metals daily - eccomelt.com · 15/06/2021 · metals daily june 15, 2021

Volume 10 / Issue 115 / June 15, 2021

METALS DAILY

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InsIde the IssueAluminum 2Copper 5Ferroalloys & Steel 7Precious Metals 7Lead & Zinc 8Commodities 8Subscriber notes 13Assessment rationales 13

AssessmentsPrimary Aluminum 18Secondary Aluminum 19Light Metals 19Battery Metals 20Copper 20Bulk Ferroalloys 21Noble Alloys 21Other Steel Inputs 22Other Base Metals 22Minor Metals 22Precious Metals assessments 22Exchange-Traded Data and Third Party Data 23

PlAtts Key metAls BenchmArKs symbol change date assessed

daily pricesAlumina PAX FOB Australia ($/mt) MMWAU00 284.000 0.000 15-JunAluminum MW US Transaction premium (¢/lb) MMAKE00 27.400 0.000 15-JunAluminum CIF Japan premium ($/mt) MMANA00 162.000-172.000 -3.000/-3.000 15-JunAluminum CIF Japan premium Q3 ($/mt) AAFGA00 185.000-185.000 0.000/0.000 15-JunAluminum GW premium paid IW Rotterdam ($/mt) AALVE00 240.000-250.000 0.000/0.000 15-JunMolybdenum oxide, daily dealer ($/lb) MMAYQ00 19.400-20.650 0.600/0.250 15-JunFerromolybdenum, 65% European ($/kg) MMAFO00 49.000-50.000 0.000/0.000 15-JunClean Copper Concentrates TC ($/mt) PCCCB00 37.700 0.000 15-JunClean Copper Concentrates RC (cents/lb) PCCCC00 3.770 0.000 15-Jun

twice weekly pricesMW US A380 Alloy (¢/lb) MMAAD00 117.000-118.000 0.000/0.000 14-Jun

Weekly pricesAluminum CIF Brazil premium ($/mt) MMABP04 290.000 5.000 11-JunAluminum ADC12 FOB China ($/mt) AAVSJ00 2500.000-2550.000 0.000/0.000 15-JunAluminum Alloy 226 del. European works (Eur/mt) AALVT00 1940.000-1990.000 0.000/0.000 11-JunManganese Ore, 44% Mn, CIF Tianjin ($/dmtu) AAWER00 5.000 0.000 11-JunManganese Ore, 37% Mn, CIF Tianjin ($/dmtu) AAXRX00 4.700 0.000 11-JunMoly oxide, Daily Dealer Wk Avg. ($/lb) MMAGQ00 16.640-17.780 2.640/2.955 11-JunSilicon, 553 Grade delivered US Midwest (¢/lb) MMAJM00 156.000-160.000 3.000/2.000 09-JunFerrochrome, US 65% High-Carbon IW US (¢/lb) MMAFA00 126.000-127.000 0.000/0.000 09-JunSilicomanganese, 65:16 DDP NW Europe (Eur/mt) MMAGR00 1410.000-1480.000 10.000/30.000 09-JunFerrosilicon, FOB China ($/mt) MMAJP00 1800.000-1900.000 100.000/150.000 09-JunFerrotitanium MW US, 70% ($/lb) MMAFT00 4.000-4.300 0.000/0.000 10-JunCopper NY Dealer cathodes premium (¢/lb) MMACP00 8.250-8.750 0.000/0.000 10-JunCopper MW No.1 Bare Bright Disc (¢/lb) MMACL10 18.000 -2.000 09-Jun

�� move may accelerate country’s renewable energy industries�� energy shortfall presents risk to economy: president

The South African mining sector may finally be set to produce its own clean and renewable energy after the country’s president amended an electricity regulation act exempting embedded generation facilities of up to 100 MW from licensing requirements.

South African vanadium producer Bushveld Minerals, which is investigating setting up a hybrid mini-grid project at its Vametco mine using solar power coupled with vanadium redox flow battery storage, told S&P Global Platts June 14 that while it welcomes the news, it is “reviewing the implications and timing of this change, as, unfortunately, there tend to be gaps between what is stated publicly [and] how it gets implemented from a regulatory perspective.”

Bushveld Minerals head of investor relations Chika Edeh said this move would, however, make it easier to secure clean energy quicker and cheaper, while also de-risking economic activity in the country — previously constrained by energy uncertainty.

The company said the amendment will also accelerate the country’s renewable energy and energy storage industries, which were already growing as a result of programs initiated by state power utility

s African mining sector eyes energy autonomy after power regulation act amended

(continued on page 8)

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June 15, 2021Metals Daily

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AlumInum

Asian Adc12 aluminum remains rangebound amid muted market activity

The weekly Chinese ADC12 domestic prices were assessed at Yuan 18,400-18,500/mt ex-works China on June 15, up from Yuan 18,200-18,600/mt on June 8. Meanwhile, export prices were assessed at $2,500-$2,550/mt FOB China on June 15, flat compared with June 8.

Domestic ADC12 aluminum price fundamentals were heard largely stable amid continued tightness in scrap material and shipping conditions alongside a continued closure of the Chinese import arbitrage window in the primary aluminum market.

While demand was still present in the market, market activity was more muted as many customers and traders continued to monitor prices on the sidelines; with downstream consumers preferring to buy small volumes of material at a time in hedging against any potential sudden price movements caused by emerging news of supply developments.

Tight shipping conditions and high freight rates continue to prevail in the market, contributing to further firmness in prices. Intra-asia freight rates were heard at high levels as recent congestion at China’s Yantian port contributed to the reduction of equipment availability, with some hearing freight rates of around $2,000/TEU for routes from China to Japan.

Industry participants continue to monitor the market for more news on OEM production and demand response to the ongoing semiconductor shortage for future price directions in the short term.

Market sources also noted that the stricter restrictions and regulatory standards imposed on imports of recycled cast aluminum alloy raw materials into China continue to provide some support to prices in the domestic market.

China’s steadily tightening import standards over the years have seen most zorba materials requiring a secondary cleaning stage in Hong Kong before entering into the country; in recent times, even cleaned up containers of zorba have been turned away by Chinese customs authorities.

Indicative offers heard for the week to June 15 for Chinese-origin material on a CFR Japan basis were at $2,580/mt for July shipment, while European-origin material was heard at $2,400/mt for August shipment. Taiwanese-origin offers were heard maintaining a strong level week on week at $2,620/mt for June-July shipments.

Outside of China, the recent nationwide lockdown in Malaysia which previously fell between June 1-14 was newly extended by two weeks until June 28 due to high levels of daily infections, causing some to note potential impacts on supply and demand fundamentals. Indicative offers for Malaysian-origin material were heard at $2,520/mt for August-September shipments and levels of $2,470/mt for September-October shipments.

Looking ahead, market participants observed that domestic ADC12



aluminum prices were likely to remain range-bound in the short term on the back of steady market fundamentals in the near term.

“In the short term, prices are likely to remain stable; even if they are exposed to small fluctuations in levels, the current lack of clarity on demand, and absence of significant changes in domestic Chinese supply conditions will likely contribute to prices remaining range bound in the short run,” said a Chinese producer.

In the derivatives market, the London Metal Exchange three-months aluminum futures contract closed at $2,478/mt on June 14.

— Jia Hui Tan

us primary aluminum market sees stable bids/offers, fundamentalsThe Platts spot US aluminum Transaction premium remained at 27.40 cents/lb plus London Metal Exchange cash, delivered Midwest, June 15, unchanged from the previous assessment as bid and offer levels, as well as market fundamentals, remained stable.

Market sources noted quiet market conditions as the typical summer slowdown was starting to be felt, but said fundamentals were still strong. Rising freight rates as well as continued healthy demand has caused premiums to remain elevated. In addition, sources said the market is still in need of imports, and the level to attract those imports has still not been met.

Another reason for the slowdown, some say, is because market players are eyeing the forward curve and holding back on their metal orders with continued uncertainty in the market.

The most competitive firm open bid level, from a trader, was 27 cents/lb, delivered Midwest, net-cash terms, for up to 350 mt, which equates to 27.30 cents/lb, net-30 terms. The most competitive firm open offer, from another trader, was at 28.25 cents/lb for up to 400 mt, delivered June Midwest, net-30 terms.

The second trader said his offer for July delivery was slightly steeper, moving to 28.50 cents/lb minimum for that time frame. In addition, he reported an all-in fixed price deal using a premium of 28.25 cents/lb for June Midwest delivery.

Indicative values from market participants were 27.40-28.50 cents/lb on June 15. Multiple consumers said they had no current spot needs so far this week.

One trader maintained his offer level at 28.50 cents/lb while another said he would still offer FCA Detroit and FCA Toledo at 21.40 cents/lb and 22 cents/lb, respectively.

“I’m still a happy seller if people want to buy,” he said. “I’d work with people on the back[wardation]…and I would give a discount if someone wanted to take more than 5,000 mt.”

The trader said he thought people did not want to go long or carry large inventories because of the downside risk. “The higher we go, the less upside there is.” But he added in the near term he saw premiums at plus or minus a cent from their current level. “I don’t see it moving much more than that. I don’t see it tanking but what would the catalyst be to push it much higher?”

A fourth trader said he thought people’s metal needs were met right now. “There is no reason to panic but there is reason to be looking,” he added, saying, “We are still super short and we still need material from offshore.”

The trader, who saw the indicative value at 28 cents/lb, said the name of the game was “getting the units you want when you want them. There is no contango in the forward curve so you can’t buy [metal] and sit on it. We are stuck.”

— Sarah Baltic

Australian alumina stable at $284/mt FOB

�� market up $2/mt over last week and $8/mt in last month�� Aluminum prices and smelting margins underping market

The Platts Australian alumina daily assessment was stable at $284/mt FOB on June 15 amid thin trade.

In the last couple of days, a number of consumer, producer and trader sources indicated tradable value at $284/mt FOB Australia for alumina cargoes aligning to Platts methodology.

There were no reported trades, bids, or offers.Although the alumina price has climbed $2/mt over the last week

and $8/mt in the last month, sources said it seemed undervalued relative to LME aluminum. The alumina spot price is less than 12% of three-months LME aluminum, compared with term contracts at 15% to 16% of the LME.

While the alumina spot price was supported by high aluminum prices and margins, it has remained low as a percentage of LME aluminum due to excess supply.

— Joanna Lim

us A380 price holds at $1.17-$1.18/lb on steady market values�� Automotive chip shortage getting resolved�� summer shutdown schedule mixed

The Platts US aluminum A380 price held steady at $1.17-$1.18/lb on June 14, unchanged from the previous assessment on steady market values.

Producers reported sales and quotes of A380 in a tight range of $1.18-$1.19/lb, and they said the summer months looked healthy for volumes as there was expected to be limited maintenance outages around the July 4 holiday because of an expected resolution to the automotive chip shortage.

One producer, who quoted $1.18/lb on A380, said he expected a 10%-20% upside in volumes going forward. He said some smelters are due for preventative maintenance that they postponed in 2020. “We expect a few suppliers out of the market,” he said, “so the customers will need some support for those volumes.” As for summer shutdowns, he said he saw a mixed bag, with some not taking any time off, and others taking a short break.

A second producer, who quoted $1.18-$1.19/lb on A380, said, “All of our costs are up across the board. I’m seeing auto demand moving up big in August based on the projections we are getting. I am hearing several secondary smelters are sold out and trying to find ways to cover their orders. It’s a crazy market.”

A diecaster said he saw the indicative value at $1.17-$1.18/lb and pointed to labor being his biggest challenge right now. “The reason I’ve had to work on the floor, and management has had to as well, is

mailto:[email protected]





because we can’t get enough workers. I’ve got more metal than I need right now, because we’re not able to produce effectively with such severe labor issues. We’re really at reduced capacity.”

He said he was not expected to be in the market over the next few weeks, “not with the way we’re producing.”

