseas suppliers to Poland have been largely flat over the past week. FASTMARKETS’ KEY LONG STEEL PRICES Russian rebar for April delivery was heard offered to Poland this week at €595 ($714) per tonne dap border (equivalent to about €620 † Price Change Assessed per tonne delivered), unchanged over the past seven days. The Rebar, China export index (fob main latest booking at this price was reported in late January. China port) ($/t) 625-625 -1.57% q 05 Feb 21 Russia had entirely used up its first-quarter quota of 56,951 tonnes Rebar, EU import (cfr main EU port, northern Europe) (€/t) 550-570 -6.67% q 03 Feb 21 of rebar imports into the EU by January 26. Rebar, EU import (cfr main EU port, Offers of April-delivery rebar from Moldova to Poland were heard southern Europe) (€/t) 540-560 -6.78% q 03 Feb 21 at €610 per tonne dap border (about €635 per tonne delivered) this Rebar, CIS exports (fob stowed main week, sources said. Black Sea port) ($/t) 600-615 -5.81% q 01 Feb 21 Moldova had been depleting its quarterly rebar quota much more Rebar, Turkish exports (fob main Turkish port) ($/t) 590-595 -2.87% q 04 Feb 21 slowly. As of February 4, the country had shipped just 1,008 tonnes Rebar, UAE imports (cfr Jebel Ali) of rebar to the EU, about 4.14% of its 24,296-tonnes allowance for ($/t) 680-700 -1.43% q 02 Feb 21 January-March. Rebar, US imports (cfr Gulf) ($/short ton) 780-800 0% 03 Feb 21 Wire rod Rebar, US domestic (fob mill) ($/short Buying activity in Poland’s wire rod market was slow in the first ton) 795-795 0% 03 Feb 21 week of February, because buyers had restocked and were in no Rebar, South East Asia imports (cfr Singapore) ($/t) 625-640 -0.39% q 01 Feb 21 hurry to buy new tonnages, expecting prices to decline on the Rebar, Southern Europe exports (fob softer scrap costs. main port) (€/t) 600-620 0% 03 Feb 21 “Demand was good during most of January, but now it is weakening,” one trader said. DNIPRO At the same time, tightness of supply in the wire rod market in POLAND REBAR: Markets down on weakening Poland was expected to prevent any sharp decline in prices, sources scrap costs said. One domestic producer was said to be offering February-rolling Domestic steel rebar prices in Poland were likely to decrease on wire rod at around 3,060-3,080 zloty per tonne delivered, compared weaker scrap values, even though local producers had already with 3,100 zloty per tonne for January bookings. closed their sales of February material, sources told Fastmarkets on Another local mill was offering wire rod to the domestic market at Friday February 5. 3,080-3,100 zloty per tonne delivered. Fastmarkets’ weekly price assessment for steel reinforcing bar Fastmarkets estimated a price for drawing-quality, s235jr, (rebar), domestic, exw Poland, was 2,900-2,950 zloty ($773-787) per 5.5-16mm wire rod at 3,060-3,100 zloty per tonne delivered in Poland tonne on Friday, narrowing downward from 2,900-3,000 zloty per in the week to Friday, the same as a week earlier. tonne seven days ago. Offers from a Czech mill to Poland were heard slightly lower at Most local producers were said to have sold out of February- 2,990-3,050 zloty per tonne delivered. rolling rebar at average prices of 2,900-3,000 zloty per tonne JULIA BOLOTOVA ex-works in the last week of January. Cognor, a small steelmaker that uses an electric-arc furnace SHANGHAI (EAF), was offering March-rolling rebar at 2,950-3,000 zloty per CHINA REBAR: End-user demand expected tonne ex-works, while other Polish rebar producers had yet to to recover by end-February announce new prices. Several sources said that the price suggestion for March rebar China’s domestic rebar prices were unchanged on Friday February 5 from one local mill was as high as 3,100-3,150 zloty per tonne with demand dropping to near zero, but market participants expect delivered (3,080-3,120 per tonne ex-works), but this was not construction sites will resume work soon after the Chinese New Year considered seriously by buyers, given the weakening scrap prices holidays (February 11-17). internationally and in the EU. Buyers estimated “workable” prices to be no higher than 2,900- Domestic 2,950 zloty per tonne ex-works. • Eastern China (Shanghai): 4,280-4,300 yuan ($662-665) per “[The price of] scrap falls, buying turns quiet. We expect a tonne, unchanged downward correction [in the price of rebar],” one distributor said. • Northern China (Beijing) weekly assessment: 4,110-4,160 yuan per Generally, trading sources expected rebar prices in Poland to tonne, unchanged soften in February, considering the scrap downturn and an Losses earlier in the week resulted in rebar prices in eastern China aggressive pricing policy among CIS mills. ending the week down by 10 yuan per tonne at the top end of the “I predict that [rebar] prices will inch down a bit in February, and range compared with a week ago, though sellers kept their prices bottom-out in March. The mill price shouldn’t go below 2,800 zloty largely steady for the rest of the week. per tonne ex-works, though,” a buyer said. A trader in Shanghai said he is waiting for customers to return to Meanwhile, Polish mills had good order books and were in no hurry the market at the end of the month. to reduce their prices. Some construction workers did not go back to their hometowns continued ›

could be offset by a more positive outlook for the March scrap trade. Carbon steel “There’s no relief on the immediate horizon for rebar prices,” a second consumer said. “I’m not a proponent of thinking that the long products market will come down.” Imports for the holidays, so it will take a shorter time for them to resume Fastmarkets’ assessment for steel reinforcing bar (rebar), import, work compared with the past few years, he said. loaded truck Port of Houston for immediate delivery also held at But some sources said rebar prices may rise quickly after the $780-800 per ton ($39-40 per cwt) on Wednesday. holidays due to high inventories in the market. “The inventory level is the lowest I have ever seen,” one trader said of the volume of imported spot material available at the Port of Export Houston. • Fastmarkets’ steel reinforcing bar (rebar) index export, fob China A Turkish cargo containing less than 20,000 tonnes of rebar is main port: $625 per tonne, unchanged currently being unloaded at a Gulf of Mexico port, according to China’s mills maintained rebar offers at $620-650 per tonne fob, sources. $10-30 per tonne higher than offers from suppliers in other regions. But the trader noted that Turkey will not be an aggressive exporter to the US market since it could be facing increased Market chatter anti-dumping duties next month. “Traders in the futures market raised their long positions for the May “Since [Turkey] sells on a ddp basis, they’re the ones taking the contract on their bullish outlook for post-holiday demand, so risk,” this source added. futures were strong in the past three days,” an industry analyst said. PATRICK FITZGERALD

Billet BURSA As at 3pm, billet was being traded at 3,850 yuan per tonne including EGYPT STEEL BILLET, REBAR: Prices down on value-added tax in Tangshan, unchanged from a day earlier. weak demand, low rebar consumption

Shanghai Futures Exchange Prices for steel billet and rebar decreased in Egypt in the week to The most-traded May rebar futures contract closed at 4,285 yuan Thursday February 4 in line with weak demand, with the country still per tonne on Friday, up by 39 yuan per tonne from a day earlier. suffering from rebar consumption having decreased by 7.68% in JESSICA ZONG 2020, sources have told Fastmarkets. Egyptian demand for long steel products was weak for reasons NEW YORK including a ban on construction and the continuing effects of the US domestic rebar market stable, Covid-19 pandemic. imports scarce Egypt imposed a ban on construction in May 2020 when the pandemic struck, although it eased the rules the following Steel reinforcing bar prices in the United States are steady this week, September. with market participants closely watching the monthly domestic A total of 6.85 million tonnes of rebar was sold in Egypt in 2020, ferrous scrap trade for signs of how it will impact the spot rebar down by 7.68% year-on-year from 7.42 million tonnes in 2019, Ramy market. Saleh, chief business development officer at El Marakby Steel, told Fastmarkets’ weekly assessment for steel reinforcing bar (rebar), Fastmarkets. fob mill US was at $39.75 per hundredweight ($795 per short ton) on “When we look back on the effects of Covid-19 and the suspension Wednesday February 3, unchanged from January 27. of building licenses, we should be grateful that the drop is only 8% year-on-year,” Saleh said. US market While the domestic market remains on firm footing for the time Billet imports being, market participants are roughly split on whether an Demand for steel billet imports was non-existent, because of the anticipated sharp decline in raw material costs during this month’s country’s 13% safeguard duty imposed on such materials, with a scrap trade will lead to any meaningful deterioration in spot rebar minimum rate of $60 per tonne. prices. The duty on steel billet was imposed at 16% of the cif price and a At the time of writing, shredded scrap was down by $60 per ton in minimum of $74 per tonne from October 12, 2019, and will be in early Midwest trades. effect until April 22, but with gradually reducing rates. “[Prices] are still holding, but we are expecting it to slide very soon Egypt imported only 40,000 tonnes of steel billet in the last six based on the scrap activity,” a consumer source said. months of 2020, compared with about 650,000 tonnes imported in Given the raw materials outlook, some market participants are the first six months of the year, Saleh said. tempering buying activity to see if there will be any downward Egypt’s total billet imports in 2019 came to 2.5 million tonnes. adjustment in pricing before re-engaging the spot market. Billet from the Commonwealth of Independent States (CIS) was This, in turn, has reduced lead times at mills, which now roughly offered to Egypt at $565 per tonne cfr during the past week. Two stand around four weeks compared with six weeks previously. sources believed that $545-550 per tonne cfr would be a workable Availability was also said to be improving in the Midwest market. price if the construction ban were eased further or removed. But other sources were not at all convinced that any decline in Billet export prices in the CIS, the main exporter of billet to Egypt, scrap would translate to weaker rebar prices, arguing that have been coming down recently because of globally decreasing availability at mills in the Texas and Florida markets remains prices. extremely limited, and that any decline in input costs this month Fastmarkets’ daily steel billet index, export, fob Black Sea, CIS, continued ›

was calculated at $538 per tonne fob on February 4, down from $562 per tonne on January 28. The weekly price assessment for steel billet, import, cfr main port Egypt, was $550-565 per tonne on February 4, falling from $580-600 per tonne on January 28.

Domestic rebar Egyptian rebar producers have been offering rebar at E£13,350- 13,654 ($847-867) per tonne ex-works including 14% VAT since December 27. Some deals were made this week at E£13,350-13,500 per tonne ex-works including 14% VAT. Fastmarkets’ weekly price assessment for steel reinforcing bar (rebar), domestic, exw Egypt, was E£13,350-13,500 per tonne on February 4, narrowing downward from E£13,350-13,654 per tonne on January 28. SERIFE DURMUS

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the material was of a chemistry that required extra payment. Carbon steel semi- Fastmarkets’ daily steel billet index, export, fob Black Sea, CIS, was calculated at $538 per tonne fob on February 4, down by $3 per tonne day on day. finished products VLADA NOVOKRESHCHENOVA

FASTMARKETS’ KEY SEMI-FINISHED STEEL PRICES

Price Change† Assessed Slab, CIS exports (fob stowed main Black Sea port) ($/t) 620-630 -1.96% q 01 Feb 21 Slab, Brazil export (fob main port) ($/t) 760-780 0% 29 Jan 21 Slab, South East/East Asia (cfr main port) ($/t) 640-660 -1.14% q 01 Feb 21 Slab, Iran export (fob Iranian port) ($/t) 610-615 -0.41% q 03 Feb 21 Billet, CIS exports index (fob Black Sea port) ($/t) 538 -1.47% q 05 Feb 21 Billet, Turkish exports (fob main Turkish port) ($/t) 560-565 -4.26% q 04 Feb 21 Billet, Turkish imports (cfr main Turkish port) ($/t) 535-555 -4.39% q 04 Feb 21 Billet, UAE imports (cfr Jebel Ali) ($/t) 590-630 -1.61% q 02 Feb 21 Billet, Latin American exports (fob stowed main Latin America port) ($/t) 560-580 -3.39% q 29 Jan 21 Billet, Indian exports (fob main India port) ($/t) 520-530 -9.09% q 05 Feb 21 Billet, South East Asia imports (cfr main port) ($/t) 540-550 -4.8% q 05 Feb 21 Billet, Iran export (fob Iranian ports) ($/t) 510-520 -3.92% q 03 Feb 21 Billet, Egypt imports (cfr main port) ($/t) 550-565 -5.51% q 04 Feb 21

DNIPRO CIS STEEL BILLET: Prices down on lower offers from mills, traders

Export prices for steel billet from the Commonwealth of Independent States (CIS) continued to move downward on Thursday February 4 with lower offers heard from mills and traders. Billet offers from mills were heard within the range of $540-545 per tonne fob for customers in the Middle East, compared with $540-550 per tonne fob earlier in the week. A Russian producer was reported to have filled its order book for February at the lower end of the range, but it was not immediately clear where the cargoes were sold. Customers in Turkey were bidding $530-535 per tonne cfr ($515-520 per tonne fob) in comparison with the above-mentioned offers. Material from eastern Ukraine was offered to Turkey at $535 per tonne cfr ($520 per tonne fob) and at $545 per tonne cfr ($525 per tonne fob) in Italy. These figures were not included in Fastmarkets’ assessment because material from this territory is considered illegal. Traders were offering official material from the CIS region at $559 per tonne cfr (540 per tonne fob) in Italy. “We are seeing many traders desperate to sell now,” one trader said. Although no fresh bookings had been heard by the time of publication, the most recent confirmed sale was done from Ukraine to Qatar at $580 per tonne cfr ($540-545 per tonne fob Black Sea) earlier in the week. A relatively small cargo from Ukraine was on offer in Latin America at $588 per tonne cfr. It was not immediately clear whether

