Argus Metals International

Global non-ferrous market prices, news and analysis

Issue 19-21  |  Wednesday 30 January 2019

OVERVIEW Markets
Key prices
Lithium battery sector to drive graphite: Syrah
Market Unit Date Low High ±
Lithium-ion battery sector demand for natural graphite is set
for significant growth as demand for electric vehicles and Battery Materials

energy storage begins to move from niche to mainstream. p2 Minor Metals

Lithium
Carbonate min 99.5%
Cu: KGHM partly halts operations at Rudna mine ex-works China
Yn/t 30 Jan 72,000 80,000 nc

Polish state-owned metals producer KGHM temporarily shut Carbonate min 99.5% ex-
$/kg 30 Jan 9.22 10.24 nc
works China excl. VAT
down operations at part of its Rudna copper mine in western
Carbonate min 99.5% cif
Poland because of a rock mass movement. p11 China
$/kg 29 Jan 12.50 15.00 nc

Hydroxide min 56.5%

Yn/t 30 Jan 102,000 112,000 nc
ex-works China
FeMn: S African ore prices fall on low demand
Hydroxide min 56.5%
Large mining companies have continued to cut Chinese $/kg 30 Jan 13.06 14.34 nc
ex-works China excl. VAT
export prices for South African manganese ore because of Hydroxide min 56.5% fob
$/kg 29 Jan 14.50 17.00 nc
China
low demand and high inventories at China’s main ports. p12
Graphite
Flake 94% min ex-works China Yn/t 29 Jan 4,100.00 4,600.00 nc
FeV: Bushveld raises quarterly vanadium output Flake 94% min fob China $/t 29 Jan 670.00 770.00 nc
South African vanadium producer Bushveld Minerals in- Flake 94% min ex-works China
$/t 29 Jan 524.93 588.94 6
creased output of nitrogen-vanadium alloy at its Vametco excl. VAT
Cobalt
mine and processing site in the fourth quarter of 2018. p12
Min 99.8% alloy grade
$/lb 30 Jan 19.00 20.00 nc
du Rotterdam
Min 99.8% chemical grade
$/lb 30 Jan 19.50 20.50 nc
du Rotterdam
Lithium carbonate min 99.5% ex works China Yn/t Sulphate min 20%
Yn/t 30 Jan 64,000 68,000 nc
ex-works China
Diff Sulphate min 20%
$/lb 30 Jan 3.72 3.95 nc
82,000 ex-works China excl. VAT
Vanadium
81,000 Pentoxide V2O5
$/lb 30 Jan 16.00 17.00 nc
ex-works China
80,000 Base Metals

79,000 Nickel
Briquettes min 99.8%
hh $/t 24 Jan 220 250 nc
-
78,000 in-warehouse Rotterdam
Sulphate min 22%
Yn/t 30 Jan 24,000 25,500 nc
77,000 ex-works China
Lead
76,000 Lead Ingot primary 99.97%
$/lb 29 Jan 0.0775 0.1000 nc
premium del US
75,000
22 Oct 22 Nov 27 Dec 30 Jan Rare Earths
Dysprosium
Oxide min 99.5% fob China $/kg 30 Jan 178.00 183.00 nc
contents Praseodymium-Neodymium
Oxide min 99% fob China $/t 30 Jan 46,200 47,200 nc
Minor Metals 2-8
Ferro alloys
Base Metals 9-11
Ferro-vanadium
Ferro-alloys12-15
78-82% V dp Rotterdam (per
Rare Earths 16-18 kg V)
$/kg 30 Jan 77.00 78.50 nc

Incorporating Metalprices.com, Argus Minor Metals, Argus Ferro Alloys and Argus Rare Earths

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 Argus Metals International Issue 19-21 | Wednesday 30 January 2019

Minor metals: market news and analysis

Lithium battery sector to drive graphite: Syrah A pre-feasibility study is also under way at Balama to
Lithium-ion battery sector demand for natural graphite is set consider the extraction of by-product vanadium, another
for significant growth as demand for electric vehicles and metal that is benefiting from the growth in battery energy
energy storage begins to move from niche markets to the storage demand.
mainstream, Sydney-based graphite producer Syrah Resourc-
es said in its 2018 production report. W: China’s Xianglu gains approval for mine
Syrah’s Balama project in Mozambique, the world’s China’s tungsten producer Guangdong Xianglu Tungsten has
largest natural graphite producer, has become the supply- obtained government approval to operate a mine in southern
demand swing factor for the natural graphite market after China’s Jiangxi province.
its first full year of operation. The Tiecangzhai mine, which is located in Dayu county,
“Syrah believes that China’s maximum supply capacity of has a capacity of 30,000 t/yr for tungsten concentrate. Xian-
natural graphite is less than 750,000 t/yr and current output glu’s subsidiary, Dayu Longxintai Tungsten, will operate the
is under 450,000 t/yr with output constrained by environ- mine from 24 January 2019 to 23 January 2022. The mine’s
mental controls and mining limits,” the company said, adding estimated tungsten reserves are 250,000t.
that Balama’s additional supplies meet the incremental Dayu Longxintai currently produces 1,000 t/d of tungsten
demand required from the global graphite market. While concentrate, 3,945 t/yr of tungsten powder and 1,500 t/yr of
the steel market remains an important sector for graphite, tungsten carbide.
demand is expected to be flat as China reduces its steel- Xianglu in September 2017 acquired Dayu Longxintai to
producing capacity, Syrah said. boost its tungsten resources and reduce production costs.
Balama produced 104,200t of natural graphite in 2018, Xianglu, a listed company on the Shenzhen Stock Ex-
comprising 80pc fines graphite and 20pc coarse flake graph- change, operates a tungsten production line with a capacity
ite, in line with amended guidance. Its fourth-quarter output of 3,000 t/yr for tungsten carbide.
fell to 33,200t, 14pc down on the third quarter, because of It has forecast 50-100pc growth in its 2018 net profits be-
equipment damage that has since been repaired. cause of its larger production capacity for ammonium para-
Natural graphite sold and shipped in the fourth quarter tungstate (APT) as well as for other tungsten materials after
totalled 37,000t, taking 2018 volumes to 73,000t, with a acquiring Dayu Longxintai. Xianglu on 28 January raised its
further 20,000t allocated to sales yet to be delivered to cus- tungsten concentrate bid price to 96,000 yuan/t ($14,400/t)
tomers from the Mozambique port of Nacala. Binding sales for 55pc grade wolframite in the second half of January from
agreements are in place for 74,000t into China in 2019 with Yn95,700/t in the first half.
Syrah having an option to deliver a further 12,000t.
Production guidance for 2019 has been set at 250,000t, Mn: Posco cuts February purchase price
subject to market conditions, with 45,000-50,000t expected South Korea's largest manganese consumer Posco has
in the first quarter. The ratio is expected to be 70pc fines reduced its flake purchase price for February deliveries in
graphite and 30pc coarse graphite. response to low demand from the stainless steel industry.
As China moves from a net exporter to net importer, Posco cut its tender price for manganese flake to $1,930-
Syrah said prices for fines graphite will reflect this “signifi- 1,950/t cif South Korean ports for 2,565t of material, from
cant and structural change” in global graphite trade flow $2,000-2,040/t cif for January in a tender issued in mid-De-
and market dynamics. Supplies of large-size coarse graphite cember. Producers in China said Posco’s tender price is too
remain limited but the market is smaller and slower growing low. But the company has managed to find supplies at this
than the fines market. price because of flat trading activity in the last few weeks
Syrah has produced the first unpurified spherical graphite and the availability of lower-priced supplies via unauthor-
at its battery anode material project in the US state of Loui- ised routes. Posco, which produces around 26mn t/yr of iron
siana, with it on track to produce the first purified spherical and steel products, needs to import 3,500-5,000 t/month of
graphite for customer testing in the first quarter of this year. manganese flake from China.
Phase one feasibility studies have been completed for com-
mercial scale production of 10,000 t/yr and 40,000 t/yr of
purified spherical graphite. Phase two studies are under way
For more news and analysis, please click here
to consider anode production alternatives.