Meanwhile, a scrap dealer said he has seen a slowdown in demand from secondary producers. “The alloyers aren’t taking scrap right now because their orders are being cancelled. It’s all flowing from the chip shortage.”

Most of the Platts scrap prices firmed at the beginning of the week, to 71-73 cents/lb for old cast and to 90-92 cents/lb for mill-grade MLCCs, both up 2 cents from June 10. Old sheet rose 1 cent to 71-73 cents/lb, while high-grade turnings fell a cent to 69-71 cents/lb. High-grade auto shreds prices were steady at 76-78 cents/lb.

— Tina Allagh

eccomelt aluminum foundry alloy gains low-carbon certification�� climatePartner certified�� cO2 emissions below low-carbon or secondary A356.2

Canada-based aluminum alloy producer Eccomelt said June 15 that an independent study from ClimatePartner GmbH has certified its ec-comelt356.2 brand meets a Scope 1-3 carbon footprint well below both low-carbon primary A356.2 and traditionally produced secondary 356.2.

Demand for low-carbon aluminum foundry alloys has been growing strongly and rapidly in Europe, where automotive companies have set ambitious targets for reducing carbon footprints in line with regulations driving change.

Eccomelt produces specification alloy A356.2 from recycled aluminum wheels through a patented, non-thermal process at two plants in Toronto, Canada, and Manchester, Georgia. The process is described as lower cost than traditional methods, creating a “clean charge” by eliminating one carbon-intensive melting step.

ClimatePartner, a multi-national team of climate experts from 20 countries, adheres to a measurement process based on the widely used “Greenhouse Gas Protocol Corporate Accounting and Reporting Standard” (GHG Protocol Corporate Standard). Its study covered both the corporate and product carbon footprint of the eccomelt356.2, based on data from 2019. The standard covers Scope 1 and 2, direct and indirect emissions for both facilities, and the all-inclusive Scope 3 standard that covers all indirect emissions from the entire value chain, including raw materials.

“The results provided by ClimatePartner speak for themselves: Scope 1-3, without packaging, comes in at 0.112 kg C02e/kg Al, and with packaging 0.136 kg C02e/kg Al,” Eccomelt said.

“In comparison, average primary A356.2 is around 17 kg C02e/kg Al, while ‘low-carbon primary’ A356.2 might get to just below 4 kg C02e/kg Al,” the company said.

“RSI made from 100% recycled metal would be between 0.5 and 0.8 kg C02e/kg Al, but most of it is made with a certain primary addition that increases the carbon footprint to anywhere between 1 and 2.5 kg C02e/kg Al,” Eccomelt added.

Primary aluminum smelters produce A356.2 in a wide range of

carbon footprints, with the lowest claiming to be able to achieve 4-8 mt of CO2e per mt of aluminum for Scopes 1-3.

ClimatePartner conducted a full data validation and applied emission factors from scientific life cycle assessment databases, such as Ecoinvent and GEMIS, as well as its own database, to the Eccomelt study.

“Since eccomelt356.2 is often shipped loose, without packaging, customers can choose which option best fits the needs of their company,” Eccomelt said.

Eccomelt has said that its process “also provides an extremely clean metal, with minimal dross, and allows for high density to maximize furnace and transportation efficiency.” Its A356.2 requires less than 5% of the energy needed for the production of primary ingots, and is 100% post consumer recycled content.

Eccomelt356.2 is a direct substitute for primary A356.2 aluminum, used by OEMs, Tier 1s, foundries, and diecasters to make high-quality parts, primarily for the automotive industry. Eccomelt ships products to automotive OEMs and foundries within North America including the United States, Canada, and Mexico, and worldwide, such as France, Ireland, Italy, Serbia, Spain, Hungary and the Czech Republic. Sales have totaled more than 1 billion lb since the first plant began operation in 2006.

“The Climate Partner study proves that with our product, foundries and diecasters can easily reach their carbon footprint targets, while at the same time produce high quality castings at a competitive cost and with regional North American content,” said Eccomelt CEO Dan Bitton. “By using eccomelt356.2, the automotive industry simply cannot go wrong. We now have the scientific backing to prove it.”

S&P Global Platts added two low-carbon P1020 assessments — the Low-Carbon Aluminum Price and Zero-Carbon Aluminum Price — to its European aluminum coverage effective April 6.

LCAP includes metal originating from a primary smelter with Scope 1 and 2 emissions below 4mtCO2/mtAl. ZCAP leverages Platts’ existing carbon credit offering by using the daily assessed CORSIA (carbon offsetting and reduction) price to illustrate the cost of fully carbon offset aluminum. LCAP and ZCAP are assessed daily for duty-paid and duty-unpaid aluminum.

— Karen McBeth

BAttery metAls

seaborne lithium carbonate drops for first time in eight months

Lithium carbonate prices fell slightly June 15 in the international market on easing offer levels, marking the first decrease since Oct. 23, 2020, when prices fell to $6,300/mt.

S&P Global Platts assessed lithium carbonate CIF North Asia at $13,000/mt on June 15, down from $13,20 on June 14, while lithium hydroxide was assessed unchanged at $14,700/mt, also CIF North Asia.

Despite easing, the price was still more than double the floor level of $6,300/mt for carbonate eight months ago.

The prices reflect the spot value of battery-grade material on a CIF North Asia basis, referring to deliveries to the main ports of China, Japan and South Korea. Lithium carbonate, however, is normalized to





deliveries at the Shanghai port.The increased supply of sub-battery grade carbonate from Chinese

brines has been weighing on domestic prices, and this could have had ripple effects on the seaborne market, according to participants. A few buyers were still receiving offers as high as $14,000/mt for technical—grade carbonate, especially outside of China.

“There isn’t much selling pressure for lithium carbonate,” said a seller source. “The outlook is stable until late third quarter, when demand starts again. There will be some price changes/volatility due to traders taking positions and clearing old stock, but not much changes on fundamentals,” added the source, stressing that liquidity was seasonally slower in June as it was typically a maintenance period.

A seller source, who pegged the tradable value for lithium carbonate at $13,000/mt, said he was offering hydroxide at $15,000/mt, and expected to close deals slightly lower than that. He calculated the $15,000/mt as equivalent to about Yuan 85,000-86,000/mt, which is below the Chinese domestic price for hydroxide.

Therefore, “the export window is not open, it’s not attractive,” he said, adding a $16,000/mt CIF North Asia price would be necessary to make exports attractive.

Another seller source said he could already price hydroxide at $16,000/mt and above for term contracts running to the end of the year. Spot trades, however, were still hovering $15,000/mt, he said.

The Platts $13,000/mt assessment for battery-grade lithium carbonate CIF North Asia was equivalent to Yuan 94,329/mt, including 13% value added tax, based on Platts import-parity calculation. The DDP China lithium carbonate price was assessed at Yuan 87,000/mt on June 15, meaning Chinese domestic prices are currently below the import parity. The dollar was assessed at Yuan 6.407 at 4:30 pm Singapore time.

— Henrique Ribeiro

cobalt Blue raises A$15 million to develop Broken hill cobalt project�� Funds to allow transition to a larger scale demonstration plant�� entire pilot plant sample program to be completed soon

Australia’s Cobalt Blue Holdings has received firm commitments to raise A$15 million ($11.5 million) through a share placement to fund the continued development of its Broken Hill cobalt project in western New South Wales, Australia.

Cobalt Blue said June 15 that “institutional, sophisticated and professional investors” had committed to buying 50 million new fully-paid ordinary shares at A$0.30/share and 25 million free-attaching options exercisable at A$0.45 each on or before August 15, 2022, on the basis of one option for every two shares issued.

In addition to the A$15 million to be raised through the shares issued, the company said it would raise a further A$11.25 million if all the options were ultimately exercised.

Cobalt Blue said the funds raised in the placement would allow the company to transition to a larger scale demonstration plant and advance the project’s feasibility studies. They will also be used to fund geological and site activities, approvals and permits, additional tenement acquisition, partner and financing investigations and working capital.

Broken Hill has a mineral resource estimate of 123 million mt at 782 ppm cobalt equivalent for 81,400 mt contained cobalt at June 30, 2020 and an ore reserve estimate of 71.8 million mt at 710 ppm cobalt for 51,000 mt contained cobalt, according to Cobalt Blue’s website.

Cobalt is in demand as it is one of the main metals used in the cathode of lithium ion batteries, contributing to stability and energy density.

The company expects to complete Broken Hill’s entire pilot plant sample program over the next few weeks and will provide a program summary thereafter, as well as the overall specifications of the Broken Hill global sample partner program.

Cobalt Blue CEO Joe Kaderavek said the “strongly supported” capital raising would allow the company to welcome a number of “highly regarded” domestic and international institutional investors on to the Cobalt Blue register.

— Jacqueline Holman

cOPPer

shFe copper prices slump to near two-month low as demand falls�� Prices to remain rangebound in near term�� smelters eye exporters in face of narrowing spread

The Shanghai Future Exchange’s most-active copper cathode contract dropped June 15 after trade resumed following the Dragon Boat Festi-val holiday in China, with prices hitting their lowest level since April 23.

The decline comes at a time when demand from downstream users is declining and the Chinese government employs measures to curb high commodity prices.

The contract for July delivery closed at Yuan 70,230/mt ($10,997/mt) on June 15, down 2.1%, or Yuan 1,540/mt, from the previous close. It was down 9.6% from a record high of Yuan 77,720/mt on May 10.

China’s copper prices are expected to remain rangebound in the near term, as oversupply in the domestic market looks set to continue amid output expansion and slow seasonal demand, sources said.

However, declining copper imports and restocking due to recent price drops are likely to lend some support to domestic copper prices, they said.

Chinese copper smelters are eyeing exports as they face huge losses from cathode imports. The spread between scrap and refined copper is narrowing, as a resurgence of coronavirus infections in Southeast Asian countries affected Chinese imports of scrap copper, which will also help boost demand for refined copper.

srB stock release may ease supplyMarket chatter continues around whether China’s State Reserve

Bureau plans to release copper, aluminum and zinc stocks directly to downstream users instead of traders.

The stock release will ease supply tightness in domestic spot markets and cool domestic prices, market sources said June 10. The SRB’s move may help restore the lost demand from downstream users for copper in particular, they said.

The operating rates of copper processors were seen running at lower levels in May and June as rising copper prices hamper users’





buying plans.At the same time, copper stocks across SHFE warehouses fell

20,744 mt from a week earlier to 180,967 mt as of June 15, declining for a fourth straight week.

The National Development and Reform Commission proposed to closely track commodity prices to maintain the normal market order in a meeting held June 9, indicating the government’s plans to crack down on soaring raw material and other commodity prices.

— Lucy Tang

cOmeX copper dives 19 cents on china move, Fed concerns�� copper falls as china cracks down on commodity prices�� eyes on Fed as tapering concerns grow

COMEX copper prices plunged more than 19 cents on June 15, as the market responded to China’s moves to rein in commodities prices, and amid concerns that the Federal Reserve might begin to reduce its monetary stimulus.

Copper for July delivery, the active month, fell 19.40 cents to close at 434.15 cents/lb, while the June spot contract slid 19.20 cents to 434 cents/lb.

“China ... is making noise about reducing raw materials prices as it works to reduce inflation, which it sees as driven by high metals price levels,” said SP Angel analysts in a June 15 report. “The authorities appear to be more concerned about copper, which appears to impact on the margins of more small and medium-sized companies.”

They added, “Ongoing profit-taking by long investors combined with the liquidation of some speculative positions is said to be helping prices lower. [LME] copper failed to break above $10,200/mt, causing some chart-driven investors to back away from the market.”

The analysts said some of the selloff was in anticipation of the conclusion of the Federal Open Market Committee’s two-day meeting on June 16. “There is a growing consensus that the Fed may start to reduce support for markets is reducing the demand outlook for industrial metals,” they said.

TD Bank in a June 15 report also noted the China’s roll factors in the selloff.