after 10-14 days’ consumption. Ferrous scrap Another reason for the active sourcing of imported scrap by Chinese buyers is that they want to test Chinese import procedures at the ports, including how to pass Customs inspections. FASTMARKETS’ KEY FERROUS SCRAP PRICES As a result, steel mills are still looking to import smaller trial tonnages of around 3,000 tonnes. † Price Change Assessed “Even though the import price is higher than domestic prices, the MB Index CFR Turkey HMS 1&2 (80:20) small tonnage will not cause too much of a loss for mills if anything (North Europe material) 381.84 -6.4% q 05 Feb 21 goes wrong,” a source at an eastern China mill said. MB Index CFR Turkey HMS 1&2 (80:20) (USA material) 386.21 -6.52% q 05 Feb 21 Japanese suppliers are also more positive on dealing with Chinese MB Index Shredded India import cfr Customs authorities ever since the first HS scrap cargo sold to China ($/t) 408.73 -1.71% q 05 Feb 21 this year passed Shanghai customs inspections smoothly on HMS 1&2 ferrous scrap index (80:20) January 29, sources said. fob Rotterdam ($/t) 378.25 -5.01% q 05 Feb 21 “Japanese scrap passed China’s customs checks so this has made HMS 1&2 (80:20) UK export fob main port ($/t) 369-381 -3.85% q 05 Feb 21 Japanese suppliers relieved and now business discussions with China HMS 1&2 (80:20) Taiwan import cfr have become more active,” a Japanese steelmaker source said. ($/t) 350-360 -2.07% q 05 Feb 21 US Index domestic Midwest No1 Swinging the regional balance busheling ($/gross ton) 492.03 27.96% p 11 Jan 21 China’s presence in the spot scrap market has caused the Asia US Index domestic Midwest shredded Pacific region to swing towards stronger demand for high-grade ($/gross ton) 466.44 27.55% p 11 Jan 21 scrap, causing scrap prices to increase. Vietnam ferrous scrap ($/t) 405-410 0% 05 Feb 21 Japanese steel scrap prices have increased this week, with sellers increasing their offers due to Chinese demand. SINGAPORE, SHANGHAI “Some shippers are buying scrap in advance because they think FOCUS: China fishes for Japan scrap imports prices will increase, so domestic mills and buyers have to chase after with premiums over domestic prices the higher bids by Chinese buyers,” a Japanese trader told Fastmarkets on Friday. Chinese steelmakers have been actively bidding for Japanese Offers have also risen throughout this week following an effort import scrap cargoes at prices above the China domestic market from Japan’s suppliers to hold onto material after some market level in recent days, sources have told Fastmarkets. participants incurred losses in selling to the domestic market last At least two major steelmakers were heard making inquiries for week. scrap with Japanese trading houses and suppliers on Friday China has consistently outbid Asian rivals such as South Korea for February 5. steel scrap this week. The hive of activity comes just ahead of China’s Lunar New Year While bids from China for Shindachi busheling and HS were at holiday next week, with some fortunate market participants around ¥44,000 ($418) per tonne fob this week, a South Korean already starting their vacations earlier this week. steelmaker told Fastmarkets on Friday that he was expecting to pay Bids for imports of heavy steel scrap (HS) from Japan were heard no more than ¥40,000-42,000 per tonne cfr Korea for Shindachi, at $440-450 per tonne cfr China on Friday, while offers from Japan which would only equal around ¥38,000-40,000 per tonne fob Japan. for the material were heard at $465 per tonne. While some market participants have told Fastmarkets that there That is up from last week’s bid level of $420 per tonne cfr and is a risk premium priced into Chinese sales given their recent offers at around $440 per tonne cfr. A deal was heard at $430 per shake-up of import policy, a Japanese trading source disagreed with tonne cfr China for HS last week, but sources said that level would the premise and said that Chinese buyers are simply willing to no longer work this week. accept higher prices than other Asian consumers. The prices that mills were willing to pay also outstripped the LEE ALLEN, JESSICA ZONG, PAUL LIM domestic price level in China this week. Fastmarkets’ weekly price assessment for steel scrap heavy scrap MUGLA domestic, delivered mill China was 3,170-3,190 yuan ($489-493) per DAILY STEEL SCRAP: Mills resume deep-sea tonne on Friday. bookings; prices down $15/t After deducting value-added tax, the domestic price level would indicate that Chinese mills could pay $435 per tonne cfr for HS, Turkish steel producers resumed their deep-sea scrap purchases on market participants said, which means that Chinese steelmakers Friday February 5 after achieving lower prices, sources told are bidding $5-15 per tonne above their domestic market for Fastmarkets. Japanese imported material. A steel mill in the Iskenderun region booked a UK cargo consisting of 18,000 tonnes of HMS 1&2 (80:20) at $387 per tonne cfr. China happy to pay higher A steel mill in the Marmara region booked a Baltic Sea cargo Sources said that Chinese mills were willing to pay such a high comprising HMS 1&2 (80:20) at $380 per tonne and bonus at $390 premium for import scrap at this time because of their positive per tonne cfr. The cargo totalled 22,000 tonnes, but the composition outlook for the steel market after the holidays. was not clear. China’s domestic steel demand typically increases from March, These deals compare with previous cargoes heard last week at with steel mills ramping up demand for raw materials to feed their $416 per tonne cfr on HMS 1&2 (80:20) basis and $420 per tonne cfr production facilities, sources said. on shredded basis from the United States. Steel mills also need to replenish scrap inventories after the Lunar As a result of these fresh cargoes, the daily scrap indices went New Year holidays because their stocks would have turned lower down sharply at the end of the week. continued ›

mills being in the spot market for high-grade scrap, though some Ferrous scrap buyers thought that recent transactions - a bulk cargo of Russian A3 scrap was sold at $391 per tonne cfr South Korea while a US cargo of heavy melting scrap 1&2 (80:20) changed hands at $398 per tonne Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), cfr South Korea - meant that prices were still in the trough. North Europe origin, cfr Turkey was calculated at $381.84 per tonne Talk of a Turkish steelmaker purchasing a bulk cargo of shredded on Friday, down by $14.55 per tonne day on day. scrap at $395-400 per tonne cfr on Thursday also dampened The daily index for steel scrap, HMS 1&2 (80:20 mix), US origin, cfr sentiment, especially with market sources estimating such a price to Turkey was $386.21 per tonne on February 5, down by $15.14 per be equivalent to around $390-395 per tonne cfr Turkey if the deal tonne day on day. had involved HMS 1&2 (80:20). This put the premium for US material over European scrap at Japanese scrap was offered at $380 per tonne cfr Taiwan this $4.37 per tonne on February 5, compared with $4.96 per tonne on week, up by more than $20 per tonne from last Friday amid a February 4. rebounding market in Japan. Two other cargo deals from earlier this week came to light at the But offers were limited because many shippers in Japan are bullish end of the week. about prices and are holding on to material. A steel mill in the Izmir region booked a UK cargo, comprising HMS “Prices are being partially supported by China being in the spot 1&2 (80:20) at $399 per tonne and shredded at $404 per tonne cfr, market for Japanese HS scrap. Any Japanese steel mill that wants to while a steel mill in the Marmara region booked a Baltic Sea cargo, get material will need to raise its bid,” a Japanese trader told comprising HMS 1&2 (80:20) at $381 per tonne and bonus at $391 per Fastmarkets on Friday February 5. tonne cfr. The fact that China had cleared its first shipment of ferrous scrap The compositions for these cargoes were not clear. also improved sentiment in Japanese scrapyards. CEM TURKEN “Many Japanese scrapyards are now more confident that their material can enter the Chinese market,” a second Taiwanese trader SINGAPORE told Fastmarkets on Thursday February 4. TAIWAN STEEL SCRAP: Downtrend continues PAUL LIM despite efforts to support prices SINGAPORE Prices for imported containerized ferrous scrap in Taiwan have VIETNAM STEEL SCRAP: Tet holiday dampens continued to trend downward despite efforts by some market buying sentiment participants to shore up the market. Fastmarkets’ daily price assessment for containerized cargoes of The upcoming Lunar New Year holiday in Vietnam, also known as steel scrap, HMS 1&2 (80:20), US material import, cfr main port Tet, has dampened buying sentiment during the week to Friday Taiwan was $350-360 per tonne on Friday February 5, unchanged February 5, sources told Fastmarkets. from a day earlier but down by $5-10 per tonne from $360-365 per Offers for bulk Japanese H2 materials were at $385 per tonne cfr tonne on January 29. Vietnam this week, with a buyer bidding at $380 per tonne cfr This week, negotiations initially continued to center at $360-365 Vietnam. per tonne cfr Taiwan - the same as last Friday - due to expectations A rebound in the Japanese scrap market has led some Japanese of scrap prices in Turkey rebounding, though this turned out to be sellers to raise offers to $400-405 per tonne cfr Vietnam, although unfounded. buyers said this price level was not workable. By mid-week, sentiment deteriorated after it emerged that a “Many buyers are observing. While Japanese prices are very major mill had paid $350 per tonne cfr Taiwan for at least 5,000 volatile and rebounding this week, other prices in the United tonnes of scrap. States and South Korea are weak,” a buyer source told A second major steelmaker also cut its purchase price for Fastmarkets on Friday. domestic scrap by New Taiwan $300 ($10.70) per tonne this week - Major Japanese mini-mill Tokyo Steel has cut its scrap purchase which weakened sentiment further - as well as lowered its selling prices again this week. price for rebar by NT$800 per tonne. It will cut scrap purchase prices by ¥500-1,000 ($4.75-9.50) per The same mill purchased imported scrap at $355-360 per tonne tonne at all of its steel works except for Utsunomiya from February 3. cfr Taiwan this week. It is now paying ¥39,500-40,500 per tonne at Tahara works, “Some sellers are hoping to sell material quickly ahead of the ¥39,500 per tonne at Okayama works, ¥39,000 per tonne at Kyushu upcoming Lunar New Year holiday,” a Taiwanese trader told works and ¥38,500 per tonne at Takamatsu works. The price at its Fastmarkets on Thursday February 4. Utsunomiya mill remains at ¥31,000 per tonne. Taiwan is observing a public holiday for the festival over February In the south Vietnamese domestic scrap market, prices for Type 2 10-16. No business activity is expected in the steel and scrap markets scrap of 3mm thickness - the local equivalent of Japanese H2 during this period. materials - were at 8,300 Dong (36 cents) per kg. Prices for special Some buyers were heard to have submitted bids at $360 per grade scrap - the local equivalent of Japanese HS or plate & tonne cfr Taiwan, but it was not known at the time of writing structural scrap - were at 8,600 Dong per kg. whether any transactions were concluded above that level. Prices for Type 1 scrap were at 8,400 Dong per kg, while prices for Sellers had attempted to support prices by raising offers for Type 3 scrap were at 7,800 Dong per kg. cargoes from the United States West Coast, especially with prices There were limited offers heard for Japanese HS material. for Japanese scrap rebounding. Offers for US cargoes had increased Hong Kong-origin H1&H2 (50:50) was offered at $385 per tonne to $365-370 per tonne cfr Taiwan at the start of the week, before cfr Vietnam, with no transactions heard confirmed. rising further to $370 per tonne cfr by Wednesday. Fastmarkets’ weekly price assessment of steel scrap H2, Japan- Optimistic sellers felt that prices had rebounded due to Chinese origin import, cfr Vietnam was $380-385 per tonne on Friday, up by continued ›

Bulk deep-sea Ferrous scrap For the second week running, there was little activity in the bulk deep-sea markets following the raft of cargoes booked in January to the country. $5 per tonne from $375-380 per tonne a week earlier. “The larger Bangladeshi mills are well-stocked at the moment and There was an offer for 15,000 tonnes of HMS 1&2 (80:20) from don’t want to have exposure to the markets at the moment - it has Australia at $420 per tonne cfr Vietnam. been very slow recently,” a second South Asian trading source said. “The same cargo has been offered since last week and the seller Two large Bangladeshi mills have stock for at least two months and does not want to reduce his offer, so buyers are not interested in have further material in the pipeline, while a third major mill has less buying,” a Vietnamese trader told Fastmarkets on Thursday. stock but is not currently desperate to buy, the exporter source said. Bids from buyers were at $400 per tonne cfr Vietnam, although Discussions between US West Coast exporters and steelmakers in there were no transactions heard concluded. Bangladesh were heard at around $415-420 per tonne cfr for Fastmarkets’ weekly price assessment for deep-sea bulk cargoes deep-sea HMS 1&2 (80:20), but no deals were heard. of steel scrap, HMS 1&2 (80:20), cfr Vietnam was $405-410 per tonne Despite the lack of activity, market sources said on Thursday that on Friday, unchanged week on week. this price would be the most likely tradeable range should there be a Containerized cargoes were offered at $360-362 per tonne cfr deal closed on that day, particularly following the last US deep-sea Vietnam in the earlier part of the week, with buyers aiming to sale, to South Korea at $398 per tonne cfr for HMS 1 heard on purchase at $350 per tonne cfr Vietnam. January 29. PAUL LIM Fastmarkets’ price assessment for bulk cargoes of steel scrap, HMS 1&2 (80:20), deep-sea origin, import, cfr Bangladesh was SINGAPORE $415-420 per tonne on Thursday, down by $10-20 from $425-440 cfr BANGLADESH STEEL SCRAP: Domestic steel, a week earlier. container scrap prices drop in new deals And the price assessment for bulk cargoes of steel scrap, shredded, deep-sea origin, import, cfr Bangladesh was $420-425 Domestic steel prices dropped in Bangladesh over the past week per tonne on Thursday, also down $10-20 per tonne from $430-445 while some smaller mills returned to the market for imports of per tonne cfr one week before. containerized scrap, participants told Fastmarkets. Following the rise in Japanese scrap markets this week, offers for Bangladesh domestic rebar prices were heard at around 64,000 Japan-origin H2 scrap were heard at $410 per tonne cfr Bangladesh taka ($742) per tonne in the Chattogram market on Thursday on Thursday, up from offers of $395-400 per tonne cfr last week. February 4 and at 56,000 per tonne in the Dhaka market, which is LEE ALLEN dominated by small induction furnace mills. That is down from 67,000 taka per tonne in the Chattogram market a month earlier. SÃO PAULO An exporter source said that prices nationwide had fallen due to Brazilian ferrous scrap exports down 62% smaller mills in Dhaka slashing rates in order to get sales, and he in January expected Chattogram prices to drop below 60,000 taka per tonne in the next month. Brazil exported 19,002 tonnes of ferrous scrap in January 2021, a Against this backdrop of weak steel markets, sales of plate and 62.3% decline from 50,348 tonnes in the corresponding month of structural (P&S) and HMS 1 in containers of limited quantities were 2020, according to data published by the country’s economy heard at $410 per tonne cfr Bangladesh over the last week. ministry on Thursday February 4. HMS 1&2 (80:20) from Australia was heard to be available at Exports for the first month of the year were at their lowest level $395-398 per tonne cfr Bangladesh, while offers for the same grade for a January in 11 years. from the United Kingdom were heard at $400 per tonne and from January’s figures continued the trend of lower outgoing the United States at $410 per tonne cfr. shipments with suppliers focusing on the domestic market. The Fastmarkets’ price assessment for steel scrap, HMS 1&2 (80:20), Brazilian ferrous scrap association, Inesfa, had forecast in containerized, import, cfr Bangladesh was $395-400 per tonne cfr September that the strengthening of the local market would result on Thursday, down by $20 per tonne from $415-420 per tonne cfr a in this pattern of trade. week earlier. Fast-recovering demand and insufficient supply in the second half Shredded scrap was heard offered at $415 per tonne cfr from the of 2020 helped to drive rebar prices upward in Brazil. UK in the past week, while sources believed that such material could Fastmarkets’ latest assessment of the price for steel reinforcing be transacted at $405 per tonne cfr if an interested buyer were in bar (rebar), domestic, monthly, delivered Brazil, was 4,495-4,575 the market. Reais ($834-849) per tonne on January 8, up from 3,800-3,945 Reais Therefore, Fastmarkets’ price assessment for steel scrap, per tonne on December 11 and at its highest level since the shredded, containerized, import, cfr Bangladesh was $405-415 per assessment was first published in March 2013. tonne on Thursday, down $30-35 per tonne from $440-445 per According to the data from the economy ministry, Brazil exported tonne the week before. 12,852 tonnes of ferrous scrap to Bangladesh in January, 28.2% lower Despite the lower prices this week, a South Asian trader source than 17,910 tonnes a year before. said that recent levels were not workable for most scrapyards and Shipments to India fell by 82.3% to 3,081 tonnes, from 17,437 instead offers from traders in positions. tonnes in January 2020, and exports to Pakistan were 1,653 tonnes, “Some traders bought scrap at lower levels and now they see the a 76.9% year-on-year drop from 7,152 tonnes. market slipping, they are trying to liquidate their positions,” he said. Fastmarkets’ latest price assessment for steel scrap, HMS 1&2 “Yards are just holding material right now. But traders will be (80:20), deep-sea origin, import, cfr Bangladesh, was $415-420 per more interested in selling at lower numbers - particularly if they can tonne on February 4, falling from $425-440 per tonne a week before. still make a margin on their [initial] purchase,” he added. RENATO ROSTÁS