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Argus Metals International Issue 19-21 | Wednesday 30 January 2019

Battery metals price assessments

29 Jan
Unit Low High ± Date ±

Antimony
Ingot min 99.65% ex-works China Yn/t 47,000 49,000 24 Jan -500
Ingot min 99.65% fob China $/t 7,700 7,900 24 Jan nc
Regulus grade II min 99.65% Sb du Rotterdam $/t 7,675 7,875 24 Jan -25
Regulus Trioxide grade min 99.65% Sb du Rotterdam $/t 7,675 7,875 24 Jan -25
Trioxide min 99.5% ex-works China Yn/t 43,000 44,000 24 Jan nc
Trioxide min 99.5% fob China $/t 6,400 6,600 24 Jan nc
Cadmium
Min 99.99% du Rotterdam $/lb 1.28 1.36 24 Jan +0.010
Min 99.99% ex-works China Yn/t 17,500 18,000 22 Jan -500
Min 99.99% cif India Rs/kg 235.00 240.00 24 Jan nc
Min 99.95% du Rotterdam $/lb 1.24 1.32 24 Jan +0.010
Min 99.95% cif India Rs/kg 235.00 240.00 24 Jan nc
Oxide min 99.5% ex-works China Yn/t 17,700 18,300 22 Jan -550
Cobalt
(Electrolytic metal) min 99.8% ex-works China Yn/kg 325.00 340.00 24 Jan -2.500
Chloride min 24% ex-works China Yn/t 73,000 77,000 24 Jan nc
Min 99.8% alloy grade du Rotterdam $/lb 19.00 20.00 24 Jan -0.250
Min 99.8% chemical grade du Rotterdam $/lb 19.50 20.50 24 Jan -0.500
Oxide 72% ex-works China Yn/kg 225.00 240.00 22 Jan -5.000
Powder min 99.8% ex-works China Yn/kg 355.00 370.00 22 Jan -20.000
Sulphate min 20% ex-works China Yn/t 64,000 68,000 24 Jan nc
Sulphate min 20% ex-works China excl. VAT $/lb 3.72 3.95 24 Jan +0.04
Tetroxide min 73% ex-works China Yn/kg 235.00 250.00 24 Jan -5.000
Graphite
Flake 94% min ex-works China Yn/t 4,100.00 4,600.00 24 Jan nc
Flake 94% min fob China $/t 670 770 24 Jan nc
Lithium
Carbonate min 99.5% ex-works China Yn/t 72,000 80,000 24 Jan nc
Carbonate min 99.5% ex-works China excl. VAT $/kg 9.22 10.24 24 Jan +0.09
Carbonate min 99.5% cif China $/kg 12.50 15.00 22 Jan nc
Cobalt oxide min 60% Co ex-works China Yn/kg 280.00 295.00 24 Jan nc
Hydroxide min 56.5% ex-works China Yn/t 102,000 112,000 24 Jan nc
Hydroxide min 56.5% ex-works China excl. VAT $/kg 13.06 14.34 24 Jan +0.12
Hydroxide min 56.5% fob China $/kg 14.50 17.00 22 Jan nc

Cobalt min 99.8% Alloy Grade du Rotterdam $/lb Cadmium 99.99pc du Rotterdam $/lb

Diff Diff
40.0 1.36

1.34
35.0
1.32
30.0 1.30
-
hh -
1.28 hh
25.0
1.26
20.0
1.24

15.0 1.22
27 Jul 12 Sep 26 Oct 11 Dec 29 Jan 26 Jul 26 Sep 26 Nov 29 Jan

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Argus Metals International Issue 19-21 | Wednesday 30 January 2019

Electronic metals price assessments

29 Jan
Unit Low High ± Date ±

Arsenic
Min 99% du Rotterdam $/lb 0.97 1.13 24 Jan nc
Bismuth
Min 99.99% du Rotterdam $/lb 3.60 3.90 24 Jan nc
Min 99.99% ex-works China Yn/t 50,000 51,000 24 Jan nc
Min 99.99% fob China $/lb 3.35 3.45 24 Jan nc
Gallium
Min 99.9999% ex-works China Yn/kg 1,220 1,320 24 Jan nc
Min 99.99% ex-works China Yn/kg 1,040 1,090 24 Jan nc
Min 99.99% fob China $/kg 155.00 165.00 24 Jan nc
Min 99.99% cif Main Airport $/kg 155.00 165.00 24 Jan nc
Germanium
Dioxide min 99.999% ex-works China Yn/kg 5,500 5,800 24 Jan nc
Dioxide min 99.999% fob China $/kg 825 875 24 Jan nc
Dioxide min 99.999% du Rotterdam $/kg 960 1,055 24 Jan nc
Metal (zone refined ingot) min 99.999% ex-works China Yn/kg 7,700 8,200 24 Jan nc
Metal min 99.999% cif main airport $/kg 1,260 1,380 24 Jan nc
Min 99.999% fob China $/kg 1,150 1,250 24 Jan nc
Indium
Min 99.99% du Rotterdam $/kg 220.00 230.00 24 Jan nc
Min 99.99% ex-works China Yn/kg 1,350 1,400 24 Jan -50
Min 99.99% fob China $/kg 195 205 24 Jan -5
Min 99% ex-works China Yn/kg 1,250 1,300 24 Jan -50
Selenium
Dioxide min 99% ex-works China Yn/kg 116.00 122.00 24 Jan nc
Min 99.5% du Rotterdam $/lb 10.50 11.50 24 Jan nc
Powder min 99.9% ex-works China Yn/kg 180.00 220.00 24 Jan nc
Tantalum
Pentoxide min 99.5% ex-works China Yn/kg 1,510 1,540 22 Jan -50
Tantalite basis 30% Ta2O5 cif main port $/lb 75.00 80.00 24 Jan -1.500
Min 99.8% du Rotterdam $/kg 305.00 320.00 24 Jan -2.500
Tellurium
99.99% ex-works China Yn/kg 450.00 480.00 24 Jan -15.000
Min 99.99% du Rotterdam $/kg 59.00 69.00 24 Jan -2.000
Zirconium
Fused zirconia 98.5% ZrO ex-works China Yn/t 31,500 33,000 22 Jan nc
Oxychloride 36% Zr(Hf)O2 ex-works China Yn/t 16,000 16,700 22 Jan nc
Oxychloride 36% Zr(Hf)O2 fob China $/t 2,440 2,550 22 Jan nc
Silicate 65% Zr(Hf)O2 ex-works China Yn/t 13,500 14,200 22 Jan nc
Sponge 99.4% Zr+Hf ex-works China Yn/kg 230.00 250.00 22 Jan nc

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High-temperature metals price assessments

29 Jan
Unit Low High ± Date ±

Chromium

(alumino-thermic) min 99% dp Rotterdam $/t 9,950 10,250 24 Jan nc

(aluminothermic) min 99% Cr ex-works China Yn/t 77,000 79,000 24 Jan nc

Hafnium

Min 99% max 1% Zr du Rotterdam $/kg 850 925 24 Jan +25

Molybdenum

Oxide min 57% Mo du Rotterdam $/lb Mo 11.20 11.30 24 Jan +0.200

Niobium

Pentoxide min 99.5% ex-works China Yn/kg 263.00 267.00 22 Jan -4.000

Niobium (columbite) concentrate min 50% Nb2O5 cif main port $/lb 11.50 12.50 24 Jan nc

Rhenium

APR min 69.2% Re (basic grade) du Rotterdam $/kg Re 800 900 24 Jan nc

APR min 69.4% Re (catalyst grade) dp Rotterdam $/kg Re 1,250 1,400 24 Jan -25

APR min 69.4% Re ex-works China Yn/kg 5,000 6,000 22 Jan nc

Pellets min 99.9% Re dp Rotterdam $/lb 600 680 24 Jan -10

Tungsten

APT du Rotterdam $/mtu WO3 260.00 265.00 24 Jan nc

APT fob China $/mtu WO3 250.00 260.00 24 Jan nc

APT min 88.5% ex-works China Yn/t 150,000 152,000 24 Jan nc

Carbide min 99.7% ex-works China Yn/kg 233.00 236.00 24 Jan nc

Carbide powder (3-4micron) fob China $/kg 34.50 35.50 24 Jan nc

Oxide (Yellow/Blue oxide) fob China $/t 25,500 26,500 24 Jan nc

Oxide min 99.95% ex-works China Yn/t 174,000 176,000 24 Jan nc

Concentrates min 65% ex-works China Yn/t 95,000 97,000 24 Jan nc

Concentrates min 65% in-warehouse Rotterdam $/dmtu 210 225 24 Jan nc

Vanadium

Pentoxide fused flake min 98% du Rotterdam $/lb V2O5 16.00 17.00 24 Jan nc

Pentoxide 98% V 2O5 fob China (30 Jan) $/lb 16.00 17.00 29 Jan nc

Pentoxide 98% V 2O5 ex-works China (30 Jan) Yn/t 210,000 240,000 29 Jan nc

Mineral sands price assessments

29 Jan
Unit Low High ± Date ±

Rutile

Hainan min 90% TiO2 ex-works China Yn/t 4,700 4,800 22 Jan nc

Australian min 95% TiO2 ex-works China Yn/t 6,800 7,000 22 Jan nc

Zircon sand

Hainan min 65% O2 ex-works China Yn/t 9,600 10,000 22 Jan nc

Australian min 66% O2 cif China $/t 1,610 1,640 22 Jan nc

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Argus Metals International Issue 19-21 | Wednesday 30 January 2019