“Industrial metals prices are now melting as the [State-owned Assets Supervision and Administration Commission], the top regulatory body for state-owned enterprises, begins to investigate overseas positions while all trading companies participating in futures markets will also be audited,” they said. “The State Council has issued a series of warnings to crack down on speculation and hoarding of commodities in China. Scraping SHFE positioning data highlights that the warnings alone managed to clean the positioning slate in copper.”

Equities markets also were lower, with the Dow Jones Industrial Average index off about 100 points in the afternoon, before closing 94.42 points down at 34,299.33.

In economic news, the producer price index jumped 6.6% in May year on year, the fastest rate since the index started in 2010, with a month-on-month increase of 0.8% in May versus a 0.6% rise in April. The Empire State manufacturing survey dropped to 17.4 in June from 24.3 in May, while retail sales declined 1.3% in May, compared with a

revised 0.9% increase in April. Industrial production crept up 0.8% in May, with factory output rising 0.9%. Home builders’ confidence decreased to 81 in June from 83 in May, according to the National Association of Home Builders survey.

— Laura Gilcrest

BhP, escondida copper mine workers to kick off talksManagement and union officials at the world’s largest copper mine are due to kick off negotiations on a new pay contract in the coming days, raising a new risk for global supplies while prices of the red metal are near historic highs.

The beginning of talks at the Escondida mine in northern Chile follows the presentation of management’s formal response to initial demands from the 2,300-strong No. 1 Workers union, mine operator BHP said.

“With this, it now corresponds to both delegations to begin conversations to define the contents of the future collective contract,” the miner said.

Earlier this month, the union — one of Chile’s most vocal — demanded a 10% pay increase and improved housing and health benefits, taking advantage of the bumper profits the giant mine will receive as prices reach their highest level in at least a decade.

BHP said its response included conditions and benefits identical to those in the workers’ existing deal.

The current agreement expires on July 31. If the two sides fail to reach a deal by then, workers could begin an indefinite strike.

Escondida produced 1.187 million mt of copper in cathode and concentrate in 2020, equivalent to almost 6% of global mine production.

In 2017, the union went on strike for 44 days for better pay and conditions in one of the longest-ever strikes in Chile’s mining industry.

Labor laws banning the use of replacement workers during strikes forced BHP to halt production of the mine for the duration of the protests.

BHP owns 57.5% of the mine, Rio Tinto owns a 30% stake while Japanese investors own the balance of shares.

— Tom Azzopardi

chinese copper concs tcs stable, tradable values around $38/mtS&P Global Platts assessed the CIF China Clean Copper Concentrate treatment and refining charges at $37.70/mt and 3.77 cents/lb, respec-tively, on June 15, unchanged from June 14.

With BHP averting a strike risk at is Spence mine in Chile, the market expected the company to reach an agreement with Escondida mine workers also.

“There is no supply risk and TCs should resume the uptrend,” a smelter source said.

Bids were few as Chinese participants just came back from holiday, but there was appetite for August shipments.

August shipments traded at around $37-$38/mt during the week to June 11, basis traders to smelters.

A procurement source reported buying interest at $38/mt or slightly higher on June 15.






“Many smelters are still waiting for $40/mt to buy, but it will take a while to reach that level,” a trader said.

Meanwhile, as Japanese smelters have used a lot of Grasberg material this year, smelters needed to buy clean concentrate to blend with Grasberg’s high fluorine cargoes.

Recent Grasberg shipments to Asia were heard containing around 1,000 ppm fluorine.

Copper futures price plunged to below $9,600/mt on June 15, and market sources expected that wouldl help to boost downstream cathode demand.

— Lu Han

FerrOAllOys & steel

molybdenum continues to rise on strong fundamentals�� molybdenum oxide offers at $20/lb and higher in Busan�� Firm demand from end-users supporting global prices

Molybdenum continued to climb higher on June 15 with deals in Rot-terdam and Busan as demand for the material remained firm.

The S&P Global Platts Daily Dealer Molybdenum Oxide Assessment rose to $19.40-$20.65/lb June 15 from $18.80-$20.40/lb on June 14.

Sources said the bottlenecks in transport, as well as expectations of lower molybdenum output for the rest of the year, was supporting expectations of higher prices.

Offers in Busan were heard above $20/lb at the end of the working day with talks that $20.20/lb was concluded.

With prices increasing rapidly throughout the day, one Asian trader said he was uncertain what price level to offer material. “The market is quite messy right now, hard to decide,” he said.

In Europe, there was more interest in ferromolybdenum with several mill tenders heard in the market as well as sales to traders.

Sources said offers were at $50/kg and higher, which was expected given the strong oxide powder prices heard in Rotterdam as well as tight supply of ferromolybdenum in Europe.

In Asia, offers were heard at $48/kg CIF Asia and a deal to Japan heard at $45/kg CIF for Chinese ferromolybdenum.

The Platts daily European ferromolybdenum assessment was unchanged on the day at $49-$50/kg June 15.

— Jitendra Gill, Leah Chen

union at Vale’s sudbury nickel operations rejects latest contract offer�� 87% of union members against Vale’s revised deal�� last strike in 2009 lasted a year�� Voisey’s Bay mine expansion to produce 2,600 mt of cobalt

Union workers at Brazilian miner Vale Sudbury nickel operations in Ontario, Canada, rebuffed the company’s latest contract offer late June 14, extending a strike that started at the beginning of the month.

According to Vale’s website, Sudbury operations employ 4,000 people and comprise five mines, a mill, a smelter and a refinery, and is

one of the largest integrated mining complexes in the world producing nickel, copper, cobalt, platinum group metals, gold and silver.

The union said Vale — the world’s largest iron ore miner and one of the largest diversified miners — failed to improve on a previous offer, including inferior health and medical benefits.

In a press release June 14, Vale’s Chief Operating Officer for North Atlantic, Dino Otranto, said the company was disappointed that its improved offer for settlement had been rejected.

“Our offer was a genuine and sincere attempt to address the issues brought forth by the Union’s bargaining committee in the most recent round of discussions,” Otranto said. “Clearly, we remain apart on important issues.”

In a separate release June 15, at Vale’s Voisey’s Bay nickel mine in Labrador, Canada — one of the largest nickel deposits in the world — the company announced its first ore production on its Reid Brook deposit at the Voisey’s Bay Mine Expansion Project.

“The transition to underground involves the development of two underground mines – Reid Brook and Eastern Deeps - extending the life of Vale’s Labrador operations and achieving production of 40,000 mt of nickel in concentrate at a peak annual production rate of 2.6 million mt by 2025, with about 20,000 mt copper and 2,600 mt of cobalt as by-products,” the company said in a statement.

“The project is 65% complete, with executed capital expenditures of $ 1.26 billion and Eastern Deeps start-up is expected for 2022,” the company said.

— Filip Warwick

PrecIOus metAls

nymeX palladium rises bucking precious sector selloff�� september palladium rises $8.20�� July platinum drops $16.70

NYMEX palladium closed with a modest $8 increase June 15, but the rest of the precious metals complex tumbled behind gold as market participants weighed potential outcomes of the Federal Reserve’s two-day meeting.

Palladium for September delivery trended higher throughout London and New York trading to close $8.20 higher at $2,764.80/oz.

Palladium likely received support from US industrial production figures for May, which the Federal Reserve released mid-morning.

The data showed a higher-than-expected 0.8% increase, led by automotive production, which rose 6.7% in May from a year ago after falling 5.7% in April from a year earlier.

“Overall vehicle assemblies jumped about 1 million units to 9.9 million units (annual rate); even so, they remained more than 1 million units below their average level in the second half of 2020, as production continued to be hampered by shortages of semiconductors,” the Fed said.

But analysts with UK investment bank Standard Chartered in a report noted that Chinese auto sales for May fell 2% year on year and 3% month on month.







“While we continue to expect China’s auto sales and global production to recover, the key concern for the sector in the coming months is how quickly [semiconductor] chip shortages will recover,” SC analyst Suki Cooper said.

Estimates now push out the recovery date to mid-2022 or 2023. Markets will be watching China closely given that palladium imports have started to slow as well during a period when supply is expected to recover,” she added.

More than 80% of annual palladium demand comes from the global automotive sector, which uses the metal in catalytic converters to control emissions.

Other US data release June 15 was mixed. May retail sales fell 1.3%, lower than expected, while the May producer price index rose 0.8%, higher than expected.

“A wrath of US economic data delivered a somewhat mixed picture for Fed policy, but mostly confirmed a wait-and-see approach for the Fed,” senior market analyst Edward Moya of US forex brokerage Oanda said in a report

Platinum for July delivery fell in London and New York trading alongside gold before finding support at $1,146-$1,148/oz. For the day, July platinum slid $16.70 to close at $1,148.60/oz.

COMEX gold for August delivery traded sideways for most of London and early New York trading between $1,864/oz and $1,870/oz before sinking in mid-morning and closing down $9.50 at $1,856.40/oz.

COMEX silver for July delivery followed gold and slid nearly 35 cents to close at $27.69/oz.

The complex came under pressure early from the US dollar, which again strengthened to the low $1.21 level against the euro in European trading ahead of the Fed’s June 16 decision on interest rates and asset purchases.

Major US equity markets ended modestly weaker, with the Dow Jones Industrial Average down 94.42 points, or 0.27%, while the S&P 500 slid 8.56 points or 0.20%. The tech-heavy Nasdaq Composite fell 101.29 points or 0.71%.

— Nick Jonson

leAd & ZInc

us scrap lead-battery prices hold; exports still limited�� exporters ‘not buying everything’: smelter�� two big buyers on the sidelines: sources�� “not desperate enough’ for 16-cent lead, battery maker

Sufficient supply, limited export buying and a couple of major consum-ers on the sidelines this week were enough to keep US scrap lead-battery prices steady in recent ranges.

The Platts Midwest assessment for scrap 50% lead, starter-lighter, ignition batteries was firm June 15 at 30.25-32.25 cents/lb, picked up, while the Northeast price assessment was unchanged at 31.50-32.50 cents/lb, picked up.

“There is enough to go around,” said a smelter source. “Exporters aren’t buying everything.”

Still, although exporter volumes were reportedly limited, their bids

were lofty, with export prices heard at 35-36 cents/lb.The smelter source put his current buying range at 30-31 cents/lb,

picked up, while a battery-maker source said he was keeping his bids in the Midwest at 31 cents/lb, picked up, or below. “We’re hitting as many as we’re missing at that,” he said, but added he did not need to pay higher prices because of an adequate supply. He said a couple of major smelter consumers were currently well-stocked and not buying actively and thus speculated that some sellers were holding back some inventory, waiting for those consumers to ramp up their buying again and, in turn, push scrap-battery prices higher.

Another battery maker, however, said he was buying in the Midwest this week at 32.50 cents/lb, picked up. A Midwest dealer said he saw prices there at 30-31 cents/lb, picked up, while another dealer put Midwest deals at 31 cents/lb, picked up. On the low end, a broker said he was able to secure decent volumes in the Midwest in a range of 29-30 cents/lb, picked up. “Thirty-one cents might be pushing it,” he said.

One of the battery-makers noted above said he was buying at 31.50-32.50 cents/lb, picked up, in the Northeast, while the broker also put the Northeast market in that range. There was the sense that prices up to 33 cents/lb, picked up, at least domestically, had decreased for the time being. The second battery maker said he was buying in the Northeast this week at 31 cents/lb, picked up, citing fewer buyers in that market this week.

Regionally, the Florida and Texas markets were heard this week at 33-34 cents/lb, picked up, California prices were reported at 32-32.50 cents/lb, picked up, with Northwest prices were heard at 30-31 cents/lb, picked up.

The Platts premium assessment for 99.97% lead was unchanged June 15 at 13 cents/lb plus London Metal Exchange cash, with sources continuing to put premiums mostly at 12-15 cents/lb. A smelter source said he saw current lead premiums at 13-15 cents/lb, while a battery maker put premiums at 12-14 cents/lb. “Some sellers are getting greedy and trying to sell for more, but I’m not desperate enough,” the battery maker said. “I think they’re fishing it to see who needs it the worst.” A trader, however, said he was aware of small-volume sales at 15-16 cents/lb and higher. “Everybody is so hand-to-mouth now, that it’s hard to bring the price down. No one has anything to sell.”