JINCHENG Ferrous raw COKING COAL DAILY: Premium fob price dips on Australian cargoes’ resale materials The seaborne premium hard coking coal price in the fob market declined on Friday February 5, while Australian coking coal cargoes FASTMARKETS KEY IRON ORE PRICES that had been in anchorage at Chinese ports may lead the seaborne premium fob price down, sources said. cfr main China port $ per dry metric tonne Price Change† Assessed Fastmarkets indices Iron ore index (62% fe) 157.01-157.01 -0.97% q 05 Feb 21 Premium hard coking coal, fob DBCT: Iron ore pellet index cfr Qingdao $156.53 per tonne, down $1.01 per tonne (65% fe) 212.27-212.27 -5.86% q 05 Feb 21 Premium hard coking coal, cfr Jingtang: SÃO PAULO $217.23 per tonne, unchanged Vale signs $7bln deal with authorities for Brumadinho reparations Hard coking coal, fob DBCT: $135.20 per tonne, up $0.13 per tonne Brazil-based miner Vale has reached a settlement with local prosecutors to pay 37.7 billion Reais ($7.03 billion) in reparations for Hard coking coal, cfr Jingtang: the deadly disaster that hit the city of Brumadinho in January 2019, $203 per tonne, unchanged it said on Thursday February 4. The agreement was signed with the Minas Gerais public defender No transactions were heard on Friday February 5, sources told and the Minas Gerais state prosecutor’s office, and mediated by a Fastmarkets. court of Justice. One trader source based in Singapore said that the premium hard The deal was signed after intense negotiations with prosecutors coking coal price in the fob market is more likely to go down than go and other authorities about the value and scope of reparations to up, partly due to the fact that some Australian coking coal cargoes be paid. waiting in anchorage are being redirected to other countries now. “This outcome is roughly in line with our expectations and should The source even predicted that the premium hard coking coal be a positive for Vale shares, because uncertainty regarding the price would decline to $150 per tonne fob Australia. settlement amount had been a major overhang,” Jefferies analysts One steel mill source based in East Asia also heard that some Christopher LaFemina and Petar Petrovski said in a report to clients. owners of the Australian coking coal cargoes in anchorage are The settlement includes projects demanded by the affected seeking ways to resell those cargoes. communities, such as a program of income transfer to the local “This indicates that the [owners] haven’t seen any signals of population and projects for Brumadinho and the other Chinese authorities allowing those cargoes to pass customs municipalities in the region, in addition to resources for the state clearance so far,” he said. government to carry out public projects. One coke producer from India said that the fob market will decline Part of the value of the agreement refers to environmental for now and has been quiet this week. reparation works, which have been estimated to reach 6.55 billion Reais, but the project will need to be approved by the parties Dalian Commodity Exchange involved. The most-traded May coking coal futures contract closed at 1,513 “The mediation process conducted by the court of justice of yuan ($233.97) per tonne on Friday, up by 3.50 yuan per tonne. Minas Gerais allowed the construction of a settlement that The most-traded May coke contract closed at 2,551 yuan per definitively ends the disputes with the state of Minas Gerais, the tonne, down by 1 yuan per tonne. federal and state prosecutors, and the public defender,” Vale LI MIN general counsel Alexandre D’Ambrosio said. Vale halted mining operations at the Córrego do Feijão mine in SINGAPORE January 2019, when one of the mine’s tailings dam ruptured, IRON ORE DAILY: Seaborne prices dip despite flooding the nearby community and causing 270 deaths. improved liquidity The disaster led to increased scrutiny of Vale’s operations, and caused a drastic reduction in its production capacity and a Iron ore prices in the seaborne market dipped despite a recovery in slowdown of its expansion projects. liquidity, but port prices pushed up, sources told Fastmarkets on Fastmarkets’ index for iron ore 65% Fe Brazil-origin fines, cfr Friday February 5. Qingdao, rose to $181.70 per tonne on February 4, up by $6.20 per tonne from $175.50 per tonne the previous day. Fastmarkets iron ore indices FELIPE PERONI 62% Fe fines, cfr Qingdao: $157.01 per tonne, down $1.02 per tonne

62% Fe low-alumina fines, cfr Qingdao: $157.53 per tonne, down $1.08 per tonne

58% Fe fines high-grade premium, cfr Qingdao: $144.29 per tonne, down $0.27 per tonne continued ›

Dalian Commodity Exchange Ferrous raw The most-traded May iron ore futures contract closed at 1,004.50 yuan ($155) per tonne on Friday, up by 13.50 yuan per tonne from Thursday’s close. materials ZIHAO YU

65% Fe Brazil-origin fines, cfr Qingdao: LONDON $180.10 per tonne, down $1.60 per tonne CIS PIG IRON: Export prices slide, buyers expect further falls 62% Fe fines, fot Qingdao: 1,112 yuan per wet metric tonne (implied 62% Fe China Port Price: Export prices for pig iron from the Commonwealth of Independent $160.25 per dry tonne), up by 30 yuan per wmt States decreased during the week to Thursday February 4 on a bearish mood among buyers, sources have told Fastmarkets. Key drivers Market participants expected there to be further price decreases. The most-traded May iron ore futures contract on the Dalian Fastmarkets’ weekly price assessment for high-manganese pig Commodity Exchange (DCE) increased in the morning session on iron, export, fob main port Black Sea, CIS, was $495-500 per tonne Friday and, despite some retracement in the afternoon, ended the day on Thursday, down by $5-20 per tonne from $500-520 per tonne fob up by 1.4% from Thursday’s closing price of 991 yuan ($153) per tonne. a week earlier. Iron ore forward-month swaps contracts on the Singapore The assessment was based on transactions heard at $500 per Exchange (SGX), meanwhile, took a downturn and by 6:11pm tonne fob to the European market and the upper end of achievable Singapore time, the most-traded March contract had registered a prices evaluated by market sources at $480-495 per tonne fob decrease of $1.99 per tonne compared with Thursday’s settlement Black Sea. price of $152.69 per tonne. Negative sentiment among buyers has been driven by declining Sources said demand for iron ore, especially for Pilbara Blend fines ferrous scrap prices. at the ports, had recovered in the expectation of healthy demand Fastmarkets’ daily index for steel scrap, HMS 1&2 (80:20 mix), US after the Chinese New Year holiday. origin, cfr Turkey, was $401.35 per tonne on February 4, down by A buyer source in southern China said the expectation for iron ore $11.79 per tonne week on week. demand after the holiday was positive and liquidity improved at “Some CIS mills have poor order books, and I think that whoever ports - leading to futures prices at the DCE and the physical prices has the greatest need to sell will accept lower prices, and will drag at ports both registering increases on Friday. others down,” a source said. “For now, the producers will wait to see Trading liquidity in the seaborne market also improved, but prices what price scrap will settle at, and then they will make a decision on failed to respond, sources said. pig iron sales.” A trading source in Shanghai said that overall demand for iron ore Buyers in Turkey, which restocked in late December and early remained weak ahead of the Chinese New Year holiday, adding that January, were still reported to have no interest in importing pig iron. some market participants had taken short positions in swaps Meanwhile, buyers in the United States preferred to wait until resulting in seaborne prices and swaps both edging down. domestic scrap contracts were settled, which was expected during the first 10 days of this month. Until then, they were unlikely to make Quote of the day any pig iron bookings. “Prices seem reasonable now [and are] attracting buying interests, But market sources said that US buyers have made a few deals for which has prompted a more active trading day for seaborne material from Brazil at $500-510 per tonne cfr. cargoes. The buyers, however, were unlikely to be steel mills because “Brazil reacted faster and decreased prices, so buyers in the US most mills have already completed their pre-Chinese New Year showed little interest in CIS-origin pig iron,” another source said. stockpiling,” a trading source in northern China said. Fastmarkets’ price assessment for pig iron, import, cfr Gulf of Mexico, US, was $500-510 per tonne on January 29, down by $65-75 Trades/offers/bids heard in the market from $575 per tonne the previous week. • Beijing Iron Ore Trading Center (Corex), 90,000 tonnes of 57% Fe And the weekly price assessment for pig iron, import, cfr Italy, was Yandi fines, traded at the March average of two 62% Fe indices $515-525 per tonne on February 4, down by $5-20 per tonne week on plus a premium of $1.55 per tonne, laycan March 6-15. week from $520-545 per tonne, in line with the export price • BHP, Global ore, 100,000 tonnes of 58% Fe Yandi fines, traded at assessment. the March average of two 62% Fe indices plus a premium of $1.50 Some market sources said that material had been offered at a per tonne, laycan March 6-15. price at the upper end of the assessment range. Two sources said • BHP, Global ore, another 100,000 tonnes of 58% Fe Yandi fines, that rumors have been circulating in the market about a traded at the March average of two 62% Fe indices plus a premium transaction done at such a price, but they were uncertain about the of $1.30 per tonne, laycan March 6-15. specification of the material. • Globalore, 170,000 tonnes of 65% Fe Iron Ore Carajas fines, bid The price assessment for low-manganese pig iron, export, fob made at $180 per tonne cfr China, March arrival. main port Baltic Sea, CIS, was $500 per tonne fob on February 4, down by $30-50 per tonne from $530-550 per tonne on January 28. Port prices The assessment was based on transactions, offers and the upper Pilbara Blend fines were traded at 1,090-1,095 yuan per wmt in end of achievable prices heard in the market. Shandong province and Tangshan city on Friday, compared with One source said that the price was likely to slide to $475-480 per 1,055-1,078 yuan per wmt on Thursday. tonne fob Baltic Sea next week. The latest range is equivalent to about $157-158 per tonne in the MARIA TANATAR seaborne market.

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34 Monday 8 February 2021 | Number 9702.1

Price Change Assessed N. American special aluminium alloy Prices LME cash official 2,040-2,040 1.82% p 05 Feb 21 For the latest prices go to http://www.metalbulletin.com/My-price-book.html LME cash unofficial 2,002-2,002 -0.65% q 04 Feb 21 LME 3 months official 2,040-2,040 0.99% p 05 Feb 21 NEW YORK FUTURES METAL BULLETIN’S KEY ALUMINIUM PRICES LME 3 months unofficial 2,002-2,002 -1.48% q 04 Feb 21 † Price Change Assessed LME stocks (tonnes) 18,580 -2.82% q 04 Feb 21 Comex: Copper high grade cents/lb Copper grade A $ q Settlement 356.60 -0.47% 04 Feb 21 LME cash official 7,936.5-7,936.5 0.76% p 05 Feb 21 p Open interest 260,878 3.38% 03 Feb 21 LME cash unofficial 7,821-7,821 -1.24% q 04 Feb 21 q Stocks (short ton) 70,709 -5.23% 03 Feb 21 LME 3 months official 7,928.5-7,928.5 0.7% p 05 Feb 21 Comex: Gold $/troy oz LME 3 months unofficial 7,819-7,819 -1.2% q 04 Feb 21 Settlement 1,788.90 -2.67% q 04 Feb 21 LME Tapo notional average price (NAP) 7,812.13 -2.05% q 04 Feb 21 Open interest 517,087 -3.1% q 03 Feb 21 LME stocks (tonnes) 76,550 2.65% p 04 Feb 21 p Stocks (troy oz) 39,126,097 1.05% 03 Feb 21 Lead $ Nymex: Palladium $/troy oz LME cash official 2,030.5-2,030.5 0.87% p 05 Feb 21 Settlement 2,280.70 -1.79% q 04 Feb 21 LME cash unofficial 2,021-2,021 0.07% p 04 Feb 21 Stocks (troy oz) 135,382 -1.98% q 03 Feb 21 LME 3 months official 2,045.5-2,045.5 0.91% p 05 Feb 21 Nymex: Platinum $/troy oz LME 3 months unofficial 2,037-2,037 -0.02% q 04 Feb 21 Settlement 1,100.10 2.94% p 04 Feb 21 LME stocks (tonnes) 93,650 -5.16% q 04 Feb 21 Stocks (troy oz) 645,282 -0.45% q 03 Feb 21 Nickel $ Comex: Silver cents/troy oz LME cash official 17,954-17,954 1.28% p 05 Feb 21 Settlement 2,622.30 1.21% p 04 Feb 21 LME cash unofficial 17,536-17,536 -1.93% q 04 Feb 21 Open interest 177,422 5.7% p 03 Feb 21 LME 3 months official 17,995-17,995 1.32% p 05 Feb 21 LME 3 months unofficial 17,581-17,581 -1.95% q 04 Feb 21 SHANGHAI FUTURES LME stocks (tonnes) 249,444 0.22% p 04 Feb 21 Price Change† Assessed Tin $ Aluminium yuan/tonne 15,480 3.06% p 05 Feb 21 LME cash official 23,985-23,985 1.39% p 05 Feb 21 Copper yuan/tonne 58,040 0.92% p 05 Feb 21 LME cash unofficial 24,121-24,121 2.93% p 04 Feb 21 Nickel cathode yuan/tonne 132,200 1.63% p 05 Feb 21 LME 3 months official 23,035-23,035 -0.45% q 05 Feb 21 Tin ingot yuan/tonne 162,510 -5.58% q 05 Feb 21 LME 3 months unofficial 23,020-23,020 -0.04% q 04 Feb 21 Zinc yuan/tonne 20,200 2.93% p 05 Feb 21 LME stocks (tonnes) 810 -7.95% q 04 Feb 21 Steel rebar month 1 yuan/tonne 4,166 -0.6% q 05 Feb 21 Zinc special high grade $ Steel rebar month 2 yuan/tonne 4,177 -0.48% q 05 Feb 21 LME cash official 2,636.5-2,636.5 2.79% p 05 Feb 21 Steel rebar month 3 yuan/tonne 4,255 0.16% p 05 Feb 21 LME cash unofficial 2,597.5-2,597.5 0.64% p 04 Feb 21 Weekly stocks deliverable LME 3 months official 2,655.5-2,655.5 2.67% p 05 Feb 21 Aluminium (tonnes) 263,916 10.19% p 05 Feb 21 LME 3 months unofficial 2,617-2,617 0.5% p 04 Feb 21 Copper (tonnes) 68,588 3.04% p 05 Feb 21 LME stocks (tonnes) 290,350 -0.85% q 04 Feb 21 Nickel cathode (tonnes) 12,938 -5.52% q 05 Feb 21 Cobalt min 99.3% Tin ingot (tonnes) 7,450 18.42% p 05 Feb 21 LME cash official 45,195-45,195 9.58% p 05 Feb 21 Zinc (tonnes) 60,361 34.9% p 05 Feb 21 LME 3 months official 45,225-45,225 9.64% p 05 Feb 21 Steel rebar (tonnes) 112,662 3.83% p 05 Feb 21 LME stocks (tonnes) 384 -9.86% q 04 Feb 21 Gold $/troy oz DAILY METAL AND STEEL London morning 1,811.55 -1.53% q 04 Feb 21 London forward LME settlement prices. All prices per tonne, unless otherwise stated, in LME London afternoon 1,785.90 -3.66% q 04 Feb 21 warehouse, EU duty, if any paid for buyers account Handy/Harman 1,785.90 -3.66% q 04 Feb 21 Price Change† Assessed Silver per troy oz Aluminium high grade $ London spot pence 1,943 5.14% p 04 Feb 21 Cash official 2,007.5-2,007.5 1.03% p 05 Feb 21 London spot cents 2,640 4.74% p 04 Feb 21 Cash unofficial 1,986.5-1,986.5 -0.77% q 04 Feb 21 Handy/Harman 2,617.5 -0.11% q 04 Feb 21 3 months official 2,012-2,012 1.23% p 05 Feb 21 Palladium $/troy oz 3 months unofficial 1,991-1,991 -0.6% q 04 Feb 21 London morning 2,257 -1.91% q 04 Feb 21 LME Tapo notional average price (NAP) 1,974 -1.53% q 04 Feb 21 London afternoon 2,258 -2.42% q 04 Feb 21 LME stocks (tonnes) 1,406,525 -1.71% q 04 Feb 21 Platinum $/troy oz Aluminium alloy (A380.1/DIN/D12S) $ London morning 1,084 2.55% p 04 Feb 21 LME cash official 1,940-1,940 0.73% p 05 Feb 21 London afternoon 1,084 -0.55% q 04 Feb 21 LME cash unofficial 1,980-1,980 2.46% p 04 Feb 21 LME 3 months official 1,970-1,970 2.6% p 05 Feb 21 LME 3 months unofficial 1,976.5-1,976.5 2.94% p 04 Feb 21 LME stocks (tonnes) 1,560 -13.33% q 04 Feb 21