Light metals price assessments

29 Jan
Unit Low High ± Date ±

Magnesium
Alloy min 90% Mg AZ91 ex-works China (30 Jan) Yn/t 18,300 18,700 29 Jan nc
Alloy min 90% Mg AZ91 fob China (30 Jan) $/t 2,820 2,870 29 Jan nc
Min 99.9% du Rotterdam $/t 2,575 2,675 24 Jan nc
Min 99.9% ex-works China (30 Jan) Yn/t 16,600 17,000 29 Jan nc
Min 99.9% fob China (30 Jan) $/t 2,570 2,630 29 Jan nc
Powder 99.9% Mg 20-80 mesh ex-works China (30 Jan) Yn/t 17,800 18,100 29 Jan nc
Powder 99.9% Mg 20-80 mesh fob China (30 Jan) $/t 2,740 2,790 29 Jan nc
Manganese
Briquette min 97% Mn ex-works China (30 Jan) Yn/t 13,600 13,900 29 Jan nc
Briquette 97% Mn fob China (30 Jan) $/t 2,050 2,100 29 Jan nc
Flake 99.7% Mn ex-works China (30 Jan) Yn/t 13,200 13,400 29 Jan nc
Flake min 99.7% fob China (30 Jan) $/t 2,000 2,050 29 Jan nc
Flake min 99.7% du Rotterdam $/t 2,000 2,100 24 Jan nc
Lump min 95% Mn ex-works China (30 Jan) Yn/t 13,900 14,200 29 Jan nc
Lump 95% Mn fob China (30 Jan) $/t 2,080 2,130 29 Jan nc
Silicon
5-5-3 min 98.5% Si dat Chinese ports Yn/t 11,300 11,500 24 Jan nc
5-5-3 min 98.5% Si fob China $/t 1,640 1,680 24 Jan nc
5-5-3 min 98.5% Si ddp Europe works €/t 1,800 1,880 24 Jan nc
5-5-3 min 98.5% Si 90-day ddp Europe works €/t 1,900 1,975 24 Jan nc
4-4-1 min 99% Si dat Chinese ports Yn/t 12,100 12,300 24 Jan nc
4-4-1 min 99% Si fob China $/t 1,700 1,750 24 Jan nc
4-4-1 min 99% Si ddp Europe works €/t 1,900 1,980 24 Jan nc
3-3-0-3 min 99% Si fca Europe works €/t 2,000 2,050 24 Jan nc
2-2-0-2 min 99.5% Si fca Europe works €/t 2,030 2,100 24 Jan nc
Titanium
Concentrate 50% TiO2 ex-works China (VAT unpaid) Yn/t 1,130 1,200 24 Jan nc
Concentrate 46% TiO2 ex-works China (VAT unpaid) Yn/t 1,130 1,150 24 Jan nc
Dioxide 93pc min rutile grade ex-works China Yn/t 15,000 15,800 24 Jan nc
Dioxide 93pc min rutile grade fob China $/t 2,180 2,240 24 Jan nc
Dioxide 98pc min anatase grade ex-works China Yn/t 12,600 13,600 24 Jan nc
Ingot min 99% Ti pure TA1 ex-works China Yn/t 72,000 74,000 22 Jan nc
Ingot min 99% Ti pure TA2 ex-works China Yn/t 70,000 72,000 22 Jan nc
Ingot min 99% Ti pure TA3 ex-works China Yn/t 74,000 76,000 22 Jan nc
6Al 4V ingot in-warehouse Rotterdam (02 Jan) $/kg 15.25 15.75 03 Dec nc
Ingot CP Grade 1 fob Rotterdam (02 Jan) $/kg 10.25 10.75 03 Dec -0.250
Ingot CP Grade 2 fob Rotterdam (02 Jan) $/kg 9.30 10.30 03 Dec nc
Slab CP Grade 1 fob Rotterdam (02 Jan) $/kg 10.80 11.30 03 Dec nc
Slab CP Grade 2 fob Rotterdam (02 Jan) $/kg 9.50 10.50 03 Dec nc
Slag min 92% TiO2 ex-works China Yn/t 6,040 6,140 24 Jan nc
Sponge 99.7% Ti ex-works China Yn/t 65,000 67,000 24 Jan nc
Sponge 99.6% Ti ex-works China Yn/t 64,000 66,000 24 Jan nc
Sponge TG-Tv 10x30mm du Rotterdam $/kg 5.50 5.90 24 Jan nc
Tetrachloride min 99.9% TiCl4 ex-works China Yn/t 7,500 7,800 24 Jan nc

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Argus Metals International Issue 19-21 | Wednesday 30 January 2019

Weekly US price assessments

29 Jan 22 Jan
Metal Unit Low High ± Low High ±

Electronic metals
Arsenic
Min 99% fob US warehouse $/lb 0.95 1.04 nc 0.95 1.04 nc
Bismuth
Ingot min 99.99% fob US warehouse $/lb 3.40 3.60 +0.050 3.40 3.50 nc
Indium
Ingot min 99.99% fob US warehouse $/kg 225.00 240.00 nc 225.00 240.00 nc
Selenium
Min 99.5% fob US warehouse $/lb 10.00 12.00 -0.300 10.60 12.00 nc
Tellurium
Min 99.95% fob US warehouse $/kg 68.00 78.00 -7.000 75.00 85.00 nc

Battery metals price assessments

Antimony
Min 99.65% cif US $/lb 3.59 3.74 nc 3.59 3.74 +0.090
Cadmium
Min 99.99% fob US warehouse $/lb 1.03 1.13 nc 1.03 1.13 nc
Min 99.95% fob US warehouse $/lb 0.99 1.08 nc 0.99 1.08 nc
Cobalt
Min 99.8% fob US warehouse $/lb 19.00 20.50 -2.300 21.00 23.10 -1.500

Light metals price assessments

Magnesium
Min 99.9% fob US warehouse $/t 4,519.00 4,630.00 +110 4,409.00 4,519.00 nc
Manganese
Electrolytic metal min 99.7% fob US warehouse (24 Jan) $/lb 1.18 1.29 nc 1.18 1.29 -0.055
Silicon
5-5-3 min 98.5% Si fob US warehouse (24 Jan) $/lb 1.150 1.170 nc 1.150 1.170 -0.005
5-5-3 min 98.5% Si fob US warehouse 90 days (24 Jan) $/lb 1.140 1.170 nc 1.140 1.170 nc
Titanium
Scrap 6Al 4V bulk weldable del US dealer/processor (24 Jan) $/lb 2.25 2.50 nc 2.25 2.50 nc
Scrap 6Al 4V clips del US dealer/processor (24 Jan) $/lb 1.40 1.60 nc 1.40 1.60 nc
Scrap grade CP1 solids del US dealer/processor (24 Jan) $/lb 1.65 1.80 nc 1.65 1.80 -0.050
Scrap grade CP2 solids del US dealer/processor (24 Jan) $/lb 1.50 1.60 nc 1.50 1.60 -0.050
Scrap grade CP3/4 solids del US dealer/processor (24 Jan) $/lb 1.15 1.25 nc 1.15 1.25 -0.050
Scrap 6Al 4V turnings aero quality del US dealer/processor (24 Jan) $/lb 0.90 1.20 -0.005 0.91 1.20 +0.025

High-temperature metals price assessments

Molybdenum
Oxide min 57% fob US warehouse (24 Jan) $/lb 10.95 11.25 +0.100 10.85 11.15 -0.850

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Monthly US price assessments