— Laura Gilcrest

cOmmOdItIes

Eskom and the Department of Mineral Resources and Energy (DMRE).On June 10, President Cyril Ramaphosa amended Schedule 2 of

South Africa’s Electricity Regulation Act exempting embedded generation facilities of up to 100 MW from the National Energy Regulator of South Africa’s licensing requirements, as a necessary action to help achieve energy security in the country.

While the DMRE did not respond to a request for comment on when the amendment would be published by the department, the president said it would take place within the next 60 days or sooner.

s African mining sector eyes energy autonomy after power regulation act amended...from page 1





esG concerns may slow mine development for energy transition: trafigura ceO

�� new copper supplies seen critical for energy transition�� Widespread opposition to new mine projects worldwide

Policymakers are becoming increasingly aware that environmental, social and governance issues may stand in the way of development of new mine projects to feed the growing “green revolution,” Jeremy Weir, executive chairman and CEO of global commodities trader Trafigura, said June 15.

“Unless we address that, we’re going to have a serious problem,” Weir said in an interview session during the Financial Times Global Commodities Summit. “Metals intensity is going to be enormous as we construct the infrastructure for energy transition.”

Companies in Asia and increasingly in Europe are striving to source metals including copper and cobalt to meet demand for batteries for electric vehicles and their charging infrastructure, the executive noted.

“If we want to electrify, we need copper and so we need to find a solution to the problem; ... we need to be far more efficient in developing new resources,” Weir said. There has been a recent lack

of investment in the mining sector and current high prices could be one incentive to boost supply and speeding up production availability, he indicated.

While copper prices have taken a tumble this week, on speculation that China may sell some stock from its strategic reserves, they are still historically high. Cash copper prices on the London Metal Exchange closed at $9,523.50 on June 15, down nearly 4% from $9,900/mt on June 14, and down 11% from an all-time high of $10,724.10/mt on May 10. Despite the fall, the price is nearly double the $5,759.50/mt of a year ago.

Five times as much copper is used in electric vehicles as in internal combustion engine vehicles, according to Weir. Copper supply may need to increase by 10 million mt by the end of the decade to meet demand in what could potentially be a 30 million mt market by that time. But, so far only 5 million mt extra capacity is expected to come on stream, indicating a significant deficit. It takes 5-15 years to set up a new mine, taking into account responsible consultation and permitting times, he said.

Opposition by governments, communitiesOpposition to new mining projects is perceived to have grown in

recent years due to fatal accidents and infringement of historic land rights, while the desire by local governments and communities to charge high taxes on international investors or else confiscate their operational rights has stalled several projects. Two iron ore tailing dams, operated by major miners Vale and BHP, collapsed in Brazil over the last six years, causing a high number of fatalities and production curbs, while Rio Tinto’s destruction of an aboriginal rock shelter in Australia last year led to international protest, the resignation of the company’s then CEO and the establishment of no-go areas for iron ore mining.

Rio Tinto now faces strong local opposition to development of its major Jadar lithium project in Serbia — where the government may hold a referendum to find out citizens’ views on the project — and had approval withdrawn for development of its proposed Arizona, US Resolution Copper mine. Trader Gerald Group recently restarted its Sierra Leone iron ore mine after admitting the government as a stakeholder after a two-year-long permit confiscation. Vale is set to sell its Moatize coal mine operation in Mozambique for a pittance. It has this year pulled out of its New Caledonia Goro nickel and cobalt mine and processor after social and environmental protest has thwarted operations since 2011.

Newmont Mining walked away from a $5 billion gold and copper project in Peru in 2016 following protests over water rights.

Trafigura aims to overcome some of the problems encountered in the mining sector by teaming up with local operators, according to information recently presented by the company. It has set up a joint venture with a New Caledonia community group to operate Goro and has set up an accord with the Democratic Republic of Congo’s state-owned cobalt company to buy and market the country’s entire production of artisanal cobalt, in a move supervised by international NGOs.

The company is a significant trader in copper, and will be also be a significant international supplier of nickel and cobalt which are also important in the energy transition, Weir said.

— Diana Kinch

Precious, base metal minersJohannesburg-listed copper developer Orion Minerals MD and

CEO Errol Smart told Platts June 14 that the announcement was a “positive development” and “massive step forward” that would allow mines to look at renewable energy as a “true commercial alternative rather than only as a window-dressing, token gesture toward carbon neutrality,” he said.

The company plans to establish a 55 MW hybrid solar and wind generation plant at its Prieska copper-zinc mine.

Johannesburg-listed gold miner Gold Fields, which has received approval for the construction of a 40 MW solar photovoltaic plant at its South Deep gold mine, told Platts June 13 that it will evaluate options to increase its renewable electricity capacity to reduce reliance on the grid, move closer to its decarbonization targets and to put margin back into the business.

The company said it could expand its capacity from 50 MW to 70 MW, with further expansion possible on other identified sites on its property.

Amendment could unlock 1.6 GWMinerals Council South Africa CEO Roger Baxter told Platts June 11

that while the increase in the self-generation cap does not signal an end to load shedding, “it could alleviate the impact of load shedding on the grid in the medium term.”

The increase in embedded generation capacity “will give Eskom the space to carry out more and proper maintenance to enable it to rebuild a reliable fleet of power stations capable of ensuring electricity security in the medium and long term,” , Baxter said.

The Minerals Council said in a statement June 10 that the president’s announcement was a helpful starting point from which the mining industry can rapidly bring to fruition at least 1.6 GW, largely renewable and private-sector funded, embedded generation projects that are already being planned.

— Chantelle Kotze





china’s commodities demand growth to slow: energy transition to uphold prices: Ft summit

�� summit participants with mixed views on ‘supercycle’�� china’s ‘ambitious’ green targets conflict with aluminum usage�� underinvestment seen in mining, oil, gas

A slowdown in Chinese growth rates is likely to make the Asian giant’s economy less commodities-intensive in future, putting a brake on spi-raling prices and on any current “supercycle,” according to participants at the Financial Times’ Commodities Global Summit June 15.

However, a longer-term structural change in economies due to energy transition and “green spending” may yet lead a supercycle to emerge in future, possibly in the 2030s, some participants at the summit said.

“China is no longer the source of growth that it was before… and has shown that it can no longer sustain these price rises… it’s getting crushed,” said Jeff Currie, global head of commodities research, Goldman Sachs, in a panel to discuss the existence, or otherwise, of a supercycle. Commodities markets are disconnecting from China, as consumers in the US and Europe are absorbing the high prices while margins in China are weak, Currie said.

The Chinese government in recent weeks has clamped down on speculation and reported price collusion in steel and iron ore markets after prices hit record highs. S&P Global Platts assessed the 62% Fe Iron Ore Index at $222.35/dry mt CFR North China June 15, more than double its price of a year ago, and just short of an all-time peak of $233/mt on May 12. The price surge has been attributed mainly to government stimulus-backed infrastructure drives in many nations in a coronavirus pandemic recovery effort, coinciding with supply-side difficulties in Brazil and Australia.

china to become less commodities-intensiveMark Williams, chief Asia economist, Capital Economics, told the

panel that while China’s infrastructure activity is currently “a pretty substantial” 15% above pre-pandemic levels, the country’s future demand prospects for commodities aren’t particularly positive. China currently consumes more than half the world’s copper and steel supplies, and it accounts for well over half the world’s primary aluminum production, much of it based on coal-fired energy.

“We think China’s growth is going to halve over the next decade,” Williams said. “It will be less commodities-intensive in future according to its five-year plan.”

While China’s GDP growth is expected by the International Monetary Fund to recover to 8.44% this year from 2020’s 2.27%, growth is then seen gradually tapering down to 4.86% annually in 2026.

Urbanization will slow and there will be more emphasis on technological rather than infrastructure developments, Williams said.

“China has some very ambitious green targets… and it won’t be able to meet its CO2 targets if it carries on increasing its aluminum consumption,” the analyst said.

Mick Davis, CEO of mine development company Vision Blue Resources, ventured that “China might be entering troubled middle age while India remains a promise never fulfilled.”

Jumana Salaheen, chief economist and head of sustainability at

CRU, said that the recent spate of strong commodities prices are “part of a normal business cycle recovery” from the pandemic, rather than a supercycle. CRU believes prices have reached their peak.

“A supercycle means prices rising for 10-35 years,” she said. There have been four recognized commodities super-cycles in the past 150 years: the period of industrialization in the 1880s, the roaring 2020s, the long period of prosperity following the Second World War and following China’s accession to the WTO in 2001, she said. There have of course been many other business cycles, Salaheen said.

Davis, “a big proponent of the supercycle,” said he believes this will occur due to the “structural change in how we live our lives moving forward,” amid the “tectonic shifts” of the green revolution.

If we take copper as a proxy he said, it’s notable that electric vehicles will require five times more copper than internal combustion engine cars, while a 3-MW wind turbine uses up to 4 mt-5 mt of copper. If EVs targets are to be met, 2.5 million mt additional production will be needed for EVs, as well as 3 million mt copper for solar power and 2 million mt for windpower by 2030, meaning copper demand will jump by 50%-80% from current levels by 2030, he said.

decade of underinvestment in supply“There are only 5 million EVs on the roads today but by 2040 there

will be 300 million… this means a long-term sustained increase in demand, “ Davis said. Prices will rise because industry simply cannot respond, due to a decade of underinvestment, in both oil and gas and mining, he said. “Eventually there will be a prodigious supply response but not any time soon and certainly not within this investment horizon.”

LME cash copper prices closed at $9,900/mt June 14, close to an all-time high and nearly double the $5,646/mt of a year ago.

The idea that the industry will deliver significant amounts of copper over the next few years is a “delusion,” said Davis, also noting that since 2015 there has also been only one significant discovery of reserves of cobalt, another mineral considered crucial to the success of the EVs revolution.

‘Bullish’ on oilQuestioned on whether it’s possible to have a supercycle without

oil, Currie said Goldman Sachs is very bullish on oil, seeing it rising from just over $70/b today to $80/b or above in Q3, and not ruling out a short to medium-term $100/b price.

“The oil price will benefit from green capex spend’’ because there will be a reduction of supply, Currie said, drawing a parallel with prices for tobacco and coal prices which have risen since moves started to curb their usage.

— Diana Kinch

us, eu could resolve metal tariff dispute by year end�� cooperation announced at us-eu summit�� Focus on metals tariffs follows aircraft trade pact

The US and EU have agreed to work together in resolving a metals trade dispute, stemming from the former’s Section 232 steel and aluminum tariffs against European countries, by the end of the year, according to




a joint statement released following the US-EU Summit June 15.“We are determined to work together to resolve tensions arising

from the US application of tariffs on imports from the EU under US Section 232 and will work towards allowing trade to recover from its 2020 lows and ending the WTO disputes,” the statement said.

“We commit to ensure the long-term viability of our steel and aluminum industries, and to address excess capacity.”

The commitment to temper the metal-focused trade dispute was announced in the statement along with a separate agreement between the two governments to end the longstanding feud regarding aircraft subsidies.

“We salute having reached an ‘Understanding on a Cooperative Framework for Large Civil Aircraft,’ reflecting a new trans-Atlantic relationship in this area,” the governments said. “We are committed to make this framework work to promote a level playing field, overcome long-standing differences, avoid future litigation and more effectively address the challenge posed by non-market economies.”

As per the agreement, the US and EU agreed to a five-year suspension of tariffs linked to the aircraft spat, which dates back to 2004 and involves state subsidies given to Boeing and Airbus.

A senior White House administration official said US and EU officials have had productive conversations regarding the future of the steel and aluminum tariffs against European countries, but any repeal of the protectionist policy or other resolution is not expected soon.

