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Argus Metal Prices

Issue 21-110 Tuesday 8 June 2021

Overview Markets

Global market prices, news and analysis

key pricestiming Low High ±

Ferrous $/tHMS 1/2 80:20 cfr Turkey 8 Jun 501.00 ncIron ore fines 62% Fe cfr Qingdao 8 Jun 210.90 +8.10HMS 1/2 80:20 cfr Taiwan 8 Jun 440.00 ncShredded cif northern Spain €/t 2 Jun 400.00 405.00 -5.00Shredded scrap fas New York 4 Jun 460.00 465.00 +15.00Pig iron basic cfr New Orleans 3 Jun 660.00 670.00 ncRebar fob Turkey 8 Jun 720.00 ncHRC ex-works US Midwest $/st 8 Jun 1662.25 +17.25Stainless steel scrap prices $/lb304 (18-8) solids del US processor 8 Jun 0.7600 0.7800 nc304 (18-8) scrap solids cif Rotterdam 3 Jun 0.7700 0.7980 -0.0095Aluminium pricesA380.1 secondary alloy del US $/lb 3 Jun 1.1700 1.1750 +0.0075ADC 12 fob China $/t 3 Jun 2,430 2,510 +15Zorba 99/3 cif China $/lb 4 Jun 0.7500 0.7800 nc10/10 extrusions scrap del US $/lb 8 Jun 1.1800 1.2100 ncScrap cans (UBCs) del US $/lb 8 Jun 0.7650 0.7900 +0.0050Taint/Tabor del European smelter €/t 4 Jun 1250.00 1300.00 ncP1020 US midwest transaction $/lb 8 Jun 1.3813 1.3863 +0.00976063 extrusion duty paid spot in-ware-house Rotterdam $/t 2 Jun 800.00 850.00 +50.00

Copper, brass pricesCathode grade A premium in-warehouse Rotterdam $/t 8 Jun 25.00 40.00 nc

Cathode grade A US transaction price $/lb 8 Jun 4.6330 4.6430 +0.0280Bare bright scrap US spot price $/lb 8 Jun 4.3645 4.4145 +0.0280#2 scrap cif Asia ports transaction $/t 8 Jun 3.9045 4.0045 +0.0280#2 scrap del Europe cash spread % of LME 8 Jun 85.00 87.00 ncBrass scrap US C260 transaction price $/lb 8 Jun 3.4422 3.4822 +0.0244Ferro-alloys prices fob North AmericaMolybdenum 65% Mo, $/lb Mo 3 Jun 15.40 15.80 -0.25Titanium 70% Ti $/lb 3 Jun 3.50 3.90 ncChrome HC 62% Cr, $/lb Cr 3 Jun 1.2500 1.2900 ncManganese HC min 80% Mn $/lt 3 Jun 1,750.00 1,800.00 +150.00Minor metal prices $/lbSilicon 5-5-3 98.5% Si fob 3 Jun 1.53 1.56 +0.03Titanium 85% Ti non-tin turnings 3 Jun 1.15 1.25 -0.10Titanium 6Al 4V aero turnings 3 Jun 1.40 1.65 ncZinc pricesSpecial high grade in-warehouse Rotter-dam premium $/t 7 Jun 95.00 115.00 nc

Special high grade US transaction $/lb 8 Jun 1.4403 1.4453 +0.0161Nickel cathode prices4x4" premium in-warehouse Rotterdam $/t 3 Jun 250.00 275.00 nc4x4" (truckloads) US transaction $/lb 8 Jun 1.6603 1.7103 +0.0161

COntents

Commentary 2News 11Markets 13

� Turkey ferrous: The HMS 1/2 80:20 scrap import price was flat on a Baltic sale to a Marmara mill.

� Ferrous: Dock prices on the US east and Gulf coasts and in Europe rose on the back of strong domestic markets.

� US stainless: Daily 316 scrap prices rose on demand and higher molybdenum prices.

� Europe copper: Cathode premium were unchanged, but a drop in LME prices spurred more spot activity.

� US aluminum: Buying spreads for some widely available, common alloy scrap grades widened.

� US HRC: Prices continued to rise toward $1,700/st on strong demand, despite recovering mill utilization rates.

news

� EU mills’ June indications for scrap exceed expectation � Long steel shortages to continue in 3Q: Irepas � Nucor Louisiana DRI plant down for maintenance � LME will reopen ring in September

Incorporating MetalPrices.com, Argus Weekly Heavy Melt and Ferrous Scrap Price Index

Available on the Argus Publications App Licensed to: Shi Jia Lim, Argus Media Limited (London)

http://www.argusmedia.com/direct/argus-publications-app/


Issue 21-110 Tuesday 8 June 2021 Argus Metal Prices

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Commentary

Stainless steel scrap prices del US processor $/lbLow High ±

304 (18-8) solids 0.7600 0.7800 nc304 (18-8) turnings 0.7100 0.7300 nc316 solids 1.0100 1.0500 +0.0100316 turnings 0.9100 0.9500 +0.0100

FerroUS

Turkey ferrous: Price flat on Baltic dealThe Turkish scrap import price was flat on Tuesday on a Baltic sale to a Marmara steelmaker concluded today for end of July / beginning of August shipment.

The Argus daily HMS 1/2 80:20 cfr Turkey steel scrap as-sessment was flat at $501/t cfr today.

A Baltic supplier was heard to sell 20,000t of HMS 1/2 80:20 at $501/t and 5,000t of bonus at $511/t cfr Marmara for end of July / beginning of August shipment today.

Turkish mills found it difficult to attract sellers willing to follow their downward indications yesterday, particularly from continental Europe and the US.

Several continental European suppliers will not sell below $500/t cfr Turkey for their HMS 1/2 80:20 material this week. Regional scrap exporters in the Netherlands cannot secure ma-terial below €360/t ($438.50/t) delivered dock today. Shred-ded and higher-grade material is being eaten up by European domestic mills this week and next week based on the combi-nation of relatively tight supply and strong demand.

Discussions in Germany turned more bullish overnight with suppliers looking for HMS material to trade €50/t higher for June delivery than May, a significantly greater increase than was expected last week. #1 HMS prices in Germany could trade around €400/t delivered mill.

Turkish mills will have to pay a certain premium for shred compared to normal, particularly if they do not push bids up significantly for HMS material.

Turkish mills indicated around $490/t cfr Turkey for pre-mium HMS 1/2 80:20 yesterday but there was no interest from the supply side to move offers anywhere close to this level. There is a consensus amongst many suppliers that mills still have around 17-18 deep-sea cargoes still to buy for July ship-ment, and that there is no need to offer while the mills stay

Finished steel prices $/tPrice ±

HRC cfr Asean 964.00 -4.00HRC ex-works US Midwest 1662.25 +17.25HRC fob China 915.00 -2.00Rebar fob China 802.00 -6.00Rebar fob Turkey 720.00 ncWire rod export, fob China 827.00 -22.00

Steel billetPrice ±

fob Black Sea $/t 640.00 -10.00Tangshan ex works inc VAT Yn/t 4,940.00 nc

Ferrous scrap prices, global $/tPrice ±

Daily $/tHMS 1/2 80:20 cfr Turkey 501.00 ncHMS 1/2 75:25 fob Rotterdam 461.00 ncHMS 1/2 (80:20) containerised cfr Taiwan 440.00 ncA3 cfr Marmara 470.00 ncA3 fob Russia/Ukraine Black Sea 445.50 ncHMS 1/2 80:20 differential fob Rotterdam to 75:25 3.00 ncShredded fob Rotterdam 474.00 nc#3 HMS del east China Shagang mill inc VAT CNY/t 3590.00 ncWeeklyH2 fob Japan $/t 422.00 -8.00H2 fob Japan ¥/t 46,300 -700

Ferrous scrap deep-sea trades (average composition price, cfr turkey)

Date Volume, t Price, $ Shipment Buyer Seller Composition Confirmed Index relevant

8-Jun n/a 501 (80:20) end July / beg Marmara Baltics 80:20, bonus N Y

Ferrous scrap short-sea trades (average composition price, cif marmara)

Date Volume, t Price, $ Shipment Buyer Seller Composition Confirmed Index relevant

No short-sea deals in past week

out of the market and US/European demand absorbs significant volumes.

US east coast #1 HMS dockside purchasing prices stand at around $420-430/gt delivered to dock, and there is no sign that prices can come under pressure any time soon after last week’s increases.

Some Turkish mills increased their official domestic rebar

Licensed to: Shi Jia Lim, Argus Media Limited (London)

Issue Ref: 421631

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offers this morning, potentially in light of the resistance from scrap sellers and the narrowing scrap-rebar spreads. The moves were met with some improved demand, with two Marmara mills heard to have sold around 3,000-4,000t each at around $700/t ex-works excluding VAT, up on sales in the region at $690/t ex-works last week. Iskenderun mills were heard to sell tonnages at TL7,000/t ex-works including VAT today, equivalent to $690.60/t ex-works excluding VAT.

A Marmara mill was heard to have closed an export rebar sale to Canada at $725/t fob in the past few business days, which also indicates that some overseas demand is being at-tracted to the $35-50/t fall in Turkish long steel prices.

The level of the Baltic-Marmara scrap trade today indicates import scrap-export rebar spreads have fallen around $20/t in the past month. Scrap-domestic rebar spreads have fallen around $25/t in the same period.

On no change in bid-offer indications, the Argus daily A3 cif Marmara steel scrap assessment was flat at $470/t.

Asia ferrous: Price flat with no deal The Taiwanese containerised HMS 1/2 80:20 ferrous scrap import price was flat on Tuesday as buyers and US sellers kept bids and offers firm.

The Argus daily containerised HMS 1/2 80:20 cfr Taiwan index was unchanged at $440/t.

US sellers offered containerised HMS 1/2 80:20 at $450/t cfr Taiwan today, unchanged from last week’s level. They did not increase offers because of a further fall in Chinese steel prices and lower buying interest from Taiwanese steelmakers. Some other sellers stayed on the sidelines as they waited for further clarifications on buyers’ workable levels.

The pending result of the Kanto tender tomorrow also kept some sellers away from the market. Sellers will attempt to lift offers if the tender closes at higher prices. But some sellers expect limited upsides in seaborne scrap prices in the short term because of the falling Chinese steel prices, which have limited Chinese interest for imported semi-finished steel.

Taiwanese steelmakers bid at $430-440/t cfr Taiwan for containerised HMS 1/2 80:20. The wide bid range indicates that mills do not have a consensus outlook. Negotiations were heard ongoing with both buyers and sellers keeping workable levels firm. Mills’ demand for imported scrap is low because of the summer electricity usage restrictions. And they will only consider offers that meet their price targets. Strong domestic

Commentary Aluminium mill, extruder prices del US $/lbLow High ±

10/10 extrusions 1.1800 1.2100 0.001100 & 3003 1.2500 1.2600 +0.025052 clips 1.2900 1.3200 0.006061 new, bare 1.1600 1.1800 -0.036063 new, bare 1.2800 1.3000 -0.00A356 wheels 1.0000 1.0300 +0.01EC wire 1.2900 1.3000 0.00Litho sheet 1.1600 1.1700 0.00MLC 0.8900 0.9200 -0.03Painted siding 0.8700 0.9000 -0.01

Minor metals pricesLow High ±

Antimony min 99.65% cif US $/lb 4.55 4.95 ncArsenic min 99% fob US warehouse $/lb 1.05 1.13 ncBismuth ingot min 99.99% fob US warehouse $/lb 4.73 4.95 ncCadmium min 99.95% fob US warehouse $/lb 1.25 1.30 ncCadmium min 99.99% fob US warehosue $/lb 1.33 1.38 ncCobalt min 99.8% fob US warehouse $/lb 19.75 20.50 +0.20Indium ingot min 99.99% fob US warehouse $/kg 195.00 210.00 ncMagnesium min 99.9% fob US warehouse $/t 4,630 4,850 ncRuthenium 99.9% fob US warehouse $/ozt 675.00 750.00 ncSelenium min 99.5% fob US warehouse $/lb 7.00 7.80 ncTantalum scrap 99.9% vacuum melted del US consumer $/lb 133.00 142.00 nc

Tellurium min 99.95% fob US warehouse $/kg 65.00 72.00 nc

Copper cathode premium del Europe $/tLow High ±

Grade A premium del southern Europe 105.00 120.00 nc

Copper, brass scrap export prices, Europe % LME OfficialLow High ±

#1 wire and tube del Europe cash spread 91.00 93.00 nc#2 del Europe cash spread 85.00 87.00 ncBare bright del Europe cash spread 95.00 97.00 nc

Lead prices $/lbLow High ±

Lead PremiumsIngot 99.97% premium del US 0.14 0.16 ncIngot 99.97% del US transaction 1.11 1.13 +0.00Lead scrap prices, del US consumerHeavy soft lead 0.82 0.85 +0.01Mixed hard lead 0.77 0.80 -0.04Undrained, whole old batteries 0.32 0.34 nc

scrap supply and high scrap inventory levels mean that mills have no urgency for imported cargoes and therefore can keep bids steady. Mills that bid at the lower end of the range have little demand for seaborne scrap because their previous pur-chases of billet and other semi-finished steel will arrive Taiwan




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soon. A rise in billet imports in the past months has partly limited the country’s demand for seaborne scrap.