† week-on-week change continued ›

Price Change Assessed MB BASE METAL PREMIUMS Kuala Lumpur tin market All prices $/tonne unless otherwise stated Tin $/tonne 24,300 4.02% p 05 Feb 21 Prices *MB Copyright ICDX For the latest prices go to http://www.metalbulletin.com/My-price-book.html Price Change† Assessed Tin PB300 settlement price $/tonne 16,850 -2.77% q 09 Dec 19 Copper TinMETAL PB300 BULLETIN’S volume, tonnes KEY ALUMINIUM PRICES 30 200% p 09 Dec 19 Annual premium 8mm wire rod, cif Price Change Assessed Nhava Sheva, $/tonne 130-175* -12.86% q 07 Sep 18 RAND FIXING PRICES Europe, EQ Grade, cathode, cif, $/tonne 15.0-30.0* 0% 26 Jan 21 Rand fixing prices per tonne for London Metal Exchange trade Rotterdam, Grade A, cathode, cif, $/tonne 40.0-50.0* 0% 02 Feb 21 Price Change† Assessed Germany, Grade A, cathode, delivered, $/tonne 80.0-90.0* 6.25% p 26 Jan 21 Copper 119,014.17 -1.05% q 05 Feb 21 North European warrants, Grade A Aluminium 30,104.07 -0.78% q 05 Feb 21 cathode, in-warehouse, $/tonne 5.0-10.0* -25% q 03 Feb 21 Lead 30,448.97 -0.94% q 05 Feb 21 South European warrants, Grade A Zinc 39,536.43 0.94% p 05 Feb 21 cathode, in-warehouse, $/tonne 10.0-20.0* -25% q 03 Feb 21 Nickel 269,234.59 -0.54% q 05 Feb 21 Leghorn, copper low-high premium, Tin 359,674.26 -0.43% q 05 Feb 21 Grade A, cathode, cif, $/tonne 55.0-65.0* 9.09% p 26 Jan 21 South Korea, copper low-high premium, Grade A, cathode, cif, $/tonne 60.0-70.0* 0% 02 Feb 21 EXCHANGE RATES Southeast Asian warrants, Grade A Price Change† Assessed cathode, in-warehouse, $/tonne 15.0-30.0* 0% 03 Feb 21 LME settlement conversion rates East Asian warrants, Grade A cathode, in-warehouse, $ per tonne 15.0-30.0* 0% 03 Feb 21 $/£ 1.3698 -0.22% q 05 Feb 21 Southeast Asia, Grade A cathode, p $/¥ 105.6900 0.98% 05 Feb 21 cif, $ per tonne 75.0-80.0* 0% 02 Feb 21 q $/€ 1.1990 -1.19% 05 Feb 21 Shanghai, EQ Grade, cathode, cif, $/tonne 0.0-10.0* 0% 26 Jan 21 Closing rates, midpoint Shanghai, copper low-high premium, $/£ 1.3657 -0.46% q 04 Feb 21 Grade A, cathode, in-warehouse, $/tonne 65.0-75.0* 3.7% p 05 Feb 21 $/¥ 105.4200 1.06% p 04 Feb 21 Shanghai, copper low-high premium, Grade A, cathode, cif, $/tonne 60.0-75.0* 3.85% p 05 Feb 21 $/€ 1.1978 -1.2% q 04 Feb 21 Shanghai, copper cif ER, premium, £/€ 1.1401 0.73% p 04 Feb 21 Grade A, cathode, $/tonne 65.0-75.0* 3.7% p 05 Feb 21 $/CNY 6.4634 -0.2% q 04 Feb 21 Shanghai, copper cif SX-EW, premium, Grade A, cathode, $/tonne 60.0-65.0* 0% 05 Feb 21 BASE METALS ARBITRAGE Shanghai, copper bonded in-warehouse, SX-EW, premium, Grade A, cathode, $/tonne 65.0-70.0* 8% p 05 Feb 21 Price Change† Assessed Shanghai, copper bonded in-warehouse, Aluminium ER, premium, Grade A, cathode, $/tonne 70.0-75.0* 0% 05 Feb 21 Import arbitrage, $/tonne -48.80* -50% q 05 Feb 21 Taiwan, Grade A cathode, cif, $ per tonne 70.0-75.0* 7.41% p 26 Jan 21 Import arbitrage, yuan/tonne -316.60* -49.89% q 05 Feb 21 United States warrants, Grade A cathode,

Copper $/tonne 20.0-30.0* 0% 03 Feb 21 Import arbitrage, $/tonne -38.63* 4.12% p 05 Feb 21 Copper Cathode, Grade 1 premium, Delivered Domestic US, US cents/pound 7.0-8.0* 0% 02 Feb 21 Import arbitrage, yuan/tonne -250.61* 4.36% p 05 Feb 21 Copper Cathode, Grade 1 premium, Nickel Delivered Domestic US, $/tonne 154.3-176.4* 0% 02 Feb 21 Import arbitrage, $/tonne 114.92* -44.1% q 05 Feb 21 Aluminium Import arbitrage, yuan/tonne 745.58* -43.98% q 05 Feb 21 Aluminium P1020A, in-warehouse Zinc Rotterdam duty-unpaid, spot low-high, $/tonne 115.0-120.0* 0% 05 Feb 21 Import arbitrage, $/tonne -43.72* 120.36% p 05 Feb 21 Aluminium P1020A, cif main Korea p Import arbitrage, yuan/tonne -283.62* 120.85% 05 Feb 21 ports, spot low-high, $/tonne 115-125* 0% 02 Feb 21 Aluminium P1020A, Southeast Asian warrants, in-warehouse, $/tonne 10.0-20.0* 0% 03 Feb 21 Aluminium P1020A, East Asian warrants, in-warehouse, $/tonne 10.0-20.0* 0% 03 Feb 21 Aluminium P1020A, cif Shanghai, spot low-high, $/tonne 110.0-130.0* 0% 26 Jan 21 Aluminium P1020A, South Korea, fca, $/tonne 130.0-140.0* 0% 02 Feb 21 Aluminium P1020A, Shanghai, in-warehouse, $/tonne 120.0-140.0* 0% 26 Jan 21 Aluminium P1020A, Taiwan, cif, $/tonne 125.0-135.0* 4% p 26 Jan 21 Aluminium P1020A, Italy, fca duty-paid, spot, $/tonne 200.0-210.0* 0% 02 Feb 21 Aluminium P1020A, Spain, fca duty-paid, $/tonne 200.0-210.0* 0% 26 Jan 21

† week-on-week change continued ›

Price Change Assessed Price Change Assessed Aluminium P1020A, Turkey, cif Taiwan, 99.97% purity, cif, $/tonne 80.0-100.0* 0% 26 Jan 21 p Pricesduty-unpaid, $/tonne 130.0-140.0* 3.85% 26 Jan 21 Taiwan, 99.99% purity, cif, $/tonne 120.0-140.0* 0% 26 Jan 21 Aluminium ingot ADC 12 ex-works For the latest prices go to http://www.metalbulletin.com/My-price-book.html India, 99.97% purity, cif, $/tonne 50.0-70.0* 0% 02 Feb 21 China, duty-paid, yuan/tonne 16,200-16,900* 0.3% p 03 Feb 21 India, 99.99% purity, cif, $/tonne 160.0-170.0* 0% 02 Feb 21 Aluminium ingot ADC 12 spot, main JapaneseMETAL BULLETIN’S ports, $/tonne KEY ALUMINIUM PRICES 2,150-2,250* 0% 03 Feb 21 South European warrants, 99.97% purity, in-warehouse, $/tonne 10.0-15.0* 0% 03 Feb 21 Aluminium P1020A, cif main Japanese Price Change Assessed ports, spot low-high, $/tonne 120.0-130.0* 0% 05 Feb 21 US warrants, 99.97% purity, in-warehouse, $/tonne 20.0-30.0* 0% 03 Feb 21 Aluminium P1020A, cif main Japanese ports, quarterly, $/tonne 130.0-130.0* 47.73% p 29 Dec 20 US lead premium 99.97%, delivered domestic, cents/lb 11-13* 0% 02 Feb 21 Aluminium P1020A, in-warehouse Rotterdam duty-paid, spot $/tonne 150.0-155.0* 0% 05 Feb 21 US lead premium 99.99%, delivered domestic, cents/lb 14-15* 0% 02 Feb 21 Aluminium 6063 extrusion billet, in-warehouse Rotterdam duty-paid, spot, $/tonne 380.0-410.0* 0% 05 Feb 21 Nickel Aluminium P1020A, free market Shanghai, nickel low-high premium, delivered, cents per pound 105.09-106.09* -0.66% q 04 Feb 21 99.8% purity in-warehouse, $/tonne 100.0-110.0* 0% 02 Feb 21 Aluminium P1020A, duty paid premium, Shanghai, nickel low-high premium, delivered Midwest, cents per pound 15-16* 0% 05 Feb 21 99.8% purity, full plate, cif, $/tonne 100.0-110.0* 0% 02 Feb 21 Aluminium P1020A, cif Baltimore Shanghai, nickel premium, 99.80% premium, US cents/lb 4.75-5.25* 0% 02 Feb 21 purity, briquette, duty-free, cif, $/tonne 160.0-200.0* 63.64% p 26 Jan 21 Aluminium P1020A, US warrants, Southeast Asian warrants, min 99.80% in-warehouse, $/tonne 115.0-125.0* 0% 03 Feb 21 full plates, in-warehouse, $/tonne 40-60* -9.09% q 03 Feb 21 Aluminium P1020A, delivered Sao Southeast Asian warrants, min 99.80% Paulo region, spot, $/tonne 300.0-330.0* 1.61% p 26 Jan 21 briquettes, in-warehouse, $/tonne 10-15* -37.5% q 03 Feb 21 Aluminium P1020A, cif Brazilian main East Asian warrants, min 99.80% full ports duty-unpaid, spot, $/tonne 190.0-210.0* 3.9% p 26 Jan 21 plates, in-warehouse, $/tonne 40-60* -9.09% q 03 Feb 21 Aluminium 6063 + 6060 extrusion East Asian warrants, min 99.80% billet, cif Brazilian main ports, spot briquettes, in-warehouse, $/tonne 10-15* -37.5% q 03 Feb 21 (premium over LME cash), $/tonne 330.0-350.0* 3.03% p 29 Jan 21 North European warrants, min 99.80%, Aluminium billet, delivered in-warehouse, $/tonne 20-50* 0% 03 Feb 21 duty-paid North Germany (Ruhr region) over uncut cathodes premium indicator 35.0-60.0* 0% 02 Feb 21 LME 30-day pay, $/gross tonne 420.0-450.0* 0% 05 Feb 21 4x4 cathodes premium indicator 160.0-200.0* 0% 02 Feb 21 Aluminium billet, delivered briquettes premium indicator 20.0-80.0* 0% 02 Feb 21 duty-paid Italy (Brescia area) over LME 60-day pay, $/gross tonne 400.0-440.0* 1.2% p 05 Feb 21 Nickel 4x4 cathode premium, delivered consumer works US, US cents per pound 25-30* -22.54% q 02 Feb 21 Aluminium billet, delivered duty-paid Spain over LME 60-day pay, $/gross tonne 400.0-430.0* 5.06% p 29 Jan 21 Nickel briquette premium, delivered consumer works US, US cents per pound 12-16* 7.69% p 02 Feb 21 Aluminium billet, cif Thailand duty-unpaid over LME cash pay, $/gross tonne 230.0-240.0* 23.68% p 15 Jan 21 Tin Aluminium billet, cif Japan duty-unpaid Rotterdam spot premium, 99.9% low over MJP and LME cash pay, $/gross tonne 110.0-120.0* -4.17% q 15 Jan 21 lead ingots, in-warehouse $/tonne 400-475* 0% 26 Jan 21 Aluminium billet, cif Turkey (Marmara region) Rotterdam spot premium 99.9% ingot, duty-unpaid over LME cash pay, $/gross tonne 210.0-230.0* 0% 29 Jan 21 in-warehouse $/tonne 400-500* 16.13% p 26 Jan 21 Aluminium primary foundry alloy silicon 7 ingot, South East Asian warrants, min delivered duty-paid Germany, $/tonne 320.0-360.0* 1.49% p 08 Jan 21 99.85% ingots, in-warehouse $/tonne 40-50* 0% 03 Feb 21 Aluminium primary foundry alloy silicon 7 ingot, Taiwan spot premium, 99.9% ingots, delivered duty-paid Eastern Europe, $/tonne 320.0-360.0* 0% 08 Jan 21 cif, $/tonne 200-220* 0% 26 Jan 21 Aluminium primary foundry alloy Baltimore premium, 99.85% ASTM grade silicon 7 ingot/T-bar premium, delivered A ingots, in-warehouse $/tonne 775-1,000* 16.78% p 26 Jan 21 p duty-paid P1020A Midwest US, US cents/Ib 8.5-10.0* 19.35% 08 Jan 21 US midwest premium, 99.85% ASTM Aluminium primary foundry alloy grade A ingots, delivered $/tonne 850-1,100* 8.33% p 26 Jan 21 silicon 7 ingot, cif delivered Zinc duty-unpaid over P1020A Turkey, $/tonne 180.0-190.0* 0% 08 Jan 21 North European warrants, min 99.995% Aluminium annual primary foundry SHG ingots, $/tonne 60.0-75.0* 0% 03 Feb 21 alloy silicon 7 ingot, cif main Japanese ports, $/tonne 100.0-120.0* -15.38% q 15 Jan 21 MB EU: Special high grade, fca Rotterdam, $/tonne 95.0-105.0* 0% 02 Feb 21 Aluminium annual primary foundry alloy silicon 7 ingot, cif main South Malaysia fca, 99.995%, $/tonne 90.0-100.0* 0% 26 Jan 21 Korean ports, $/tonne 90.0-120.0* 0% 15 Jan 21 Southeast Asia cif, 99.995%, $/tonne 110.0-130.0* 0% 26 Jan 21 Lead Singapore, zinc premium, 99.995% North European warrants, min 99.97% purity, fca $/tonne 90.0-100.0* 0% 26 Jan 21 ingots, in-warehouse, $/tonne 10.0-15.0* 0% 03 Feb 21 Shanghai, zinc low-high premium, Southeast Asian warrants, min 99.97% 99.995% purity, in-warehouse, $/tonne 90.0-100.0* 0% 02 Feb 21 ingots, in-warehouse, $/tonne 10.0-20.0* -25% q 03 Feb 21 Shanghai 99.995% purity, cif $/tonne 80.0-100.0* 5.88% p 02 Feb 21 East Asian warrants, min 99.97% Taiwan 99.995% purity SHG ingots, ingots, in-warehouse, $/tonne 10.0-20.0* -25% q 03 Feb 21 cif $/tonne 110.0-120.0* 0% 26 Jan 21 Southeast Asia, min 99.97% cif, $/tonne 75.0-80.0* 0% 02 Feb 21 Antwerp 99.995% purity, duty-paid Southeast Asia, 99.99% cif, $/tonne 125.0-145.0* 0% 02 Feb 21 fca $/tonne 95.0-105.0* 0% 02 Feb 21