31 Dec 30 Nov
Metal Unit Low High ± Low High ±

Chromium
(alumino-thermic) min 99% fob US warehouse $/lb 5.05 5.48 -0.21 5.30 5.65 -0.12
Molybdenum
99.7% airmelt del US consumer $/lb 14.00 14.50 nc 14.00 14.50 +0.10
99.9% pure vacuum del US processor $/lb 13.50 14.00 -0.50 14.00 14.50 -0.70
Niobium
Niobium (columbium) scrap vacuum del US consumer $/lb 36.50 39.00 +0.25 36.00 39.00 +0.50
Niobium (columbium) scrap vacuum del US processor $/lb 29.50 32.00 +0.50 29.00 31.50 +0.50
Rhenium
APR min 69.4% Re (catalyst grade) fob US warehouse $/lb 560 630 +30 520 610 +15
Min 99.9% fob US warehouse $/lb 604 669 +59 545 610 +20
Tantalum
99.9% vacuum melted del US consumer $/lb 156.00 160.00 -2.00 158.00 162.00 -2.00
99.9% vacuum melted del US processor $/lb 115.00 134.00 nc 115.00 134.00 nc
Titanium
Ingot 6Al 4V ingot fob US producer $/lb 8.60 9.00 nc 8.60 9.00 nc
Tungsten
Min 99.9% Chinese bar del US consumer $/lb 18.80 20.10 -0.35 19.00 20.60 nc
Carbide scrap inserts fob US processor $/lb 7.50 8.30 -0.15 7.50 8.60 -0.07
Carbide scrap rounds fob US processor $/lb 7.75 8.40 -0.10 7.75 8.60 +0.05
99.9% scrap solids consumer price fob US processor $/lb 18.80 19.80 -0.10 18.90 19.90 -0.10
99.9% scrap del US processor $/lb 14.50 15.15 -0.05 14.50 15.25 -0.55

Bismuth ingot min 99.99% fob US warehouse $/lb Indium ingot min 99.99% fob US warehouse $/kg

290
4.30
280
4.20
4.10
270
4.00
3.90 260
hhhhhhhhhhh hhhhhhhhhhh

3.80
250
3.70
3.60
240
3.50
3.40 230
17 Jul 18 4 Sep 18 23 Oct 18 11 Dec 18 29 Jan 19 17 Jul 18 4 Sep 18 23 Oct 18 11 Dec 18 29 Jan 19

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Argus Metals International Issue 19-21 | Wednesday 30 January 2019

Base Metals: market commentary

Europe Al: Italian billet premium falls Aluminium

Date of
Aluminium spot premiums in Europe were flat over the past Unit Low High ±
assessment
week as the lifting of US sanctions on Russian producer Rusal had
Premiums
little impact on the market.
P1020 US midwest premium $/lb 30 Jan 0.1825 0.1900 nc
The US Treasury's Office of Foreign Assets Control (OFAC) P1020 US midwest
$/lb 30 Jan 1.0309 1.0387 +0.0083
announced on 27 January that it has lifted sanctions imposed on transaction
Rusal, its parent company En+ Group, and on fellow En+ Group 6061 billet US premium $/lb 30 Jan 0.1300 0.1500 -0.0050

subsidiary EuroSibEnergo. 6063 billet US premium $/lb 30 Jan 0.1200 0.1400 -0.0050
6063 billet del US transaction $/lb 30 Jan 1.1509 1.1787 +0.0033
The lifting of sanctions will allow Rusal to supply P1020 and
6063 extrusion premium
extrusion billets to Europe again, but the supply has yet to flow $/t 30 Jan 480.00 515.00 -22.50
billet del Italy
back into the market. Buyers and traders are expecting Rusal’s 6063 extrusion premium
$/t 30 Jan 530.00 550.00 nc
billet del Germany
metal to re-surface in the near term but not immediately.
6063 extrusion duty paid
Global LME aluminium stocks fell by 12,050t on the week to premium in-warehouse $/t 30 Jan 500.00 520.00 nc
1.29mn t on 30 January. Rotterdam
P1020 duty paid 3-month
On-warrant LME stocks plunged by 147,550t or 16pc on the
premium in-warehouse $/t 30 Jan 125.00 135.00 nc
week to 756,150t on 30 January, down from 903,700t on 23 Rotterdam
January. Cancelled warrants surged by 135,500t or 34pc on the P1020 duty paid forward
$/t 23 Jan 85.00 85.00 nc
quarter premium cif Japan
week to 533,625t.
P1020 duty paid spot
Argus assessed the premium for P1020 duty unpaid alu- $/t 23 Jan 70.00 90.00 nc
premium cif Japan
minium in-warehouse Rotterdam at $70-80/t on 30 January, P1020 duty paid spot
premium in-warehouse $/t 30 Jan 125.00 135.00 nc
unchanged from the previous week. Rotterdam
The weekly premium for P1020 duty paid material in-ware- P1020 duty unpaid 3-month
house Rotterdam was assessed flat at $125-135/t in the same premium in-warehouse $/t 30 Jan 70.00 80.00 nc
Rotterdam
session. P1020 duty unpaid spot
Trading liquidity for P1020 remained thin over the past week premium in-warehouse $/t 30 Jan 70.00 80.00 nc
Rotterdam
but premiums were supported by the widening contango in the
Aluminium-alloy Die Castings
nearby spreads. $/t 24 Jan 1,540 1,560 nc
12 fob China
The cash/three-month contango last traded at $18.70/t at Aluminium-alloy Die Castings
$/t 24 Jan 1,560 1,580 nc
12 cif Japan
1616 GMT on 30 January, compared with $7.50/t a week ago.
The three-month aluminium contract settled at $1,890/t on
30 January, down from $1,892/t on 23 January. Copper and brass
6063 billet premium falls in Italy Unit Timing Low High ±
Copper cathode premiums
Lower offers in Italy pressured 6063 aluminium premiums
Cathode grade A del US midwest $/lb 30 Jan 0.0700 0.0750 -0.0025
with initial deals for delivery in April-June concluded below the Cathode grade A US midwest
$/lb 30 Jan 2.8430 2.8480 +0.0385
previous quarter. transaction
Cathode grade A in-warehouse
The premium for 6063 aluminium billet delivered Italy was $/t 29 Jan 25.00 40.00 nc
Rotterdam
assessed at $480-515/t (60-day payment term) on 30 January, Cathode grade A premium del
$/t 29 Jan 70.00 80.00 nc
southern Europe
down from $500-540/t in the previous week. Brass/bronze alloys del US
One producer concluded a contract at $500/t for delivery in C89833 $/lb 24 Jan 3.1300 3.1800 nc
C89836 $/lb 24 Jan 3.1500 3.2000 nc
Italy but talks in the market continued.
Producers Hydro and Dubal were heard to be offering in
the range of $510-515/t in Italy on a delivered basis for second
quarter. European extruders are under pressure to finalise their orders
Offers for some non-European aluminium billets delivered for delivery in the second quarter with producer Dubal over the
Italy were heard at $480/t. coming week.
The premium for delivered Germany billet was assessed Some market participants expect the looming appearance of
at $530-550/t (30-day) in the same session but no trade was Rusal billets in Europe to pressure premiums in the third quarter.
reported. “Of course Rusal’s billet will have an impact, but not as fast
A European extruder said there is a minimum delivery as everyone thinks. It’s wishful thinking; Rusal still wants to earn
time of six weeks from the Middle East to Europe and Western money, why should they sell lower?” one extruder said.

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Argus Metals International Issue 19-21 | Wednesday 30 January 2019

Base Metals: market commentary

US Al: Hydro fire cushions sanctions removal Nickel

Unit Timing Low High ±
US billet premiums ticked down this week as a tighter market
Europe premiums
following a recent furnace fire at Hydro’s Henderson recycling Briquettes in-warehouse
$/t 24 Jan 220.00 250.00 nc
plant softened the impact of sanctions being removed on Russian Rotterdam
4x4 inch cathode in-warehouse
primary aluminum producer Rusal. Rotterdam
$/t 24 Jan 440.00 490.00 -10.00

The 6063 billet premium declined to 12-14¢/lb from 13-14¢/ Full plate cathode in-warehouse
$/t 24 Jan 190.00 240.00 nc
Rotterdam
lb a week earlier, but remains well above its level of the same Cathode premiums del US
week a year earlier, before the sanctions were put in place. 4x4inch (small lots) $/lb 24 Jan 0.55 0.60 nc
Late Sunday, the US Treasury’s Office of Foreign Asset Control 4x4inch (truckloads) $/lb 24 Jan 0.40 0.44 nc
4x4inch (truckloads) transaction $/lb 30 Jan 1.6125 1.6525 -0.0031
removed sanctions on Rusal, which were first applied in April 2019 1x1inch (small lots) $/lb 24 Jan 0.75 0.80 nc
after then-head Oleg Deripaska was accused of “malign activities” 1x1inch (truckloads) $/lb 24 Jan 0.70 0.75 nc
including alleged involvement in subverting the US election of 2016. China
Metal min 99.9% Ni ex-warehouse yuan/t 30 Jan 94,500 96,000 nc
Rusal was a major supplier of P1020 to US companies before Sulphate min 22% ex-works China
$/t 30 Jan 3,072.23 3,264.25 nc
the sanctions, but was an even more important supplier to US ex- excl. VAT
Sulphate min 22% ex-works China yuan/t 30 Jan 24,000 25,500 nc
truders, which consumed large quantities of the company’s billet.
Zinc
The removal of sanctions was preceded, however, by a
Unit Timing Low High ±
furnace explosion at a Hydro billet-making plant in Kentucky
last week, which has tightened supply slightly in the short term. Special high grade premium
$/t 28 Jan 95.00 120.00 nc
in-warehouse Rotterdam
Market participants expect the plant to remain unable to ship for Special high grade premium del US $/lb 28 Jan 0.0850 0.0900 nc
at least the next month. Special high grade del US
$/lb 30 Jan 1.2975 1.3025 -0.0031
One seller said he has received a flurry of inquiries from transaction