There was still no offer for H1/H2 50:50 in Taiwan as Japa-nese suppliers will not offer before the conclusion of the Kanto tender tomorrow.

China, South Korea and Vietnam Last week, two South Korean mills bought around 50,000-

55,000t of A3 scrap from far east Russia at $488/t cfr South Korea. Mills were heard to still be still actively seeking sea-borne scrap as domestic and export steel demand was strong. Domestic scrap suppliers anticipate prices to move higher as a consequence.

Japanese offers to Vietnam were very limited and in a wide range at $495-510/t cfr for H2 and $555-580/t cfr for HS. More offers are expected to emerge after the Kanto tender tomorrow. Most buyers did not give any indicative prices at the beginning of the week as they waited for clearer signals for future prices. One large buyer in Vietnam said that it will participate in this month's Kanto tender as its domestic steel demand has continued to be strong.

Sentiment in China's scrap market was mixed because of volatile steel prices. Shagang and Rizhao Steel have kept scrap collection prices unchanged since 1 June. Prices for heavy melted scrap with thickness above 6mm were today at $496/t

for Shagang and $483/t for Rizhao, excluding 13pc VAT. Some traders expect there is limited room for any further price fall because the current scrap flow is almost below mills’ demand, and rainy weather has further limited scrap collection. Other traders said scrap prices will remain under pressure as long as steel prices continue to fall.

US ferrous: East, Gulf coast docks upUS ferrous scrap export yard buying prices on the east and Gulf coasts rose over the last week following steep gains in the US domestic market and steady seaborne demand, while west coast collection prices were mixed.

US domestic ferrous scrap trading proceeded swiftly in June with strong mill buying programs lifting prime grade prices up $60/gt and obsolete grades up $50/gt across most regions.

In the southern markets, strong demand for shredded scrap outpaced supply and prompted mills to increase shredded scrap prices by as much as $60/gt from the previous month.

East coastUS east coast exporters lifted collection prices aggressively over the last week in order to remain competitive with US domestic consumers.

In New York and Philadelphia #1 HMS increased by $15/gt to

CommEntary

Global ferrous scrap export yard buying prices del (weekly)timing HmS 1/2 oa/P&S 5a/5C/Shredder feed

Low High ± Low High ± Low High ±

UK (£/t)UK north 8 Jun 275.00 285.00 nc 295.00 305.00 nc 175.00 180.00 ncUK south 8 Jun 275.00 285.00 nc 295.00 305.00 nc 175.00 180.00 ncEurope (€/t) HMS 1/2 Bonus #1 HMSAmsterdam Rotterdam Antwerp Ghent 8 Jun 345.00 355.00 nc 355.00 365.00 nc 350.00 360.00 nc

US Ferrous scrap export yard buying prices del (weekly) $/gttiming #1 HmS P&S, 5ft Shredder feed


Albany 8 Jun 415.00 420.00 nc 425.00 430.00 nc 285.00 290.00 +2.50Boston 8 Jun 390.00 400.00 +5.00 400.00 410.00 +5.00 290.00 300.00 +15.00New York 8 Jun 405.00 415.00 +15.00 415.00 425.00 +15.00 300.00 310.00 +15.00Philadelphia 8 Jun 410.00 420.00 +15.00 415.00 425.00 +15.00 310.00 320.00 +20.00Houston 8 Jun 430.00 440.00 +45.00 450.00 460.00 +45.00 320.00 330.00 +35.00Los Angeles 8 Jun 335.00 345.00 nc 345.00 355.00 nc 215.00 225.00 ncSan Francisco 8 Jun 365.00 375.00 nc 375.00 380.00 nc 252.00 263.00 ncSeattle/Portland 8 Jun 385.00 395.00 +20.00 395.00 405.00 +20.00 290.00 300.00 +22.50


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$405-415/gt and $410-420/gt delivered export yard.Prices in Boston for #1 HMS prices increased by $5/gt to

$390-400/gt delivered export yard with the increases continu-ing to lag other neighboring regions along the northeastern seaboard.

Albany remained unchanged this week for local cut grades with #1 HMS prices at $415-420/gt delivered export yard.

Exporters lifted prices early last week after it became clear that domestic mills were going to hike consumer buying prices in the June trade. As a result, large-tonnage and remote sales have traded at large premiums to local prices.

Remote prices for #1 HMS were heard as high as $430-440/gt delivered export yard over the last week.

The increases to prices this week lifted average #1 HMS prices across all four regions assessed by Argus to $409/gt, up $9/gt from the previous week.

Shredder feed prices increased across all regions with prices in Albany up $5/gt on the lower-end of the range to $285-290/gt, Boston up $15/gt to $290-300/gt New York up $15/gt to $300-310/gt, and Philadelphia up $20/gt to $310-320/gt.

The Argus daily HMS 1/2 80:20 cfr Turkey assessment was marginally unchanged over the last week with the price at $501/t today, up $1.20/t from the previous week.

West and Gulf coastsOn the west coast, export yard prices rose in the Seattle/Portland market as prices rose alongside the domestic mar-ket in the June ferrous trade while other markets remained unchanged from the prior week.

Seattle/Portland dockside prices rose by $20/gt across all grades, as #1 HMS rose to $385-395/gt, while P&S 5ft prices increased to $395-405/gt. Shredder feed prices climbed to $290-295/gt.

Prices in San Francisco and Los Angeles held this week as exporters awaited clearer direction on Asian scrap markets. Los Angeles prices stayed at $335-345/gt for #1 HMS, $345-355/gt for P&S 5ft, and $215-225/gt for shredder feed. San Francis-co prices held at $365-375/gt for #1 HMS, and $375-380/gt for P&S 5ft. Shredder feed prices went unchanged at $252-263/gt.

Market participants remained uncertain of near-term market direction for ferrous scrap prices as Chinese domestic prices for rebar and billet continued to move lower, while bulk offers for US material into South Korea and Vietnam were heard at higher levels last week.

Still, sufficient supply levels of scrap reported at yards across the west coast indicated that sellers were not yet enticed to begin selling at lower levels into either bulk export facilities or to container exporters. The rising US domestic market in June and steady prices in the Turkish bulk import market helped to bolster some market participants’ bullish sentiment on the near term direction in scrap pricing.

In Houston, export yard prices also rose in the wake of the domestic trading period. Dockside buying prices for #1 HMS increased by $40/gt to $430-440/gt while P&S 5ft prices increased by $45/gt to $450-460/gt. Shredder feed prices increased by $35/gt to $320-330/gt.

Europe ferrous: Prices may rise on domestic Delivered to dock prices for ferrous scrap in the Netherlands and Belgium were broadly unchanged over the past week but a sharp rise in domestic expectations today may lift dockside prices in the coming week.

The Argus weekly delivered to dock assessment for fer-rous scrap HMS 1/2 in Amsterdam-Rotterdam-Antwerp-Ghent (ARAG) was stable week-on-week at €345-355/t.

Assessments for HMS 1 and bonus were also unchanged at €350-360/t and €355-365/t delivered to ARAG, respectively.

Most exporters kept official bids unchanged at a maximum level of €350/t for HMS 1/2. But many of them were willing to pay a premium of €5-10/t as supply was still limited. In the second half of last week, some sub-suppliers became more willing to sell at €355/t for HMS 1/2 and €360-365/t for HMS 1. Prices were widely expected at the time to have very limited further upside as export prices failed to rebound to $510/t cfr Turkey for premium HMS 1/2 80:20. The Argus daily cfr Turkey assessment for premium HMS 1/2 80:20 rose to $501/t from $499.80/t on 2 June and has remained stable since then.

But sentiment among sub-suppliers became increasingly bullish today as some European mills gave indicative volume requirements and prices for June delivery. Some indica-tive prices were heard at €30/t above May levels, which far exceeded suppliers’ initial expectations of a maximum of €10-20/t up from May levels and encouraged many of them to seek a minimum of €40/t up for obsolete grade scrap and €50/t up for new scrap and busheling. This significantly stronger expectation for June delivered to mill contracts led some sub-suppliers to expect exporters will match local mills’ prices of around €400/t for HMS material in the coming weeks.

CommEntary


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Commentary

“We sold many small parcels of 50-100t to exporters in the past week. But this morning, I started to hear €400/t for E1 [delivered to mill in June], so I stopped offering to exporters. If local mills close negotiations at €50/t up then exporters will likely find it very difficult to source material below €380-390/t [delivered to dock for HMS 1/2] in June,” one sub-supplier said.

Many negotiations between European mills and suppli-ers only just began this morning. And most of them are not expected to reach an agreement before the end of this week because of the wide bid-offer spread and the sharp change in sentiment in the past few days.

UK ferrous: Docks stable amid quiet export UK delivered to dock ferrous scrap prices were unchanged over the past week as overseas markets turned quiet and export-ers focused on maintaining flow to fill June and July shipment cargoes sold at high levels.The Argus weekly assessments for HMS 1/2 delivered to northern and southern docks were unchanged at £175-185/t, while the assessments for OA-grade P&S delivered to the same regions were steady at £295-305/t.High seaborne premiums for shred supported demand for 5A/5C fragmentation feed, which was assessed unmoved on the week at £175-180/t delivered to northern and southern docks. The stability of the market was underpinned by a lack of purchasing activity from Turkish steel mills and firm offers from all exporting regions that saw the Argus daily HMS 1/2 80:20 cfr Turkey assessment edge up by $1.20/t from 1 June to $501/t today.Strong demand and pricing in the US and continental European markets have kept seaborne scrap prices supported and UK domestic negotiations have also undermined exporters’ desire to drive down dock prices.Some UK domestic steelmakers were heard to have opened negotiations in the past week with bids that were £10-25/t up from May delivery prices. One steelmaker was heard to be ini-tially seeking a rollover, but suppliers said there little chance of this.

russia ferrous: Docks drift slightly upNorthwest Russian ferrous scrap dockside prices continued to move up over the past week, but at a more reserved pace, as exporters looked to secure enough material to fulfil cargoes

they sold during May. A bullish domestic market also provided support.

The Argus weekly northwest European Russian A3 grade dockside assessment settled at Rbs27,000–27,700/t delivered to St. Petersburg today, up by an average of Rbs100/t ($1.37). The US dollar-denominated midpoint equivalent increased slightly more sharply by $3.24/t to $375.02/t, additionally driven up by the rouble’s 0.5pc appreciation against the US currency over the past week to $1: Rbs72.9294.

The Argus weekly assessment for A3B grade construction scrap delivered to St. Petersburg inched up by Rbs50/t (69¢/t) to Rbs27,500–28,200/t, with the US dollar-denominated mid-point equivalent rising by $2.60/t on last week to $381.88/t on the firmer rouble.

The rise in the assessments was underpinned by price in-creases implemented by exporters late last week and yester-day. They tracked higher prices from steelmakers, which have expressed strong buying interests recently amid seasonally buoyant domestic steel demand and firm export sales.

Most mills in the European part of Russia boosted A3 purchase prices to Rbs27,800-28,100/t last week, with some already continuing to raise prices by Rbs300-500/t this week.

Exporters responded with a more discreet approach amid uncertain direction in the Turkish ferrous scrap import market. Those which lifted prices did so by just Rbs100-300/t on the week, while others — primarily those that have already col-lected their near-term required tonnage — preferred to keep bids unchanged.

The northwest European Russian dockside assessment ranges slightly widened today, with an average workable level for A3 material understood at around Rbs27,500/t. But some exporters were heard ready to pay unofficial premiums of Rbs300-800/t above their officially listed prices for large con-signments, quick delivery and higher quality.

US HrC: Prices increase on strong demandUS mills continued their relentless push to increase hot-rolled coil (HRC) pricing toward $1,700/short ton (st), helped along by strong demand despite recovering steel production rates.

