metals daily - platts

METALS

Volume 5 / Issue 172 / September 1, 2016

METALS DAILY

www.platts.com www.twitter.com/PlattsMetals

Today in meTals

aluminumAustralia alumina rangebound; buyers playing a “waiting game” 3

light metalsChinese Si metal prices edge down on low demand across Asia 7

CopperWorkers vote to strike at two mines in Chile, more talks planned 7

Ferroalloys & steelMolybdenum oxide prices softer in subdued trade 10

Precious metalsCOMEX gold gets bounce from US dollar retreat, PGMs lower 10

CommoditiesChina’s July SHFE copper, lead prices drop 13%, 2% on year 11

LME base metals jump on economic data, weak dollar 11

Italian car sales jump 20.1% in Aug as pace of growth quickens 11

Platts Key Metals BenchMarKs date Change assesseddaily Prices

Alumina PAX FOB Australia ($/mt) 228.500 0.000 01-Sep-16Aluminum MW US Transaction premium (¢/lb) 6.000 0.000 01-Sep-16Aluminum CIF Japan premium ($/mt) 66.000-74.000 0.000/0.000 01-Sep-16Aluminum GW premium paid IW Rotterdam ($/mt) 115.000-120.000 0.000/0.000 01-Sep-16Molybdenum oxide, daily dealer ($/lb) 7.350-7.500 -0.050/-0.050 01-Sep-16Ferromolybdenum, 65% European ($/kg) 18.000-18.250 0.000/0.000 01-Sep-16Platts Gold Premium 995 India – PGPI995 ($/tr oz) -15.000 0.000 01-Sep-16

Twice weekly prices

MW US A380 Alloy (¢/lb) 82.500-84.500 0.000/0.000 01-Sep-16

Weekly prices

Aluminum CIF Brazil premium ($/mt) 117.500 -2.500 26-Aug-16Aluminum CIF Korea premium ($/mt) 64.000-65.000 1.000/-2.000 31-Aug-16Aluminum ADC12 FOB China ($/mt) 1670.000-1690.000 -10.000/-20.000 30-Aug-16Aluminum Alloy 226 del. European works (Eur/mt) 1590.000-1640.000 0.000/0.000 26-Aug-16Manganese Ore, 44% Mn, CIF Tianjin ($/dmtu) 4.400 0.000 26-Aug-16Manganese Ore, 37% Mn, CIF Tianjin ($/dmtu) 3.700 0.000 26-Aug-16Moly oxide, Daily Dealer Wk Avg. ($/lb) 7.500-7.600 0.100/0.100 26-Aug-16Silicon, 553 Grade delivered US Midwest ($/lb) 86.000-88.000 0.000/0.000 31-Aug-16Magnesium, 99.8% FOB China ($/mt) 2200.000-2240.000 0.000/20.000 26-Aug-16Ferrochrome, US 65% High-Carbon IW US (¢/lb) 90.000-95.000 0.000/0.000 31-Aug-16Silicomanganese, 65:16 DDP NW Europe (Eur/mt) 670.000-690.000 0.000/0.000 01-Sep-16Ferrosilicon, FOB China ($/mt) 1000.000-1040.000 0.000/10.000 01-Sep-16Ferrotitanium MW US, 70% ($/lb) 1.750-1.850 0.000/0.000 01-Sep-16Copper Grade A premium CIF Rotterdam ($/mt) 35.000-45.000 0.000/0.000 26-Aug-16Copper NY Dealer cathodes premium (¢/lb) 5.000-6.000 0.000/0.000 01-Sep-16Copper MW No.1 Bare Bright Disc (¢/lb) 2.000 0.000 31-Aug-16

Tokyo—Japanese aluminum alloy suppliers are taking a cautious approach for the fourth quarter after Toyota Motor announced plans to cut its Q4 passenger car output at Japa-nese plants by roughly 10% from Q3, market sources said September 1.

Toyota Motor told suppliers August 31, ahead of its aluminum alloy tender opening this week, that it plans to cut vehicle output by 5%-10% in October-December from the July-September level. The automaker had ramped up production in June-July to cover production losses from the April Kumamoto earthquake. The quake had forced some Toyota component suppliers to suspend parts output.

Although some suppliers said Toyota, even with a 10% Q4 output cut, was still on target to achieve its public goal to produce 3.2 million vehicles in Japan in 2016, others

Japanese Q4 aluminum automotive demand outlook turns bleak ahead of tenders

said this Q4 announcement suggests bleak aluminum demand ahead. They said that Toyota continuing output at a 14,000 vehicles/day pace had been the only hope, but now that has been reduced.

“But I suppose domestic car sales showed that demand was not there and Toyota decided to slow down,” said one aluminum supplier source. “I would assume that ADC12 ingot will be affected more than molten aluminum,” the source added.

The automaker uses ADC12 ingot from local smelters as well as imports, while molten aluminum needs to be supplied by local smelters.

The auto market is not all gloom and there is positive sales data too, said suppliers of Nissan Motor. Nissan and other automakers are expected to seek supplies for October, Q4 or October-March this month.

(continued on page 2)

Ferroalloys & sTeel

Chinese ferrosilicon prices up on rising coal pricesSingapore—Rising Chinese coal prices along with already tight ferrosilicon supply helped push Asian ferrosilicon prices even higher this week.

The Chinese 75% Si ferrosilicon price assessment rose week on week to $1,000-$1,040/mt, FOB China, September 1, from $1,000-$1,030/mt. Platts assessed the spot price of ferrosilicon imports into Japan at $950-$1,050 CIF Japan September 1, up from $940-$1,000/mt a week ago as Chinese producers raised offers.

Both Chinese producers and buyers agreed that ferrosilicon prices had risen, with tender prices of large steel mills in August ranging from Yuan 4,750-5,000 ($770-$810)/mt for 75% Si ferrosilicon.

On top of an already tightened supply of ferrosilicon, rising coal prices have also

(continued on page 9)

September 1, 2016metalS Daily

2© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.