† week-on-week change continued ›

Price Change Assessed Price Change Assessed Italy 99.995% purity, duty-paid fca Lead

Prices$/tonne 150.0-160.0* 0% 02 Feb 21 Lead concentrate spot treatment Italy 99.995% purity, delivered charge (TC) high silver CIF China, For the latest prices go to http://www.metalbulletin.com/My-price-book.html duty-paid $/tonne 170.0-190.0* 0% 02 Feb 21 $/tonne 85-105* -9.52% q 29 Jan 21 US warrants 99.995% purity, Lead concentrate spot treatment in-warehouseMETAL BULLETIN’S $/tonne KEY ALUMINIUM PRICES 5.0-15.0* -60% q 03 Feb 21 charge (TC) low silver CIF China, q MB US: Special high grade, cents/Ib 80-8.750*Price Change0% Assessed02 Feb 21 $/tonne 80-100* -5.26% 29 Jan 21 Lead concentrate (TC) high silver, annual benchmark, $/tonne 98* 0% 03 Jun 19 Lead concentrate (TC) low silver, annual benchmark, $/tonne 99* 0% 15 Mar 18 Zinc BASE METALS UK: Special high grade, delivered monthly average price £/tonne 2,082* -6.13% q 01 Feb 21 Price Change† Assessed Zinc concentrate spot treatment Alumina charge (TC) CIF Asia-Pacific $/tonne 70-85* -6.06% q 29 Jan 21 MB Chinese free market, metallurgical Zinc concentrate spot treatment grade, delivered duty-paid, yuan/tonne 2,350.0-2,390.0* -0.63% q 04 Feb 21 charge (TC) deliverd North China Alumina Index fob Australia 301.05* -1.45% q 05 Feb 21 yuan/tonne 3,900-4,100* 0% 29 Jan 21 Alumina Index fob Brazil -0.23* 28 Jan 21 Zinc concentrate spot treatment Alumina Index fob Brazil, inferred charge (TC) deliverd South China Brazil price $ per dry metric ton 300.82* 05 Feb 21 yuan/tonne 3,700-4,000* -4.94% q 29 Jan 21 p Aluminium Shanghai bonded zinc stocks, tonnes 43,000-44,000* 19.18% 29 Jan 21 Shanghai bonded aluminium stocks, tonnes 8,000-9,000* 183.33% p 29 Jan 21 Bauxite fob Kamsar, Guinea $/dmtu 32* 0% 21 Jan 21 fob Trombetas, Brazil $/dmtu 34* -5.56% q 21 Jan 21 Copper & Brass Producer premium Aurubis European Grade A cathode ex-works $/tonne 96.0 11.63% p 01 Oct 18 Codelco: Contract Grade A cathode (average) 98.0 11.36% p 26 Sep 18 South Africa: Palabora copper rod 7.90mm, Rand/tonne 120,816.920 4.47% p 29 Jan 21 Blister copper 98-99% spot RC cif China $ per tonne 150-165* 0% 31 Dec 20 Blister copper 98-99% annual benchmark RC cif China $ per tonne 140-150* 12.4% p 22 Jan 21 Copper concentrate Asia-Pacific Index RC import, US cents/lb 3.70* -3.14% q 05 Feb 21 Copper concentrate Asia-Pacific Index TC import, $/tonne 37* -3.14% q 05 Feb 21 Copper concentrates Counterparty spread, $/tonne 10.51* 4.16% p 01 Feb 21 Copper concentrates Co-VIU, $/tonne -0.75* 59.57% p 01 Feb 21 Shanghai bonded copper stocks, tonnes 349,000-364,000* 2.89% p 25 Jan 21 Nickel Nickel pig iron high grade NPI content 10-15% contract price delivered duty-paid China yuan per nickel unit price 1,140-1,150* 0% 05 Feb 21 Nickel pig iron high grade NPI content 10-15% spot price China yuan per nickel unit price 1,135-1,150* -0.22% q 05 Feb 21 Shanghai bonded nickel stocks, tonnes 13,700-21,800* -16.47% q 29 Jan 21 Nickel ore Laterite ore with 1.5% nickel content cif China, $/tonne 66-68* 0% 05 Feb 21 Nickel ore 1.8% basis cif China, 15-20% Fe, water content: 30-35%, Si:Mg ratio less than 2, lot size 50,000 tonnes, $/tonne 88-92* 0% 05 Feb 21 Nickel sulfate min 21%, max: 22.5%; cobalt 10ppm max, China ex-works, yuan/tonne 33,500-34,000* 1.5% p 05 Feb 21

† week-on-week change continued ›

PRECIOUS METALS Price Change Assessed Price Change† Assessed Gallium MB free market $/kg 275-315* 0.85% p 05 Feb 21 PricesIridium MB China domestic, min 99.99%, ForEnglehard the latest base prices price: go $/troyto http://www.metalbulletin.com/My-price-book.html oz 4,250 6.25% p 05 Feb 21 yuan/kg 2,050-2,130* 1.95% p 05 Feb 21 Johnson Matthey base price: (unfab) $/troyMETAL oz BULLETIN’S (08 hrs) KEY ALUMINIUM PRICES 4,200 7.69% p 05 Feb 21 Germanium Germanium dioxide MB free market $/kg 900-1,100* 0% 05 Feb 21 Palladium Price Change Assessed Germanium metal $/kg Rotterdam 1,075-1,200* 0% 05 Feb 21 Englehard base price: $/troy oz 2,325 -1.57% q 05 Feb 21 Germanium metal MB China domestic, Johnson Matthey base price: (unfab) min 99.999%, yuan/kg 7,000-7,600* 0% 05 Feb 21 $/troy oz (08 hrs) 2,330 -1.19% q 05 Feb 21 Hafnium Platinum Hafnium 1% Zr max, in-warehouse Englehard base price: $/troy oz 1,104 2.89% p 05 Feb 21 global locations, $/kg 850-1,000* 0% 29 Jan 21 Johnson Matthey base price: (unfab) $/troy oz (08 hrs) 1,123 3.22% p 05 Feb 21 Indium MB free market $/kg 195-205* 1.27% p 05 Feb 21 Rhodium MB China domestic, min 99.99% yuan/kg 1,240-1,290* 0% 05 Feb 21 Englehard base price: $/troy oz 21,900 13.77% p 05 Feb 21 Johnson Matthey base price: (unfab) Magnesium $/troy oz (08 hrs) 21,800 12.95% p 05 Feb 21 European free market $ per tonne 2,485-2,550* 0% 05 Feb 21 Ruthenium China free market min 99.9% Mg, fob China main ports, $ per tonne 2,200-2,300* 0% 05 Feb 21 Englehard base price: $/troy oz 310 3.33% p 05 Feb 21 MB Chinese free market min 99.9% Mg, Johnson Matthey base price: (unfab) ex-works yuan/tonne 14,000-14,100* -0.71% q 05 Feb 21 $/troy oz (08 hrs) 320 0% 05 Feb 21 Manganese flake MINOR METALS MB free market 99.7%, $/tonne 2,500-2,600* -8.11% q 05 Feb 21 Price Change† Assessed Electrolytic manganese flake basis 99.7%, fob China $/tonne 2,540-2,600* -0.39% q 05 Feb 21 Antimony MB free market Regulus, min 99.65%, Rhenium in-warehouse Rotterdam duty paid max Se 50 ppm, max 100 ppm Bi, Metal pellets, min 99.9% $/Ib 450-700* 0% 29 Jan 21 $/tonne in-warehouse Rotterdam 8,750-9,000* 2.01% p 05 Feb 21 APR catalytic grade $/kg Re 900-1,100* 0% 29 Jan 21 MMTA Standard Grade II, $/tonne Selenium in-warehouse Rotterdam 8,600-8,850* 1.45% p 05 Feb 21 MB free market $/Ib 6-7.80* 6.15% p 05 Feb 21 MB Chinese free market MMTA Standard Grade II, delivered duty-paid yuan/tonne 50,500-51,000* 1% p 05 Feb 21 MB China domestic, min 99.9%, yuan/kg 90-110* 0% 05 Feb 21 Arsenic Silicon MB free market $/Ib 1.10-1.5* 0% 29 Jan 21 Grade 441, min 99% Si in-warehouse Rotterdam, €/tonne 1,980-2,080* 2.78% p 05 Feb 21 Bismuth Grade 553, min 98.5% Si in-warehouse MB free market $/Ib 3.05-3.15* 2.48% p 05 Feb 21 Rotterdam, €/tonne 1,950-2,050* 1.27% p 05 Feb 21 MB China domestic, min 99.99%, US free market cents/Ib 118-125* 1.25% p 04 Feb 21 yuan/tonne 40,000-41,000* 0% 05 Feb 21 Export from mainland China min Cadmium 98.5%, $/tonne fob 1,860-1,880* 0% 05 Feb 21 MB free market min 99.95% cents/Ib 100-108* 5.05% p 05 Feb 21 Tantalite MB free market min 99.99% cents/Ib 100-110* 2.44% p 05 Feb 21 Tantalite, basis 25% min Ta2O5, cif Chromium China, $ per lb Ta2O5 63-65* 0% 05 Feb 21 MB free market alumino-thermic min Tellurium 99% $/tonne 6,550-6,950* 0.37% p 05 Feb 21 MB free market 99.9-99.99%, $/kg 56-70* 0% 05 Feb 21 Cobalt MB China domestic, min 99.99%, MB free market alloy-grade $/Ib 21.75-22.30* 13.24% p 05 Feb 21 yuan/kg 480-490* 0% 05 Feb 21 MB free market standard-grade $/Ib 21.75-22.35* 12.64% p 05 Feb 21 Titanium MB high-grade, weighted average of MB free market ferro-titanium 70% all confirmed international trades, $/lb 22.26* 14.45% p 05 Feb 21 (max 4.5% Al) $/kg Ti d/d Europe 7.70-8.20* 0.63% p 03 Feb 21 MB low-grade, weighted average of Titanium ores $/tonne all confirmed international trades, $/lb 22.27* 14.56% p 05 Feb 21 Rutile conc min 95% Tio2 bagged, MB China domestic, min 99.8% fob/Aus 1,300-1,400 0% 04 Feb 21 yuan/tonne 340,000-350,000* 2.99% p 05 Feb 21 Rutile bulk conc min 95% Tio2 Cobalt hydroxide index min 30% Co, fob/Aus 1,200-1,300 0% 04 Feb 21 cif China, $/lb 18.68* 10.53% p 05 Feb 21 Ilmenite concentrate, 47-49% Tio2 Cobalt hydroxide payable indicator, min cif China 240-260 0% 04 Feb 21 30% Co, cif China, % payable of Fastmarkets’ standard-grade cobalt price (low-end) 91-92.5* 0.82% p 05 Feb 21 Cobalt tetroxide min 72.6% Co delivered China yuan/tonne 280,000-290,000* 7.55% p 05 Feb 21 Cobalt sulfate, Co 20.5% min, China ex-works, yuan/tonne 81,500-84,000* 12.59% p 05 Feb 21

† week-on-week change continued ›

NOBLE ALLOYS & ORES Price Change Assessed Price Change† Assessed US free market low carbon duty-paid fob Pittsburgh US free market in-warehouse Pittsburgh Molybdenum molybdic oxide Prices p 6-8% C basis 60-65% Cr max 2% Si 1.05-1.20* 7.14% 04 Feb 21 ForEurope the latest drummed prices molybdic go to http://www.metalbulletin.com/My-price-book.html oxide $/Ib Mo 11.30-11.45* 5.32% p 05 Feb 21 0.05%C - 65% min Cr 1.95-2* 1.28% p 04 Feb 21 Molybdenum MB drummed molybdic oxide 0.10% C - 62% min Cr 1.85-1.90* 0.54% p 04 Feb 21 Mo,METAL in-whs BULLETIN’S Busan, $/Ib KEY ALUMINIUM PRICES 11.20-11.30* 4.65% p 05 Feb 21 0.15% C - 60% min Cr 1.70-1.80* 0% 04 Feb 21 US canned molybdic oxide $/Ib Mo 10.5-11.40*Price Change6.31% p Assessed04 Feb 21 Chrome ore $/tonne Ferro-molybdenum Basis 65% min, in-warehouse Rotterdam Chrome ore cif main Chinese ports $/kg Mo 26.5-27.20* 6.13% p 05 Feb 21 South African UG2 chrome ore concs, p US free market 65-70% Mo $/Ib index basis 42% 169* 2.42% 02 Feb 21 in-warehouse Pittsburgh 11.70-12.30* 2.56% p 04 Feb 21 Turkish lumpy 40-42% cfr main Chinese ports 220-230* 2.27% p 02 Feb 21 Tungsten Chrome Ore inventories at the main ports of Tianjin, Qinzhou, Rotterdam & Baltimore cif APT, 88.5% Lianyungang and Shanghai, million tonnes 3.40-3.76* -0.69% q 01 Feb 21 WO3, duty-free $/mtu 250-255* 2.02% p 05 Feb 21 Export from mainland China APT Chinese Ferro-manganese No1 grade, min 88.5% WO3, S/mtu fob 248-254* 1.21% p 03 Feb 21 basis 78% Mn (scale pro rata)