The Argus weekly domestic US HRC Midwest assessment rose by $17.25/st to $1,662.25/st ex-works. Lead times in-creased to 7-9 weeks from 6-9 weeks.

The Argus weekly domestic US HRC south assessment increased by $2.50/st to $1,640/st.


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Commentary

Spot offers were muted in the week after the Memorial Day weekend, with many service centers noting that it had become harder to find available spot tons.

The increased prices come as the US steel mill utilization rate rose above 80pc two weeks ago for the first time since the beginning of the Covid-19 pandemic in mid-March 2020. Steel mill utilization rates for the week ending 5 June were at 82.3pc.

The higher utilization rates indicated that there is more supply than before the pandemic. Coronavirus-related eco-nomic shutdowns led to tens of millions of tons of steel production being taken offline in the second quarter of 2020, with all but one blast furnace since then brought back online. A 1.65mn st/yr production expansion by Arkansas-based elec-tric arc furnace (EAF) minimill steelmaker Big River Steel has added to available steel production. Higher crude oil prices has also led to increased demand from tube and pipe mills, which have ramped up ferrous scrap consumption over the past two months.

The spread between #1 busheling scrap delivered US Mid-west mills and HRC selling prices slipped by less than a percent to $1,133.23/st from $1,142.77/st the week before, the first decrease since the beginning of March.

The spread is more than five times higher than a year ago, when it was $228.71/st.

Prices for #1 busheling delivered US Midwest consumer increased by $60/gross ton (gt) in the June trade.

The Argus weekly domestic US cold-rolled coil (CRC) as-sessment increased by $26.50/st to $1,848.50/st, while the hot-dipped galvanized (HDG) assessment rose by $27.75/st to $1,858.75/st.

Cleveland-Cliffs was said to be targeting $2,000/st for HDG products, but no sales have been confirmed at these levels.

Lead times for CRC increased to 9-11 weeks from 10 weeks, while HDG lead times rose to 11-13 weeks from 10-12 weeks.

The CME HRC Midwest futures market continued to in-crease compared to the prior week. For July, prices edged up by $4/st to $1,652/st, while August futures increased by $60/st to $1,630/st. September futures pricing jumped by $69/st to $1,574/st, while October pricing lept upward by $80/st to $1,480/st. November pricing rose by $67/st to $1,402/st.

HRC import prices into Houston were flat at $1,486.75/st ddp as no new trades were reported.

PlateThe Argus weekly domestic US plate assessment fell by

$13.25/st to $1,469/st delivered. Lead times shrank to 5-7 weeks from 6-10 weeks.

Asia-Pacific steel: Negative outlooks persistPrices fell again today with trade slowing down in both China and seaborne markets.

Price outlooks are negative as China’s steel markets enter the traditional offseason for steel demand in June. Chinese do-mestic supply is expected to increase with an uncertain export tax policy hindering export activity.

There was another round of market chatter that China will levy export tariffs on coils from mid-June or July, which has made seaborne buyers more cautious before making spot purchases. The buyers would assume tax risks.

Some Chinese mills are planning maintenance overhauls in June, but the number of outages is not deemed large enough to drive up prices, market participants said.

North China’s Tangshan government is requiring its mills suspend sintering from 10pm-9am over 7-10 June, while casting mills and independent rolling mills are required to suspend production during 7-10 June because of poor air quality. Two major mills are subject to voluntary emission reductions.

Wire rod and billetThe Chinese wire rod export price fell by $22/t to $827/t

fob as Indonesian wire rod prices undercut Chinese prices. Leading Chinese mills maintained offers at $850/t fob, but workable levels for Indonesian wire rod fell by $20/t to $800/t cfr southeast Asian ports over last week. The price is equiva-lent to $770-775/t fob for Chinese wire rod. Chinese domestic wire rod prices have decreased by Yn100/t ($16/t) over last Fri-day. Chinese mills are expected to cut their export workable levels to follow the trend in domestic and seaborne markets.

Workable levels for Indonesian billet also fell by $20/t to $700/t cfr China, but most Chinese buyers are sidelined with domestic billet prices being equivalent to $685-690/t cfr China for prompt shipment.

Tangshan billet ex-works prices stayed flat at Yn4,940/t.

RebarShanghai mainstream rebar price fell by Yn50/t to

Yn4,930/t in sluggish trade. October rebar futures fell by




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Commentary

1.75pc to Yn5,004/t. Transaction volumes showed signs of rebounding in the afternoon. Some traders raised offers to Yn4,930-4,940/t from Yn4,900-4,920/t in the morning. Several east China producers cut rebar ex-works prices by Yn50-100/t today. Market participants expect the downside room for rebar will be limited given firm billet prices and mills’ slim profit margins.

The fob China rebar index fell by $6/t to $802/t fob theo-retical weight on lower offers from Chinese mills. Mainstream rebar offers from Chinese mills fell by $10/t to $860-900/t fob theoretical weight. One cargo of rebar was heard sold to South Korea at $880/t cfr theoretical weight, equivalent to $860-865/t fob theoretical weight. The grade does not conform to Argus methodology and therefore was excluded from the index calculation.

Coil The Asean hot-rolled coil (HRC) index decreased by $4/t

to $964/t amid slowing market activity. Demand in Vietnam has been heavily reduced by rising confirmed cases in Vietnam with sales running at half the normal pace. That has dampened its import demand for HRC too, with nearly no bids or inqui-ries received on the market. Offers were almost unchanged at $1,000-1,025/t cfr Vietnam from China and India.

The fob China HRC index fell by $2/t to $915/t on lower offers and workable levels. Two major Chinese mills cut SS400 offers by $60/t and $20/t, respectively to $940/t and $970/t fob China, which is still higher than offers from other sellers at $920-935/t fob China. Some sellers expressed a willingness to receive orders at $900/t fob China. A north China mill kept its offer unchanged at $1,050/t fob and received no response from buyers. An east China mill kept its offer unchanged at $965/t fob this week as the mill is overhauling its HRC lines in June.

With market outlooks so mixed with offers across a wide spread, buyers stayed quiet without interest for bidding before seeing any signs of stabilization, an east China trader said.

Shanghai mainstream HRC ex-warehouse prices fell by Yn20/t to Yn5,500/t amid slow trade. October HRC futures fell by 1.71pc to Yn5,288/t. Small traders slashed offers to Yn5,420-5,450/t to attract orders, while the mainstream level was at Yn5,480-5,520/t.

US stainless: 316 scrap up on improved demandDaily US processor 316 stainless steel scrap buying prices in-

creased Tuesday on the back of stronger consumer demand.Argus assessed daily single truckloads of 316 stainless scrap

solids at $1.01-1.05/lb, up from $1.00-1.04/lb, and 316 turnings at 91-95¢/lb, up from 90-94¢/lb previous assessment.

Improved demand for molybdenum-bearing 316 scrap was the key factor behind the price increase as buyers continue to chase scrap. Some processors were paying a minimum of 2¢/lb premium for multiple truckloads.

Processor buying prices for single loads of 304 stainless scrap solids traded at 76-78¢/lb, with 304 turnings at 71-73¢/lb, both flat from Monday.

US high-temperature stainless scrap prices were mixed for the week, with 309 solids traded at $1.05-1.10/lb, up from $1.04-1.08/lb, 310 solids at $1.59-1.68/lb, up from $1.55-1.64/lb, and 330 solids at $2.55-2.65/lb, down from $2.55-2.65/lb.

Lower nickel austenitic grades were mixed for the week, with 201 solids at 51-53¢/lb, up from 51-52¢/lb, and 301 solids unchanged at 65-68¢/lb.

The three-month LME nickel contract closed the official session at $17,851/t Tuesday, up from $17,664/t the prior close.

non-FerroUS

Europe Cu: Premiums flat, LME drop spurs tradePremiums for grade A copper cathode were steady over the past week amid an increase in spot demand following a drop in London Metal Exchange (LME) prices.

Argus today assessed the weekly Grade A copper cathode in-warehouse Rotterdam premium at $25-40/t on 8 June, un-changed from last week, while the delivered southern Europe premium was flat at $105-120/t.

Small pockets of spot trade were reported across Europe this week, stimulated by a fall in LME copper prices which had up until recently disincentivised prompt business. A number of enquiries were also reported this week as interest picked up.

The three-month copper contract settled at $9,901.50/t in today’s official morning session, falling 3.2pc from $10,226.50/t on 1 June.

“I think demand is still a bit hampered by higher [LME] prices,” one trader said.

Market participants noted it was not too difficult to obtain material if required as stocks across LME sheds continued to rise higher this week.

LME on-warrant stocks climbed by 13.5pc over the past




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Commentary

week to 111,225t, its highest level since November 2020. There continued to be no available stocks in Trieste as on-

warrant tonnages in Rotterdam were unchanged at 88,225t. A union representing workers at UK-Australian firm BHP’s

Escondida mine in Chile said it made an initial proposal for a collective labour agreement, also requesting for a one-off payment equivalent to 1pc of the share dividends paid over the past three years. This follows a separate union represent-ing employees at BHP’s integrated operations centre going on strike just under two weeks ago.

The cash-to-three-month copper spread on the LME wid-ened over the past week. Cash to three months were last in a contango of $22/t as of 16:57 BST, moving from a contango of $12.35/t on last Tuesday’s close.

europe Cu: Scrap discounts unchanged Copper scrap discount spreads in Europe were unchanged on the week as the market remained steady with subdued spot activity, while London Metal Exchange (LME) copper prices fell below $10,000/t.

Argus assessed the weekly delivered Millberry (bare bright) cash spread at 95-97pc of the LME copper price on 8 June, unchanged from a week earlier.

The weekly delivered Europe #2 (Birch/Cliff) cash spread was assessed at 85-87pc, flat on the week, while the Europe #1 (Berry/Candy) cash spread was at 91-93pc of LME copper, also steady on the week. The cash spread for labelled brass C260 alloy was assessed at 88-90pc, unmoved from a week ago.

Spot trade remained subdued this week although traders noted a slight uptick in interest for material following the drop in LME copper prices. Many buy-side participants remain well covered with no urgent requirement to book prompt ship-ments.

Consumers reported strong downstream demand and good order books for the summer months.

The three-month copper contract settled at $9,901.50/t in today’s official morning session, falling 3.2pc from $10,226.50/t on 1 June.

US al: mLC, siding spreads widen outUS buying spreads for some widely available, common alloy aluminum scrap grades widened on Tuesday as another con-sumer backed off its bids for nearby deliveries.

Argus assessed mill-grade, mixed low copper clip buying spreads at 47-49¢/lb under the P1020 Midwest transaction price, wider from 45-47¢/lb under a week earlier. Outright prices fell to 89-92¢/lb from 92-94¢/lb over the same period, with some buyers bidding as low as 78¢/lb.

Painted siding followed suit, widening to 48-51¢/lb under from 49-50¢/lb under, as outright prices to 87-89¢/lb from 89-90¢/lb.

More rare cutter grades tightened though, with litho sheet narrowing to 21-22¢/lb under from 22-23¢/lb under, while out-right prices were steady at $1.16-1.17 from a week earlier.

EC wire tightened to 8-9¢/lb under from 9-10¢/lb under, while outright prices held at $1.29-1.30/lb Argus’ daily used beverage can price assessment rose to 76.5-79¢/lb on Tuesday from 76.5-78¢/lb on Monday with the LME, as mills were in little need of new material.

Buying spreads were little changed over the same period, staying around 55-57pc of the Argus P1020 Midwest transaction price.

Some tollers were bidding as 80¢/lb delivered, even though mills were not willing to chase scrap at that level.

US minor metals: Co prices edge upUS cobalt prices rose in the past week as international price hikes enabled local sellers to achieve deals at higher levels. Elsewhere, US minor metal prices held steady with spot de-mand remaining thin in several markets.

1.00

1.10

1.20

1.30

1.40

1.50

17 Mar 21 14 Apr 21 11 May 21 8 Jun 21

P1020 US midwest transaction 5052 clips 1100 & 3003

US aluminum mill-grade scrap $/lb





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Commentary

antimonyPrices for 99.65pc grade were assessed at $4.55-4.95/lb cif US today, unchanged from 1 June. Sellers kept offers flat despite subdued spot demand and lower replacement costs.

BismuthPrices for 99.99pc grade ingots remained flat at $4.73-4.95/lb fob warehouse from 1 June. Underlying demand from galvaniz-ers was steady on a contract basis, but no new spot deals were seen in the past week.