PriMary aluMinuM date Change assessed

alumina

PAX FOB Australia ($/mt) 228.500 0.000 01-Sep-16PAX CFR China (Yuan/mt) 1617.840 -1.330 01-Sep-16PAX CFR China ($/mt) 242.250 0.250 01-Sep-16China Ex-works (Yuan/mt) 1850.000 0.000 01-Sep-16China Ex-works ($/mt) 277.010 0.510 01-Sep-16Dry bulk freight: Aus-China Handysize ($/mt) 13.750 0.250 01-Sep-16

aluminum

LME HG Cash Settlement ($/mt) 1587.000 -14.000 01-Sep-16LME HG Cash Settlement (¢/lb) 71.985 -0.635 01-Sep-16MW US Transaction premium (¢/lb) 6.000 0.000 01-Sep-16MW US Transaction (¢/lb) 77.985 -0.635 01-Sep-16MW US Net-Cash premium (¢/lb) 5.700 0.000 01-Sep-16MW US Transaction premium ($/mt) 132.277 0.000 01-Sep-16MW US Market (¢/lb) 78.500 -0.250 01-Sep-16GW premium unpaid in-warehouse Rotterdam ($/mt) 65.000-70.000 0.000/0.000 01-Sep-16GW premium paid in-warehouse Rotterdam ($/mt) 115.000-120.000 0.000/0.000 01-Sep-16A7E premium unpaid in-warehouse Rotterdam ($/mt) 65.000-70.000 0.000/0.000 01-Sep-16A7E premium unpaid FOB St. Petersburg ($/mt) 50.000-55.000 0.000/0.000 01-Sep-16Aluminum CFR China All-in Import Price ($/mt) 1963.320 -30.970 01-Sep-16CIF Japan premium ($/mt) 66.000-74.000 0.000/0.000 01-Sep-16CIF Japan premium Q3 ($/mt) 90.000-93.000 0.000/0.000 01-Sep-16Japan delivered (current month) ($/mt) 1645.910-1674.870 -26.470/-26.560 01-Sep-16Japan delivered (2 months out) ($/mt) 1664.930-1693.890 -26.430/-26.520 01-Sep-16

Weekly/monthly prices

Calcined Petroleum Coke

FOB US Gulf Coast ($/mt) 225.000-250.000 -10.000/-5.000 31-Aug-16

Caustic soda

FOB NE Asia ($/mt) 319.000-321.000 10.000/10.000 30-Aug-16CFR SE Asia ($/mt) 361.000-363.000 12.000/12.000 30-Aug-16Domestic East China Ex-works (Yuan/mt) 824.000-826.000 15.000/15.000 30-Aug-16FOB Rotterdam ($/mt) 333.000-337.000 0.000/0.000 30-Aug-16FOB US Gulf ($/mt) 305.000-315.000 15.000/15.000 30-Aug-16

aluminum

US Six-Months P1020 premium (¢/lb) 7.000 0.250 01-Sep-16US 6063 Billet Upcharge (¢/lb) 10.000-10.500 0.000/0.000 01-Sep-16CIF Brazil premium duty-unpaid ($/mt) 117.500 -2.500 26-Aug-16Brazil DDP Southeast premium ($/mt) 187.500 -5.000 26-Aug-16Brazil Market DDP Southeast ($/mt) 1818.600 -31.100 26-Aug-16CIF South Korea premium duty-unpaid ($/mt) 64.000-65.000 1.000/-2.000 31-Aug-16Singapore in-warehouse premium ($/mt) 50.000-55.000 0.000/0.000 31-Aug-16

aluminum

assessmenT raTionale

us mW aluminum Transaction Premium assessment rationale: (PMA page 0013) Platts assessed its spot 99.7% P1020 US aluminum Transaction premium at 6 cents/lb, plus LME cash, delivered Midwest, net-30 day payment terms, on September 1, 2016, unchanged from the previous assessment. A trader quoted at 7 cents, delivered Midwest, net cash, which would normalize to 7.3 cents, net-30 terms, and said he would not sell at 6 cents. But another trader said he saw the market at 6 cents and a third trader said he saw the market at 5.75-6.25 cents, delivered Midwest, net-30. A fourth trader said the current bid/ask spread was 5.5-6.25 cents, delivered Midwest, net-30. Two consumers saw the market at 6 cents, while a third thought he could still get a discount to Platts Transaction premium. A consumer bought multiple lots of more than 500 mt each at discounts ranging from 0.10 to 0.50 basis Platts Transaction average for September-October, delivered average freight Midwest, net 30. Two producers saw the market at 6 cents, but had no sales to report. No market data were excluded from the September 1 assessment.

The above rationale applies to the following market data code: MMAKE00.

Sales of Nissan’s family van model, Serena, which was remodeled last month, was upbeat.

“Our Serena sales target is 8,000 vehicles/month including low season period,” said the Nissan spokeswoman. Serena sales were 6,000-7,000 vehicles/month before the remodeling-

One Nissan supplier said the automaker plans to raise Serena output to 10,000 vehicles/month, but the spokeswoman said the plan was not definite.

“It is likely that at our plant, there is pressure to boost output to a 10,000 vehicles/month threshold level, but this is not definite,” the spokeswoman said.

But not all cars are promised with the Serena success. In a market with no clear growth scenario, the automakers have narrowed sales targets for particular segments, but their strategies may not always work.

“I can’t read demand. We have not finalized our output plan for October-December,” said a source at a secondary aluminum smelter, who will be participating in the Toyota Motor tender.

Two secondary aluminum alloy smelters plan to award silicon metal buy tenders this week, following two others who bought around 1,000 mt in total last week, for October-December.

Three smelter sources said they were buying for one to two months of consumption only, due to uncertain alloy demand outlook and high stocks.

Japanese automakers consumed 83,000 mt of diecast aluminum alloys, mostly of ADC12 specification, in June for production of 804,201 passenger vehicles and 11,828 commercial vehicles, according to latest industry data.

ADC12 contains around 9.6%-12% silicon.Japan’s largest automaker, Toyota Motor,

told suppliers August 31 that it planned to cut vehicle output by around 10% quarter on quarter in October-December.

Toyota has been running its plants at full capacity of 14,000 vehicles/day on the average in July-August, said one supplier.

“The pace will slow to roughly 13,000

asian Fesi rise more...from page 1

vehicles/day in October-December, but this is still above the 12,000 vehicles/day output in April-June,” the source added.