Hydro customers looking for alternative billet suppliers and was Lead
able to sell them at a spot price 13-14¢/lb. Unit Timing Low High ±

Still, other large-volume extruders are not willing to pay Lead Ingot primary 99.97%
$/lb 29 Jan 0.0775 0.1000 nc
premium del US
those prices and are content to wait on the sidelines in hopes of
Lead Ingot primary 99.97% del US
premiums falling further. transaction
$/lb 30 Jan 1.0146 1.0371 -0.0043

P1020
The midwest premium was flat at 18.25-19¢/lb when as- likely to agree to continue to talk. The Trump administration has
sessed Wednesday, but is expected to come under pressure as said it will raise its tariffs on $200bn worth of Chinese goods to 25pc
vessels carrying Rusal metal make their way to US ports in the from 10pc on 2 March should the two sides fail to reach an accord.
coming weeks. The Federal Reserve ended a two-day policy meeting, signal-
Effectively locked out of most contracts with US consumers ing it would pause from its course of interest rate increases. It
during the 2018 mating season, Rusal will have to sell much of its kept its benchmark rate flat at 2.25-2.5pc. The pause in rate
P1020 and billet on the spot market, according to traders. increases is lending support for the copper price.
Comex's March contract settled up over 11¢/lb for the week
US Cu: Premiums dip on tepid demand at $2.7675/lb, setting a new high for the week and the highest
Grade A copper cathode spot premiums moved lower in the lat- since 12 December when it settled at $2.77/lb.
est week amid listless demand. Comex stockpiles have fallen for 71 consecutive day and are
Argus assessed grade A copper cathode spot premiums at 7 down 8pc for the week to 87,498t and at the lowest since 29
-7.5¢/lb delivered midwest consumer, edging lower from 7.25- December 2016 when they settled at 87,280t.
7.75¢/lb the prior week. The three-month LME copper price is on a four day runup
Premiums fell for the week but are little changed since at $6,096/t, up over 2pc for the week and the highest since 17
December. Premiums have stayed mainly in the 7-7.75¢/lb range December. Wednesday marks the third consecutive day that the
since the start of December. three-month price was above the $6,000/t mark and the fourth
Top level US-China trade negotiations resumed in Washing- time for 2019.
ton on Wednesday and are scheduled to run through Thursday. LME copper stockpiles were up by 2.4pc for the week at
Vice Premier Liu and his delegation will meet with US Trade 149,100t from 145,575t a week earlier. Rotterdam led the
Representative Robert Lighthizer and Treasury Secretary Steven way with 1,400t entering, followed by Singapore with 100t.
Mnuchin in a bid to ease trade tensions. Stockpiles are at their highest since 19 November when they
The two sides appear to be far from an agreement, but they are settled at 151,625t.

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Argus Metals International Issue 19-21 | Wednesday 30 January 2019

Base Metals: market commentary

Metal futures: Nickel hits three-month high at 2.25-2.5pc while signaling it would consider buying up bonds
Nickel traded on the LME jumped to a three-month high again to ease money supply should conditions warrant it.
Wednesday following Brazilian mining firm Vale's announcement The dollar index dropped by 0.4pc after the Fed announce-
that it will cut 10pc of its annual iron ore production capacity ment, which should boost metals and other commodities.
after a fatal accident at its Feijao mine. The three-month LME copper contract rose by 1.1pc to
Vale is also the world's second largest nickel producer and $6,096/t. In the US, the next most active Comex copper price
operates nickel mines in Brazil, Canada and Indonesia. rose by 4.25¢/lb to $2.7675/lb, its highest since early December.
Traders and investors were concerned regulators might crack On-warrant LME copper stocks fell by 9.5pc on the day to
down on Vale’s other operations, including nickel mining, in 104,950t. This is the second major stock withdrawal in the last
Brazil and elsewhere, following the dam collapse. Vale produced two days. Cancelled copper warrants, or metal earmarked for
180,600t of refined nickel in the first nine months of 2018, with delivery, increased by 39.5pc to 44,150t on the day, representing
output in Brazil accounting for 9.6pc of the group's production. 29.6pc of total LME copper stocks.
The three-month nickel contract increased by 3pc on the day The three-month aluminium contract recovered by 0.8pc to
to $12,325/t, the highest price since 24 October 2018. $1,890/t after two consecutive days of losses following the lifting
Russian diversified metals producer Norilsk Nickel increased of US sanctions on Russian aluminium producer on 27 January.
its 2018 nickel production by 1pc on the year to 218,770t and The three-month lead contract decreased by 0.3pc to
copper output increased by 18pc on the year to 473,654t. $2,082/t and three-month zinc fell by 0.4pc to $2,668/t.
Copper and aluminium prices also increased, partly reflecting The three-month tin contract was largely flat at $20,700/t,
optimism the US Federal Reserve would signal further patience in down $10/t from the previous day.
hiking rates after its policy meeting ended in the early afternoon. On-warrant tin stocks on the LME fell by 200t, or by 11pc, to
Following settlements on the LME and Comex, the Fed ended 1,600t. Cancelled warrants more than tripled on the day to 245t.
its meeting and reiterated it would be patient in hiking interest The standard aluminium alloy contract rose by 2pc to
rates and removed prior language from its statement referring to $1,510/t, while the North American aluminium alloy contract
“further gradual rate increases.” It kept its benchmark rate flat gained 1.4pc to $1,485/t.
Three-month cobalt was flat at $36,000/t.

BASE Metals: MARKET News AND ANALYSIS

Cu: Australia's Newcrest increases output all-in sustaining cost to $720/oz during October-December, with
Australia-based metals producer Newcrest Mining increased Cadia achieving a record low of $121/oz because of its high cop-
its copper output in the first half of its 2018-19 fiscal year per production.
ending 30 June, boosted by the Cadia mine in New South The average copper price received for the 2018-19 first half
Wales. was $2.79/lb compared with $3.01 a year earlier.
Copper output during July-December totalled 51,700t, up
by 33pc on the previous first half with 43,893t coming from the Cu: KGHM suspends operations at Polish mine
Cadia mine. Output during October-December totalled 26,847t, Polish state-owned metals producer KGHM has temporarily
8pc up on the previous quarter, with 22,938t coming from Cadia. shut down operations at part of its Rudna copper mine in the
Gold-focused Newcrest’s other copper output came from west of Poland following a rock mass movement incident.
the Telfer mine in Western Australia, which produced 8,543t in The mass movement occurred at the G-2 section of the
the half year and 4,009t during October-December. Rudna mine in Polkowice on 29 January at 12:53 GMT. All
Newcrest forecasts producing 100,000-110,000t of copper miners have been accounted for and there is currently no
from the Cadia and Telfer mines for 2018-19. reported loss of life.
Newcrest reported gold output of 1.2mn oz for the half year KGHM said operations are temporarily suspended at G-2
and 654,849oz for October-December at Cadia and Telfer and but work at the other sections are unaffected. The company
at Lihir in Papua New Guinea and Gasowong in Indonesia. did not provide a timeframe for the closure.
Higher copper credits enabled the company to reduce its The incident may have a temporary impact on production,
but in annual terms the assumed level of production is set to
remain unchanged, a company spokesperson said. Copper ore
For more news and analysis, please click here output at the Rudna mine was 195,300t in 2017, while KGHM
produced a total of 656,400t of payable copper that year.