CobaltPrices for 99.8pc grade cobalt rose to $19.75-20.50/lb today from $19.50-20.35/lb on 1 June. Sellers successfully tested higher offers amid firmer replacement costs. A 5t lot of metal was purchased at $20.35/lb.

magnesiumPrices for increased to 99.9pc grade remained unchanged at $4,630-4,850/t. Market participants noted strong demand for secondary material amid tight supply.

rutheniumPrices for 99.9pc grade ruthenium were flat today at $675-750/ozt. Market participants have mixed expectations regarding near-term price direction, with spot demand having become sporadic after last month's steep rise. More production is expected to come online, and some sources expect ruthenium to follow direction of rhodium prices which have softened in recent weeks.

tantalumDelivered prices for 99.9pc vacuum melted tantalum scrap were unchanged at $133-142/lb. Sellers noted that limited demand from the aerospace industry has partially offset the impact of European price hikes and higher ore and intermedi-ate costs.

metal futures: Prices higher on weaker dollarBase metal prices drifted higher amid light trading volumes in today's official session on the London Metal Exchange, support-ed by a weaker dollar and various potential supply disruptions.Three-month copper prices rose 0.38pc from yesterday's of-ficials to settle at $9,901.50/t.

In the US, the July Comex copper contract settled up by 0.6pc from the prior day at $4.556/lb.Elections in Peru, the world's second-largest copper-producing country, looked at this time yesterday to have returned a nar-row victory for the investor community's pick Keiko Fujimori, who was seen as more friendly to mining companies than her opponent Pedro Castillo, who has plans to nationalise strategic mining and natural gas assets now in private-sector hands. But with the result still too close to call the vote count appears to now favour a Castillo victory, which helped bolster copper prices this morning.While analysts are closely monitoring the situation, it is labour disputes in Chile, the only nation producing more copper than Peru, and power issues among Chinese producers that are more central to current price movements.A union representing workers at UK-Australian firm BHP's Escondida copper mine in Chile said it has made an initial pro-posal for a collective labour agreement, following a strike by a separate union that started a week earlier.Three-month aluminium rose 0.81pc to $2,438/t today, while the three-month nickel contract climbed 1.06pc to $17,851/t.Three-month zinc also rose 1.6pc, to $3,017/t, while three-month lead rose 0.75pc to $2,154.50/t. On warrant lead stocks jumped 40pc to 91,050t overnight.The three-month tin contract was the largest mover on the day, climbing 2.38pc to $31,225/t.The trade-weighted US dollar slipped lower again today. The US dollar index, which measures the currency against a basket of others, was at 90.035 at the end of the LME morning ses-sion, moving from 90.095 at the same time yesterday.Both the standard aluminium alloy contract and North Ameri-can aluminium alloy contracts were unchanged, at $2,100/t and $2,310/t, respectively.Three-month cobalt was flat at $42,535/t.The LME said today that it will reopen its open-outcry ring trading floor on 6 September, reversing earlier plans to close the floor and permanently move the exchange's official pricing session onto electronic platforms.




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News

eU mill June scrap demand exceeds expectationsMany European mills in Germany, France and Benelux today began to give demand and price indications for scrap deliv-ery in June that far exceed suppliers’ initial expectations of around €10-20/t up from May prices, significantly boosting suppliers’ sentiment.

A large steel group was heard to have given indications for its mills in France at €30/t above May prices, while suppli-ers sought a month-on-month rise of €50/t. Suppliers were heard to have offered material at €55/t up from May levels to another large steel group’s mills in France.

Initial offers to Luxembourg were heard at €40/t up on the month for obsolete grade scrap and €60/t up for new scrap.

German suppliers now widely expect mills to accept a minimum of €40/t up on the month for E1 old scrap and €50/t up for new scrap. Demand for bushelling is strong and supply is tight because of lower output from many carmakers in Ger-many. Some suppliers are confident that they can sell bushell-ing in June at prices €50-60/t higher than May levels.

Offers for German new scrap to Italy were heard around €485/t delivered for E8 and €500/t for E8 with special require-ment. Italian mills were yesterday heard to be paying around €425/t for HMS 1, €425-430/t for bushelling and €440/t for E8 with specification close to foundry grade.

Several suppliers said they raised target prices by at least €20-30/t today after receiving mills’ indicative demand and prices this morning. Demand, particularly for new scrap, was much stronger than they initially estimated and many of them have very limited stock of this scrap grade available because of reduced scrap generation from carmakers. And most suppli-ers are confident that they will be able to achieve their target prices in June.

A month-on-month increase of €40/t in E1 prices will put the average price for this grade in Germany and Benelux at around €400/t delivered to mill, which is only $10-15/t below today’s Turkish deep-sea import price for premium HMS 1/2 80:20 and €50/t above today’s delivered to dock prices for HMS 1/2 in the Netherlands and Belgium. By Chi Hin Ling

Long steel shortages to continue in 3Q: IrepasTight long steel supplies and high prices are likely to persist in the third quarter as strong demand and lengthy lead times show no signs of subsiding, the International Rebar Producers

and Exporters Association (Irepas) said in its latest outlook. Rebar prices have reached a 13-year high in the EU, de-

coupling from scrap costs, Irepas said, while demand remains strong. Sellers are under pressure to fulfil orders, particularly from the construction sector. Meanwhile, buyers have few options but to accept rising prices owing to a lack of import options, mostly because of EU safeguard measures. Before the introduction of safeguards, 30pc of the rebar consumed in Germany and the Benelux countries was imported, but this is now down to 5pc, the association said.

In the US, tight supplies have also kept prices high. Most mills have low availability and are sold out one to two months ahead. Domestic sellers’ favourable position means this is yet to deter buyers and demand is firm. Longer lead times have made imports unattractive as customers are reluctant to lock in orders at such high prices.

Prices will remain high throughout the third quarter given the shortages, but the supply side is expected to be in check by the final months of the year, Irepas said.

Pressure from the Chinese government to reduce steel prices, including the removal of export tax rebates on a range of steel products from 1 May, will only exacerbate global sup-ply tightness. In May, China’s steel exports declined by 33.9pc from April, but still rose by 19.8pc on the year. A reduced Chinese presence on international markets would mean that any fourth-quarter downtrend would likely be softer than expected. By Sam Angell

Nucor Louisiana DRI plant down for maintenanceElectric arc furnace (EAF) minimill steelmaker Nucor has taken down its Louisiana direct reduced iron (DRI) plant for planned maintenance.

The 2.5mn metric tonne (t) (2.76mn short ton)/yr DRI plant is one of two that supplies Nucor's EAF mills with metallics for its melts.

The company does not expect the outage to impact pro-duction, but it would not clarify when the maintenance outage began or how long it is expected to last.

The last maintenance outage for the Louisiana plant was reported in December.

Nucor also operates a 1.7mn t/yr DRI plant in Trinidad and Tobago. By Rye Druzin







of 24

Impact of Covid-19 on Titanium demand, scrap generation and prices

Join Market Reporter Nicholas Bell as he explores the impact of the Covid-19 outbreak on the US aerospace industry, metal demand, supply and prices.

Click here to learn more and register

Webinar

LME will reopen ring in SeptemberThe London Metal Exchange (LME) will reopen its open-outcry ring trading floor on 6 September, reversing earlier plans to close the floor and permanently move the exchange’s official pricing session onto electronic platforms.

The LME temporarily moved all pricing operations onto electronic platforms in March last year in response to the Covid-19 pandemic, and the ring has been closed ever since. The LME launched a consultation last year to decide whether to close the ring permanently and looked set to confirm that proposal in January this year.

But strong reactions from market participants other than financial institutions has stayed the LME’s hand, and the exchange has now decided to reopen the trading floor and continue to discover official daily prices through the open outcry format.

But the LME’s closing prices at the end of the day will continue to be set on electronic platforms, to better serve the financial community that is more concerned with closing prices and the forward pricing structure that comes with them in alu-minium and copper markets. Official daily prices produce cash and three-month prices that are most important for the physi-

NEwS

cal buying community, and so will be discovered in the ring.The LME is launching a closing prices consultation group to

optimise its methodology under the electronic format, with any changes to be implemented next year.

“We’re very conscious of the feedback we received over our closing prices, and that they could become more complex and more congested now they are not on the ring,” chief ex-ecutive Matt Chamberlain told reporters. “But the ‘democrati-sation’ is the key factor, and the biggest users of closing prices prefer the electronic platform.”

Chamberlain did not rule out looking again at the ring trading format in the future, but expressed a strong desire to maintain ring traders’ business models after their category 1 members were largely responsible for keeping the market and the exchange liquid through the Covid-19 pandemic.

“We can’t, in an evolving world, expect to continue being the market of choice if we don't look to the future and its needs,” he said. By Jethro Wookey

Meet Argus’ experts at the ISRI convention in San Antonio

A team of Argus experts will be attending and presenting a panel discussion at the ISRI Gulf Coast Convention in San Antonio on June 8-11.If you or your colleagues are attending and would like to arrange a meeting with our experts to discuss market developments and price expecta-tions, please email [email protected] and we can arrange a date and time.

Argus at ISRI Gulf Coast - June 8-11


https://event.on24.com/eventRegistration/EventLobbyServlet?target=reg20.jsp&partnerref=website&eventid=2434578&sessionid=1&key=65B4F2186CD0A0E6B27728F2D7FE4757&regTag=&sourcepage=register



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Markets

Ferrous scrap freight $/ttiming Low High ±

Bulk export Los Angeles-South Korea (weekly) 4 Jun 54.00 55.00 nc

Bulk export New York-Turkey (weekly) 4 Jun 31.50 32.50 +0.50

Bulk export Houston-Turkey (weekly) 4 Jun 33.50 34.50 +0.50

Bulk export ARA-Turkey (weekly) 4 Jun 30.00 31.00 +1.00

Bulk export Japan-Eastern China (weekly) 4 Jun 36.00 40.00 -2.00

Containerised export Los Angeles-Taiwan (monthly) 28 May 40.00 42.00 -4.00

Containerised export New York-Mumbai (monthly) 28 May 41.00 45.00 nc

Containerised export San Francis-co-Taiwan (monthly) 28 May 45.00 55.00 nc

Containerised export Seattle-Taiwan (monthly) 28 May 52.00 62.00 nc

Ferrous scrap prices, globaltiming Price ±

Daily $/tHMS 1/2 80:20 cfr Turkey 8 Jun 501.00 ncHMS 1/2 75:25 fob Rotterdam 8 Jun 461.00 ncHMS 1/2 80:20 fob Rotterdam diff to 75:25 8 Jun +3.00 ncShredded fob Rotterdam 8 Jun 474.00 ncA3 cfr Marmara 8 Jun 470.00 ncA3 fob Russia/Ukraine Black Sea 8 Jun 445.50 nc#3 HMS del east China Shagang mill inc VAT CNY/t 8 Jun 3590.00 nc

HMS 1/2 (80:20) containerised cfr Taiwan $/t 8 Jun 440.00 ncJapan Tokyo Steel purchase prices $/tH2 del Tahara plant 8 Jun 453.13 +0.87Shindachi Bara del Tahara plant 8 Jun 498.90 +0.96Shredded A del Tahara plant 8 Jun 485.17 +0.93H2 del Utsunomiya plant 8 Jun 425.66 +0.81Shindachi Bara del Utsunomiya plant 8 Jun 457.70 +0.87Shredded A del Utsunomiya plant 8 Jun 443.97 +0.85H1 to H2 differential 8 Jun +13.73 +0.03Shredded C to Shredded A differential 8 Jun +4.58 +0.01WeeklyH2 fob Japan $/t 4 Jun 422.00 -8.00H2 fob Japan ¥/t 4 Jun 46,300 -700HS fob Japan $/t 4 Jun 483.00 -2.00HS fob Japan ¥/t 4 Jun 53,000 ncHMS 1/2 cif northern Spain €/t 2 Jun 380.00-385.00 -7.50Shredded cif northern Spain €/t 2 Jun 400.00-405.00 -5.00OA-grade P&S cif northern Spain €/t 2 Jun 402.50-407.50 -5.00Shredded containerised cfr Nhava Sheva India $/t 4 Jun 500.00-510.00 +10.00

Shredded containerised cfr Pakistan $/t 4 Jun 510.00-520.00 +10.00Shredded containerised cfr Bangladesh $/t 4 Jun 530.00-540.00 ncA3 fca for central European Russian mills $/t 3 Jun 380.15 +4.93A3 fca for central European Russian mills RUB/t 3 Jun 27,940 +371

A3 fca for Urals mills $/t 3 Jun 380.69 +1.37A3 fca for Urals mills Rbs/t 3 Jun 27,980 +110