A Toyota Motor spokeswoman declined to comment on production plans, adding that the automaker had no plans to change



secondary aluMinuM date Change assessedUS Old Cast (¢/lb) 57.000-59.000 0.000/0.000 01-Sep-16US Old Sheet (¢/lb) 55.000-57.000 0.000/0.000 01-Sep-16US Mill-Grade MLCCs (¢/lb) 62.000-63.000 -1.000/-2.000 01-Sep-16US Smelter-Grade MLCCs (¢/lb) 58.000-60.000 1.000/1.000 01-Sep-16US HG Auto Shreds (¢/lb) 61.000-63.000 0.000/0.000 01-Sep-16US LG Auto Shreds (¢/lb) 56.000-58.000 0.000/0.000 01-Sep-16US Turnings (¢/lb) 57.000-59.000 0.000/0.000 01-Sep-16US UBCs (used beverage cans) (¢/lb) 60.000-62.000 -2.000/-2.000 01-Sep-16US Painted Siding (¢/lb) 59.000-61.000 -1.000/-1.000 01-Sep-16US 6063 New Bare Extrusion Scrap discount (¢/lb) 4.000-4.500 0.500/0.500 01-Sep-16US 6063 New Bare Extrusion Scrap (¢/lb) 73.485-73.985 -1.135/-1.135 01-Sep-16US 6022 New Bare Scrap discount (¢/lb) 7.500-8.000 0.000/0.000 01-Sep-16US 6022 New Bare Scrap (¢/lb) 69.985-70.485 -0.635/-0.635 01-Sep-16Brazilian UBCs, delivered mill (Real/kg) 4.300-4.600 0.100/0.000 29-Aug-16Brazilian Castings, delivered mill (Real/kg) 5.100-5.400 0.100/0.000 29-Aug-16Brazilian Extrusion Profile Scrap, delivered mill (Real/kg) 6.300-6.700 0.000/0.000 29-Aug-16Old cast delivered NE Mexico (pesos/kg) 26.500-27.250 0.000/0.000 01-Sep-16

– ¢/lb conversion 64.070-65.883 -1.347/-1.385 01-Sep-16Old sheet delivered NE Mexico (pesos/kg) 23.750-24.500 -0.250/-0.250 01-Sep-16

– ¢/lb conversion 57.421-59.234 -1.825/-1.863 01-Sep-16UBCs delivered NE Mexico (pesos/kg) 22.750-23.750 -0.500/-0.250 01-Sep-16

– ¢/lb conversion 55.003-57.421 -2.391/-1.825 01-Sep-166063 new bare delivered NE Mexico (pesos/kg) 29.500-30.500 0.000/0.000 01-Sep-16– ¢/lb conversion 71.323-73.740 -1.500/-1.551 01-Sep-16MW US A380 (¢/lb) 82.500-84.500 0.000/0.000 01-Sep-16MW US 319 (¢/lb) 87.000-89.000 0.000/0.000 01-Sep-16MW US Sec 356 (¢/lb) 89.000-91.000 -1.000/-1.000 01-Sep-16MW US F132 (¢/lb) 88.000-90.000 0.000/0.000 01-Sep-16MW US A413 (¢/lb) 88.000-90.000 0.000/0.000 01-Sep-16MW US B390 (¢/lb) 96.000-98.000 -1.000/-1.000 01-Sep-16ADC12 FOB China ($/mt) 1670.000-1690.000 -10.000/-20.000 30-Aug-16ADC12 Ex-works China ($/mt) 1945.760-2005.630 -21.620/-21.820 30-Aug-16Alloy 226 delivered European Works (Eur/mt) 1590.000-1640.000 0.000/0.000 26-Aug-16

australia alumina rangebound; buyers playing a “waiting game”

Sydney—The Australian alumina market was rangebound September 1, leaving the Platts daily assessment unchanged day on the day at $228.50/mt, FOB Australia.

In the last week, there have been buying inquiries but few bids. Smelters are not desperate for October shipments, but demand may come in for November, a number of market sources said.

Stockholders have been holding out for over $230/mt, FOB Australia.

“Buyers are checking and waiting; they have interest to buy,” a Chinese smelter and occasional reseller said.

“It’s a waiting game. No one wants October ... maybe November,” another consumer said.

“It’s a matter of time [before a trade gets done],” a third source said.

Market participants were awaiting the outcome of Nalco’s sell tender for a 30,000-mt parcel for shipment between September 25-29 from India’s Visakhapatnam port. The deadline for bids is September 1 with validity until September 3.

The Western hemisphere was seen to be long. “Its a buyers’ market,” a supplier acknowledged.

Alumina freight rates have been on the rise in Asia on the back of the tighter supply of ships. Japanese-owned vessels have been concentrating on the north Pacific region rather than Southeast Asia, a freight source said. A spurt in rice business from Thailand, and increased shipments of fertilizer and steel into China, have also bolstered the freight market in Asia, he said.

The Platts ex-works Shanxi alumina spot assessment continued September 1 at Yuan 1,850/mt ($277/mt) full-cash terms, after edging up Yuan 10/mt the previous day.

Market sentiment stayed strong and prices are expected to remain on an uptrend in the near term, likely reaching up to Yuan 1,900/mt cash in Shanxi and Henan, sources said.

A Sichuan smelter source said he bought

assessmenT raTionales

CiF Japan aluminum spot Premium assessment rationale: (PMA Page 11) The Platts CIF Japan spot 99.7% P1020/P1020A aluminum ingot premium was assessed unchanged at $66-$74/mt plus London Metal Exchange cash, CIF Japan, on Thursday, in the absence of deals, offers and bids. A Japanese consumer said his market idea was around $70/mt, plus LME cash, CIF Japan, for spot 99.7% minimum aluminum, with maximum 0.2% iron guaranteed. But he was not in the spot market and was not aware of actual trade levels. A producer said he was expecting fourth quarter premiums of $75/mt and would like to offer at this level after the contract premium settlement, but he has not received any inquiries. An international trader put spot tradeable levels at $60-$70/mt, plus LME cash, CIF Japan, but he has not been trading in the spot market as his customers were focused on contract talks. A Japanese trader said generally, buyers were eying $60/mt, plus LME cash, CIF Japan, and sellers $75/mt, plus LME cash, CIF Japan, but he was not in the spot market and was not aware of actual transactions, bids or offers. No market data was excluded from the September 1 assessment.