“[The negotiations have] been very constructive, but they will take some time, so I don’t anticipate that you’ll see an outcome this week on the 232 tariffs,” the official said in comments released by the White House June 15. The comments were made during a press briefing held ahead of the US-EU Summit.

“The direction of travel is positive, and we do believe that there is a way to resolve this that works for both the US and EU.”

china’s overcapacity remains priorityThe official said the two sides would focus foremost on the issue of

steel and aluminum overcapacity in China before reaching an agreement on the metal tariffs.

The EU agreed in May to not raise its retaliatory duties against the US, which are linked to the US steel and aluminum tariffs, so that the governments could cooperatively address the global overcapacity problem.

The American Iron and Steel Institute praised the commitment outlined in the US-EU statement to tackle China’s excess metal production capacity.

“We welcome the Biden administration’s renewed commitment to ensure the long-term viability of the American steel industry and address the problem of global excess steel capacity,” AISI CEO Kevin Dempsey said in a statement June 15.

“Addressing these challenges will require the implementation of new and effective measures to eliminate government subsidies and other market distorting policies in many countries that have contributed to the ongoing global steel overcapacity crisis.”

However, Dempsey said the Section 232 tariffs should remain in place despite the renewed cooperation between the US and EU.

“Recognizing that these changes in government policies around the world, including in the EU, will take time and will not be easy to achieve,

it is essential that the US maintain strong and effective trade measures to prevent surges in steel imports from around the world that could quickly undermine the US industry and our national security.”

— Nick Lazzaro

serbia Zijin mining obtains permit for copper, gold mine in serbia�� cukaru Peki copper mine to yield 91,400 mt/year�� serbia to supply 18% of europe’s copper in 2022�� serbian government keen to offtake gold

Serbia Zijin Mining, or SZM, the wholly-owned subsidiary of China’s Zijin Mining Group, or ZMG, obtained a permit from the Serbian ministry of energy and mining on June 14 to build mining facilities and start mining activities at the Cukaru Peki copper and gold mine in Serbia.

The ministry of mining and energy said June 14 the mining project was expected to produce 3.3 million mt/year of copper and gold ore. The reserves available for exploitation were assessed at 36.99 million mt of gold and copper ore, while total investment in the project is expected to reach Eur 474 million ($574.5 million).

“With the opening of this mine, which is planned for the last quarter of 2021, Serbia will become the second copper producer in Europe after Poland, while [Serbia’s] share in the production of this metal ore will increase from the current five to 18%,” the ministry said.

upper ZoneZijin Mining Group said it expects to produce per year 91,400 mt of

copper and 2.5 mt (80,300 oz) of gold after Upper Zone production commences, while the expected peak annual output is projected to reach 135,000 mt of copper and 6.1 mt (196,000 oz) of gold.

The total retained metal resources volume in the Upper Zone amounts to 1.28 million mt of copper (3% grade) and 81,491 kg of gold (1.91 g/mt grade), with an overall copper resource volume of almost 16 million mt, the company said.

ZMG estimated that Upper Zone resources will have an 11-year mining life.

The Cukaru Peki mine, previously known as Timok, is divided into two zones, known as the Upper Zone and the Lower Zone, with the new mine intending to exploit the “super-high grade ore deposit” at the top of the Upper Zone, said the Group.

According to ZMG, the Cukaru Peki Upper Zone is one of three “world-class copper deposits” that shall be put into operation in 2021-22, with the other two being Zijin’s Qulong copper mine in Tibet and its JV with Canadian miner Ivanhoe Mines handling the Kamoa-Kakula copper mine in the Democratic Republic of the Congo.

The group’s copper resource tax rate in Serbia amounts to 5%, which is higher than the 3.5% rate it faces in the DRC.

Gold purchasesAlthough no Cukaru Peki copper offtake deals have been

announced yet, Serbian authorities have expressed open interest to purchase the gold production from the Upper Zone.

In December 2020, Serbian President Aleksandar Vucic said: “We will buy the largest share of the Cukaru Peki gold production to




increase our gold reserves, which has proven to be a good strategy during the recent crisis. We have never had higher gold reserves in history, and we intend to continue increasing them.”

ZMG has steadily advanced the Cukaru Peki project since acquiring 100% control of the Timok mine through the 2018 acquisition of Nevsun Resources as well as the subsequent purchase of the remaining Lower Zone minority interest from Freeport-McMoRan in 2019.

Following completion of the deal, ZMG gained a 100% stake in both the upper and lower zone of the Timok mine, which it then renamed Cukaru Peki.

— Vladimir Pekic

Italy’s may commercial vehicle sales down 0.4% on year to 17,750: unrAeItalian commercial vehicle sales in May were 0.4% lower than May 2019 at 17,750 units, according to data from foreign automakers’

association UNRAE.In May 2020, Italy was in a three-month COVID-19 lockdown and

commercial vehicle sales totaled 11,948 units.Sales in the first five months of 2021 were up 1.6% compared to the

same period in 2019 to 80,756 units, UNRAE said. Some 46,260 vehicles were sold over January-May 2020.

UNRAE classes vehicles weighing up to 35 mt as commercial.Italian commercial vehicle sales in 2020 fell 15% to the lowest level

in five years at 160,220 units.Italy’s new car sales in May were 28% lower than May 2019 at 142,730

units, according to transport ministry data released earlier this month.Industrial vehicle sales in May were down 15% to 2,060 units

compared with May 2019, according to UNRAE data earlier this month. No comparable 2020 data was released.

UNRAE is made up of 43 foreign automakers, which sell 60 brands in Italy.

— Alina Trabattoni





suBscrIBer nOtes

holiday note: china dragon Boat Festival, June 14China will celebrate its Dragon Boat Festival June 14 and S&P Global Platts’ office in China will be closed.

There will be no domestic China alumina, aluminum, carbon & stainless steel assessments. No FOB China and China domestic carbon & stainless steel assessments. No SHFE prices.

The C-Flow iron ore exports feature that is usually published on Mondays in SBB Steel Markets Daily will be published on Tuesday June 15.

Platts proposes to launch european high-carbon ferromanganese assessmentS&P Global Platts proposes to launch a new bulk ferroalloy assessment in Europe to complement its existing coverage.

The new price will reflect the European high-carbon ferromanganese mar-ket.

The proposed new assessment, announced on May 25, reflects the demand from market participants for Platts to cover this well-established market.

If supported, the proposed changes would come into effect July 16.

The new price would reflect high-carbon ferromanganese in minimum four truckload parcels, delivered to customers in Northwest Europe within four weeks on net-30 day payment terms.

The assessment will be published every Wednesday, in line with the pro-posed day of all of Platts Bulk Ferroalloy assessments.

The new assessments will follow Platts’ Market On Close methodology principles, which are described here https://www.spglobal.com/platts/plattscontent/_assets/_files/en/our-methodology/methodology-specifica-tions/platts-assessments-methodology-guide.pdf.

The table below illustrates the specifications of the new assessment, for-mulated following extensive market feedback.

manganese content 76%

Carbon content 6%-8%

Phosphorous content 0.2%

Sulphur content 0.03%

Silicon content 1.5%

Parcel size Minimum 4 truckloads

Platts welcomes feedback on the proposed changes and all other aspects of its bulk ferroalloy methodology in Europe. Please submit any feed-back, comments or questions about this proposal to [email protected] and [email protected] by June 18. For written com-

ments, please provide a clear indication if comments are not intended for publication by Platts for public viewing. Platts will consider all comments received and will make comments not marked as confidential available upon request.

Platts to discontinue european nickel, zinc assessmentsFollowing a period of industry feedback, S&P Global Platts has decided to proceed with the discontinuation of two monthly price assessments for the European zinc market and two weekly prices for the European and Russian nickel markets from July 6, 2021, due to a lack of liquidity and changes in product flow and buying patterns.

The last assessment day for the monthly zinc assessments will be Wednesday, June 17, and the last day for the weekly nickel assessments will be Friday, July 2.

Platts originally proposed the discontinuation in the subscriber note, pub-lished March 18, 2021: https://www.spglobal.com/platts/en/our-methodolo-gy/subscriber-notes/031821-sampp-global-platts-proposes-to-discontinue-european-nickel-zinc-assessments.

Details of the assessments for discontinuation are as follows:

description code

Zinc (SHG) FCA Rotterdam (pre-mium/discount)

MMAYN04

Zinc (SHG) FCA Rotterdam (All-in) MMALC00

Nickel European Plating (All-in) MMAMR00

Nickel Russian Cathode (All-in) MMAMN04

The nickel and zinc assessments are published in Platts Metals Daily, on page 0415 and 0416, respectively, of Platts Metals Alert and Platts Non Ferrous Metals Alert, in the Platts Market Center and in the Platts price database under the codes listed above.

Please send any feedback, comments or questions to [email protected] and [email protected].

For written comments, please provide a clear indication if comments are not intended for publication by Platts for public viewing.

Platts will consider all comments received and will make comments not marked as confidential available upon request.

correcting dates on metals Week pricing table June 11, 2021The price table in the Metals Week supplement of Metals Daily on June 11, 2021 (page 27) contained the incorrect dates, but the price data itself was correct. The correct dates should have been: June 7, June 8, June 9, June 10 and June 11.

Assessment rAtIOnAles

Platts Alumina Australia daily rationaleThe Platts Australian alumina daily assessment was unchanged at $284/mt FOB on June 15.

Several consumer, producer and trader sources continued to indicate tradable value at $284/mt FOB Australia for alumina cargoes aligning to Platts methodology. There were no reported trades, bids or offers. No market data was excluded from the June 15 assessment.

The above rationale applies to market data symbol: MMWAU00.

Platts ccc clean copper concentrates cIF china rationaleThe Platts CIF China Clean Copper Concentrates (CCC) treatment and refining charges (TC/RC) were assessed $37.7/mt and 3.77 cents/lb, respectively, on June 15, unchanged day on day.

Tradable values were heard around $38/mt for August loading clean

copper concentrate, M+1 or M+4 pricing at seller’s option.

Considering $1.5/mt contango between November and December, the tradable values normalized to $37.76/mt.

The above rationale applies to market data codes: PCCCB00, PCCCC00.

Platts Japan cIF spot Aluminum Premium Assessment rationaleThe Platts CIF Japan spot premium for 99.7% P1020/P1020A aluminum ingot was assessed at $162-$172/mt plus London Metal Exchange cash, CIF Japan, on June 15, down from $165-$175/mt on June 14.

No firm spot CIF Japan trades were heard June 15. An offer for 2,000 mt of Good Western material for July loading and July QP was heard at $165/mt CIF Japan, while a bid was heard at $155-$156/mt CIF Japan for 500 mt of Good Western material for July loading and July QP. Both the offer and bid were reported by an international trader. Tradable levels were indicated at



$155-$195/mt for cargoes aligned to Platts methodology. No market data was excluded from the assessment.

The above rationale applies to market data symbol: MMANA00.

Platts Global molybdenum Oxide daily rationaleThe Platts Daily Dealer Molybdenum Oxide assessment was at $19.40-$20.65/lb June 15, up from $18.80-$20.40/lb on June 14.

In Europe, one 20 mt lot of oxide powder deal was concluded at $20.35/lb, two 20 mt lots at $20.50/lb and one 20 mt lot at $20.65/lb.

In Busan, one 20 mt lot was at $19.40/lb and three 20 mt lots at $19.50/lb.

No market data was excluded from the assessment.

The above rationale applies to the Platts Global Molybdenum Oxide

Assessment, with the associated symbol MMAYQ00.

Platts us mW Aluminum transaction Premium Assessment daily rationaleThe Platts spot 99.7% P1020 US Aluminum Transaction Premium was assessed at 27.40 cents/lb plus LME cash, delivered Midwest, net 30-day payment terms June 15, unchanged from the previous assessment, as bid and offer levels, as well as market fundamentals, remained stable.