Ferrous scrap cfr turkey $/t

timing Differential to HMS 1/2 (80:20) Price ±

75:25 8 Jun -3.00 498.00 nc

85:15 8 Jun +1.00 502.00 nc

90:10 8 Jun +3.00 504.00 nc

Shredded 8 Jun +10.00 511.00 nc

P&S 8 Jun +10.00 511.00 nc

Bonus 8 Jun +10.00 511.00 nc

Bundles 8 Jun +15.00 516.00 nc

Busheling 8 Jun +20.00 521.00 nc

#1 HMS 8 Jun +4.00 505.00 nc

New cutting 8 Jun +15.00 516.00 nc

Ferrous scrap prices (daily)timing Low High ±

US east coast bulk (fob New York) $/tHMS 1/2 (80:20) bulk export 8 Jun 468.50 469.50 ncShredded bulk export 8 Jun 478.50 479.50 ncP&S 5ft bulk export 8 Jun 478.50 479.50 ncUS Gulf Coast bulk (fob Houston) $/tHMS 1/2 (80:20) bulk export 8 Jun 467.00 467.00 ncShredded bulk export 8 Jun 477.00 477.00 ncP&S 5ft bulk export 8 Jun 477.00 477.00 nc

US Ferrous scrap export yard buying prices del (weekly) $/gttiming #1 HMS P&s, 5ft shredder feed


Albany 8 Jun 415.00 420.00 nc 425.00 430.00 nc 285.00 290.00 +2.50Boston 8 Jun 390.00 400.00 +5.00 400.00 410.00 +5.00 290.00 300.00 +15.00New York 8 Jun 405.00 415.00 +15.00 415.00 425.00 +15.00 300.00 310.00 +15.00Philadelphia 8 Jun 410.00 420.00 +15.00 415.00 425.00 +15.00 310.00 320.00 +20.00Houston 8 Jun 430.00 440.00 +45.00 450.00 460.00 +45.00 320.00 330.00 +35.00Los Angeles 8 Jun 335.00 345.00 nc 345.00 355.00 nc 215.00 225.00 ncSan Francisco 8 Jun 365.00 375.00 nc 375.00 380.00 nc 252.00 263.00 ncSeattle/Portland 8 Jun 385.00 395.00 +20.00 395.00 405.00 +20.00 290.00 300.00 +22.50

Ferrous scrap prices (weekly)timing Low High ±

US west coast bulk (fob Los Angeles) $/tHMS 1/2 (80:20) bulk export 4 Jun 445.00 455.00 ncShredded bulk export 4 Jun 450.00 460.00 ncP&S 5ft bulk export 4 Jun 455.00 465.00 ncComposites del US consumer $/gt#1 busheling composite 4 Jun 583.75 +15.00#1 HMS composite 4 Jun 412.50 ncP&S 5ft composite 4 Jun 436.25 ncShredded composite 4 Jun 460.60 +10.00




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Markets

Ferrous scrap prices del Us consumer (monthly) $/gt

Ne arkansas Birmingham Carolinas Chicago Cincinnati/

IndianapolisCleveland/

Youngstown Dallas Detroit Houston/

san antonio

Philadelphia Pittsburgh Quad Cities avg.

7 Jun 7 Jun 7 Jun 8 Jun 8 Jun 7 Jun 7 Jun 4 Jun 7 Jun 7 Jun 7 Jun 8 Jun 8 Jun

#1 HMS 465.00 455.00 460.00 480.00 485.00 470.00 435.00 460.00 425.00 455.00 465.00 460.00 459.58

± +50.00 +55.00 +50.00 +50.00 +50.00 +50.00 +50.00 +50.00 +50.00 +50.00 +50.00 +50.00 +12.50

#1 bush-eling 630.00 610.00 605.00 620.00 620.00 650.00 625.00 625.00 575.00 560.00 620.00 620.00 613.33

± +55.00 +50.00 +60.00 +60.00 +60.00 +60.00 +60.00 +60.00 +50.00 +50.00 +60.00 +60.00 +15.00

#1 bundles 620.00 620.00 650.00 620.00 560.00 614.00

± +60.00 +60.00 +60.00 +60.00 +50.00 +24.00

Shredded 493.00 508.00 495.00 500.00 500.00 505.00 485.00 500.00 455.00 500.00 500.00 485.00 493.83

± +60.00 +60.00 +60.00 +50.00 +50.00 +50.00 +65.00 +50.00 +60.00 +50.00 +50.00 +50.00 +12.50

P&S, 5ft 495.00 480.00 470.00 515.00 505.00 485.00 455.00 495.00 450.00 465.00 490.00 485.00 482.50

± +50.00 +55.00 +50.00 +50.00 +50.00 +50.00 +50.00 +50.00 +60.00 +50.00 +50.00 +50.00 +12.50Machine shop turn-ings

398.00 380.00 385.00 360.00 380.00 405.00 375.00 380.00 365.00 370.00 380.00 380.00 379.83

± +50.00 +60.00 +50.00 +50.00 +50.00 +50.00 +50.00 +50.00 +80.00 +50.00 +75.00 +50.00 +12.50

Tin can bundles 455.00 440.00 460.00 451.67

± +50.00 +50.00 +50.00 nc

Ferrous scrap prices by Us region (weekly) $/gteastern, 4 Jun Midwest, 4 Jun southeast, 4 Jun


#1 HMS 405.00 420.00 nc 430.00 460.00 +22.50 400.00 410.00 ncShredded 450.00 455.00 nc 450.00 500.00 +25.00 435.00 448.00 ncP&S, 5ft 415.00 440.00 nc 455.00 495.00 +20.00 420.00 425.00 nc#1 busheling 510.00 590.00 nc 560.00 625.00 +30.00 545.00 560.00 nc

Us ferrous yard collection prices (fortnightly) $/gttiming Midwest Northeast Ohio Valley southeast texas

Low High ± Low High ± Low High ± Low High ± Low High ±

Prepared #1 HMS 4 Jun 281.00 291.00 +14.00 250.00 260.00 +10.00 266.00 276.00 +13.00 225.00 235.00 +10.00 245.00 255.00 +10.00Light iron/shred 4 Jun 210.00 220.00 +12.00 190.00 200.00 +10.00 208.00 218.00 +13.00 200.00 210.00 +25.00 205.00 215.00 +7.00Complete cars 4 Jun 232.00 242.00 +12.00 222.00 232.00 +12.00 230.00 240.00 +20.00 218.00 228.00 +10.00 220.00 230.00 +2.00Cast iron 4 Jun 235.00 245.00 +15.00 255.00 265.00 +17.00 235.00 245.00 +10.00 240.00 250.00 +18.00 255.00 265.00 nc

Canada ferrous yard collection prices (fortnightly) CAD/sttiming Ontario Quebec

Low High ± Low High ±

Prepared #1 HMS 4 Jun 288.00 298.00 +6.00 167.00 177.00 +7.00Light iron/shred 4 Jun 280.00 290.00 +15.00 140.00 150.00 +6.00Complete cars 4 Jun 285.00 295.00 +15.00 152.00 162.00 +1.00Cast iron 4 Jun 320.00 330.00 +17.00 148.00 158.00 +10.00

southern Us ferrous scrap weighted averages $/gttiming Price ±

#1 busheling 7 Jun 615 +54Shredded 7 Jun 500 +60




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Markets

Ferrous scrap dealer selling prices fob (monthly) $/gtBuffalo Denver Houston st Louis

7 Jun ± 10 May ± 7 Jun ± 8 Jun ±

#1 HMS 450.00 +50.00 355.00 +20.00 405.00 +50.00 445.00 +50.00#1 busheling 610.00 +60.00 555.00 nc 580.00 +60.00 645.00 +60.00#1 bundles 610.00 +60.00 555.00 nc 645.00 +60.00Shredded 490.00 +50.00 375.00 +20.00 450.00 +70.00 465.00 +55.00P&S, 5ft 480.00 +50.00 365.00 +20.00 430.00 +60.00 475.00 +50.00Machine shop turnings 360.00 +50.00 345.00 +80.00 385.00 +50.00

Ferrous scrap prices del Canada consumer (monthly) CAD/st

Montreal Toronto/Hamilton

8 Jun 8 Jun

#1 HMS 425.00 510.00

± +55.00 +48.00

#1 busheling 555.00 658.00

± +65.00 +56.00

#1 bundles 660.00

± +56.00

Shredded 555.00

± +48.00

P&S, 5ft 460.00 540.00

± +55.00 +48.00

Machine shop turnings 355.00 435.00

± +55.00 +48.00

Shredder feed 320.00

± +50.00

P&S, 2ft 530.00

± +55.00

steel feedstock prices $/t

timing Price ±

Iron ore fines 62% Fe (ICX) cfr Qing-dao (daily) 8 Jun 210.90 +8.10

Basic pig iron (weekly)

ex-works Tangshan (Hebei) domestic inc VAT Yn/t 4 Jun 4,130-4,230 -20.00

Russia fob Black Sea 3 Jun 630.00 nc

Ukraine fob Black Sea 3 Jun 630.00 nc

fob northern Brazil 3 Jun 625.00-625.00 nc

fob southern Brazil 3 Jun 620.00-620.00 nc

New Orleans, cfr (weekly)

Basic pig iron (all regions) 3 Jun 660.00-670.00 nc

Nodular pig iron 3 Jun 740.00-750.00 +10.00

Finished steel pricestiming Price ±

Daily $/t

HRC cfr Asean 8 Jun 964.00 -4.00

HRC fob China 8 Jun 915.00 -2.00

Rebar fob China 8 Jun 802.00 -6.00

Rebar fob Turkey 8 Jun 720.00 nc

Wire rod export, fob China 8 Jun 827.00 -22.00

Weekly

Plate fob Black Sea $/t 8 Jun 1025.00 -5.00

Rebar ex-works Turkey (inc. VAT) $/t 3 Jun 809.35 -43.24

Rebar ex-works Turkey (inc. VAT) TRY/t 3 Jun 6990.00 -210.00

Rebar fob Black Sea $/t 3 Jun 725.00 -25.00

Rebar cfr Asean $/t 4 Jun 726.00 -7.00

Wire rod fob Black Sea $/t 3 Jun 800.00 nc

HRC ex-works India Rs/t 4 Jun 69,000 +3000.00

HRC ex-works US Midwest $/st 8 Jun 1662.25 +17.25

HRC ex-works US south $/st 8 Jun 1640.00 +2.50

US Midwest hot-rolled coil-#1 busheling spread $/st 8 Jun 1133.23 -9.54

HRC ddp Houston import $/st 8 Jun 1486.75 nc

CRC ex-works US $/st 8 Jun 1848.50 +26.50

HDG coil ex-works US $/st 8 Jun 1858.75 +27.75

Plate del US $/st 8 Jun 1469.00 -13.25

steel billettiming Price ±

fob Black Sea $/t 8 Jun 640.00 -10.00Tangshan ex works inc VAT Yn/t 8 Jun 4,940 nc

Ferrous scrap prices delivered to mill, Uk (monthly) £/tLow High ±

1/2 Old Steel 267.50 277.50 +20.00OA 302.50 312.50 +20.003B 302.50 312.50 +20.004A 307.50 317.50 +20.004C 312.50 322.50 +20.008A 290.00 300.00 +20.008B 250.00 260.00 +20.0012 A/C 321.00 331.00 +20.0012D 315.00 325.00 +20.00

steel lead times Weekstiming Weeks Prior

HRC ex-works US lead time 8 Jun 7-9 6-9CRC ex-works US lead time 8 Jun 9-11 10-10HDG coil ex-works US lead time 8 Jun 11-13 10-12Plate delivered US lead time 8 Jun 5-7 6-10




of 24

Markets

Ferrous scrap del foundry, specialty consumer (monthly) $/gt timing Price ±

ChicagoBlack/foundry busheling 10 May 640.00 ncClean auto cast 10 May 485.00 +20.00Clean fresh cast iron borings 10 May 260.00 +10.00Ductile-quality shredded clips 10 May 645.00 ncLow-alloy punchings 10 May 670.00 nc#1 machine cast 10 May 465.00 +20.00P&S, 2ft 10 May 530.00 +20.00ClevelandClean auto cast 10 May 490.00 +20.00PhiladelphiaBlack/foundry busheling 10 May 600.00 ncP&S, 2ft 10 May 510.00 +20.00