The above rationale applies to market data code: MMANA00.

us midwest aluminum a380 alloy Price assessment rationale: Platts assessed its spot US Midwest Aluminum A380 Alloy price at 82.5-84.5 cents/lb, delivered Midwest, net-30 to net-60 day payment terms, on September 1, 2016, unchanged from the previous assessment. A secondary smelter reported quoting 83.5 cents and selling at that level, with an uptick in buying inquiries. Another smelter official offering 83.5 cents, however, had not made any spot sales and heard of brokered A380 selling at 81-82 cents, but not for new production. A third producer was selling A380 at 83-84 cents depending on freights, and said recent diecaster purchases at 81-82 cents were for net-cash or net-10 day payment. A trader saw most spot A380 moving at 83-85 cents, and another trader was offering at 82 cents after selling at that level earlier in the week. On the higher end, a fourth producer reported most sales at 84 cents and some at 85 cents, and a fifth smelter official said he was limiting his sales to customers paying 85 cents. Two diecasters were offered 84 cents for a non-Midwest location and 84.25 cents, delivered Midwest, but they did not report any spot purchases. No market data were excluded from the September 1 assessment.

The above rationale applies to the following market data code: MMAAD00.

its target output of 3.2 million passenger vehicles in Japan in 2016. It has produced 1.84 million vehicles over January to July.

— Mayumi Watanabe

mailto:[email protected]



light Metals date Change assessedWeekly Prices

magnesium

US Die Cast Alloy Transaction (¢/lb) 165.000-195.000 0.000/0.000 01-Sep-16MW US Spot Western (¢/lb) 210.000-220.000 0.000/0.000 01-Sep-16MW US Dealer Import (¢/lb) 149.000-153.000 0.000/0.000 01-Sep-16European Free Market ($/mt) 2175.000-2275.000 0.000/0.000 01-Sep-1699.8% FOB China ($/mt) 2200.000-2240.000 0.000/20.000 26-Aug-16Die Cast Alloy FOB China ($/mt) 2480.000-2520.000 0.000/20.000 26-Aug-16

silicon

553 Grade delivered US Midwest (¢/lb) 86.000-88.000 0.000/0.000 31-Aug-16553 Grade FOB China ($/mt) 1370.000-1430.000 -40.000/-10.000 01-Sep-16553 Grade CIF Japan ($/mt) 1390.000-1400.000 0.000/0.000 01-Sep-16553 Grade IW EU (Eur/mt) 1600.000-1650.000 0.000/0.000 01-Sep-16

manganese

Electrolytic 99.7% FOB China ($/mt) 1520.000-1560.000 20.000/20.000 26-Aug-16

Titanium

US Turnings 9064 (¢/lb) 0.400-0.500 0.000/0.000 01-Sep-16Europe Turnings 9064 (¢/lb) 0.500-0.600 0.000/0.000 01-Sep-16

some Shanxi alumina this week at Yuan 1,860/mt partial-credit terms, and pegged cash levels between Yuan 1,830 and Yuan 1,850/mt, depending on terms, quantity and positions.

A Henan smelter source said he would not pay more than Yuan 1,880/mt cash ex-works Henan on September 1. “But but further on, it’s hard to say as prices are very likely to reach Yuan 1,900/mt now,” the source added.

Talk of potential smelter restarts in the fourth quarter, along with expected new metal capacity ramp-ups from major Shandong producers Hongqiao and Xinfa, continued to prop up alumina. Recent transport issues in Shanxi due to increased coal deliveries also added support, sources said.

Major smelters such as Gansu Dongxin, Shandong Hongqiao and the Xinjiang smelters are all expected to start buying spot again in September-October, after having held off purchases recently as they had stocked up sufficiently earlier, sources have said this week.

— Joanna Lim

with Yuencheng Mok in Singapore

east Hope completes Xinjiang al expansion to 1.2-mil mt/year

Singapore—China’s East Hope Group has raised its Xinjiang aluminum smelter capac-ity to 1.2 million mt/year, up 50% from a previous run rate of 800,000 mt/year, as expansion works were completed ahead of the year-end deadline, a company source said September 1.

The producer had originally aimed to raise capacity in 2015, but plans were delayed due to weak market conditions. Expansion works resumed in June-July as domestic metal prices improved, the source said.

Total output this year is expected to reach about 1 million mt, up from 800,000 mt in 2015.

The Xinjiang smelter started commercial production in early 2012, ramped up to 400,000 mt/year by the end of 2012 then 600,000 mt/year by the end of 2013 and 800,000 mt/year during 2014.

The alumina feed for the Xinjiang smelter comes from East Hope’s own 2.5 million mt/year alumina refinery in Henan province.

East Hope also owns an 880,000 mt/year aluminum smelter in Baotou, Inner

Mongolia, which is running at full capacity.The Baotou smelter uses alumina feed

from East Hope as well as material purchased on the domestic market.

The front-month aluminum contract on the Shanghai Futures Exchange closed at Yuan 12,410/mt ($1,858/mt) on September 1, down from Yuan 12,490/mt a month ago, but up from Yuan 11,030/mt at the start of 2016.

— Yuencheng Mok

aluminum buyers set for another round of CPC price cuts

Washington—Calcined petcoke prices edged down in several regions this month, despite expectations that aluminum and oil market conditions would support them bottoming af-ter more than three years of steady declines.

PlaTTs ProPoses Widening assessmenT WindoW For sPoT CiF JaPan aluminum

Platts is proposing to change the assessment window for its daily spot CIF Japan aluminum premium by widening the spot cargo loading period under assessment to 15-60 days following the transaction, from the current methodology of loading in the month following the transaction.

Platts proposes to widen the assessment window from April 3, 2017.

Under this proposed change Platts would reflect cargoes loading 15-60 days after the transaction date, which are expected to arrive in Japan’s major ports of Yokohama, Nagoya or Osaka within 75 days of the transaction date.