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Argus Metals International Issue 19-21  |  Wednesday 30 January 2019

Ferro Alloys: news and analysis

FeMn: South African ore prices fall on demand FeV: Bushveld raises quarterly vanadium output
Large mining companies have continued to cut their export South African vanadium producer Bushveld Minerals' produc-
prices of South African manganese ore to China because of tion of nitrogen-vanadium alloy at its Vametco mine and
low consumer demand and high inventories at China’s main processing site increased in the fourth quarter of 2018, it
ports. said today.
African United Manganese of Kalahari (UMK) has reduced Output of nitrogen-vanadium alloy rose by 22pc year on
its export price for South African 37pc lumpy manganese year in the fourth quarter to reach 657t despite produc-
ore to $5.90/metric tonne unit (mtu) cif China for February, tion at the site halting in September because of unplanned
down from $6.20/mtu for January. industrial action by workers. This was up from 537t over the
A few alloy producers can purchase the material at preceding quarter when strike action occurred.
$5.70-5.80/mtu cif China as the company cuts its offer prices Annual output was hampered by the industrial action and
to long-term customers in an attempt to boost sales. maintenance stoppages in the second quarter. Total 2018
South African’s Tshipi Kalahari Manganese had priced its production volumes were down by 3pc from the previous
South African 36pc lumpy manganese ore at $5.75/mtu cif year to 2,560t, narrowly missing the annual guidance target
China for February shipment, down from $6.25/mtu in Janu- of 2,600-2,650t.
ary. The company estimated that total production could have
Slow buying interest before the lunar new year holiday in reached approximately 2,800t if the setbacks had not hap-
early February and surplus spot supply at China’s main ports pened. Guidance for 2019 will be provided before the end of
led to the lower prices. Alloy producers were not eager to the first quarter, the company said.
purchase material on expectation of a further decline in Bushveld does not produce or sell pentoxide and ferro-
prices. vanadium on the spot market but bases its sales prices for
Ore traders have maintained their offer prices for South nitrogen-vanadium alloy on an average of the preceding
African 37pc lumpy manganese ore at 47-50 yuan/mtu in re- month's spot ferro-vanadium prices.
sponse to low spot demand, but few orders were concluded Most consumers of nitrogen-vanadium alloy for use as a
as most consumers have left the market for the lunar new ferro-alloy in steel construction are based in North America.
year holiday. Future projects
In addition to the primary Vametco site, Bushveld is
Aryan Ispat seeks nod for ferro-alloy plant exploring two additional mine sites at Mokapane and Brits,
Indian producer Aryan Ispat and Power is seeking approval with initial drilling results for Brits complete. Further explor-
from the country's environment ministry to establish a ferro atory work at the site and at Vametco to expand the site will
alloy plant at its sponge iron plant in Sambalpur, Odisha be completed in the first quarter of this year.
state. Additional maintenance and legislative work at Vametco
The company plans to build a ferro-alloy plant to produce aimed at obtaining more extensive environmental approv-
33,500 t/yr of ferro-manganese, 23,200 t/yr of silico-manga- als prior to expansion will also be carried out in the first
nese, or 24,000 t/yr of ferro-chrome. The plant is part of its quarter, the company said. Bushveld is working to secure full
steel mill expansion plan. mining rights for Mokapane, with ore offtake partners being
Aryan Ispat aims to increase its sponge iron plant capac- sought in China and elsewhere.
ity to 260,000t/yr from 160,000t/yr and captive power plant The company, through its Bushveld Energy subsidiary,
capacity to 78MW from 18MW. It plans to establish a 300,000 plans in partnership with South African utility Eskom to
t/yr steel melt shop, and a 300,000t/yr steel rolling mill develop vanadium redox batteries.
along with the proposed ferro-alloy plant. While still a small part of global vanadium demand, vana-
It has prepared the detailed project report for the dium redox batteries are able to store far larger amounts of
proposed plant. Such a report is needed to receive project power than lithium-ion batteries and expectations are that
approval from the environment ministry for new or expan- they will become commonplace in the long term as a means
sion projects. for storing surplus power on the electricity grid.
The firm expects to complete the project in two years
from getting all necessary clearances.
For more news and analysis, please click here

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Argus Metals International Issue 19-21  |  Wednesday 30 January 2019

Twice-weekly bulk alloy and feedstock prices

29 Jan 24 Jan
Market Unit Low High ± 24 Jan Low High ± 22 Jan

Ferro-chrome

HC basis 60% Cr 6-8% C ddp NWE $/lb Cr 0.95 1.00 nc 0.95 1.00 nc

LC Cr min 65% 0.10% C ddp Europe works $/lb Cr 1.89 1.95 nc 1.89 1.95 -0.030

HC 50% Cr ex-works China Yn/t 6,550 6,750 nc 6,550 6,750 nc

HC min 60% Cr ex-works India Rs/t 68,000 70,000 nc 68,000 70,000 nc

Charge chrome 50-55% Cr 6-10% C cif China $/lb 0.77 0.78 nc 0.77 0.78 nc

HC Indian 60-62% Cr 6-10% C cif China $/lb 0.75 0.77 nc 0.75 0.77 nc

HC Kazakh 65-70% Cr 8-8% C cif China $/lb 0.81 0.82 nc 0.81 0.82 nc

Chrome ore

South African concentrate 42-44% Cr2O3 cif China $/t 165.00 170.00 nc 165.00 170.00 nc

South African concentrate 42-44% Cr2O3 fca China Yn/mtu 35.00 36.00 nc 35.00 36.00 nc

Turkish lump 40-42% cif China $/t 220.00 225.00 nc 220.00 225.00 nc

Turkish lump 40-42% fca China Yn/mtu 47.00 49.00 nc 47.00 49.00 nc

South African UG2 concentrate 40-42% Cr2O3 cif China main ports $/t 145.00 150.00 nc 145.00 150.00 nc

South African UG2 concentrate 40-42% Cr2O3 fca China ports Yn/mtu 31.00 34.00 nc 31.00 34.00 nc

Ferro-manganese

HC Mn 78% ddp Europe works €/t 1,040 1,100 nc 1,040 1,100 -20

MC 78% Mn 1.5-2% C 0.15-0.20 P ddp Europe works €/t 1,490 1,540 nc 1,490 1,540 -55

HC 65% Mn ex-works China Yn/t 6,400 6,600 nc 6,400 6,600 nc

HC 75% Mn ex-works China Yn/t 7,500 7,700 nc 7,500 7,700 nc

HC min 65-70% Mn ex-works India Rs/t 72,000 73,000 nc 72,000 73,000 nc

HC min 70-75% Mn ex-works India Rs/t 75,000 76,000 nc 75,000 76,000 nc

Manganese ore

44-46% lumpy ore fca China Yn/mtu 56.50 58.50 nc 56.50 58.50 nc

Silico-manganese

65% Mn ddp Europe works €/t 960 1,020 nc 960 1,020 nc

65% Mn 17% Si ex-works China Yn/t 7,500 7,700 nc 7,500 7,700 nc

60% Mn 14% Si ex-works India Rs/t 67,000 68,000 nc 67,000 68,000 nc

65% Mn 15% Si fob India East Coast $/t 1,025 1,030 nc 1,025 1,030 nc

60% Mn 14% Si fob India East Coast $/t 920 930 nc 920 930 nc

Ferro-silicon

75% Si ddp NWE €/t 1,180 1,230 nc 1,180 1,230 -20

72% Si fob China $/t 1,180 1,200 nc 1,180 1,200 nc

72% Si ex-works China Yn/t 5,600 5,800 nc 5,600 5,800 nc

75% Si fob China $/t 1,230 1,250 nc 1,230 1,250 nc

75% Si ex-works China Yn/t 5,900 6,100 nc 5,900 6,100 nc

Low aluminium 75% Si 0.1% Al fob China $/t 1,330 1,350 nc 1,330 1,350 nc

Low aluminium 75% Si 0.5% Al fob China $/t 1,280 1,300 nc 1,280 1,300 nc

75% Si ex-works India Rs/t 80,000 81,000 nc 80,000 81,000 nc

* Quarterly benchmark price

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Argus Metals International Issue 19-21  |  Wednesday 30 January 2019