MB Chinese free market concentrate standard 7.5% C €/tonne 1,050-1,150* 0% 05 Feb 21 65% Wo3 in-warehouse China yuan/tonne 90,000-92,000* 0% 03 Feb 21 US free market 78% Mn standard 7.5% C $/long ton in-warehouse Pittsburgh 1,550-1,600* 0.96% p 04 Feb 21 Ferro-tungsten US free market medium carbon duty-paid Basis 75% W min $/kg W in-warehouse fob Pittsburgh, 80% min Mn 1.5% max C $/Ib 1.10-1.12* 0% 04 Feb 21 Rotterdam duty-unpaid 30.5-33* -0.78% q 05 Feb 21 MB Chinese free market min 65% Mn Vanadium max 7.0% C in-warehouse China yuan/tonne 6,500-6,700* 0% 05 Feb 21 Ferro-vanadium basis 78% min, fob, Manganese ore China $/kg V 29.5-30* 0% 04 Feb 21 44% Mn index, cif Tianjin $/dmtu of Ferro-vanadium basis 78% min, free metal contained 5.07* 0.4% p 05 Feb 21 delivery duty paid consumer plant, 1st grade, Western Europe $/kg V 28.25-29.5* 4.43% p 05 Feb 21 37% Mn index, fob Port Elizabeth $/dmtu of metal contained 3.79* -1.04% q 05 Feb 21 US free market ferro-vanadium $/Ib in-warehouse Pittsburgh 14-14.5* 3.64% p 04 Feb 21 37% Mn index, cif Tianjin $/dmtu of metal contained 4.62* -1.28% q 05 Feb 21 Vanadium nitrogen, basis 77%V, 16%N, exw, China, yuan/tonne 147,000-150,000* 0% 04 Feb 21 base 37% Mn port index, range 35-39%, fot Tianjin yuan/dmtu 33.70* -1.17% q 05 Feb 21 Vanadium pentoxide 98% min, fob, China $/Ib V205 6.65-6.80* 0% 04 Feb 21 base 44% Mn port index, range 42-48%, fot Tianjin yuan/dmtu 37.5* -1.57% q 05 Feb 21 Vanadium pentoxide 98% V2O5 min, ex-works, China, yuan/tonne 95,000-97,000* 0% 04 Feb 21 Inventories at the main ports of Tianjin and Qinzhou, million tonnes 5.88-6.12* -3.07% q 01 Feb 21 Vanadium pentoxide min 98%, in-warehouse Rotterdam $/Ib V205 6.75-7* 8.27% p 05 Feb 21 Ferro-nickel China premium, 26-32% nickel p BULK ALLOYS contained, cif China, $/tonne -2,200--1,900* 2.5% 25 Jan 21 Ferro-silicon Price Change† Assessed Lumpy basis 75% Si (scale pro rata), Ferro-chrome $/lb Cr major European destinations, €/tonne 1,280-1,350* 1.15% p 05 Feb 21 China import charge chrome 50% Cr US free market $/Ib in-warehouse index, cif Shanghai, duty-unpaid 1.06* 0.95% p 02 Feb 21 Pittsburgh lumpy basis 75% Si - imported 1.07-1.10* 0% 04 Feb 21 Ferro-Chrome European Benchmark Export from mainland China, min 75% Indicator, Lumpy Cr charge basis 52% Si, 7.5% C, $/tonne, fob 1,540-1,580* -0.32% q 03 Feb 21 (and high carbon), $ per Ib 1.34* 2.29% p 02 Feb 21 MB Chinese free market min 75% Si, High carbon 6-8.5% C, basis 60-64.9% in-warehouse China, yuan/tonne 7,600-7,800* -0.65% q 03 Feb 21 Cr, max 3% Si, cif Europe $/lb Cr 0.97-1.07* 6.81% p 02 Feb 21 Silico-manganese High carbon 6-8.5% C, basis 65-70% Cr, max 1.5% Si, delivered Europe $/lb Cr 1.07-1.15* 1.83% p 02 Feb 21 Lumpy basis 65-75% Mn basis 15-19% Si (scale pro rata), major European Spot 6-8% C basis 50% Cr delivered destinations, €/tonne 1,050-1,100* 0% 05 Feb 21 duty paid China yuan/tonne 8,400-8,800* 1.18% p 02 Feb 21 US free market $/Ib in-warehouse Contract 6-8% C basis 50% Cr Pittsburgh 0.67-0.68* 1.5% p 04 Feb 21 delivered duty paid China yuan/tonne 8,000-8,200* 0% 02 Feb 21 MB Chinese free market min 65% Mn Lumpy Cr charge basis 52% Cr (and max 17% Si in-warehouse duty-paid high carbon) quarterly 1.175* 3.07% p 01 Jan 21 China yuan/tonne 6,500-6,800* -2.92% q 05 Feb 21 High carbon 6-8.5% C basis 60-70% Cr 65% min Mn 16% min Si $/tonne fob India 1,030-1,060* 0% 05 Feb 21 max 1.5% Si, major European destinations 1.07-1.15* 1.83% p 02 Feb 21 0.10% C average 65-70% Cr 1.90-2.08* 2.31% p 02 Feb 21 European low carbon in-warehouse 0.06% C max - 65% Cr 1.94-2.12* 2.27% p 02 Feb 21 Low phosphorous Cr min 65% C max 7% Si max 1% p max 0.015% Ti max 0.05% 1.04-1.20* 3.7% p 02 Feb 21 High-carbon ferro-chrome 57-65% Cr, cif duty-updaid Japan, $/lb 1-1.08* 17.51% p 28 Jan 21 High carbon ferro-chrome 57-65% Cr, cif duty-unpaid South Korea, $/lb 0.98-1.06* 16.57% p 28 Jan 21 † week-on-week change continued ›

CARBON STEEL - EUROPE CARBON STEEL - CIS Price Change† Assessed Price Change† Assessed PricesNorthern Europe imports CIS exports (Black Sea) ForFastmarkets the latest pricesMB’s assessment go to http://www.metalbulletin.com/My-price-book.html of cfr prices for imported, non-EU origin, commercial-quality carbon Fastmarkets MB’s assessment of CIS mills’ prices for export outside the CIS of commercial-quality steel, € per tonne cfr main EU port carbon steel, $ per tonne fob stowed main Black Sea port METAL BULLETIN’S KEY ALUMINIUM PRICES Rebar 550-570* -6.67% q 03 Feb 21 Billet index 538* -1.47% q 05 Feb 21 Wire rod (mesh quality) 590-600*Price Change-4.8% q Assessed03 Feb 21 Slab 620-630* -1.96% q 01 Feb 21 Plate (8-40mm) 615-640* 0% 03 Feb 21 Rebar 600-615* -5.81% q 01 Feb 21 Hot rolled coil 680-685* 0% 03 Feb 21 Wire rod (mesh) 690-710* 1.45% p 01 Feb 21 Cold rolled coil 770-780* 0% 03 Feb 21 Heavy plate (8-50mm) 730-785* 0% 01 Feb 21 Hot-dip galvanized coil 800-840* 0% 03 Feb 21 Hot rolled coil 695-725* -5.65% q 01 Feb 21 Southern Europe imports Cold rolled coil 785-810* -1.85% q 01 Feb 21 Fastmarkets MB’s assessment of cfr prices for imported, non-EU origin, commercial-quality carbon Russia domestic steel, € per tonne cfr main EU port Fastmarkets MB’s assessment of prices within Russia for commercial-quality carbon steel, rubles per Rebar 540-560* -6.78% q 03 Feb 21 tonne, carriage paid to (cpt) inc VAT Wire rod (mesh quality) 590-600* -3.25% q 03 Feb 21 Rebar 60,000-60,500* -2.43% q 01 Feb 21 Plate (8-40mm) 615-640* 0% 03 Feb 21 Hot rolled sheet 64,000-65,000* 0% 01 Feb 21 Hot rolled coil 650-670* -3.3% q 03 Feb 21 Cold rolled sheet 77,000-80,000* 1.95% p 01 Feb 21 Cold rolled coil 770-780* 0% 03 Feb 21 Plate 60,000-60,000* 0% 01 Feb 21 Hot-dip galvanized coil 810-820* -1.81% q 03 Feb 21 Southern Europe exports CARBON STEEL - MIDDLE EAST † Fastmarkets MB’s assessment of Southern Europe mills’ prices for export outside Southern Europe of Price Change Assessed commercial-quality carbon steel, € per tonne fob main Southern European port Turkish exports Rebar 600-620* 0% 03 Feb 21 Fastmarkets MB’s assessment of Turkish mills’ prices for export of commercial-quality carbon steel, $ Wire rod (mesh quality) 650-660* 1.55% p 03 Feb 21 per tonne fob main Turkish port Northern Europe domestic Billet 560-565* -4.26% q 04 Feb 21 Fastmarkets MB’s assessment of prices within the EU (excluding the UK) for commercial-quality Rebar 590-595* -2.87% q 04 Feb 21 carbon steel of EU origin, € per tonne delivered basis point Wire rod (mesh quality) 660-680* -0.74% q 04 Feb 21 Rebar 640-660* -1.52% q 03 Feb 21 Merchant bars 650-670* -2.22% q 04 Feb 21 Wire rod (mesh quality) 670-700* 0% 03 Feb 21 Structural pipe 820-830* 13.01% p 13 Jan 21 Sections (medium) 850-870* 0% 03 Feb 21 Hot rolled coil 730-740* -4.55% q 05 Feb 21 Beams 750-770* 0% 03 Feb 21 Hot dip galvanized 1,010-1,030* -1.45% q 05 Feb 21 Southern Europe domestic Turkish domestic Fastmarkets MB’s assessment of prices within the EU (excluding the UK) for commercial-quality Fastmarkets MB’s assessment of prices within Turkey for commercial-quality carbon steel of Turkish carbon steel of EU origin, € per tonne delivered basis point origin, $ per tonne ex-works Rebar 600-620* -2.01% q 03 Feb 21 Billet 550-560* -5.53% q 04 Feb 21 Wire rod (mesh quality) 660-680* 0.75% p 03 Feb 21 Hot rolled coil 740-760* -4.46% q 05 Feb 21 Sections (medium) 850-870* 0% 03 Feb 21 Cold rolled coil 940-950* 0% 05 Feb 21 Beams 750-770* 0% 03 Feb 21 Hot dip galvanized 1,010-1,030* -1.45% q 05 Feb 21 Central Europe domestic € per tonne ex-works Prepainted galvanized 1,090-1,120* 0% 05 Feb 21 Hot rolled coil 665-680* -0.37% q 03 Feb 21 Fastmarkets MB’s assessment of prices within Turkey for commercial-quality carbon steel of Turkish origin, TRY per tonne ex-works 18% VAT included Poland domestic zloty per tonne ex-works Rebar 4,770-4,830* -8.57% q 04 Feb 21 Rebar 2,900-2,950* -0.85% q 05 Feb 21 Wire rod (mesh quality) 5,500-5,700* -8.94% q 04 Feb 21 Northern Europe € per tonne ex-works Turkish imports Plate (8-40mm) 660-680* 3.88% p 03 Feb 21 Hot rolled coil index 710-710* -0.35% q 05 Feb 21 Fastmarkets MB’s assessment of prices for imported commercial-quality carbon steel, $ per tonne cfr main Turkish port Cold rolled coil 800-810* -0.62% q 03 Feb 21 Billet 535-555* -4.39% q 04 Feb 21 Hot-dip galvanized coil 820-840* 0% 03 Feb 21 Hot rolled coil 715-730* -1.37% q 05 Feb 21 Southern Europe € per tonne ex-works Cold rolled coil 800-810* 0% 05 Feb 21 Plate (8-40mm) 650-670* 1.54% p 03 Feb 21 UAE imports Hot rolled coil 700-710* 0% 03 Feb 21 Fastmarkets MB’s assessment of prices for imported commercial-quality carbon steel, $ per tonne cfr Cold rolled coil 790-800* -1.24% q 03 Feb 21 Jebel Ali Hot-dip galvanized coil 800-820* -1.82% q 03 Feb 21 Billet 590-630* -1.61% q 02 Feb 21 Rebar 680-700* -1.43% q 02 Feb 21 Hot rolled coil 740-780* -0.65% q 02 Feb 21 Cold rolled coil 790-850* 0% 02 Feb 21 Hot dip galvanized coil 880-960* -0.54% q 02 Feb 21 Saudi Arabia imports Fastmarkets MB’s assessment of prices for imported commercial-quality carbon steel, $ per tonne cfr Hot rolled coil 770-780* 0% 02 Feb 21 † week-on-week change continued ›

Price Change Assessed Price Change Assessed UAE domestic Hot dipped galvanized 0.012-0.015, G30 1,300-1,340* 8.2% p 03 Feb 21 Fastmarkets MB’s assessment of prices within UAE for commercial-quality carbon steel of UAE origin, OCTG API5CT - Casing J55 import Prices p South Korean-made, cif Houston, $/short ton 1,180-1,200* 57.62% 26 Jan 21 Fordirhams the latest per tonne prices ex-works go to http://www.metalbulletin.com/My-price-book.html Rebar 2,300-2,590* -8.17% q 02 Feb 21 OCTG API5CT - Casing J55 import non-South Korean-made, cif Houston, $/short ton 1,200-1,220* 65.75% p 26 Jan 21 IranMETAL exports BULLETIN’S KEY ALUMINIUM PRICES US domestic Fastmarkets MB’s assessment of prices quoted by IranianPrice suppliers forChange commercial-quality Assessed carbon steel to overseas buyers, $ per tonne fob Iranian ports Fastmarket AMM’s assessment of prices within the USA for commercial-quality carbon steel of US or Canadian origin, $ per short ton, delivery terms as indicated Billet 510-520* -3.92% q 03 Feb 21 Rebar (fob mill) 795-795* 0% 03 Feb 21 Slab 610-615* -0.41% q 03 Feb 21 Plate (fob mill) 1,020* 4.08% p 29 Jan 21 Egyptian domestic Hot rolled coil Midwest index (fob mill) 1,184.60* 3.86% p 04 Feb 21 Fastmarkets MB’s assessment of prices within Egypt for commercial-quality carbon steel of Egyptian Cold rolled coil (fob mill) 1,340* 0% 04 Feb 21 origin, E£ per tonne ex-works Hot-dip galvanized coil (base) q Rebar 13,350-13,500* -0.57% 04 Feb 21 Midwest (fob mill) 1,350* 0.75% p 04 Feb 21 Egyptian import OCTG API5CT - casing J55 (fob mill) 1,275-1,325* 16.59% p 26 Jan 21 Fastmarkets MB’s assessment of prices for imported commercial-quality carbon steel, $ per tonne cfr Fastmarket AMM’s assessment of prices within the USA for commercial-quality carbon steel of US or main port Canadian origin, $ per hundredweight, delivery terms as indicated Billet 550-565* -5.51% q 04 Feb 21 Merchant bar 3 x 3 1/4 angle (fob mill) 44.75-44.75* 4.68% p 29 Jan 21