Widening the time-frame would allow for the inclusion of spot deals concluded after the declaration deadline of the 15th of the month, when the most immediate shipping time is often two months later, rather than the following month. The wider window will cover shipping times for the majority of spot cargoes from multiple origins.

Please send any feedback on the proposal by October 3, 2016 to Mayumi Watanabe, [email protected], Karen McBeth, [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.






BulK Ferroalloys date Change assessed

Weekly Prices

manganese ore

37% Mn Ore CIF Tianjin ($/dmtu) 3.700 0.000 26-Aug-1644% Mn Ore CIF Tianjin ($/dmtu) 4.400 0.000 26-Aug-16

Ferrochrome

Charge Chrome 48-52% in-warehouse US (¢/lb) 90.000-95.000 0.000/0.000 31-Aug-16Charge Chrome 52% DDP Europe (¢/lb) 70.000-75.000 0.000/0.000 01-Sep-16NSSC Charge Chrome 50-55% Qtrly CIF Japan (¢/lb) 106.000 0.000 26-Aug-16Charge Chrome 48-52% CIF China (¢/lb) 72.000-79.000 0.000/0.000 26-Aug-1665% High Carbon in-warehouse US (¢/lb) 90.000-95.000 0.000/0.000 31-Aug-1665%-68% High Carbon DDP Europe (¢/lb) 84.000-88.000 0.000/0.000 01-Sep-1660%-65% High Carbon Spot CIF Japan (¢/lb) 74.500-75.500 0.000/0.000 26-Aug-1658%-60% High Carbon CIF China (¢/lb) 71.000-72.000 0.000/0.000 26-Aug-16Low Carbon 0.10% in-warehouse US (¢/lb) 174.000-176.000 -5.000/-5.000 31-Aug-16Low Carbon 0.10% DDP Europe (¢/lb) 190.000-200.000 0.000/0.000 01-Sep-16Low Carbon 0.15% in-warehouse US (¢/lb) 168.000-170.000 -2.000/-5.000 31-Aug-16Low Carbon 0.05% in-warehouse US (¢/lb) 215.000-218.000 0.000/0.000 31-Aug-16

Ferromanganese

High Carbon 78% in-warehouse US ($/long ton) 830.000-870.000 10.000/20.000 31-Aug-16Medium Carbon 85% in-warehouse US (¢/lb) 76.000-78.000 0.000/0.000 31-Aug-16

silicomanganese

65% Mn in-warehouse US (¢/lb) 40.500-42.000 0.500/1.000 31-Aug-1665% Mn CIF Japan ($/mt) 780.000-790.000 -10.000/-10.000 01-Sep-1665:16 DDP NW Europe (Eur/mt) 670.000-690.000 0.000/0.000 01-Sep-16

Ferrosilicon

75% Si in-warehouse US (¢/lb) 69.000-72.000 0.000/0.000 31-Aug-1675% Si CIF Japan ($/mt) 950.000-1050.000 10.000/50.000 01-Sep-1675% Si FOB China ($/mt) 1000.000-1040.000 0.000/10.000 01-Sep-1675% Std DDP NW Europe (Eur/mt) 970.000-1020.000 0.000/0.000 01-Sep-16

noBle alloys date Change assesseddaily Prices

molybdenum

Daily Dealer Oxide ($/lb) 7.350-7.500 -0.050/-0.050 01-Sep-16

Ferromolybdenum

MW European 65% Ferromolybdenum ($/kg) 18.000-18.250 0.000/0.000 01-Sep-16

Weekly Prices

molybdenum

Oxide Daily Dealer Wkl Avg.($/lb) 7.500-7.600 0.100/0.100 26-Aug-16MW US FeMo ($/lb) 9.000-9.500 0.000/0.100 01-Sep-1660% Ferromolybdenum FOB China ($/kg) 17.300-17.500 0.000/0.000 01-Sep-1660% Ferromolybdenum CIF Japan ($/kg) 17.600-17.700 0.000/0.000 01-Sep-16

Ferrovanadium

US Free Market V205 ($/lb) 4.200-4.700 0.000/0.000 01-Sep-16US Ferrovanadium, 80% V ($/lb) 10.000-10.600 0.000/0.000 01-Sep-16Europe Ferrovanadium, 80% V ($/Kg) 19.000-19.200 0.000/0.000 01-Sep-16

Titanium

MW US Turnings 9064 ($/lb) 0.400-0.500 0.000/0.000 01-Sep-16Europe Turnings 9064 ($/lb) 0.500-0.600 0.000-0.000 01-Sep-16

Ferrotitanium

MW US Ferrotitanium 70% Ti ($/lb) 1.750-1.850 0.000/0.000 01-Sep-16Europe Ferrotitanium 70% Ti ($/kg) 3.600-3.700 0.000/0.000 01-Sep-16

Ferrotungsten

MW Ferrotungsten ($/kg) 30.000-36.000 0.000/1.000 01-Sep-16

The Platts monthly US Gulf CPC assessment dropped to $225-$250/mt FOB in August from $235-$255 in July, reflecting the current transactable value for CPC with 2.5%-2.7% sulfur and max 300 ppm vanadium, FOB US Gulf ports, for cargoes loading 30-60 days forward, net-30 days payment.

Aluminum buyers reported booking spot and contract deals in August that netted back and normalized to around $220-$230, FOB US Gulf ports, for the Platts specification. The spot deals included export cargoes for delivery in August and September, with the August deal at the low end of the range considered too prompt for inclusion within the typical spot window.

The contract bookings were for both third-quarter and second-half 2016, down about $5-$10 from previous-period contract prices. The specifications ranged from 2.6%-3% sulfur and max 300-350 ppm vanadium to 3.5% S and 450 ppm max V.

In addition to the US Gulf bookings in August, a few deals were reported in Europe and FOB China at slightly lower prices, but many aluminum buyers and CPC suppliers had yet to conclude Q3 and H2 business. They expected those negotiations to continue for several more weeks, to take effect retroactively as is typical in the CPC market.

In the still-pending negotiations, US suppliers were offering price reductions of around $2-$10/mt for Q3 or H3 compared with Q2 or H1, while buyers were seeking price cuts of $10-$15, though one acknowledged $5-$10 was probably more achievable.