Twice-weekly noble-alloy and feedstock prices

29 Jan 24 Jan
Unit Low High ± 24 Jan Low High ± 22 Jan

Ferro-molybdenum

60% Mo du Rotterdam $/kg Mo 26.90 27.00 +0.325 26.40 26.85 +0.750

65-70% Mo dp Rotterdam $/kg Mo 26.90 27.00 +0.325 26.40 26.85 +0.750

60% Mo fob China $/kg 26.30 27.00 nc 26.30 27.00 +1.500

60% Mo ex-works China Yn/t 107,000 110,000 nc 107,000 110,000 +6,000

60% Mo ex-works India Rs/kg 1,200 1,230 nc 1,200 1,230 nc

Ferro-niobium

Min 65% Nb du Rotterdam $/kg Nb 44.00 44.50 nc 44.00 44.50 nc

Ferro-tungsten

Min 75% W du Rotterdam $/kg W 30.50 31.50 nc 30.50 31.50 -0.500

Ferro-titanium

Russian min 70% Ti du Rotterdam $/kg Ti 3.85 4.00 -0.075 3.95 4.05 -0.050

Min 70% Ti dp/duty-free Rotterdam $/kg Ti 4.15 4.25 -0.050 4.20 4.30 -0.025

Titanium

Turnings 90/6/4 max 0.5% Sn ddp UK $/lb 0.93 0.98 -0.010 0.94 0.99 nc

Ferro-vanadium

78-82% V dp Rotterdam $/kg V 77.00 78.50 nc 77.00 78.50 +0.250

50% V ex-works China (30 Jan) Yn/t 240,000 250,000 +5,000 230,000 250,000 nc

80% V fob China (30 Jan) $/kg 75.00 77.00 nc 75.00 77.00 nc

60% V ex-works India Rs/kg 4,560 4,800 nc 4,560 4,800 nc

Twice-weekly nickel prices

29 Jan 24 Jan
Market Unit Low High ± 24 Jan Low High ± 22 Jan

Nickel

Ore min 1.8% Ni fca China Yn/wmt 385.00 405.00 +5.000 380.00 400.00 nc

Pig iron min 10% ex-works China Yn/mtu 950 970 +5 945 965 nc

Weekly price assessments

24 Jan 17 Jan
Market Unit Low High ± Low High ±

Ferro-chrome
Charge chrome fob US $/lb 0.95 1.03 nc 0.95 1.03 -0.100
HC min 60-65% Cr 6-8% C fob US warehouse $/lb 1.08 1.20 nc 1.08 1.20 -0.070
LC min 60-65% Cr 0.05% C max 1.5% Si fob US warehouse $/lb 2.14 2.20 -0.010 2.15 2.21 -0.020
LC min 60-65% Cr 0.10% C max 1.5% Si fob US warehouse $/lb 1.90 2.00 nc 1.90 2.00 +0.040
LC 60% Cr 0.15% C fob US warehouse $/lb 1.84 1.88 nc 1.84 1.88 +0.020
Ferro-manganese
HC 75% fob China $/t 1,370 1,400 nc 1,370 1,400 -20
HC min 80% Mn 6-8% C fob North America warehouse $/long ton 1,265 1,325 nc 1,265 1,325 nc
MC 80% Mn 1-2% C fob North America warehouse $/lb 1.09 1.11 nc 1.09 1.11 nc
Manganese ore
Ore 36-38% Mn cif China $/dmtu 5.75 5.90 -0.100 5.85 6.00 -0.300
Ore 48-50% Mn cif China $/dmtu 6.75 6.90 -0.100 6.85 7.00 -0.200
Ore 44-46% Mn cif China $/dmtu 6.80 6.95 -0.100 6.90 7.05 -0.200

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Argus Metals International Issue 19-21  |  Wednesday 30 January 2019

Weekly price assessments

24 Jan 17 Jan
Market Unit Low High ± Low High ±

Silico-manganese
65% Mn 17% Si fob China $/t 1,360 1,390 nc 1,360 1,390 -15
Min 65% Mn 16% Si fob North America warehouse $/lb 0.59 0.62 +0.010 0.58 0.61 nc
Ferro-silicon
Min 75% Si max 0.1% C fob US warehouse $/lb 0.88 0.94 -0.005 0.90 0.93 nc
Calcium-silicon
Min 28% Ca 55-60% Si fob China $/t 1,700 1,750 nc 1,700 1,750 30
Min 28% Ca 55-60% Si ex-works China Yn/t 11,300 11,800 nc 11,300 11,800 nc
Min 30% Ca 55-60% Si fob China $/t 1,730 1,780 nc 1,730 1,780 30
Min 30% Ca 55-60% Si ex-works China Yn/t 11,500 12,000 nc 11,500 12,000 nc
Ferro-boron
17% B fob warehouse US $/lb 1.68 1.76 +0.010 1.67 1.75 +0.020
Ferro-molybdenum
Min 65% Mo max 1.5% Si fob North America warehouse $/lb 12.00 12.30 +0.100 11.90 12.20 -0.850
Ferro-niobium
Min 66% Nb Brazilian Imports fca China port $/lb 220,000 250,000 nc 220,000 250,000 nc
Ferro-tungsten
75% W ex-works China $/lb 158000 161000 nc 158000 161000 nc
min 75% W fob China $/lb 31.30 32.30 nc 31.30 32.30 nc
75% W fob North America warehouse $/lb 15.95 16.45 nc 15.95 16.45 -0.050
Ferro-titanium
30% Ti ex-works China $/lb 9,800 10,500 nc 9,800 10,500 nc
70% Ti rutile ex-works China $/lb 34,000 35,000 nc 34,000 35,000 nc
70% Ti fob North America warehouse $/lb 2.22 2.30 +0.020 2.18 2.30 nc
Titanium
Scrap min 85% Ti tin-bearing mixed turnings del US dealer/processor $/lb 0.45 0.50 -0.030 0.48 0.53 +0.010
Scrap min 85% Ti non-tin-bearing mixed turnings del US dealer/processor $/lb 0.45 0.50 -0.030 0.48 0.53 +0.010
Ferro-vanadium
78-82% V max 1.5% Si fob North America warehouse $/lb 39.00 42.00 +0.025 38.00 42.95 +0.275
Nickel
Ore min 1.8% Ni fca China Yn/wmt 385.00 405.00 nc 385.00 405.00 +5.000
Stainless steel
304 (18-8) scrap solids cif Rotterdam $/lb 0.47 0.49 +0.028 0.44 0.47 +0.003
304 (18-8) scrap solids cif Japan $/lb 0.50 0.52 +0.005 0.50 0.51 +0.010
304 (18-8) scrap solids cif South Korea $/lb 0.50 0.52 +0.005 0.50 0.51 +0.010
304 (18-8) scrap solids cif Taiwan $/lb 0.50 0.52 +0.005 0.50 0.51 +0.010
409/410 scrap solids del US processor $/lb 269.00 314.00 nc 269.00 314.00 nc
430 scrap solids del US processor $/long ton 314.00 358.00 nc 314.00 358.00 nc

Monthly price assessments

Latest Previous
Market Unit Low High ± Low High ±

Ferro-niobium
65% Nb fob US warehouse $/lb 17.65 18.35 -0.150 17.80 18.50 nc
Cobalt-Nickel
Nickel-Cobalt refinery scrap nickel contained del US processor $/lb 1.70 1.95 -0.040 1.75 1.98 -0.135

Copyright © 2019 Argus Media group Page 15 of 20

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Argus Metals International Issue 19-21 | Wednesday 30 January 2019

Rare earths: news and analysis

China’s Southern RE rolls over listed prices

Chinese state-owned medium and heavy rare earths produc- Lanthanum and cerium ex-works China Yn/t
er Southern Rare Earth has kept its weekly prices unchanged
amid low trading activity before the lunar new year holiday 99.5-99.9pc lanthanum oxide
during 4-10 February. 99.5-99.9pc cerium oxide
13,600
Southern Rare Earth maintained its listed price for 99.5pc
dysprosium oxide at 1,250 yuan/kg ($186/kg) ex-works. Argus 13,400
assessed prices for 99.5pc dysprosium oxide flat at Yn1,200-
1,225/kg yesterday, with few orders as most market partici- 13,200 hh
pants have withdrawn from the market for the holiday.
13,000
The listed price for 99.99pc terbium oxide remained at
Yn2,960/kg ex-works from a week earlier. Argus assessed 12,800
prices for 99.99pc terbium oxide stayed unchanged at
Yn2,900-2,930/kg ex-works yesterday. 12,600
30 Jul 13 Sep 29 Oct 12 Dec 30 Jan
The company held its listed price for 99.5pc gadolinium
oxide flat at Yn133,000/t ex-works, with the listed price for
99.5pc erbium oxide unchanged at Yn155,000/t. hicles (EVs) in the next few years. It is currently working on
The listed price for 99.5pc samarium oxide was stable at a credit-score programme for 2021-2023.
Yn12,000/t ex-works, with the price for 99.99pc europium Beijing in 2017 introduced a credit-score programme to
unchanged at Yn280/kg ex-works. The price for 99.999pc yt- incentivise manufacturers to focus on EVs. Domestic car-
trium oxide was unchanged at Yn20,000/t ex-works. makers are obliged to obtain an NEV credit of 10pc in 2019,
Prices for medium and heavy rare earths have stabilised rising to 12pc in 2020.
after higher prices particularly for dysprosium and terbium The government is also considering regulations that will
in the past few weeks, resulting from a fall in ore imports curb production of gasoline- and diesel-fuelled vehicles and
from Myanmar (Burma) since November. boost output of NEVs in the next few years.
China produced 1.27mn NEVs in 2018, up by 59.9pc from
China raises EV output target for 2019 a year earlier. The country sold 1,256,000 units last year, up
China is forecast to produce and sell 1.5mn new energy by 61.7pc from a year earlier, according to data from China’s
vehicles (NEVs) in 2019, according to the country’s ministry automotive manufacturers association CAAM.
of industry and information technology (MIIT). The Chinese government has tightened its control on NEV
MIIT will introduce more incentive policies to develop subsidies, which are scheduled to be completely removed
charging, parking and traffic infrastructure for electric ve- by the end of 2020. The government is likely to cancel the
subsidies this year for lithium-ion batteries with an energy
Terbium metal min 99% fob China $/kg density of below 140Wh/kg.
600 Beijing is likely to remove subsidies for electric passen-
ger cars that have a driving range of less than 200km this
year, as well as reduce subsidies for EVs with a driving range
590
of higher than 200km.
Growth in all-electric car production has slowed since
580
the policy changes last year, with many manufacturers
hh raising their production of plug-in hybrids that have longer
570
ranges to obtain more subsidies.