Ferrous scrap prices delivered to mill, spain (monthly) €/tLow High ±

E1 360.00 370.00 +35.00E3 375.00 385.00 +35.00E40 375.00 385.00 +35.00

Ferrous scrap prices delivered to mill, Italy (monthly) €/tLow High ±

E8 385.00 395.00 +35.00E3 360.00 370.00 +25.00E40 385.00 395.00 +35.00

Global ferrous scrap export yard buying prices del (weekly)Timing Low High ± Low High ± Low High ±

UK £/t HMs 1/2 Oa/P&s 5a/5C/shredder feed UK north 8 Jun 275.00 285.00 nc 295.00 305.00 nc 175.00 180.00 ncUK south 8 Jun 275.00 285.00 nc 295.00 305.00 nc 175.00 180.00 ncEurope €/t HMs 1/2 Bonus #1 HMsAmsterdam Rotterdam Antwerp Ghent 8 Jun 345.00 355.00 nc 355.00 365.00 nc 350.00 360.00 ncRussia a3 a3BSt. Petersburg $/t 8 Jun 368.49 378.04 +2.96 375.31 384.87 +2.31St. Petersburg RUB/t 8 Jun 27,000 27,700 +100 27,500 28,200 +50

Ferrous containerised scrap prices fas port (weekly) $/tNew York, 4 Jun Los angeles, 4 Jun san Francisco, 4 Jun seattle, 4 Jun

Low High ± Low High ± Low High ± Low High ±

HMS 1/2 (80:20) 440.00 445.00 +15.00 385.00 390.00 nc 395.00 405.00 nc 395.00 405.00 ncShredded 460.00 465.00 +15.00 400.00 410.00 nc 415.00 425.00 nc 415.00 425.00 ncP&S, 5ft 460.00 465.00 +15.00 400.00 410.00 nc 415.00 425.00 nc 415.00 425.00 nc

Ferrous scrap prices delivered to mill, Germany (monthly) €/tNorthwest, 14 May Central, 14 May east, 14 May south, 14 May National average, 14 MayLow High ± Low High ± Low High ± Low High ± Low High ±

E1 351.09 361.09 +30.00 359.75 369.75 +30.00 345.75 355.75 +30.00 353.34 363.34 +30.00 352.48 362.48 +30.00E2 389.48 399.48 +35.00 383.00 393.00 +35.00 374.00 384.00 +30.00 370.92 380.92 +30.00 379.35 389.35 +32.50E3 372.03 382.03 +30.00 373.43 383.43 +32.50 362.86 372.86 +30.00 359.34 369.34 +30.00 366.92 376.92 +30.63E40 375.26 385.26 +30.00 384.55 394.55 +30.00 369.00 379.00 +30.00 362.67 372.67 +30.00 372.87 382.87 +30.00E5 330.37 340.37 +30.00 336.25 346.25 +30.00 322.17 332.17 +30.00 325.63 335.63 +30.00 328.61 338.61 +30.00E8 389.41 399.41 +35.00 397.50 407.50 +35.00 374.00 384.00 +30.00 377.60 387.60 +30.00 384.63 394.63 +32.50

Ferrous containerised scrap prices europe (weekly) €/tUk,4 Jun northwest europe, 4 Jun


Shredded 298.00 300.00 nc 370.00 380.00 ncTurnings 345.00 355.00 nc




of 24

Markets

Copper and brass prices (weekly)

timing Low High ±

Copper cathode premiums

Grade A del US midwest premium $/lb 2 Jun 0.0700 0.0800 -0.0025Grade A del US midwest transaction $/lb 8 Jun 4.6330 4.6430 +0.0280

Grade A premium del southern Europe $/t 8 Jun 105.00 120.00 nc

Grade A premium in-warehouse Rot-terdam $/t 8 Jun 25.00 40.00 nc

Copper, brass scrap export prices#1 wire and tube cif Asia cash spread $/lb 3 Jun -0.2985 -0.2535 +0.0075

#1 wire and tube cif Asia next active month spread $/lb 3 Jun -0.2900 -0.2450 +0.0125

#1 wire and tube cif Asia transaction $/lb 8 Jun 4.264 4.309 +0.0280

#1 wire and tube del Europe cash spread % of LME Official 8 Jun 91.00 93.00 nc

#1 wire and tube del US cash spread $/lb 2 Jun -0.2985 -0.2685 +0.0100

#1 wire and tube del US next active month spread $/lb 2 Jun -0.2900 -0.2600 +0.0150

#1 wire and tube del US transaction $/lb 8 Jun 4.2645 4.2945 +0.0280

#2 cif Asia ports cash spread $/lb 3 Jun -0.6585 -0.5585 -0.0050#2 cif Asia ports next active month spread $/lb 3 Jun -0.6500 -0.5500 nc

#2 cif Asia ports transaction $/t 8 Jun 3.9045 4.0045 +0.0280#2 del Europe cash spread % of LME Official 8 Jun 85.00 87.00 0.00

#2 del Europe transaction $/lb 8 Jun 3.809 3.898 +0.012

Bare bright cif Asia cash spread $/lb 3 Jun -0.1985 -0.1735 ncBare bright cif Asia next active month spread $/lb 3 Jun -0.1900 -0.1650 +0.0050

Bare bright cif Asia transaction $/lb 8 Jun 4.3645 4.3895 +0.0280Bare bright del Europe cash spread % of LME Official 8 Jun 95.00 97.00 0.00

Bare bright del US cash spread $/lb 2 Jun -0.1985 -0.1485 ncBare bright del US next active month spread $/lb 2 Jun -0.1900 -0.1400 +0.0050

Bare bright del US transaction $/lb 8 Jun 4.3645 4.4145 +0.0280

Mixed motors cif Asia $/lb 3 Jun 0.4800 0.5100 -0.0025

Radiators del US $/lb 2 Jun 2.4150 2.4550 -0.0650

Red brass solids del US $/lb 2 Jun 3.2400 3.2800 -0.0200

360 rod borings del US $/lb 2 Jun 3.1800 3.2200 nc

Yellow brass cif Asia ports $/lb 3 Jun 2.7800 2.8300 -0.0250

Copper and brass prices (weekly)

timing Low High ±

Copper chops (nodules) $/lb

Bare bright chops del US cash spread 2 Jun -0.1985 -0.1585 -0.0250Bare bright chops del US next active month spread 2 Jun -0.1900 -0.1500 -0.0200

Bare bright chops del US transaction 8 Jun 4.3645 4.4045 +0.0280Bare bright chops fas US port cash spread 3 Jun -0.1585 -0.1385 +0.0300

Bare bright chops fas US port next ac-tive month spread 3 Jun -0.1500 -0.1300 +0.0350

Bare bright chops fas US port transac-tion 8 Jun 4.4045 4.4245 +0.0280

#1 chops del US cash spread 2 Jun -0.2885 -0.2685 -0.0050#1 chops del US next active month spread 2 Jun -0.2800 -0.2600 nc

#1 chops del US transaction 8 Jun 4.2745 4.2945 +0.0280

#1 chops fas US port cash spread 3 Jun -0.2935 -0.2735 -0.0050#1 chops fas US port next active month spread 3 Jun -0.2850 -0.2650 nc

#1 chops fas US port transaction 8 Jun 4.2695 4.2895 +0.0280

#2 chops del US cash spread 2 Jun -0.4885 -0.4685 -0.0050#2 chops del US next active month spread 2 Jun -0.4800 -0.4600 nc

#2 chops del US transaction 8 Jun 4.0745 4.0945 +0.0280

#2 chops fas US port cash spread 3 Jun -0.5185 -0.4985 +0.0050#2 chops fas US port next active month spread 3 Jun -0.5100 -0.4900 +0.0100

#2 chops fas US port transaction 8 Jun 4.0445 4.0645 +0.0280

Brass alloy scrap $/lb

C200-series del US cash spread 2 Jun -0.1985 -0.1585 -0.0650

C200-series del US next active spread 2 Jun -0.1900 -0.1500 -0.0600

C200-series del US zinc cash spread $/lb 2 Jun -0.0700 -0.0300 -0.0150

C260 (70:30) del US transaction 8 Jun 3.4422 3.4822 +0.0244

C260 (70:30) cash spread del Europe $/t 8 Jun 88.00 90.00 0.00

C260 (70:30) del Europe transaction 8 Jun 3.1193 3.1902 +0.0129

C210 transaction price del US 8 Jun 4.2108 4.2508 +0.0274





Brass/bronze alloys del US $/lb

C83600 3 Jun 3.9600 4.0200 -0.0100

C84400 3 Jun 3.5700 3.6200 -0.0100

C87300 3 Jun 5.0600 5.1100 -0.0250

C87500 3 Jun 4.6700 4.7200 -0.0450

C89833 3 Jun 4.9900 5.0400 -0.1800

C89836 3 Jun 5.0500 5.1000 -0.1550

C95800 3 Jun 4.4300 4.4800 -0.0200

Lead prices (weekly) $/lbtiming Low High ±

Lead premiums

Ingot 99.97% premium del US 8 Jun 0.1400 0.1600 nc

Ingot 99.97% del US transaction 8 Jun 1.1134 1.1334 +0.0034

Lead scrap prices, del US consumer

Heavy lead 8 Jun 0.8200 0.8500 +0.0100

Mixed lead 8 Jun 0.7700 0.8000 -0.0350

Undrained, whole old batteries 8 Jun 0.3200 0.3400 nc




of 24

Markets

aluminium prices (weekly)timing Low High ±

Aluminium premiums

P1020 duty paid cif Japan forward quarter $/t 26 Mar 149.00 149.00 na

P1020 duty paid 3-month in-ware-house Rotterdam $/t 2 Jun 240.00 260.00 +17.50

P1020 duty paid spot in-warehouse Rotterdam $/t 2 Jun 240.00 260.00 +17.50

P1020 duty unpaid 3-month in-warehouse Rotterdam $/t 2 Jun 195.00 205.00 +10.00

P1020 duty unpaid spot in-warehouse Rotterdam $/t 2 Jun 195.00 205.00 +10.00

P1020 US midwest spot $/lb 2 Jun 0.2750 0.2800 +0.0050

P1020 US midwest spot monthly aver-age $/lb 31 May 0.2625 0.2688 +0.0296

P1020 US midwest transaction $/lb 8 Jun 1.3813 1.3863 +0.0097

6061 billet US spot $/lb 2 Jun 0.2100 0.2400 nc

6061 billet del US transaction $/lb 8 Jun 1.5913 1.6263 +0.0097

6063 billet del US spot $/lb 2 Jun 0.2000 0.2300 nc

6063 billet del US transaction $/lb 8 Jun 1.5813 1.6163 +0.0097

6063 extrusion duty paid spot in-warehouse Rotterdam $/t 2 Jun 800.00 850.00 +50.00