Offers for US-origin less-than-2.5% S CPC were heard at just over $250/mt FOB Gulf basis, which would normalize to $245-$250 FOB for the Platts specification. US export statistics showed CPC at $177 FOB Gulf, believed to be high-sulfur CPC being sent to India for blending during production.

In the European market, suppliers have reported Q3 and H2 deals for low-sulfur European grades at $250-$295/mt on a delivered Rotterdam basis, with most of that at $265-$280. The contract price variations from Q2 and H1 ranged from flat on the low end to down $10 on the higher end.

At least three large aluminum companies had yet to conclude their European contracts. In the negotiations still ongoing, the suppliers were offering reductions of



other steel inPuts date Change assesseddaily Prices

LME Nickel Cash Settlement ($/mt) 9750.000 25.000 01-Sep-16

Weekly Prices

nickel

NY Dealer Cathode ($/lb) 4.529-4.554 -0.034/-0.215 01-Sep-16NY Dealer Melt ($/lb) 4.529-4.554 -0.034/-0.215 01-Sep-16NY Dealer Plate ($/lb) 4.559-4.584 -0.034/-0.215 01-Sep-16Cathode premium Spot US (¢/lb) 12.000 0.000 01-Sep-16Melt premium US (¢/lb) 12.000 0.000 01-Sep-16Plate premium Spot US (¢/lb) 15.000 0.000 01-Sep-16Plating Grade IW Rotterdam ($/mt) 10224.000-10280.000 -263.000/-263.000 26-Aug-16Plating Grade premium IW Rotterdam ($/mt) 200.000-250.000 0.000/0.000 26-Aug-16Russia Full-Plate ($/mt) 10099.000-10135.000 -263.000/-263.000 26-Aug-16Russia Full-Plate premium IW Rotterdam ($/mt) 75.000-105.000 0.000/0.000 26-Aug-16Briquette premium IW Rotterdam ($/mt) 125.000-175.000 0.000/0.000 26-Aug-16In-Warehouse Singapore premium ($/mt) 20.000-30.000 0.000/0.000 01-Sep-16

stainless steel

Scrap NA Free Market 18-8 ($/lt) 896.000-918.400 0.000/-0.000 01-Sep-16

manganese

Electrolytic 99.7% FOB China ($/mt) 1520.000-1560.000 20.000/20.000 26-Aug-16

$2.50-$10.00. A buyer had been offered in the $260s on an FOB Antwerp basis and thought that price too high.

Another buyer had heard that one of the larger suppliers booked an H2 contract at $235 FOB Rotterdam for delivery to Southern Europe, but no suppliers confirmed selling at that level for a European cargo.

In European export business, a Q3 contract between a European supplier and a Middle Eastern buyer was concluded at a reduction of $4 from Q2 to a price of $220-$225/mt, FOB Rotterdam. Another negotiation centered around a $3 or $9 decrease to something less than $250 FOB Rotterdam.

Middle Eastern prices were also on a downward trend in August, but to a lesser extent than in the US and Europe. A local supplier reported booking H2 business at around $255-$265 CFR, which he noted was $20-$30 above US levels. One aluminum buyer confirmed offers in the $250s CFR, but another buyer said that would be too high and agreed with reports of US-origin CPC offered for Q3 flat from Q2 at $245 CFR.

CPC prices in the region are driven by Chinese competition, and Chinese prices were down only marginally on some grades and flat on others.

In Chinese deals, an aluminum company tendered for Chinese CPC with max 3% S, max 150 ppm Ca and max 300 ppm V and received multiple offers below $210/mt FOB China, finalizing the deal at just above $200. Another aluminum buyer bought CPC for Q4 loading with max 2.8% S, max 350 ppm V and lower calcium at just under $220/mt FOB China. A trader was working on some Q4 sales of CPC with max 3% S in the low $200s FOB, with other metal levels not detailed.

Higher-sulfur Chinese CPC was seen available at $195-$205 FOB. A smelter booked CPC with max 3.2% S and lower metals at just under $210 for Q3-Q4 delivery to the Mideast. On lower-sulfur 1.5-2% S CPC, an aluminum buyer reported an August price of $220-$225/mt, FOB China, down about $5 from last month.

The perception of Chinese CPC price direction was mixed, however. While some of the spot buyers took their deals to signify downward momentum, especially since Chinese sellers were willing to hold prices into Q4, others saw supply tightening. A Middle Eastern buyer, who had paid $219/mt

FOB China for a cargo for July delivery, had to pay $230 for a cargo for September and attributed it to tighter supply.

“Generally, we have noticed tightness in CPC during August due to tightening environmental controls [in China] which reduces the calciner utilization rates,” the buyer explained. He and others referred to Chinese plants closing for the G20 Summit in east China in early September. “We have seen tightness across the board on all carbon materials, but ... things are very much expected to go back to normal once the summit is over,” the buyer said.

A trader agreed the environmental clampdown was a “short-term thing,” and another trader anticipated that while factories are halting operations now, Chinese CPC prices could actually go down afterward because “you have a pile-up of green coke as a result.”

CPC suppliers, however, expect CPC prices inside and outside of China to start to rise with increases in GPC prices. They pointed to Chinese CPC prices, plus freights, now at parity with US and European price levels.

“If the Chinese continue to expand their smelting, that will divert CPC that has been for export and start to drive things, if not from a supply standpoint then from a price standpoint,” said one calciner source. “Green coke prices there are flat to down a bit, but the qualities are getting worse. You

see the Chinese starting to buy low-sulfur cokes and there’s a reason.”

Traders and supplier sources reported that low-sulfur GPC from Brazil and Argentina was sold to China in August at $140 CFR, netting back to around $100 FOB Argentina, and at $110 FOB Brazil. Some Argentine GPC also sold at $120 CFR US.

But traders said Chinese buyers had dropped their price expectation to $130 CFR, putting pressure on the South American GPC toward $90 FOB. And a smelter buyer saw German GPC still offered at $115 FOB. Other European low-sulfur GPC, was not expected to be available except for a cargo or two in Q4.