560

550 For more news and analysis, please click here

30 Jul 13 Sep 29 Oct 12 Dec 30 Jan

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Argus Metals International Issue 19-21 | Wednesday 30 January 2019

Current week prices in full

China export and delivered Europe prices
Element units Date Low High ± Date ±

Cerium
carbonate min 45% REO fob China $/kg 29 Jan 0.80 0.93 ± 22 Jan nc
metal min 99.9% C 0.03% max. Fe 0.2% max fob China $/kg 29 Jan 7.40 7.70 ± 24 Jan nc
metal min 99% fob China $/kg 29 Jan 6.10 6.30 ± 24 Jan nc
oxide 99.5-99.9% fob China $/t 29 Jan 1,950 2,050 ± 24 Jan nc
oxide 99.5-99.9% cif Europe $/kg 29 Jan 2.00 2.10 ± 22 Jan nc

Dysprosium
metal min 99% fob China $/kg 29 Jan 238.00 248.00 ± 24 Jan nc
oxide min 99.5% fob China $/kg 30 Jan 178.00 183.00 ± 29 Jan nc
oxide min 99.5% cif Europe $/kg 29 Jan 180.00 188.00 ± 22 Jan nc

Europium
metal min 99.9% fob China $/kg 29 Jan 278.00 290.00 ± 24 Jan nc
oxide min 99.99% fob China $/kg 29 Jan 36.00 41.00 ± 24 Jan nc

Erbium
oxide min 99.5% cif Europe $/kg 29 Jan 22.00 23.00 ± 22 Jan nc

Ferro-dysprosium
min 80% Dy fob China $/kg 30 Jan 180.00 186.00 ± 29 Jan nc

Gadolinium
metal min 99% fob China $/kg 29 Jan 40.00 47.00 ± 22 Jan nc
oxide min 99.999% fob China $/t 29 Jan 45,300 46,500 ± 22 Jan nc

Lanthanum
metal min 99.9% C 0.03% max. Fe 0.2% max fob China $/kg 29 Jan 7.10 7.40 ± 24 Jan nc
metal min 99% fob China $/kg 29 Jan 6.00 6.20 ± 24 Jan nc
oxide 99.5-99.9% fob China $/t 29 Jan 1,960 2,060 ± 24 Jan nc
oxide min 99.999% fob China $/kg 29 Jan 3.55 3.80 ± 24 Jan nc

Mischmetal
35% La 65% Ce fob China $/kg 29 Jan 5.70 6.20 ± 24 Jan nc
low Zn and Mg fob China $/kg 29 Jan 21.50 23.00 ± 22 Jan nc

Neodymium
metal min 99% fob China $/kg 30 Jan 59.00 60.00 ± 29 Jan nc
oxide 99.5-99.9% fob China $/t 30 Jan 46,000 47,000 ± 29 Jan nc
metal 99% cif Europe $/kg 29 Jan 60.00 61.00 ± 22 Jan nc
oxide 99.5-99.9% cif Europe $/kg 29 Jan 47.00 48.00 ± 22 Jan nc

Praseodymium
metal min 99% fob China $/kg 30 Jan 98.00 102.00 ± 29 Jan nc
oxide 99.5-99.9% fob China $/t 30 Jan 58,200 59,200 ± 29 Jan nc

Praseodymium-Neodymium
metal min 99% fob China $/kg 30 Jan 59.20 60.20 ± 29 Jan nc
oxide min 99% fob China $/t 30 Jan 46,200 47,200 ± 29 Jan nc

Samarium
metal min 99% fob China $/kg 29 Jan 14.50 15.50 ± 24 Jan nc
oxide min 99.5% fob China $/kg 29 Jan 1.90 2.08 ± 24 Jan nc

Terbium
metal min 99.9% fob China $/kg 30 Jan 563.00 573.00 ± 29 Jan nc
oxide min 99.99% fob China $/kg 30 Jan 431.00 439.00 ± 29 Jan nc
oxide min 99.99% cif Europe $/kg 29 Jan 430.00 440.00 ± 22 Jan nc

Yttrium
metal min 99.9% fob China $/kg 29 Jan 33.50 36.50 ± 22 Jan nc
oxide min 99.999% fob China $/t 29 Jan 2,700 2,900 ± 24 Jan nc
oxide 99.999% cif Europe $/kg 29 Jan 2.90 3.00 ± 22 Jan nc

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Argus Metals International Issue 19-21 | Wednesday 30 January 2019

China domestic ex-works prices

Element units Date Low High ± Date ±

Cerium
carbonate min 45% REO Yn/t 29 Jan 4,800 5,500 ± 22 Jan nc
metal min 99.9% C 0.03% max. Fe 0.2% max Yn/t 29 Jan 45,000 48,000 ± 24 Jan nc
metal min 99% Yn/t 29 Jan 36,500 38,500 ± 24 Jan nc
oxide 99.5-99.9% Yn/t 29 Jan 12,700 13,400 ± 24 Jan nc

Dysprosium
metal min 99% Yn/kg 29 Jan 1,620 1,700 ± 24 Jan nc
oxide min 99.5% Yn/kg 30 Jan 1,200 1,225 ± 29 Jan nc

Erbium
oxide min 99.5% Yn/t 29 Jan 147,000 152,000 ± 24 Jan nc

Europium
oxide min 99.99% Yn/kg 29 Jan 240 280 ± 24 Jan nc

Ferro-dysprosium
min 80% Dy Yn/kg 30 Jan 1,190 1,230 ± 29 Jan nc

Ferro-gadolinium
min 75% Gd ex-works China Yn/t 30 Jan 140,000 145,000 ± 29 Jan nc

Gadolinium
metal min 99% Yn/t 29 Jan 263,000 313,000 ± 22 Jan nc
oxide 99.5-99.9% Yn/t 30 Jan 130,000 134,000 ± 29 Jan nc

Lanthanum
metal min 99.9% C 0.03% max. Fe 0.2% max Yn/t 29 Jan 43,000 46,000 ± 24 Jan nc
metal min 99% Yn/t 29 Jan 36,000 38,000 ± 24 Jan nc
oxide min 99.999% Yn/t 29 Jan 23,500 25,000 ± 24 Jan nc
oxide 99.5-99.9% Yn/t 29 Jan 12,500 13,100 ± 24 Jan nc
Ce chloride min 45% REO Yn/t 29 Jan 4,400 4,900 ± 22 Jan nc

Mischmetal
35% La 65% Ce Yn/t 29 Jan 37,500 40,500 ± 24 Jan nc
low Zn and Mg Yn/t 29 Jan 140,000 150,000 ± 22 Jan nc

Neodymium
metal min 99% Yn/t 30 Jan 396,000 401,000 ± 29 Jan nc
oxide 99.5-99.9% Yn/t 30 Jan 309,000 314,000 ± 29 Jan nc

Praseodymium
metal min 99% Yn/t 30 Jan 655,000 670,000 ± 29 Jan nc
oxide 99.5-99.9% Yn/t 30 Jan 392,000 397,000 ± 29 Jan nc

Praseodymium-Neodymium
metal min 99% Yn/t 30 Jan 398,000 403,000 ± 29 Jan nc
oxide min 99% Yn/t 30 Jan 310,000 315,000 ± 29 Jan nc

Samarium
metal min 99% Yn/t 29 Jan 96,000 101,000 ± 24 Jan nc
oxide min 99.5% Yn/t 29 Jan 12,500 14,000 ± 24 Jan nc

Terbium
metal min 99.9% Yn/kg 30 Jan 3,800 3,850 ± 29 Jan nc
oxide min 99.99% Yn/kg 30 Jan 2,900 2,930 ± 29 Jan nc

Yttrium
metal min 99.9% Yn/kg 29 Jan 218 233 ± 22 Jan nc
oxide min 99.999% Yn/t 29 Jan 17,000 18,500 ± 24 Jan nc

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