6063 billet del Italy spot $/t 2 Jun 950.00 1000.00 +50.0000

6063 billet del Germany spot $/t 2 Jun 950.00 1000.00 +50.00

Aluminium mill, extruder scrap prices del US $/lb

10/10 extrusions 8 Jun 1.1800 1.2100 nc

1100 & 3003 8 Jun 1.2500 1.2600 +0.0200

5052 clips 8 Jun 1.2900 1.3200 nc

6061 new, bare 8 Jun 1.1600 1.1800 -0.0250

6063 new, bare 8 Jun 1.2800 1.3000 -0.0025

Cans (UBC) 8 Jun 0.7650 0.7900 +0.0050

EC wire 8 Jun 1.2900 1.3000 nc

Litho sheet 8 Jun 1.1600 1.1700 nc

MLC 8 Jun 0.8900 0.9200 -0.0250

Painted siding 8 Jun 0.8700 0.9000 -0.0100

aluminium prices (weekly)timing Low High ±

Aluminium secondary smelter scrap del US $/lb

1-1-3 sows 3 Jun 0.8200 0.8300 +0.0200

A356 wheels 3 Jun 1.0000 1.0300 +0.0050

Aluminium-copper radiators 3 Jun 2.1700 2.2000 +0.0600

Clean, old aluminium radiators 3 Jun 0.7000 0.7300 nc

High grade turnings 3 Jun 0.7000 0.7100 -0.0100

Irony 6063 extrusions 3 Jun 0.8400 0.8700 +0.0550

Mixed 2000/7000 solids 3 Jun 0.7200 0.7300 nc

Mixed 2000/7000 turnings 3 Jun 0.6600 0.6700 -0.0050

MLC 3 Jun 0.8000 0.8300 +0.0300

Old cast 3 Jun 0.7000 0.7200 -0.0200

Old sheet 3 Jun 0.7000 0.7200 nc

Painted siding 3 Jun 0.7600 0.7900 nc

Tweak 3 Jun 0.7000 0.7200 nc

Twitch 3 Jun 0.7700 0.7800 nc

Zorba min 95/2 del US facility 4 Jun 0.6500 0.6700 nc

Aluminium secondary alloy prices

ADC 12 fob China $/t 3 Jun 2,430 2,510 +15.0000

ADC 12 cif Japan $/t 3 Jun 2,450 2,530 +15.0000

319.1 del US $/lb 3 Jun 1.2450 1.2750 -0.0050

356.1 del US $/lb 3 Jun 1.3700 1.4000 +0.0950

A360.1 del US $/lb 3 Jun 1.3200 1.3500 +0.0400

A380.1 del US $/lb 3 Jun 1.1700 1.1750 +0.0075

A413.1 del US $/lb 3 Jun 1.3200 1.3500 +0.0250

B390 del US $/lb 3 Jun 1.33 1.35 +0.0200

LM6 del UK £/t 3 Jun 1,800.0 1,850.0 nc

LM24 del UK £/t 3 Jun 1,700.0 1,750.0 nc

LM25 del UK £/t 3 Jun 1,800.0 1,850.0 nc

DIN 226 del Europe €/t 3 Jun 1,900.0 1,950.0 nc




Aluminium scrap international prices

Taint/Tabor cif Asia port $/lb 4 Jun 0.7800 0.8100 +0.0200

Tense cif Asia port $/lb 4 Jun 0.8050 0.8350 +0.0325

Zorba 99/3 cif China $/lb 4 Jun 0.7500 0.7800 nc

Zorba min 95/2 cif India $/lb 4 Jun 0.7300 0.7450 -0.0175

Zorba min 99/3 fas US east coast $/lb 4 Jun 0.7500 0.7600 nc

Zorba min 99/3 fas US west coast $/lb 4 Jun 0.7400 0.7500 -0.0150

Taint/Tabor del European smelter €/t 4 Jun 1,250.0 1,300.0 nc

Tense del European smelter €/t 4 Jun 1,350.0 1,400.0 nc

Wheels del European smelter €/t 4 Jun 1,620.0 1,680.0 -20.00

Commercial turnings (Telic) del UK £/t 4 Jun 750.0 800.0 nc

Cast (Tense) del UK £/t 4 Jun 1,025.0 1,075.0 nc

Old rolled (Taint/tabor) del UK £/t 4 Jun 950.0 980.0 nc

Wheels del UK £/t 4 Jun 1,300.0 1,350.0 nc




of 24

Markets

Nickel premium and scrap (weekly)timing Low High ±

1x1 inch premium (small lots) del US $/lb 3 Jun 0.60 0.70 nc

1x1 inch premium (truckloads) del US $/lb 3 Jun 0.50 0.60 nc

4x4 inch premium (small lots) del US $/lb 3 Jun 0.40 0.45 nc

4x4 inch premium (truckloads) del US $/lb 3 Jun 0.30 0.35 nc

4x4 inch premium (truckloads) del US transaction $/lb 8 Jun 1.6603 1.7103 0.0161

Nickel 200 scrap del US processor $/lb 3 Jun 7.10 7.61 +0.11

Nickel cathode 4x4inch premium in-warehouse Rotterdam $/t 3 Jun 250.00 275.00 nc

Nickel cathode full plate premium in-warehouse Rotterdam $/t 3 Jun 35.00 50.00 nc

Nickel briquette premium in-warehouse Rotterdam $/t 3 Jun 150.00 175.00 nc

stainless steel coil ex-works Us (monthly) $/lbtiming Low High ±

301 surcharge Jun 21 0.8893 0.8893 +0.0424304 surcharge Jun 21 0.9612 0.9612 +0.0473316 surcharge Jun 21 1.2794 1.2794 +0.0746301 price Jun 21 1.6033 1.7733 +0.0424304 price Jun 21 1.7004 1.8764 +0.0473316 price Jun 21 2.2622 2.4962 +0.0746

stainless steel scrap pricestiming Low High ±

del US processor (daily)304 (18-8) solids $/lb 8 Jun 0.7600 0.7800 nc304 (18-8) turnings $/lb 8 Jun 0.7100 0.7300 nc316 solids $/lb 8 Jun 1.0100 1.0500 +0.0100316 turnings $/lb 8 Jun 0.9100 0.9500 +0.0100del US processor (weekly)17-4 solids $/lb 3 Jun 0.38 0.41 +0.0217-4 turnings $/lb 3 Jun 0.32 0.35 +0.01201 solids $/lb 8 Jun 0.51 0.53 +0.01301 solids $/lb 8 Jun 0.65 0.68 nc309 solids $/lb 8 Jun 1.05 1.10 +0.01310 solids $/lb 8 Jun 1.59 1.68 +0.04330 solids $/lb 8 Jun 2.55 2.65 -0.02409/410 solids $/gt 3 Jun 537.00 582.00 +22.00409/410 turnings $/gt 3 Jun 470.00 515.00 +22.00430 scrap solids $/gt 3 Jun 627.00 672.00 +22.00430 scrap turnings $/gt 3 Jun 537.00 605.00 +33.50del import port $/lb (weekly)304 (18-8) scrap solids cif Rot-terdam €/t 3 Jun 1400.0 1450.0 -10.0

304 (18-8) scrap solids cif Rot-terdam 3 Jun 0.770 0.798 -0.009

304 (18-8) scrap solids cif Taiwan 3 Jun 0.73 0.74 +0.01

304 (18-8) scrap solids cif Japan 3 Jun 0.71 0.72 +0.01

304 (18-8) scrap solids cif South Korea 3 Jun 0.71 0.72 +0.01

304 (18-8) scrap solids cif India 3 Jun 0.81 0.83 +0.02316 scrap solids cif Rotterdam €/t 3 Jun 1900.0 1930.0 nc316 scrap solids cif Rotterdam 3 Jun 1.045 1.062 -0.006316 scrap solids cif Taiwan 3 Jun 1.03 1.04 +0.01316 scrap solids cif Japan 3 Jun 1.00 1.01 +0.01316 scrap solids cif South Korea 3 Jun 1.00 1.01 +0.01316 scrap solids cif India 3 Jun 1.10 1.11 +0.02del US consumer $/lb (monthly)Chrome contained in 304/316 solids 17 May 1.0800 1.1000 +0.0650Iron contained in 304/316 solids 17 May 0.2100 0.2200 ncMolybdenum contained in 316 solids 17 May 8.90 9.00 -0.50

Nickel contained in 304/316 solids % 17 May 70.00 72.00 nc

Zinc prices (weekly)timing Low High ±

Zinc premiumsSpecial high grade del US premium $/lb 7 Jun 0.0800 0.0850 nc

Special high grade del US transac-tion $/lb 8 Jun 1.4403 1.4453 +0.0161

Special high grade in-warehouse Rotterdam premium $/t 7 Jun 95.00 115.00 nc

Zinc scrap prices, del US consumer $/lbOld zinc diecast 7 Jun 0.7900 0.8300 -0.0500New zinc diecast 7 Jun 0.9750 1.0250 -0.0300Galvanizers top dross 7 Jun 1.1000 1.1400 -0.0300Galvanizers bottom dross 7 Jun 1.0600 1.1000 ncZinc secondary alloy prices, del US consumer $/lbZAMAK #3 7 Jun 1.5300 1.5900 -0.0400ZAMAK #5 7 Jun 1.5500 1.6200 -0.0400ZAMAK #7 7 Jun 1.5300 1.5900 -0.0400ZAMAK #2 7 Jun 1.6000 1.6800 -0.0400ZA #8 7 Jun 1.5500 1.6000 -0.0400ZA #12 7 Jun 1.5700 1.6600 -0.0400ZA #27 7 Jun 1.6400 1.6700 -0.0400

titanium scrap del Us dealer/processor (weekly) $/lbtiming Low High ±

6Al 4V bulk weldable 3 Jun 2.10 2.55 +0.356Al 4V clips 3 Jun 1.45 1.75 nc6Al 4V turnings aero quality 3 Jun 1.40 1.65 ncCP1 solids 3 Jun 2.10 2.40 ncCP2 solids 3 Jun 1.85 2.10 ncCP3/4 solids 3 Jun 1.60 1.85 ncMin 85% Ti non-tin-bearing mixed turnings 3 Jun 1.15 1.25 -0.10

Min 85% Ti tin-bearing mixed turnings 3 Jun 1.05 1.15 -0.10

Turnings 90/6/4 max 0.5% Tin ddp UK 8 Jun 1.70 1.90 nc

stainless steel bar ex-works Us (monthly) $/lbtiming Low High ±

303 surcharge Jun 21 0.9080 0.9080 +0.0505304 surcharge Jun 21 0.9102 0.9102 +0.0499316 surcharge Jun 21 1.1893 1.1893 +0.0820416 surcharge Jun 21 0.3422 0.3422 nc17-4 surcharge Jun 21 0.7918 0.7918 +0.0462303 price Jun 21 2.0080 2.0080 +0.0505304 price Jun 21 1.9602 1.9602 +0.0499316 price Jun 21 2.5693 2.5693 +0.0820416 price Jun 21 1.3522 1.3522 nc17-4 price Jun 21 2.4418 2.4418 +0.0462




of 24

Markets

Minor metals prices (monthly)

timing Low High ±

Chrome aluminothermic fob US warehouse $/lb 28 May 3.45 3.65 +0.02

Molybdenum scrap 99.7% airmelt del US consumer $/lb 28 May 14.50 15.50 +1.10

Molybdenum vacuum grade 99.7% del US vacuum consumer, $/lb 28 May 17.00 17.90 +1.15

Molybdenum scrap 99.9% pure vacuum del US processor $/lb 28 May 14.00 15.00 +2.00

Nickel-Cobalt refinery scrap cobalt contained del US processor $/lb 28 May 6.0500 6.2500 +0.3000

Nickel-Cobalt refinery scrap nickel contained del US processor $/lb 28 May 3.75 4.00 +0.05

Niobium (columbium) scrap vacuum del US consumer $/lb 28 May 28.50 30.50 nc

Niobium (columbium) scrap vacuum del US processor $/lb 28 May 22.50 24.25 nc

Titanium 6Al 4V ingot fob US producer $/lb 28 May 7.75 8.00 nc

Titanium 6Al 4V ingot in-warehouse Rotterdam ($/kg) 1 Jun 13.70 14.70 nc

Tungsten 99.9% scrap del US pro-cessor $/lb 28 May 13.50 15.00 +0.75

Tungsten 99.9% scrap solids con-sumer price fob US processor $/lb 28 May 16.75 17.50 +0.38

Tungsten carbide scrap inserts fob US processor $/lb 28 May 8.75 9.75 -0.25

Tungsten carbide scrap rounds fob US processor $/lb 28 May 8.75 9.75 -0.25

Ferro-alloys and feedstock prices (weekly)

timing Low High ±

Charge chrome fob US warehouse $/lb 3 Jun 1.16 1.20 nc

Ferro-boron 17% B fob US ware-house $/lb 3 Jun 1.53 1.57 nc

Ferro-chrome HC min 62% Cr 6-8% C fob US warehouse (per lb Cr) $/lb 3 Jun 1.2500 1.2900 nc

Ferro-chrome LC 60% Cr 0.15% C fob US warehouse $/lb 3 Jun 2.00 2.07 nc

Ferro-chrome LC min 65% Cr 0.05% C max 1.5% Si fob US warehouse (per lb Cr) $/lb

3 Jun 2.2500 2.3000 nc

Ferro-chrome LC min 65% Cr 0.10% C max 1.5% Si fob US warehouse (per lb Cr) $/lb

3 Jun 2.1200 2.1600 nc

Ferro-manganese HC min 80% Mn 6-8% C fob North America ware-house $/gt

3 Jun 1,750.0 1,800.0 +150.00

Ferro-manganese MC 80% Mn 1-2% C fob North America warehouse $/lb 3 Jun 1.21 1.25 nc

Molybdenum oxide min 57% fob US warehouse $/lb 3 Jun 13.80 14.00 -0.20

Ferro-molybdenum min 65% Mo max 1.5% Si fob North America warehouse (per lb Mo) $/lb

3 Jun 15.40 15.80 -0.25

Ferro-silicon min 75% Si max 0.1% C fob US warehouse (per lb Si) $/lb 3 Jun 1.30 1.35 +0.02

Ferro-titanium 70% Ti fob North America warehouse $/lb 3 Jun 3.50 3.90 nc

Ferro-tungsten 75% W fob North America warehouse $/lb 3 Jun 15.80 16.00 nc

Ferro-vanadium 78-82% V max 1.5% Si fob North America warehouse (per lb V) $/lb

3 Jun 15.75 16.25 nc

Silico-manganese min 65% Mn 16% Si fob North America warehouse $/lb 3 Jun 0.75 0.79 +0.07