Calciners pointed to the $10-$15/mt increase in fuel-grade GPC prices in recent months, and the tight spread between fuel-grade GPC and anode-grade GPC, and said low-S GPC would soon follow.

“If you look at the numbers, they can’t go any lower without losing money,” another calciner source said.

A refiner source noted that some US swing plants have shifted to selling fuel grade, with the differential only $10-$15/wst. Another refiner source said a CPC price increase “will definitely be my goal for Q4.” He said when GPC prices were last at this level that CPC prices were much higher.

“At some point we’ll have to turn a corner,” said the second calciner. “The green



coPPer date Change assesseddaily Prices

Concentrate CIF Japan ($/mt) 100.00 0.00 01-Sep-16Japan delivered (current month) ($/mt) 5019.79-5116.32 80.80/80.49 01-Sep-16Japan delivered (2 months out) ($/mt) 5019.79-5116.32 80.80/80.49 01-Sep-16CIF China premium ($/mt) 45.00-50.00 0.00/0.00 01-Sep-16Singapore in-warehouse premium ($/mt) 15.00-25.00 0.00-0.00 01-Sep-16LME Settlement ($/mt) 4620.00 17.50 01-Sep-16COMEX Spot (¢/lb) 206.85 -0.10 01-Sep-16

Weekly Prices

Grade A cathode CIF Rotterdam ($/mt) 4708.00-4719.00 -102.00/-101.00 26-Aug-16Grade A premium CIF Rotterdam ($/mt) 35.00-45.00 0.00/0.00 26-Aug-16Grade A CIF Livorno/Salerno ($/mt) 4718.00-4729.00 -102.00/-101.00 26-Aug-16Grade A premium CIF Livorno/Salerno ($/mt) 45.00-55.00 0.00/0.00 26-Aug-16NY Dealer premium cathodes (¢/lb) 5.00-6.00 0.00/0.00 01-Sep-16MW No.1 Burnt Scrap Disc (Scrap) (¢/lb) 6.00 0.00 31-Aug-16MW No.1 Bare Bright Disc (Scrap) (¢/lb) 2.00 0.00 31-Aug-16MW No.2 Scrap Disc (¢/lb) 25.00 0.00 31-Aug-16

coke situation is going to mandate that. The merchant calciners just won’t produce at a loss.”

— Karen McBeth

ligHT meTals

Chinese si metal prices edge down on low demand across asia

Singapore—Chinese silicon bid prices fell this week due to low demand across Asia, sources said September 1.

Platts assessed its Chinese spot export price for 553-grade 98.5% silicon metal at $1,370-$1,440/mt, FOB China, widening from $1,410-$1,440/mt, FOB China, a week ago.

Platts assessed the spot price of 553-grade 98.5% silicon metal imports into Japan at $1,390-$1,400/mt, CIF Japan, September 1, unchanged from a week earlier despite Japanese traders seeking lower prices.

This week, the bid-ask spread was heard to be widening as bids fell lower due to low demand. “The bids are much lower than usual. The buyers feel that prices will drop more,” one China-based industry source said, adding that the lowest bid she had heard this week was $1,350/mt, FOB China.

However, she reckoned that a tradable price was $1,370/mt, FOB China. She added that offers were still going at $1,420/mt, FOB China.

Last week, market participants attributed low demand to several factors in China: Firstly, the environment protection agency had shut down several aluminum alloy plants, which use silicon metal for smelting. Also, ahead of the G20 summit in China, one major silicon producer was heard to have shut its silicone plant to ensure clear skies, which also utilizes silicon metal.

In Japan, the aluminum alloy outlook was bearish as Toyota Motor announced plans to cut its fourth-quarter passenger car output at Japanese plants by roughly 10% from Q3 this week, with market players expecting that this will reduce demand for silicon metal.

Two secondary aluminum alloy smelters issued buy tenders this week, following two others last week. One smelter was seeking several hundred metric tons/month over October-December, while a second smelter several hundred tons for just December,

said tender participants.Japanese traders said their target prices

were around $1,350/mt, CIF Japan, but Chinese producers, offering $1,400/mt, CIF Japan, rejected their bids. “I was offered $1,400/mt, CIF Japan, for September loading, and my bid was rejected. I guess my supplier may be short of stock,” a trader said.

Other Japanese traders said their attempts to lower prices from $1,400/mt, CIF Japan, were not successful. A second Japanese trader reported buying 99% 441-grade at $1,450-$1,460/mt, CIF Japan. 553-grade is usually $80-$90/mt cheaper than 441-grade, but traders could not find sellers of 553 at $1,470-$1,480/mt CIF.

Some of the tenders have been awarded at around $1,350/mt, CIF Japan, traders added, but Platts has not been able to confirm this.

Container freight from Chinese main ports to Japan is around $20/mt.

— Elizabeth Low

with Mayumi Watanabe in Tokyo

Century sunshine H1 mg products sales surge 43% to 16,013 mt

Hong Kong—Chinese magnesium producer Century Sunshine Group Holdings said September 1 it sold 16,013 mt of magnesium products over January-June, up 43% year on year.

The company in an interim report filed with the Hong Kong Stock Exchange attributed the rise to the startup of a new trading unit and the commissioning of a new 15,000 mt/year magnesium plant in Hami

city in the Xinjiang Uyghur Autonomous Region in H1.

Its realized magnesium product sales price was HK$25,510/mt ($3,316/mt) in H1, down 22% year on year, resulting in fall in gross profit margin to 30.7% in H1 from 34.9% a year earlier.

The company posted a net profit of HK$128 million ($16.64 million) for H1, down 36% year on year, on revenue of HK$1.236 billion, up 3%.

Century Sunshine can produce 25,000 mt/year of magnesium in Jilin province in northeast China, rising to 75,000 mt/year by early 2017, and 15,000 mt/year in Xinjiang in the northwest. It acquired the Xinjiang plant in August 2015.

— Joshua Leung

CoPPer

Workers vote to strike at two mines in Chile, more talks planned

Santiago, Chile—Workers at two copper mines in Chile voted to strike late August 31 amid pay talks.

Around 85% of union members at Anglo American’s Los Bronces mine in central Chile voted to reject an offer from management, which included a signing bonus worth Chilean Peso 9 million ($13,216).