CARBON STEEL - LATIN AMERICA Price Change† Assessed Latin American exports Fastmarkets MB’s assessment of Latin American mills’ prices for export outside Latin America of commercial-quality carbon steel, $ per tonne fob stowed main Latin American port CARBON STEEL - ASIA Billet 560-580* -3.39% q 29 Jan 21 Price Change† Assessed Slab, Brazil 760-780* 0% 29 Jan 21 China exports Wire rod mesh quality 615-650* 0% 29 Jan 21 Fastmarkets MB’s assessment of Chinese mills prices for export of commercial-quality carbon steel, $ Heavy plate over 10mm 640-670* 0% 29 Jan 21 per tonne fob main China port Hot rolled coil (dry) 750-760* 0% 29 Jan 21 Rebar index 625-625* -1.57% q 05 Feb 21 Cold rolled coil 790-800* 0% 29 Jan 21 Wire rod (mesh quality) 655-660* 0% 02 Feb 21 South America imports Heavy plate 630-635* -0.39% q 02 Feb 21 Fastmarkets MB’s assessment of cfr prices for imported, commercial-quality carbon steel, Hot rolled coil index 649-649* 0.15% p 05 Feb 21 $ per tonne cfr main ports Cold rolled coil 715-720* 0% 02 Feb 21 Plate 680-695* -0.36% q 29 Jan 21 Galvanized coil 1mm 770-770* -2.84% q 02 Feb 21 Hot rolled coil 690-730* -6.58% q 29 Jan 21 Eastern China domestic Cold rolled coil 765-800* -2.19% q 29 Jan 21 Fastmarkets MB’s assessment of prices in eastern China for commercial-quality carbon steel of Galvanized coil 820-860* 0% 29 Jan 21 Chinese origin, yuan per tonne ex-warehouse Galvalume coil 890-900* 0% 29 Jan 21 Rebar 4,280-4,300* -0.12% q 05 Feb 21 Brazil domestic Wire rod (mesh) 4,300-4,320* 0% 05 Feb 21 Fastmarkets MB’s assessment of prices within Brazil for commercial-quality carbon steel, Reais per Sections 4,500-4,530* 0% 05 Feb 21 tonne ex-works Plate 4,510-4,550* 0.11% p 05 Feb 21 Hot rolled coil 5,080-5,100* 18.23% p 08 Jan 21 Hot rolled coil (min 2mm) 4,470-4,500* 0.79% p 05 Feb 21 Cold rolled coil 5,785-5,900* 17.56% p 08 Jan 21 Cold rolled coil (0.5 - 2 mm) 5,300-5,340* -0.37% q 05 Feb 21 Hot dip galvanized coil 6,250-6,375* 16.36% p 08 Jan 21 Hot-dip galvanized coil 5,710-5,790* -2.38% q 05 Feb 21 Fastmarkets MB’s assessment of prices within Brazil for commercial-quality carbon steel, Reais per Northern China domestic tonne delivered Fastmarkets MB’s assessment of prices in northern China for commercial-quality carbon steel of Rebar 4,495-4,575* 17.11% p 08 Jan 21 Chinese origin (Tangshan), yuan per tonne ex-works Billet 3,850-3,850* -0.26% q 05 Feb 21 CARBON STEEL - NAFTA Fastmarkets MB’s assessment of prices in northern China for commercial-quality carbon steel of Price Change† Assessed Chinese origin, yuan per tonne ex-warehouse US imports Hot rolled coil 4,330-4,350* -1.03% q 05 Feb 21 Fastmarkets MB’s assessment of prices for imported, non-Nafta origin, commercial-quality carbon Rebar 4,110-4,160* 0% 05 Feb 21 steel, $ per short ton ddp port Houston (unless otherwise stated) Rebar, ddp loaded truck for immediate delivery 780-800* 0% 03 Feb 21 Merchant bars 790-810* 0% 29 Jan 21 Wire rod (low carbon) 850-870* 14.67% p 19 Jan 21 Medium sections 845-865* 0% 28 Jan 21 Medium plate 940-980* 0% 03 Feb 21 Hot rolled coil 980-1,040* -5.61% q 03 Feb 21 Cold rolled coil 1,180-1,220* 2.56% p 03 Feb 21

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Price Change Assessed Price Change Assessed Southeast Asia imports US domestic PricesFastmarkets MB’s assessment of prices in Southeast Asia for commercial-quality carbon steel $ per Fastmarkets AMM’s appraisal of prices within the USA for commercial-quality stainless steel of US or Fortonne the cfrlatest prices go to http://www.metalbulletin.com/My-price-book.html Canadian origin, $ per hundredweight, fob Billet 540-550* -4.8% q 05 Feb 21 Grade 304 cold rolled sheet 143-143* 10% p 11 Jan 21 METALSlab (Asia/East BULLETIN’S Asia) KEY ALUMINIUM PRICES 640-660* -1.14% q 01 Feb 21 Grade 316L cold rolled sheet 185-185* 7.87% p 11 Jan 21 Hot rolled coil (Vietnam) 655-660*Price Change0.77% p Assessed05 Feb 21 Hot rolled coil (Japan, Korea, Taiwan-origin), cfr Vietnam 725-725* 0% 05 Feb 21 Rebar (Singapore) 625-640* -0.39% q 01 Feb 21 IRON ORE

Wire rod (low carbon) 605-610* 0% 01 Feb 21 Price Change† Assessed Indian exports 65% Fe Brazilian Index CFR Qingdao Fastmarkets MB’s assessment of Indian mills’ prices for export of commercial-quality carbon steel, $ (MBIOI-65-BZ-Index) $/tonne 180.10* -1.37% q 05 Feb 21 per tonne fob main India port Lump premium CFR Qingdao p Billet 520-530* -9.09% q 05 Feb 21 (MBIOI-LP Index) cents per dmtu 43* 10.26% 05 Feb 21 q Plate (12-40mm) 690-700* 0% 05 Feb 21 Iron ore index (62% Fe) 157.01* -0.97% 05 Feb 21 q Hot rolled coil (commodity) 730-750* -7.79% q 05 Feb 21 Iron ore index (62% LA) 157.53* -0.96% 05 Feb 21 Hot-dip galvanized coil 900-910* -10.84% q 05 Feb 21 58% Fe Iron Ore Index (MBIOI-58) CFR Qingdao on a 58% fe basis Daily Price Indian imports $/dry metric tonne 128.29* -0.12% q 05 Feb 21 Fastmarkets MB’s assessment of prices for imported, non-EU origin, commercial-quality carbon steel, High grade Premium (MBIOI-58P) CFR $ per tonne cfr main India port Qingdao on a 58% basis low alumina, low phosphorous Daily Price $/dry metric tonne 16* -3.03% q 05 Feb 21 Plate (10-40mm) 740-750* 0% 05 Feb 21 Iron Ore Implied 58% Fe high Hot rolled coil (commodity) 690-700* -14.72% q 05 Feb 21 specification price 144.29* -0.46% q 05 Feb 21 Hot rolled coil (CR grade) 750-755* -7.67% q 05 Feb 21 Iron Ore product differential - PBF Cold rolled coil 770-775* -14.64% q 05 Feb 21 delivered Qingdao, China CFR $/tonne -0.95* -11.21% q 05 Feb 21 Indian domestic Iron ore 62% Fe Pilbara Blend Fines (MBIOI-PBF) $/tonne 156.06* -0.9% q 05 Feb 21 Fastmarkets MB’s assessment of prices within India for commercial-quality carbon steel, rupees per tonne ex-warehouse unless stated Iron Ore 62% Fe China port price index 1,112* -0.71% q 05 Feb 21 Billet, exw 32,700-32,900* -4.37% q 05 Feb 21 Implied 62% Fe China Port Price $ per tonne 160.25* -0.79% q 05 Feb 21 Heavy plate 52,250-54,000* 0% 05 Feb 21 Iron ore pellet index cfr Qingdao (65% Fe) 212.27* -5.86% q 05 Feb 21 Hot rolled coil 55,000-56,250* 0% 05 Feb 21 Iron ore concentrate index cfr Qingdao (66% Fe) 176.57* -4.69% q 05 Feb 21 Cold rolled coil 65,000-66,750* 0% 05 Feb 21 Iron ore implied pellet premium over q DRI, exw 23,400-23,600* -4.08% 05 Feb 21 the Fastmarkets MB 65% Fe Brazilian Hot-dip galvanized coil 67,500-68,500* 0% 05 Feb 21 iron ore index cfr Qingdao US$/tonne 34.11* -10.4% q 05 Feb 21 Rebar, exw 36,800-37,000* -5.63% q 05 Feb 21 Iron ore DR-grade pellet premium index Middle East reference, $/dmt 46.30* 92.92% p 01 Feb 21 STAINLESS STEEL Metal Bulletin Indicator for US$/% Al MBIOI Al-VIU cfr Qingdao -4.96* 2.48% p 01 Feb 21 Price Change† Assessed Metal Bulletin Indicator for US$/% Asia import Fe in iron ore fines cfr Qingdao 2.45* -5.77% q 01 Feb 21 $/tonne cif East Asian port Iron Ore Fines 65% Fe, % Fe value in Grade 304 2mm CR coil 2B 2,230-2,300* 1.12% p 03 Feb 21 use cfr Qingdao $/dry metric tonne 3.40* -1.16% q 01 Feb 21 Grade 304 hot rolled coil 2,160-2,230* 4.03% p 03 Feb 21 Metal Bulletin Indicator for US$/% Si MBIOI Si-VIU cfr Qingdao -3.66* 4.27% p 01 Feb 21 China domestic Iron Ore Fines 62% Fe, 0.01% yuan/tonne, in-warehouse Phosphorous value in use MBIOI Phos-VIU cfr Grade 304 2mm CR coil 14,900-15,900* -0.65% q 03 Feb 21 Qingdao US cent per dry metric tonne -0.64* 1.59% p 01 Feb 21 Grade 430 2mm CR coil 10,100-10,200* 0% 03 Feb 21 China export COKING COAL $/tonne, fob $ per dmt (unless otherwise stated) Grade 304 2mm CR coil 2,180-2,270* 0% 03 Feb 21 † Grade 304 hot rolled coil 2,200-2,240* 1.14% p 03 Feb 21 Price Change Assessed Premium hard coking coal index cfr Jingtang 217.23* -0.23% q 05 Feb 21 EU domestic Hard coking coal index cfr Jingtang 203* -0.01% q 05 Feb 21 2mm 304 cold rolled stainless sheet, €/tonne Premium hard coking coal index fob DBCT 156.53* 1.04% p 05 Feb 21 N.Europe Base price 700-750* 0% 05 Feb 21 Hard coking coal index fob DBCT 135.20* 4.22% p 05 Feb 21 Alloy surcharge 1,713-1,728* 8.14% p 05 Feb 21 China hard coking coal Shanxi spot N.Europe transaction 2,500-2,550* 5.65% p 05 Feb 21 market domestic delivered yuan/tonne 1,445-1,840* -0.9% q 01 Feb 21 2mm 316 cold rolled stainless sheet, €/tonne 65% CSR coke $/tonne fob China 495-500* 1.02% p 02 Feb 21 Base price 1,050-1,100* 0% 05 Feb 21 Low Vol PCI Index cfr Jingtang 150.53* -0.97% q 05 Feb 21 Alloy surcharge 2,399-2,421* 6.66% p 05 Feb 21 Low Vol PCI Index fob DBCT 107.73* 7.55% p 05 Feb 21 304 stainless steel bright bar, €/tonne Base price 1,000-1,050* 0% 05 Feb 21 Alloy surcharge 2,090-2,181* 7.39% p 05 Feb 21

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FERROUS SCRAP Price Change Assessed Price Change† Assessed Rotterdam export PricesUK ferrous scrap domestic Fastmarkets MB’s assessment $/tonnne fob Rotterdam MB index fob Rotterdam HMS 1&2 (80:20) 378.25* -5.01% q 05 Feb 21 ForThe the following latest prices is Fastmarket go to http://www.metalbulletin.com/My-price-book.html MB’s evaluation of UK prices for processed scrap delivered to consumers within the month listed. Prices may vary according to region and destination, and should be read in HMS 1&2 (75:25 mix) 346-347* -9.17% q 05 Feb 21 conjunctionMETAL BULLETIN’S with editorial KEY comment ALUMINIUM on the PRICES Ferrous scrap pages. Shredded 356-357* -8.94% q 05 Feb 21 £/tonne Price Change Assessed Turkish import Cut grades Fastmarkets MB’s assessment $/tonne cfr main Turkish ports OA plate and structural 215-230* 28.99% p 14 Jan 21 MB index cfr Turkey HMS 1&2 (80:20) 1&2 old steel 195-210* 32.79% p 14 Jan 21 (North Europe material) 381.84* -6.4% q 05 Feb 21 12A/C new production heavy and MB index cfr Turkey HMS 1&2 (80:20) shovellable steel 240-255* 25.32% p 14 Jan 21 (United States material) 386.21* -6.52% q 05 Feb 21 12D new production heavy and HMS 1&2 (75:25 mix) 365-366* -8.74% q 05 Feb 21 shovellable steel 245-260* 24.69% p 14 Jan 21 Shredded 375-409* -5.66% q 05 Feb 21 Bales and cuttings Turkish domestic p 4A new steel bales 245-260* 24.69% 14 Jan 21 Fastmarkets MB’s assessment delivered p 4C new steel bales 235-250* 25.97% 14 Jan 21 Melting scrap from shipbreaking ($/tonne) 398-405* -5.53% q 01 Feb 21 p 8A new loose light cuttings 235-250* 25.97% 14 Jan 21 Auto bundle scrap (Turkish lira/tonne) 2,800-3,200* -6.69% q 01 Feb 21 8B new loose light cuttings 220-235* 28.17% p 14 Jan 21 USA export Turnings Fastmarket AMM ferrous scrap export index $/tonne East Coast fob New York UK inter-merchant 7B heavy steel turnings 175-190* 37.74% p 14 Jan 21 HMS 1&2 (80:20) 400.68* -6.16% q 03 Feb 21 Cast iron Shredded 402.11* -7.98% q 03 Feb 21 9A/10 heavy and light cast iron 205-220* 30.77% p 14 Jan 21 USA domestic 9B/C cylinder block scrap 225-240* 27.4% p 14 Jan 21 Fastmarkets AMM Midwest index $/gross ton delivered mill 11A cast iron borings 165-175* 41.67% p 14 Jan 21 No1 heavy melting scrap 425.23* 27.06% p 11 Jan 21 Prices relate to new UK scrap specifications No1 busheling 492.03* 27.96% p 11 Jan 21 Please see metalbulletin.com for full explanation of price changes Shredded 466.44* 27.55% p 11 Jan 21 UK intermerchant weekly price China domestic £/tonne yuan/tonne delivered mill 5C loose old light 125-140* -3.64% q 05 Feb 21 Heavy scrap 3,170-3,190* 0% 05 Feb 21 UK ferrous scrap export Japan export Fastmarkets MB’s assessment $ fob main UK port yen/tonne fob main port Japan HMS 1&2 (80:20 mix) 369-381* -3.85% q 05 Feb 21 H2 36,000-38,000* 6.47% p 03 Feb 21 Shredded 385-387* -3.74% q 05 Feb 21 P&S 41,000-44,000* 4.94% p 03 Feb 21 Bangladesh import Shindachi 39,000-41,000* 3.9% p 03 Feb 21 HMS 1&2 (80:20) deep-sea origin, cfr, $/tonne 415-420* -3.47% q 04 Feb 21 Shredded 38,500-40,500* 4.64% p 03 Feb 21 HMS 1&2 (80:20) containerized, cfr, $/tonne 395-400* -4.79% q 04 Feb 21 South Korea import Shredded deep-sea origin, cfr, $/tonne 420-425* -3.43% q 04 Feb 21 H2 Japan origin, cfr main port, Shredded containerized, cfr, $/tonne 405-415* -7.34% q 04 Feb 21 yen/tonne 37,000-40,000* 1.99% p 05 Feb 21 Indian import HMS 1&2 (80:20 mix) deep-sea origin,