The most competitive firm open bid, from a trader, remained at 27 cents/lb, delivered Midwest, net-cash terms, for up to 350 mt, which equates to 27.30 cents/lb, net-30 terms. The most competitive firm open offer, from another trader, was also unchanged at 28.25 cents/lb for up to 400 mt, delivered June Midwest, net-30 terms. Indicative values were in a range of 27.40-28.50 cents/lb. No market data was excluded from the assessment.

mArKetPlAce

June 15�� Platts aluminum, 99.7% Al P1020, spot, FCA Toledo, net-cash: up to 1,000 mt

offered at 22 cents/lb over LME cash: trader

�� Platts aluminum, 99.7% Al P1020, spot, FCA Detroit, net-cash: up to 1,000 mt

offered at 21.40 cents/lb over LME cash: trader

�� Platts aluminum, 99.7% Al P1020/1020A, Good Western, July, CIF Japan (July

QP): tradable value at $185-$195/mt over LME cash settlement: international

trader


QP): indicative offer at $165-$170/mt over LME cash settlement: Japanese

trader


QP): 2,000 mt offered at $165/mt over LME cash settlement: international

trader


QP): tradable value at $155-$165/mt: trader

�� Platts molybdenum, oxide powder, 57% Mo, spot, in-warehouse Tianjin: 20

mt reportedly traded at $19.80/lb

�� Platts molybdenum, oxide powder, 57% Mo, spot, in-warehouse Rotterdam:

20 mt reportedly traded at $20.35/lb Mo

�� Platts molybdenum, oxide powder, 57% Mo, spot, in-warehouse Rotterdam:


�� Platts molybdenum, oxide powder, 57% Mo, spot, in-warehouse Busan: 20

mt traded at $19.50/lb Mo: trader




mt offered at $19.50-$20/lb Mo: producer

�� Platts aluminum, alumina, 30,000 mt, July, FOB Western Australia, net-30:

tradable value at $284/mt: consumer


tradable value at $284/mt: trading producer

June 14�� US aluminum, A380 secondary alloy, spot, delivered US Midwest, net 30-60:

quoting $1.18-$1.19/lb: producer

�� Platts aluminum alloy, US A380 secondary alloy, spot, delivered US Midwest,

net 30-60: indicative offers at $1.17-$1.18/lb: diecaster

�� Platts aluminum, A380 secondary alloy, spot, delivered US Midwest, net

30-60: quote at $1.18/lb: producer

�� Platts aluminum, 99.7% Al P1020, spot, delivered US Midwest, net-30: up to

500 mt offered at 28.50 cents/lb over LME cash settlement: trader

�� Platts aluminum, 99.7% Al P1020, spot, delivered US Midwest, net-cash: up

to 350 mt bid at 27 cents/lb over LME cash settlement: trader


to 400 mt offered at 28.25 cents/lb over LME cash settlement: trader


QP): indicative offer at $185/mt over LME cash settlement: producer

�� Platts molybdenum, oxide powder 57% Mo, spot, in-warehouse Rotterdam:

20 mt reportedly traded at $20/lb Mo





�� Platts molybdenum, oxide powder 57% Mo, spot, in-warehouse Busan: 20

mt offered at $19.60/lb Mo: trader


mt offered at $19.20/lb Mo: trader


mt offered at $19/lb Mo: converter




tradable value at $284/mt: trader

June 11

�� Platts aluminum, 99.7% Al P1020, spot, delivered US Midwest, net-30:

indicative value at 28 cents/lb over LME cash settlement: trader


indicative replacement value at 3- cents/lb over LME cash settlement: trader




to 350 mt bid at 27 cents/lb over LME cash settlement: trader


to 400 mt offered at 28.50 cents/lb over LME cash settlement: trader

�� Platts molybdenum, ferromolybdenum, 65% Mo, 2nd-half July, DDP Europe:

20 mt sold at $50.10/kg: trader


mt bought at $18.45/lb Mo: trader


mt sold at $19.10/lb Mo: trader



�� Platts molybdenum, oxide powder 57% Mo, spot, in-warehouse US: 20 mt

bought at $18.65/lb Mo: trader

�� Platts molybdenum, ferromolybdenum, 65% Mo, spot, in-warehouse

Rotterdam: 2 mt sold at $50/kg Mo: trader

�� Platts molybdenum, ferromolybdenum, 65% Mo, June, in-warehouse

Rotterdam: 20 mt sold at $48.75/kg Mo: trader


Rotterdam: 20 mt bought at $45.50/kg Mo: trader




mt bought at $18.75/mt: trader


Rotterdam: 10 mt sold at $50.20/kg Mo: trader

�� Platts molybdenum, ferromolybdenum, 65% Mo, first-half July,

in-warehouse Rotterdam: 5 mt sold at $50/kg Mo: trader


QP): bid at $160/mt over LME cash settlement: international trader


QP): tradable value at $185/mt over LME cash settlement: Japanese trader

�� Platts aluminum, 99.7% Al P1020/1020A, Good Western, July, CIF Japan

(July QP): 500 mt traded at $165/mt over LME cash settlement: international

trader




tradable value at $284/mt: producer


tradable value at $284/mt: trader

June 10


30-60: quote at $1.16/lb: trader


30-60: sales at $1.17-$1.18/lb: producer


30-60: one truckload offered at $1.18/lb: producer


30-60: three truckloads sold in the range of $1.17-$1.18/lb, offered at $1.18/

lb: producer


30-60: indicative value at $1.16-$1.18/lb: diecaster


30-60: quote at $1.18/lb: producer


indicative value at 27 cents/lb over LME cash settlement: trader



�� Platts aluminum, 99.7% Al P1020, spot, FCA Toledo, net-cash: up to 1,000 mt




�� Platts aluminum, 99.7% Al P1020, spot, delivered US Midwest, net-30: 120

mt sold at all-in fixed price, based on premium of 28.25 cents/lb to LME cash

settlement: trader



�� Platts molybdenum, ferromolybdenum, 65% Mo, July, DDP Europe: bid

received at $45.65/kg Mo: trader


mt sold at $17.55/lb: trader

�� Platts molybdenum, 57% Mo, oxide powder, spot, in-warehouse Busan: 20


�� Platts ferromolybdenum, 65% Mo, spot, in-warehouse Rotterdam: 5 mt sold

at $46/kg Mo: trader

�� Platts molybdenum, oxide briquettes, 57% Mo, DDP Northern Europe, net 60

days: 24 mt sold at $20.20/lb Mo: trader



�� Platts molybdenum, 57% Mo, oxide powder, spot, DAP Rotterdam: 20 mt

sold at $18.35/lb Mo: producer

�� Platts molybdenum, 57% Mo, oxide powder, spot, DAP Rotterdam: 20 mt

sold at $17.95/lb Mo: producer

�� Platts molybdenum, 57% Mo, oxide powder, spot, in-warehouse Tianjin: 20

mt sold at $17.45/lb Mo: trader


mt sold at $17.20/lb Mo: producer

�� Platts molybdenum, 57% Mo, oxide powder, spot, in-warehouse Rotterdam:

20 mt bought at $18.40/lb Mo: trader

�� Platts molybdenum, 57% Mo, oxide powder, spot, in-warehouse Rotterdam:

20 mt bought at $17.95/lb Mo: trader


QP): tradable value at $170/mt over LME cash settlement: trader

�� Platts aluminum, 99.7% Al P1020/1020A, Good Western, July, CIF Japan

(July QP): 500 mt traded at $170/mt over LME cash settlement: international

trader


tradable value at $280-$290/mt: trader

�� Platts aluminum, alumina, 30,000 mt, July, FOB Western Australia, L/C AS:

tradable value at $283.50/mt: trader

June 9

�� Platts aluminum, 99.7% Al P1020, spot, delivered US Midwest, net-30: offer

at 28.50 cents/lb over LME cash settlement: trader


indicative value above 27.40 cents/lb over LME cash settlement: trader

�� Platts aluminum, 99.7% Al P1020, spot, delivered US Midwest, net-30: 350

mt bid at 27 cents/lb over LME cash settlement: trader


indicative value below 27.40 cents.lb over LME cash settlement: consumer


400 mt offered at 28.25 centslb over LME cash settlement: trader

�� Platts aluminum, 99.7% Al P1020, spot, FCA Toledo, net-cash: up to 1,000 mt





mt reportedly traded at $16.70/lb Mo


mt traded at $16.50/lb Mo: converter




QP): 500 mt traded at $175/mt over LME cash settlement: international trader

�� Platts aluminum, alumina, 30,000 mt, early July, FOB Western Australia, L/C

AS: 35,000 mt traded at $283.50/mt: producer

(This is a sample of trade and market information gathered by Platts editors

as they assessed daily aluminum, alumina and molybdenum oxide prices.

They were first published on Platts Metals Alert earlier in the day as part

of the market-testing process with market participants. For more related

information about that process and our realtime news and price services,

please request a trial to Platts Metals Alert or learn more about the product

offering by visiting www.platts.com/Products/metalsalert)



Primary aluminum Production (‘000 mt) Actual daily rate Annual rate m/m change y/y change (%) (%)

united statesApr-21 72.9 2.4 886.9 0.1 -21.8Mar-21 75.2 2.4 885.9 -2.8 -21.8Year to date 296.6 2.5 902.2 -0.6 -19.7

canadaApr-21 267.5 8.9 3,254.0 -0.1 5.1Mar-21 276.6 8.9 3,256.5 -0.3 5.8Year to date 1,069.8 8.9 3,253.8 -0.1 7.3

Index of net new orders In Us and Canada apr-21 (%)change non-heat treatable domestic export heat treatable Plate Foil extruded drawing totalin index sheet products can stock can stock sheet products products products stock

Current monthvs year ago -3.6 8.0 -27.5 -15.7 10.6 -21.2 1.1 -14.1 -2.0

Current monthvs previous month 140.1 12.1 -21.4 533.1 29.1 14.7 123.8 7.9 65.6

Current year-to-datevs year ago 40.4 5.6 4.7 27.8 -2.9 2.5 45.1 24.1 22.9

The index is based on the Aluminum Association’s 2013 base figures.

Us and Canada prodUCer net shIpments of alUmInUm sheet and plate In apr-21 (million lb) Apr-21 Apr-20 y/y change mar-21 m/m change year to date year to date y/y change (%) (%) 2021 2020 (%)

Can stock 330.9 310.5 6.6 329.4 0.4 1,272.6 1,212.4 5.0Non-heat treatable sheet 281.8 164.6 71.3 236.2 19.3 1,040.2 882.6 17.9All other sheet and plate 147.8 60.4 144.7 155 -4.6 604.2 580.4 4.1

total sheet and plate 760.5 535.4 42.0 720.7 5.5 2,917.1 2,675.4 9.0

Us and Canada alUmInUm shIpments of extrUded prodUCts In apr-21 (million lb) Apr-21 Apr-20 y/y change mar-21 m/m change year to date year to date y/y change (%) (%) 2021 2020 (%)

Rod and bar (rolled & ext) 52.0 31.6 64.2 51.4 1.0 193.7 170.6 13.5Pipe and tube (ext or drawn) 32.9 20.4 61.3 36.8 -10.8 132.5 122.5 8.2Extruded shapes 375.0 245.2 53.0 397.8 -5.7 1,464.2 1,266.4 15.6

total extruded products 459.8 297.2 54.7 486.1 -5.4 1,790.3 1,559.5 14.8

Source: Aluminum Association



Primary aluminum symbol change date assessed

AluminaPAX FOB Australia ($/mt) MMWAU00 284.000 0.000 15-JunPAX FOB Brazil-Aus differential ($/mt) MMWAD04 8.500 -0.500 10-JunPAX CIF China (Yuan/mt) MMACA00 2113.990 7.380 15-JunPAX CIF China ($/mt) MMALZ00 329.950 0.050 15-JunChina Ex-works (Yuan/mt) MMXCY00 2495.000 0.000 15-JunChina Ex-works ($/mt) MMXWC00 389.420 -1.300 15-JunDry bulk freight: Aus-China Handysize ($/mt) MMACH00 45.950 0.050 15-Jun