Minor metals prices fob Us warehouse (weekly)timing Low High ±

Antimony min 99.65% cif US $/lb 8 Jun 4.55 4.95 nc

Bismuth ingot min 99.99% $/lb 8 Jun 4.73 4.95 nc

Cadmium min 99.95% $/lb 8 Jun 1.25 1.30 nc

Cobalt min 99.8% $/lb 8 Jun 19.75 20.50 +0.20

Indium ingot min 99.99% $/kg 8 Jun 195.00 210.00 nc

Magnesium min 99.9% $/t 8 Jun 4630 4850 nc

Manganese electrolytic metal min 99.7% $/lb 3 Jun 1.48 1.52 nc

Selenium min 99.5% $/lb 8 Jun 7.00 7.80 nc

Silicon 5-5-3 min 98.5% Si (30 days) $/lb 3 Jun 1.53 1.56 +0.03

Silicon 5-5-3 min 98.5% Si (90 days) $/lb 3 Jun 1.52 1.55 +0.03

Tantalum scrap 99.9% vacuum melted del US consumer $/lb 8 Jun 133.00 142.00 nc

Tellurium min 99.95% $/kg 8 Jun 65.00 72.00 nc

Cupro-nickel and super alloys scrap (daily) $/lbtiming Low High ±

Cupro-nickel del US processorC70600 (90:10) 8 Jun 3.3727 3.8545 +0.0250C71500 (70:30) 8 Jun 3.3451 3.9026 +0.0127Monel 400 (R) 8 Jun 4.6914 5.2433 +0.0066Super alloys del US processorHastelloy C air melted 8 Jun 5.0811 5.6839 +0.0002Hastelloy X air melted 8 Jun 3.7552 3.8744 +0.0047Inconel 600 vacuum melted 8 Jun 4.7778 5.2556 +0.0003Inconel 601 vacuum melted 8 Jun 3.8050 4.3123 +0.0002Inconel 617 vacuum melted 8 Jun 4.5601 5.0161 +0.0133Inconel 625 vacuum melted 8 Jun 4.0993 4.7552 +0.0001Inconel 718 vacuum melted 8 Jun 3.4222 3.9111 +0.0001Waspaloy vacuum melted 8 Jun 4.9723 5.2386 +0.0157

Cupro-nickel and super alloys scrap (weekly) $/lbtiming Low High ±

Cupro-nickel del US processorMonel (K) solids 3 Jun 4.7700 5.0400 +0.0550Monel (R) turnings 3 Jun 3.4000 3.8900 +0.1500Super alloys del US processorInvar solids, vacuum melted 3 Jun 2.4900 2.6500 +0.0200

tool steel scrap del Us processor (weekly) $/lbtiming Low High ±

H13 8 Jun 0.3086 0.3275 ncM1 8 Jun 1.0681 1.1224 ncM2 8 Jun 1.3190 1.3849 ncM42 8 Jun 1.5527 1.7332 +0.0075T1 8 Jun 1.5210 1.5534 ncT15 8 Jun 1.5230 1.6833 +0.0040




of 24

Markets

Us nonferrous yard collection prices (fortnightly) $/lbtiming Midwest Ohio Valley southeast texas

Low High ± Low High ± Low High ± Low High ± Low High ±

AluminiumA356 wheels 4 Jun 0.65 0.69 -0.01 0.61 0.65 nc 0.66 0.70 nc 0.63 0.67 nc 0.70 0.74 -0.0110/10 extrusions 4 Jun 0.67 0.71 +0.02 0.60 0.64 nc 0.53 0.57 +0.02 0.64 0.68 +0.04 0.92 0.96 -0.03Old cast 4 Jun 0.44 0.48 nc 0.42 0.46 -0.01 0.38 0.42 nc 0.41 0.45 -0.02 0.48 0.52 -0.02Old sheet 4 Jun 0.45 0.49 nc 0.44 0.48 +0.01 0.42 0.46 -0.01 0.46 0.50 -0.03 0.49 0.53 -0.02Painted siding 4 Jun 0.57 0.61 +0.02 0.50 0.54 +0.01 0.49 0.53 -0.01 0.52 0.56 -0.03 0.61 0.65 -0.03MLC 4 Jun 0.57 0.61 +0.02 0.50 0.54 +0.03 0.51 0.55 +0.01 0.57 0.61 -0.02 0.60 0.64 -0.06Cans (UBC) 4 Jun 0.50 0.54 +0.02 0.44 0.48 nc 0.49 0.53 -0.02 0.50 0.54 -0.02 0.53 0.57 -0.04Clean, old radiators 4 Jun 0.46 0.50 +0.02 0.39 0.43 +0.02 0.35 0.39 nc 0.38 0.42 -0.01 0.46 0.50 ncBrassRadiators 4 Jun 1.82 1.86 -0.05 1.84 1.88 +0.02 1.75 1.79 nc 1.87 1.91 -0.05 2.13 2.17 ncRed brass solids 4 Jun 2.43 2.47 +0.05 2.50 2.54 -0.04 2.19 2.23 +0.16 2.36 2.40 -0.03 2.90 2.94 -0.02Yellow brass 4 Jun 2.14 2.18 +0.03 2.10 2.14 +0.01 1.97 2.01 +0.03 2.15 2.19 -0.03 2.46 2.50 -0.03CopperBare bright 4 Jun 3.87 3.91 nc 3.80 3.84 -0.03 3.69 3.73 -0.01 3.84 3.88 -0.12 4.06 4.10 -0.03#1 wire and tube 4 Jun 3.73 3.77 +0.03 3.61 3.65 -0.03 3.50 3.54 -0.02 3.61 3.65 -0.12 3.90 3.94 -0.03#2 4 Jun 3.41 3.45 -0.03 3.32 3.36 -0.02 3.22 3.26 -0.03 3.36 3.40 -0.17 3.65 3.69 -0.03#3 light 4 Jun 3.28 3.32 nc 3.20 3.24 +0.03 3.04 3.08 -0.03 3.01 3.05 -0.17 3.44 3.48 -0.08LeadSoft 4 Jun 0.48 0.52 nc 0.45 0.49 +0.01 0.38 0.42 nc 0.38 0.42 -0.01 0.52 0.56 ncUndrained, whole old batteries 4 Jun 0.18 0.22 nc 0.19 0.23 +0.01 0.20 0.24 nc 0.18 0.22 nc 0.15 0.19 ncSteel case (industrial) batteries 4 Jun 0.15 0.19 nc 0.15 0.19 +0.01 0.16 0.20 nc 0.16 0.20 nc 0.13 0.17 ncStainless steel304 (18-8) solids 4 Jun 0.46 0.50 nc 0.44 0.48 +0.01 0.40 0.44 nc 0.44 0.48 -0.02 0.53 0.57 nc316 solids 4 Jun 0.65 0.69 nc 0.63 0.67 +0.02 0.62 0.66 nc 0.61 0.65 -0.02 0.72 0.76 +0.02

Canada nonferrous yard collection prices (fortnightly) C$/lbtiming Ontario Quebec


AluminiumA356 wheels 4 Jun 0.94 0.98 nc 0.76 0.80 +0.0510/10 extrusions 4 Jun 1.11 1.15 nc 0.91 0.95 +0.01Old cast 4 Jun 0.53 0.57 -0.01 0.50 0.54 -0.01Old sheet 4 Jun 0.60 0.64 -0.02 0.50 0.54 -0.01Painted siding 4 Jun 0.80 0.84 -0.06 0.52 0.56 ncMLC 4 Jun 0.82 0.86 -0.04 0.67 0.71 -0.01Cans (UBC) 4 Jun 0.63 0.67 -0.04Clean, old radiators 4 Jun 0.59 0.63 +0.01 0.41 0.45 ncBrassRadiators 4 Jun 2.57 2.61 +0.01 2.21 2.25 ncRed brass solids 4 Jun 3.42 3.46 +0.02 2.92 2.96 -0.01Yellow brass 4 Jun 2.84 2.88 -0.03 2.59 2.63 -0.01CopperBare bright 4 Jun 4.78 4.82 -0.07 4.49 4.53 -0.22#1 wire and tube 4 Jun 4.64 4.68 -0.06 4.22 4.26 -0.24#2 4 Jun 4.37 4.41 -0.06 4.09 4.13 -0.23#3 light 4 Jun 4.27 4.31 -0.06 3.68 3.72 -0.23LeadSoft 4 Jun 0.66 0.70 +0.02 0.67 0.71 ncUndrained, whole old batteries 4 Jun 0.22 0.26 nc 0.24 0.28 -0.03Steel case (industrial) batteries 4 Jun 0.17 0.21 +0.01 0.21 0.25 -0.03Stainless steel304 (18-8) solids 4 Jun 0.67 0.71 -0.01 0.58 0.62 nc316 solids 4 Jun 0.93 0.97 nc 0.74 0.78 nc




of 24

LME official cash close base metals $/t

8 Jun 7 Jun ±

Aluminium

Cash buyer 2,439.00 2,417.50 +21.5

Cash seller 2,439.00 2,417.50 +21.5

3-month buyer 2,438.00 2,418.50 +19.5

3-month seller 2,438.00 2,418.50 +19.5

Aluminium alloy

Cash buyer 2,134.00 2,136.50 -2.5

Cash seller 2,134.00 2,136.50 -2.5

3-month buyer 2,100.00 2,100.00 nc

3-month seller 2,100.00 2,100.00 nc

North American Special Alloy Aluminium Contract (NASAAC)

Cash buyer 2,301.50 2,302.00 -0.5

Cash seller 2,301.50 2,302.00 -0.5

3-month buyer 2,310.00 2,310.00 nc

3-month seller 2,310.00 2,310.00 nc

Copper

Cash buyer 9,878.50 9,848.00 +30.5

Cash seller 9,878.50 9,848.00 +30.5

3-month buyer 9,901.50 9,864.00 +37.5

3-month seller 9,901.50 9,864.00 +37.5

Lead

Cash buyer 2,146.00 2,138.50 +7.5

Cash seller 2,146.00 2,138.50 +7.5

3-month buyer 2,154.50 2,138.50 +16.0

3-month seller 2,154.50 2,138.50 +16.0

Nickel

Cash buyer 17,828.00 17,625.00 +203.0

Cash seller 17,828.00 17,625.00 +203.0

3-month buyer 17,851.00 17,664.00 +187.0

3-month seller 17,851.00 17,664.00 +187.0

Tin

Cash buyer 33,290.00 32,290.00 +1000.0

Cash seller 33,290.00 32,290.00 +1000.0

3-month buyer 31,225.00 30,500.00 +725.0

3-month seller 31,225.00 30,500.00 +725.0

Zinc

Cash buyer 2,999.00 2,963.50 +35.5

Cash seller 2,999.00 2,963.50 +35.5

3-month buyer 3,017.00 2,985.50 +31.5

3-month seller 3,017.00 2,985.50 +31.5

Markets

LME official base metal stocks t

8 Jun 7 Jun ±

Aluminium 1,653,175 1,666,375 -13,200

Aluminium alloy 1,800 1,800 nc

NASAAC 12,180 12,260 -80

Copper 127,200 124,700 +2,500

Lead 91,050 92,350 -1,300

Nickel 241,392 242,004 -612

Tin 1,920 1,920 nc

Zinc 270,350 272,100 -1,750

LME official cash close minor metals $/t

8 Jun 7 Jun ±

Cobalt

Cash buyer 42,500 42,500 nc

Cash seller 42,500 42,500 nc

3-month buyer 42,535 42,535 nc

3-month seller 42,535 42,535 nc

15-month buyer 44,335 44,335 nc

15-month seller 44,335 44,335 nc

LME minor metal stocks t

8 Jun 7 Jun ±

Cobalt 297 297 nc

SHFE official closing prices $/t

8 Jun 7 Jun ±

Aluminium

Spot month 2,854.31 2,881.93 -27.62

Copper

Spot month 11,164.02 11,160.34 +3.68

Nickel

Spot month 20,333.46 20,249.33 +84.13

Tin

Spot month 31,944.54 31,800.49 +144.05

Zinc

Spot month 3,517.87 3,503.34 +14.53

CME Comex closing prices $/t

8 Jun 7 Jun ±

Aluminium

Spot month 2,470.75 2,452.75 +18.00

Copper

Spot month 10,059.68 9,997.95 +61.73


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