Fastmarkets MB’s assessment $/tonnne cfr Nhava Sheva cfr, $/tonne 395-400* 0% 05 Feb 21 MB index cfr India shredded 408.73* -1.71% q 05 Feb 21 Taiwan import HMS 1&2 (80:20 mix) 320-340* -2.94% q 05 Feb 21 $/tonne cfr main port Pakistan import HMS 1&2 (80:20 mix) (USA material) 350-360* -2.07% q 05 Feb 21 Fastmarkets MB’s assessment $/tonnne cfr Port Qasim Vietnam import Shredded index 407.79* -3.53% q 05 Feb 21 $/tonne cfr southern Vietnam Alloy steel scrap domestic HMS 1&2 405-410* 0% 05 Feb 21 p UK wholesale merchants’ stainless (£/tonne) H2 Japan origin 380-385* 1.32% 05 Feb 21 18/8 solids 1,100-1,150* 0% 05 Feb 21 Germany domestic 18/8 turnings 935-980* 0% 05 Feb 21 Fastmarkets MB’s assessment €/tonne delivered at mill 316 solids 1,500-1,550* 0% 05 Feb 21 Grade E40 (shredded steel scrap) 385-415 32.23% p 15 Jan 21 316 turnings 1,275-1,320* 0% 05 Feb 21 No E8 (thin new production steel scrap) 380-410 29.51% p 15 Jan 21 12-13% Cr solids 230-260* 0% 05 Feb 21 No E3 (old thick scrap) 370-405 30.25% p 15 Jan 21 16-17% Cr solids 275-300* 0% 05 Feb 21 Italy domestic Cif Europe stainless € per tonne Fastmarkets MB’s assessment €/tonne delivered at mill 18/8 solids 1,280-1,290* 0% 05 Feb 21 No E3 (old thick scrap) 325-360 30.48% p 15 Jan 21 18/8 turnings 1,150-1,160* -0.22% q 05 Feb 21 No E8 (thin new production steel) 345-370 30% p 15 Jan 21 316 solids 1,710-1,720* 0.59% p 05 Feb 21 No E40 (shredded steel scrap) 340-360 21.74% p 15 Jan 21 316 turnings 1,540-1,550* 0.65% p 05 Feb 21

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SCRAP SUBSTITUTES NON-FERROUS FOUNDRY INGOTS Price Change† Assessed Price Change† Assessed PricesEU imports $/tonne Aluminium UK £/tonne ForPig the iron latest imports prices cfr Italy go to http://www.metalbulletin.com/My-price-book.html515-525* -2.35% q 04 Feb 21 Fastmarkets MB free market Hot-briquetted iron cfr Italian LM24 pressure diecasting ingot 1,670-1,750* 0% 03 Feb 21 METAL BULLETIN’S KEY ALUMINIUM PRICES ports 430-460* 0% 04 Feb 21 LM6/LM25 gravity diecasting ingot 1,750-1,800* 0% 03 Feb 21 Brazil exports $/tonne, delivery terms as stated Price Change Assessed NB: prices expressed delivered consumer works, LM series as specified in BS1490 Hot briquetted iron Venezuela 200-200* 0% 05 Feb 21 Aluminium Europe Pig iron fob Vitorio/Rio Brazil 480-480* 0% 05 Feb 21 Fastmarkets MB free market Pig iron fob Ponta da Maderia Brazil 490-502* 1.74% p 05 Feb 21 Duty paid delivered works pressure US imports $/tonne cfr Gulf of Mexico diecasting ingot price (DIN226/A380) - €/tonne 1,860-1,920* -1.56% q 05 Feb 21 Pig iron 500-520* 0.99% p 05 Feb 21 Aluminum US $/Ib delivered Midwest CIS exports $/tonne fob main port A380.1 alloy 1.06-1.08* 0.94% p 04 Feb 21 Pig iron Baltic Sea 500-500* -7.41% q 04 Feb 21 Pig iron Black Sea 495-500* -2.45% q 04 Feb 21

NON-FERROUS SCRAP EUROPE Price Change† Assessed Aluminium European free market Fastmarkets MB assessment €/tonne Floated frag 1,230-1,280* 0% 05 Feb 21 Cast 1,120-1,170* 0% 05 Feb 21 Mixed turnings 6% 1,020-1,080* 0% 05 Feb 21

UK NON-FERROUS SCRAP Price Change† Assessed Aluminium - actual price £ per tonne Group 1 pure 99% & Litho 1,250-1,300* 0% 03 Feb 21 Commercial pure cuttings 900-950* 0% 03 Feb 21 Clean HE9 extrusions 1,250-1,300* 0% 03 Feb 21 Loose old rolled cuttings 650-700* 0% 03 Feb 21 Baled old rolled 780-850* 0% 03 Feb 21 Commercial cast 800-900* 6.25% p 03 Feb 21 Cast wheels 1,150-1,200* 0% 03 Feb 21 Commercial turnings 630-690* 1.54% p 03 Feb 21 Group 7 turnings 410-450* 0% 03 Feb 21 Fastmarkets MB and LME aluminium scrap discounts £ per tonne Group 1 pure 99% & Litho 145-195* -9.09% q 03 Feb 21 Commercial pure cuttings 495-545* -3.17% q 03 Feb 21 Clean HE9 extrusions 145-195* -9.09% q 03 Feb 21 Loose old rolled cuttings 740-790* 1.06% p 03 Feb 21 Baled old rolled 590-660* 1.3% p 03 Feb 21 Commercial cast 540-640* -6.65% q 03 Feb 21 Cast wheels 240-290* 3.11% p 03 Feb 21 Commercial turnings 750-810* -0.26% q 03 Feb 21 Group 7 turnings 990-1,030* 0.8% p 03 Feb 21 Titanium $/Ib cif Turnings, unprocessed type 90/6/4 (0.5% Sn max) 1.70-1.85* 5.97% p 03 Feb 21 Turnings, unprocessed 90/6/4 (over 0.5% max 2% Sn) 1.5-1.60* 6.9% p 03 Feb 21 Copper scrap discount cents/lb No 2 copper material, RCu-2B (birch/cliff), cif China 36-40* 2.7% p 25 Jan 21

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Low High Selenium Monthly averages: MB free market min 99.5% in warehouse, $/lb 5.78 6.84 Silicon January Grade 441, min 99% Si in-warehouse Rotterdam, €/tonne 1,882.00 1,994.00 Titanium BASE METALS Ferro-Titanium, 70% (max 4.5% Al), d/d Europe, $/kg 7.58 8.08 Low High Aluminium Aluminium P1020A, in-warehouse Rotterdam premium, duty unpaid, spot $/tonne 111.50 117.55 Aluminium P1020A, in-warehouse Rotterdam duty paid, spot $/tonne 148.89 155.00 Alumina ORES & ALLOYS Index fob Australia 304.47 Low High Copper Molybdenum US High-grade cathode premium indicator, Free market in warehouse Europe $/tonne 154.32 176.37 drummed molybdicoxide $/lb Mo 10.07 10.23 Nickel US canned molybdic oxide $/lb Mo 10.18 10.40 Free market in warehouse premium Ferro-molybdenum Europe $/tonne Uncut cathodes 35.00 60.00 basis 65% min, in-warehouse 4x4 cathodes 160.00 200.00 Rotterdam, $/kg Mo 24.40 24.94 Briquettes 20.00 80.00 Tungsten Tin European free market APT, $/mtu 237.00 242.00 European free market Ferro-tungsten Spot Premium 99.9%, $/tonne 375.00 462.50 basis 75% W min, $/kg 31.94 33.58 Kuala Lumpur (ex-smelter), $/tonne 21,835.26 Vanadium min 98%, in-warehouse Rotterdam, V2O5, $/lb 5.78 6.23 Ferro-vanadium MINOR METALS basis 78% min, free delivery duty paid consumer plant, 1st grade Western Antimony Europe, $/kg V 26.83 27.58 MB free market Regulus 99.65%, US Free market 70-80%, $/Ib 12.73 13.33 max Se 50ppm, in warehouse,$/tonne 7,627.78 7,880.56 MMTA Standard grade II, $/tonne 7,530.56 7,805.56 Bismuth MB free market min. 99.99%, tonne lots, in warehouse, $/lb 2.89 3.10 PRECIOUS METALS Cadmium Gold MB free market London $/troy oz Morning 1,869.68 min 99.95%, in warehouse, cents/lb 92.22 100.22 Afternoon 1,866.99 min 99.99%, in warehouse cents/lb 93.33 104.44 London £/troy oz Morning 1,370.78 Cobalt Afternoon 1,369.82 MB free market $/troy oz Handy/Harman 1,868.77 Alloy Grade, in warehouse, $/lb 17.38 17.97 Palladium Standard Grade, in warehouse, $/lb 17.31 17.92 Morning $/troy oz 2,376.60 Gallium Afternoon $/troy oz 2,378.10 MB free market Platinum: per troy oz MB free market, $/kg 250.00 285.56 Morning $/troy oz 1,089.50 Germanium Afternoon $/troy oz 1,090.95 Dioxide MB free market min 99.99%, $/kg 900.00 1,100.00 Silver Metal, Rotterdam, $/kg 1,075.00 1,200.00 London Indium spot pence/troy oz 1,898.90 MB free market ingots, min 99.97%, spot cents/troy oz 2,589.68 in warehouse, $/kg 182.22 193.33 Handy/Harman cents/troy oz 2,592.59 Magnesium MB free market min 99.8%, $/tonne 2,454.00 2,580.00 China free market min 99.8%, $/tonne 2,260.00 2,352.00

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FOUNDRY INGOTS Jan 2021 January Low High Low High average $ $ $ MonthlyAluminium averages: Zinc ($) LM24, £/tonne 1,657.50 1,737.50 Cash 2,546.00 2,838.00 2,707.70 LM6/LM25, £/tonne 1,732.50 1,780.00 3 months 2,570.00 2,863.50 2,730.95 Aluminium Europe €/tonne 1,946.00 2,012.00 Settlement 2,546.00 2,838.00 2,707.70 3 months seller 2,570.00 2,863.50 2,730.95 Cobalt ($) Cash 33,000.00 41,245.00 37,691.50 3 months 33,000.00 41,250.00 37,706.00 Settlement 33,000.00 41,245.00 37,691.50 EXCHANGE RATES (CLOSING RATES) 3 months seller 33,000.00 41,250.00 37,706.00 $/£ 1.36 Aluminium Alloy ($) $/yen 103.81 Cash 1,921.50 2,005.00 1,959.58 $/€ 1.22 3 months 1,893.00 1,930.00 1,921.80 Settlement 1,921.50 2,005.00 1,959.58 Copyright © 2002-2020 Fastmarkets 3 months seller 1,893.00 1,930.00 1,921.80 Fastmarkets MB monthly average prices are calculated on those price quotations formulated during Nasaa ($) the month. Cash 2,000.00 2,064.50 2,027.48 3 months 2,020.00 2,090.00 2,050.88 Settlement 2,000.00 2,064.50 2,027.48 LONDON METAL EXCHANGE 3 months seller 2,020.00 2,090.00 2,050.88 High, low and average January (20 days) LME averages are mean of buyers and sellers except for settlement and 3 months sellers. Jan 2021 January Low High average LME SETTLEMENT CONVERSION RATES $ $ $ $/£ 1.36 Aluminium ($) $/yen 103.78 Cash 1,951.50 2,062.50 2,003.80 $/€ 1.22 3 months 1,958.00 2,068.00 2,005.05 Settlement 1,951.50 2,062.50 2,003.80 3 months seller 1,958.00 2,068.00 2,005.05 Copper Grade A ($) Cash 7,778.50 8,146.00 7,970.50 3 months 7,783.50 8,160.00 7,978.38 Settlement 7,778.50 8,146.00 7,970.50 3 months seller 7,783.50 8,160.00 7,978.38 Copper Grade A (£) Settlement 5,696.87 5,989.27 5,845.25 3 months seller 5,697.61 5,996.47 5,847.99 Lead ($) Cash 1,963.50 2,068.50 2,014.93 3 months 1,984.50 2,081.50 2,032.30 Settlement 1,963.50 2,068.50 2,014.93 3 months seller 1,984.50 2,081.50 2,032.30 Lead (£) Settlement 1,444.17 1,519.17 1,477.61 3 months seller 1,458.76 1,527.93 1,489.58 Nickel ($) Cash 17,164.00 18,370.00 17,847.60 3 months 17,217.00 18,422.00 17,892.30 Settlement 17,164.00 18,370.00 17,847.60 3 months seller 17,217.00 18,422.00 17,892.30 Tin ($) Cash 20,965.00 23,657.00 21,955.45 3 months 20,730.00 23,140.00 21,596.05 Settlement 20,965.00 23,657.00 21,955.45 3 months seller 20,730.00 23,140.00 21,596.05

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