AluminumMW US Transaction premium (¢/lb) MMAKE00 27.400 0.000 15-JunMW US Transaction (¢/lb) MMAAF10 138.916 -2.064 15-JunMW US Net-Cash premium (¢/lb) MMACN00 27.100 0.000 15-JunUS P1020 Duty Freight Factor ($/mt) AFLSA00 120.000 0.000 15-JunUS P1020 Duty Freight Factor (¢/lb) AFLSB00 5.443 0.000 15-JunUS P1020 Import Duty (¢/lb) MMOEU00 12.134 -0.188 15-JunMW US Transaction premium (implied duty-unpaid) (¢/lb) MMOFU00 15.266 0.188 15-JunMW US Transaction price (implied duty-unpaid) (¢/lb) MMOGU00 126.782 -1.876 15-JunMW US Transaction premium ($/mt) MMAKE00 604.066 0.000 15-JunMW US Market (¢/lb) MMAAE00 138.500 -2.000 15-JunCIF New Orleans duty-unpaid premium ($/mt) MMODU00 240.000 0.000 15-JunCIF New Orleans duty-unpaid premium (¢/lb) MMNDU00 10.886 0.000 15-JunNOLA-MW premium diff (¢/lb) MMNOL00 16.514 0.000 15-JunGW premium unpaid in-warehouse Rotterdam ($/mt) AALVI00 200.000-208.000 0.000/0.000 15-JunGW premium paid in-warehouse Rotterdam ($/mt) AALVE00 240.000-250.000 0.000/0.000 15-JunBillet 6060/6063 DDP Germany ($/mt) ABGEA04 1015.000 30.000 11-JunBillet 6060/6063 DDP Italy ($/mt) ABITA04 1015.000 30.000 11-JunAluminum CFR China All-in Import Price ($/mt) MMBAA00 3037.230 15.770 15-JunCIF Japan premium ($/mt) MMANA00 162.000-172.000 -3.000/-3.000 15-JunCIF Japan premium Q3 ($/mt) AAFGA00 185.000-185.000 0.000/0.000 15-JunJapan delivered (current month) ($/mt) MMALU00 2648.770-2676.020 11.130/11.030 15-JunJapan delivered (2 months out) ($/mt) MMALX00 2661.760-2689.020 14.090/13.990 15-Jun

low emissions AluminumLow-carbon GW premium unpaid in-warehouse Rotterdam ($/mt) LALVI00 200.000-208.000 0.000/0.000 15-JunZero-carbon GW premium unpaid in-warehouse Rotterdam ($/mt) ZALVI00 210.440-218.440 0.000/0.000 15-JunLow-carbon GW premium paid in-warehouse Rotterdam ($/mt) LALVE00 240.000-250.000 0.000/0.000 15-JunZero-carbon GW premium paid in-warehouse Rotterdam ($/mt) ZALVE00 250.440-260.440 0.000/0.000 15-Jun

Weekly/monthly prices

calcined Petroleum cokeFOB US Gulf Coast ($/mt) MMXEV00 400.000-455.000 25.000/55.000 28-May

caustic sodaFOB NE Asia ($/mt) AAVSE04 324.000-326.000 10.000/10.000 15-JunCFR SE Asia ($/mt) AAVSF04 329.000-331.000 0.000/0.000 15-JunDomestic East China Ex-works (Yuan/mt) AAXDE00 579.000-581.000 0.000/0.000 15-JunFOB NWE ($/mt) AANTF00 373.000-377.000 55.000/55.000 15-JunCFR Med ($/mt) ACSMA04 400.000 25.000 15-JunFOB US Gulf ($/mt) AANTI00 470.000-480.000 135.000/135.000 15-Jun

AluminumUS Six-Months P1020 premium (¢/lb) MMANJ04 22.000 -0.250 10-JunUS 6063 Billet Upcharge (¢/lb) MMAKC00 21.000-23.000 0.000/0.000 10-JunCIF Brazil premium duty-unpaid ($/mt) MMABP04 290.000 5.000 11-JunBrazil DDP Southeast premium ($/mt) MMABS04 332.500 0.000 11-JunBrazil Market DDP Southeast ($/mt) MMADB04 2797.360 18.060 11-Jun



Secondary aluminum symbol change date assessed

US Old Cast (¢/lb) AAFBJ00 71.000-73.000 2.000/2.000 14-JunUS Old Sheet (¢/lb) AAFBL00 71.000-73.000 1.000/1.000 14-JunUS Mill-Grade MLCCs (¢/lb) AAFBP00 90.000-92.000 2.000/2.000 14-JunUS Smelter-Grade MLCCs (¢/lb) AAFBT00 77.000-79.000 1.000/1.000 14-JunUS HG Auto Shreds (¢/lb) AASSP00 76.000-78.000 0.000/0.000 14-JunUS LG Auto Shreds (¢/lb) AASSO00 68.000-70.000 0.000/0.000 14-JunUS Turnings (¢/lb) AAFCA00 69.000-71.000 -1.000/-1.000 14-JunUS UBCs (used beverage cans) (¢/lb) AAFCD00 76.000-78.000 0.000/0.000 10-JunUS Painted Siding (¢/lb) AASNW02 89.000-91.000 0.000/0.000 10-JunUS 6063 New Bare Extrusion Scrap discount (¢/lb) AAFCE00 7.000-11.000 0.000/0.000 10-JunUS 6063 New Bare Extrusion Scrap (¢/lb) AAFCF00 127.916-131.916 -2.064/-2.064 15-JunUS 6022 New Bare Scrap discount (¢/lb) AAXVM04 18.000-23.000 0.000/0.000 10-JunUS 6022 New Bare Scrap (¢/lb) AAXVM00 115.916-120.916 -2.064/-2.064 15-JunUS 5052 New Bare Scrap discount (¢/lb) ABSDB04 9.000-14.000 0.000/0.000 10-JunUS 5052 New Bare Scrap (¢/lb) ABSDA00 124.916-129.916 -2.064/-2.064 15-JunBrazilian UBCs (Real/kg) SB01018 8.500-9.100 0.000/0.000 14-JunBrazilian Castings (Real/kg) SB01020 10.000-11.000 0.000/0.000 14-JunBrazilian Profile Scrap (Real/kg) SB01022 14.000-14.800 0.000/0.000 14-JunOld cast delivered NE Mexico (pesos/kg) AAXXA04 35.000-36.000 0.000/0.000 10-Jun

– ¢/lb conversion AAXUA04 80.523-82.824 1.696/1.745 10-JunOld sheet delivered NE Mexico (pesos/kg) AAXXB04 33.000-34.000 0.000/0.000 10-Jun

– ¢/lb conversion AAXUB04 75.922-78.222 1.599/1.647 10-JunUBCs delivered NE Mexico (pesos/kg) AAXXC04 30.750-31.750 -0.250/-0.250 10-Jun

– ¢/lb conversion AAXUC04 70.745-73.046 0.927/0.976 10-Jun6063 new bare delivered NE Mexico (pesos/kg) AAXXD04 47.500-48.500 0.000/0.000 10-Jun

– ¢/lb conversion AAXUD04 109.281-111.582 2.302/2.350 10-JunMW US A380 (¢/lb) MMAAD00 117.000-118.000 0.000/0.000 14-JunMW US 319 (¢/lb) MMAAC00 124.000-126.000 0.000/0.000 14-JunMW US Sec 356 (¢/lb) MMAAB00 134.000-136.000 0.000/0.000 14-JunMW US F132 (¢/lb) MMAAA00 128.000-130.000 0.000/0.000 14-JunMW US A413 (¢/lb) MMWUS00 133.000-135.000 0.000/0.000 14-JunMW US B390 (¢/lb) FAALB00 135.000-137.000 0.000/0.000 14-JunADC12 FOB China ($/mt) AAVSJ00 2500.000-2550.000 0.000/0.000 15-JunADC12 Ex-works China ($/mt) AAVSI00 2871.860-2887.470 24.060/-22.920 15-JunAlloy 226 delivered European Works (Eur/mt) AALVT00 1940.000-1990.000 0.000/0.000 11-JunAlloy 231 DDP Germany (Eur/mt) ABLVT04 1990.000-2040.000 0.000/0.000 11-Jun

light metalS symbol change date assessed

Weekly prices

magnesiumUS Die Cast Alloy Transaction (¢/lb) MMAHR00 185.000-195.000 0.000/0.000 10-JunMW US Spot Western (¢/lb) MMAHM00 230.000-235.000 0.000/0.000 10-JunMW US Dealer Import (¢/lb) MMAHQ00 202.000-210.000 0.000/0.000 10-JunEuropean Free Market ($/mt) MMAIZ00 3450.000-3600.000 0.000/0.000 10-Jun

silicon553 Grade delivered US Midwest (¢/lb) MMAJM00 156.000-160.000 3.000/2.000 09-Jun553 Grade IW EU (Eur/mt) AAIUT00 2300.000-2450.000 50.000/100.000 10-Jun

manganeseElectrolytic 99.7% FOB China ($/mt) MMAIX00 2650.000-2700.000 50.000/50.000 11-Jun

titaniumUS Turnings 9064 (¢/lb) MMAJZ00 1.500-1.900 0.000/0.000 10-JunEurope Turnings 9064 (¢/lb) MMAJY00 1.500-1.900 0.000/0.000 10-Jun



Battery metalS symbol change date assessed

daily prices

lithium carbonateCIF North Asia ($/mt) BATLC04 13000 -200 15-JunDDP China (Yuan/mt) BATCA04 87000 +0 15-JunCIF North Asia Import Parity (Yuan/mt) BATCP04 94329 -1129 15-Jun

lithium hydroxideCIF North Asia ($/mt) BATLH04 14700 +0 15-JunDDP China (Yuan/mt) BATHY04 91500 +0 15-Jun

cobalt sulfateCIF North Asia ($/mt) BATCO04 9600 +100 15-JunDDP China (Yuan/mt) BATCS04 70000 +200 15-Jun

cobalt hydroxideCIF China ($/lb) BATCH04 17.60 +0.00 15-JunCIF China ($/mt) BATCT04 38801.31 +0.00 15-Jun

nickel sulfateDDP China (Yuan/mt) BATNS04 33500 +0 15-Jun

Weekly prices

lithium spodumeneFOB Australia ($/mt) BATSP03 700 +0 11-Jun

cobalt metal99.8% IW Rotterdam ($/lb) MMAIK04 20.230 +0.017 11-Jun

coPPer symbol change date assessed

daily pricesCIF China premium ($/mt) MMAMK00 25.00-25.00 0.00/0.00 15-JunTop Brand ER differential ACTBA00 5.00 0.00 15-JunSX-EW differential ACTBB00 -10.00 0.00 15-JunCOMEX Spot (¢/lb) CMAAD10 434.00 -19.20 15-JunClean Copper Concentrates ($/mt) PCCCA00 2292.00 -96.00 15-JunClean Copper Concentrate Treatment Charge ($/mt) PCCCB00 37.70 0.00 15-JunClean Copper Concentrate Refining Charge (¢/lb) PCCCC00 3.77 0.00 15-JunLos Pelambres outright differential to Platts CCC ($/mt) PCCCD00 374.00 -14.00 15-JunEscondida outright differential to Platts CCC ($/mt) PCCCE00 219.00 -8.00 15-JunLos Bronces outright differential to Platts CCC ($/mt) PCCCF00 -531.00 20.17 15-Jun

Weekly pricesNY Dealer premium cathodes (¢/lb) MMACP00 8.25-8.75 0.00/0.00 10-JunMW No.1 Burnt Scrap Disc (Scrap) (¢/lb) MMACJ10 28.00 -2.00 09-JunMW No.1 Bare Bright Disc (Scrap) (¢/lb) MMACL10 18.00 -2.00 09-JunMW No.2 Scrap Disc (¢/lb) MMACN10 62.00 -2.00 09-Jun



Bulk FerroalloyS symbol change date assessed

Weekly prices

manganese Ore37% Mn Ore CIF Tianjin ($/dmtu) AAXRX00 4.700 0.100 11-Jun44% Mn Ore CIF Tianjin ($/dmtu) AAWER00 5.000 0.000 11-Jun

FerrochromeCharge Chrome 48-52% in-warehouse US (¢/lb) MMAEX00 125.000-135.000 0.000/0.000 09-JunCharge Chrome 52% DDP Europe (¢/lb) MMAIP00 112.000-116.000 0.000/0.000 09-JunCharge Chrome 48-52% CIF China (¢/lb) CCXIC04 93.000-94.000 3.000/2.000 09-Jun65% High Carbon in-warehouse US (¢/lb) MMAFA00 126.000-127.000 0.000/0.000 09-Jun65%-68% High Carbon DDP Europe (¢/lb) MMAIQ00 125.000-150.000 1.000/0.000 09-Jun60%-65% High Carbon Spot CIF Japan (¢/lb) MMAEW00 96.000-98.000 2.000/3.000 09-Jun58%-60% High Carbon CIF China (¢/lb) CCXIC04 92.000-94.000 3.000/3.000 09-JunLow Carbon 0.10% in-warehouse US (¢/lb) MMAIM00 226.000-227.000 1.000/1.000 09-JunLow Carbon 0.10% DDP Europe (¢/lb) MMAIP00 220.000-240.000 5.000/0.000 09-JunLow Carbon 0.15% in-warehouse US (¢/lb) MMANR00 210.000-220.000 0.000/0.000 09-JunLow Carbon 0.05% in-warehouse US (¢/lb) MMAFC00 234.000-235.000 0.000/0.000 09-Jun

FerromanganeseHigh Carbon 76% in-warehouse US ($/long ton) MMAFH00 1780.000-1800.000 0.000/0.000 09-JunMedium Carbon 85% in-warehouse US (¢/lb) MMAFK00 141.000-142.000 1.000/0.000 09-Jun

silicomanganese65% Mn in-warehouse US (¢/lb) MMAGR00 79.000-80.000 2.000/0.000 09-Jun65% Mn CIF Japan ($/mt) MMAJG00 1450.000-1500.000 30.000/50.000 09-Jun65:16 DDP NW Europe (Eur/mt) AAITQ00 1410.000-1480.000 10.000/30.000 09-Jun

Ferrosilicon75% Si in-warehouse US (¢/lb) MMAFT00 146.000-149.000 4.000/2.000 09-Jun75% Si CIF Japan ($/mt) MMAJP00 1850.000-1950.000 100.000/150.000 09-Jun75% Si FOB China ($/mt) MMAKB00 1800.000-1900.000 100.000/150.000 09-Jun75% Std DDP NW Europe (Eur/mt) AAIUR00 1650.000-1780.000 0.000/30.000 09-Jun

noBle alloyS symbol change date assessed

daily prices

molybdenumDaily Dealer Oxide ($/lb) MMAYQ00 19.400-20.650 0.600/0.250 15-Jun

FerromolybdenumMW European 65% Ferromolybdenum ($/kg) MMAFO00 49.000-50.000 0.000/0.000 15-Jun

Weekly prices

molybdenumOxide Daily Dealer Wkl Avg.($/lb) MMAGQ00 16.640-17.780 2.640/2.955 11-JunMW US FeMo ($/lb) MMAFQ00 20.500-21.000 4.500/4.500 10-Jun60% Ferromolybdenum FOB China ($/kg) MMAFP00 36.400-37.600 5.100/5.600 10-Jun60% Ferromolybdenum CIF Asia ($/kg) MMAFM00 40.500-42.000 7.500/8.000 10-Jun

FerrovanadiumUS Free Market V205 ($/lb) MMAGD00 9.000-9.500 0.000/0.000 10-JunUS Ferrovanadium, 80% V ($/lb) MMAFY00 16.000-16.500 0.200/0.500 10-JunEurope Ferrovanadium, 80% V ($/Kg) MMAYY04 39.500-40.000 0.500/0.000 10-Jun

titaniumMW US Turnings 9064 ($/lb) MMAJZ00 1.500-1.900 0.000/0.000 10-JunEurope Turnings 9064 ($/lb) MMAJY00 1.500-1.900 0.000-0.000 10-Jun

FerrotitaniumMW US Ferrotitanium 70% Ti ($/lb) MMAJX00 4.000-4.300 0.000/0.000 10-JunEurope Ferrotitanium 70% Ti ($/kg) MMAJW00 8.000-8.500 0.000/0.000 10-Jun

FerrotungstenMW Ferrotungsten ($/kg) MMAHK00 32.000-33.000 0.000/0.000 10-Jun



other Steel inPutS symbol change date assessed

Weekly prices

nickelNY Dealer Cathode ($/lb) MMAZM04 8.566-8.566 -0.074/-0.074 10-JunNY Dealer Melt ($/lb) MMAZI04 8.566-8.566 -0.074/-0.074 10-JunNY Dealer Plate ($/lb) MMAZK04 9.066-9.066 -0.074/-0.074 10-JunCathode premium Spot US (¢/lb) MMAZM04 50.000 0.000 10-JunMelt premium US (¢/lb) MMAZI04 50.000 0.000 10-JunPlate premium Spot US (¢/lb) MMAZK04 100.000 0.000 10-JunPlating Grade IW Rotterdam ($/mt) MMAMR00 18125.000-18175.000 -112.000/-112.000 11-JunPlating Grade premium IW Rotterdam ($/mt) MMAYO04 200.000-250.000 0.000/0.000 11-JunRussia Full-Plate ($/mt) MMAMN04 18005.000-18015.000 -112.000/-112.000 11-JunRussia Full-Plate premium IW Rotterdam ($/mt) MMAYP04 80.000-90.000 0.000/0.000 11-JunBriquette premium IW Rotterdam ($/mt) AALWJ00 100.000-140.000 0.000/0.000 11-Jun

stainless steelScrap NA Free Market 18-8 ($/lt) AALDQ00 1859.200-1881.600 0.000/—22.400 10-Jun

manganeseElectrolytic 99.7% FOB China ($/mt) MMAIX00 2650.000-2700.000 50.000/50.000 11-Jun

other BaSe metalS symbol change date assessed

daily prices

leadNorth American Market (¢/lb) MMALF01 111.316 -0.839 15-Jun

twice weekly prices

tinTin MW Dealer (¢/lb) MMAAW10 1562.000 12.000 14-Jun

Weekly prices

ZincUS Dealer SHG (¢/lb) MMABF10 142.513 -0.544 10-JunMW SHG premium (¢/lb) MMAYH00 8.000 0.000 10-JunMW Galv. premium (¢/lb) MMAYI00 8.250 0.000 10-JunMW Alloy No. 3 premium (¢/lb) MMAYJ00 19.500 0.000 10-Jun

leadNorth American Premium (¢/lb) MMXCD00 13.000 0.000 15-JunUsed lead-acid batteries US Midwest (¢/lb) MMLAA04 30.250-32.250 0.000/0.000 15-JunUsed lead-acid batteries US Northeast (¢/lb) MMLAB04 31.500-32.500 0.000/0.000 15-Jun

monthly prices

ZincEurope physical SHG FCA Rotterdam ($/mt) MMAYN04 3039.000-3049.000 112.000/112.000 19-MayEurope physical SHG premium FCA Rotterdam ($/mt) MMAYN04 85.000-95.000 0.000/0.000 19-May

minor metalS symbol change date assessed

daily prices

cobalt99.8% cathode DDP Europe ($/lb) MMAIK00 20.050-20.650 0.050/0.150 15-Jun

Weekly prices

cobalt99.8% cathode DDP US ($/lb) MMAEO00 20.000-20.500 0.100/0.000 10-Jun

PreciouS metalS aSSeSSmentS symbol change date assessed

Weekly pricesNY Dealer Platinum ($/oz) MMAHX00 1131.000-1180.000 -19.000/-29.000 10-JunNY Dealer Palladium ($/oz) MMABV00 2740.000-2850.000 -40.000/-25.000 10-JunNY Dealer Rhodium ($/oz) MMAID00 20500.000-22500.000 -500.000/-2500.000 10-JunNY Dealer Iridium ($/oz) MMAIJ00 5500.000-6000.000 0.000/0.000 10-JunNY Dealer Ruthenium ($/oz) MMAIH00 675.000-750.000 -25.000/-50.000 10-Jun



exChange-traded data and thIrd party data symbol date assessed

cOmeX settlementsCopper Spot (¢/lb) CMAAD10 434.000 15-JunCopper 2 months out (¢/lb) CMAAE10 433.750 15-JunCopper One Year out (¢/lb) CMAAF10 435.250 15-JunSilver Spot (¢/oz) CMAAJ10 2767.900 15-JunSilver 2 months out (¢/oz) CMAAK10 2771.000 15-JunSilver 1 year out (¢/oz) CMAAL10 2786.400 15-JunGold Spot ($/oz) CMAAG10 1854.500 15-JunGold 1 year ($/oz) CMAAH10 1865.300 15-Jun

nymeX settlementsPlatinum Active ($/oz) XMAAB10 1148.600 15-JunPalladium Active ($/oz) XMAAA10 2764.800 15-Jun

cOmeX closing stocksDaily Copper Stocks (lb) CMAAO10 55326.000 15-JunDaily Silver Stocks (oz) CMAAM10 355706160.000 15-JunDaily Gold Stocks (oz) CMAAN10 34814239.000 15-Jun

Precious metalsLondon Gold AM Fix ($/oz) MMABM10 1863.850 15-JunLondon Gold PM Fix ($/oz) MMABL10 1865.100 15-JunGold H&H ($/oz) MMABK10 1865.100 15-JunGold Engelhard Unfabricated ($/oz) MMABN10 1866.000 15-JunLondon Silver Fix, US (¢/tr oz) MMACF10 2762.500 15-JunLondon Silver Fix, Pence (p/tr oz) MMACE10 1961.000 15-JunLondon Silver Price ($/tr oz) MMAXD00 27.625 15-JunSilver H&H (¢/oz) MMACD10 2745.500 15-JunSilver Engelhard Unfabricated (¢/oz) MMACH10 2770.000 15-JunPlatinum J.Matthey Base NA ($/oz) LMABS10 1161.000 15-JunPlatinum J.Matthey Base Asia ($/oz) AMACH00 1173.000 15-JunPlatinum J.Matthey Base Europe ($/oz) LMABV10 1167.000 15-JunPlatinum Engelhard Unfabricated ($/oz) MMAHH10 1159.000 15-JunPlatinum Engelhard Asia ($/oz) AMACM00 1167.000 15-JunPalladium J.Matthey Base NA ($/oz) LMABS10 2772.000 15-JunPalladium J.Matthey Base Asia ($/oz) AMACH00 2760.000 15-JunPalladium J.Matthey Base Europe ($/oz) LMABR10 2760.000 15-JunPalladium Engehlard Unfabricated ($/oz) MMABW10 2770.000 15-JunPalladium Engelhard Asia ($/oz) AMACN00 2783.000 15-JunRhodium J.Matthey Base NA ($/oz) LMACA10 23000.000 15-JunRhodium J.Matthey Base Asia ($/oz) AMACJ00 22800.000 15-JunRhodium J.Matthey Base Europe ($/oz) LMABZ10 22800.000 15-JunRhodium Engelhard ($/oz) MMAHY10 23000.000 15-JunRhodium Engelhard Asia ($/oz) AMACO00 22750.000 15-JunIridium J.Matthey Base North America ($/oz) MMABP10 6100.000 15-JunIridium Engelhard Unfabricated ($/oz) MMABO10 6000.000 15-JunIridium Engelhard Asia ($/oz) AMACP00 6000.000 15-Jun

metals daily - eccomelt.com · 15/06/2021 · metals daily june 15, 2021

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