Meanwhile, members of the No. 2 Potrerillos union at Codelco’s Salvador division, in the north of the country, voted by 57% in favor of rejecting the final offer from state mining company.

However, under Chile’s highly regulated







other Base Metals date Change assesseddaily Prices

Zinc

Zinc IW Singapore premium ($/mt) 210.000-220.000 0.000/0.000 01-Sep-16LME Settlement Zinc ($/mt) 2330.000 2.500 01-Sep-16

lead

LME Settlement Lead ($/mt) 1914.000 39.000 01-Sep-16North American Market (¢/lb) 96.568 1.769 01-Sep-16

Tin

LME Settlement Tin ($/mt) 19145.000 265.000 01-Sep-16

Twice Weekly Prices

Tin

Tin MW Dealer (¢/lb) 891.000 14.000 01-Sep-16

Weekly Prices

Zinc

US Dealer SHG (¢/lb) 112.187 1.996 01-Sep-16MW SHG premium (¢/lb) 6.500 0.000 01-Sep-16MW SHG Galv. premium (¢/lb) 6.250 0.000 01-Sep-16MW SHG Alloyer No. 3 premium (¢/lb) 17.000 0.000 01-Sep-16

lead

North American Premium (¢/lb) 9.750 0.000 30-Aug-16Used lead-acid batteries US Midwest (¢/lb) 33.000-35.000 -1.000/-0.500 30-Aug-16Used lead-acid batteries US Northeast (¢/lb) 34.000-35.000 -0.500/-0.500 30-Aug-16

monthly Prices

Zinc

Europe physical SHG IW Rotterdam ($/mt) 1947.500-1968.000 -391.500/-392.000 17-Aug-16Europe physical SHG premium IW Rotterdam ($/mt) 120.000-140.000 0.000/0.000 17-Aug-16

lead

European 99.985% IW Rotterdam ($/mt) 2314.000-2324.500 408.000/407.500 17-Aug-16European 99.985% premium IW Rotterdam ($/mt) 95.000-105.000 0.000/0.000 17-Aug-16

Tin

Europe 99.85% IW Rotterdam ($/mt) 18305.000-18360.000 151.000/151.000 17-Aug-16Europe 99.90% IW Rotterdam ($/mt) 18455.000-18560.000 151.000/151.000 17-Aug-16Europe 99.85% premium IW Rotterdam ($/mt) 350.000-400.000 0.000/0.000 17-Aug-16Europe 99.90% premium IW Rotterdam ($/mt) 500.000-600.000 0.000/0.000 17-Aug-16

negotiation process, the two sides must now submit to five days of mediated talks after which workers must vote on a further offer before they walk out.

Los Bronces, the closest major mine to Santiago, produced 401,715 mt of copper last year. Anglo American owns 50.1% of the open pit with the balance held by Mitsui and Mitsubishi of Japan and Codelco.

A second union at Salvador agreed to accept the two-year deal, Codelco said in a September 1 statement.

Salvador, Codelco’s smallest division, has been the subject of management efforts to cut costs, which fell 20% to around $1.86/lb during the first six months of the year. Salvador produced 48,600 mt last year.

The contract signed include incentives associated with a division target to reduce direct costs to $1.85/lb this year and below $1.80/lb in 2017.

“Workers, supervisors and executives from the Salvador division are striving to reduce costs and productivity given the complex situation in the copper market,” the company said.

— Tom Azzopardi

us copper cathode sellers “stuck with it” pre-holiday

Washington—An already-slow copper cathode market ground even lower this week ahead of the three-day Labor Day weekend. The Platts assessment for spot deliveries of Grade A cathode was steady this week at spot COMEX, plus 5-6 cents/lb, delivered Midwest.

“It’s a long weekend, so [buyers] don’t want any delivery until next week,” said a cathode merchant, adding, “It’s the end of the month, so nobody wants to deliver anything because they’re trying to watch their inventories. If you’ve got some copper, you’re stuck with it.”

Also, some sources wondered if some slowing in demand in copper scrap might also be seen on the cathode side, cutting into what sellers are hoping will be brisker fall demand.

“The brass mills seem to be backing away from scrap,” said a cathode dealer/processor. “I understand ammunition orders are very slow, and we’re seeing it in [mills’] demand for scrap. They’re saying, ‘I

don’t need any [scrap] through October.’ That’s unusual.”

That raises the question over whether those same mills will cut back on cathode orders as well, he said. “I think we’re going to start to hear that there’s cathode floating around,” he speculated, with more material flowing into US COMEX/LME warehouses.

However, the dealer/processor also noted that brass-mill demand overall remains relatively “healthy.”

He also agreed with other sources that if the US dollar continued to strengthen amid expectations of an interest-rate increase by the Federal Reserve before year-end, COMEX copper prices will drop, and some scrap dealers will again hold back inventory. Supply would then tighten again in turn, boosting cathode demand, he said.

But the merchant doubted any COMEX

price trends would result in the scrap tightness seen earlier this year, citing the weak prices of other scrap materials, including iron ore and aluminum. “So they still have to sell copper scrap,” he said. “[Scrap dealers] don’t hold it back like they used to; they have to sell it to keep their doors open.”

But for now in the cathode spot market, the dealer/processor said, “I’d ask people to sell me cathode at 5.5 cents; I think that’s the number.”

A trader this week said he would sell material at 5.5 cents for Midwest delivery, net-cash. “If somebody needs something, that’s the number,” he said.

The trader noted that, going forward, the COMEX futures price spreads will be key. “In theory, if [cathode and scrap] are available, you should start to see the contango start to widen,” he said.




Precious Metals assessMents date Change assesseddaily Prices

Platts Gold Premium 995 India – PGPI995 ($/tr oz) -15.00 0.00 01-Sep-16

Weekly Prices

NY Dealer Platinum ($/oz) 1040.000-1090.000 -32.000/-40.000 01-Sep-16NY Dealer Palladium ($/oz) 657.000-702.000 -23.000/-10.000 01-Sep-16NY Dealer Rhodium ($/oz) 625.000-665.000 5.000/5.000 01-Sep-16NY Dealer Iridium ($/oz) 625.000-675.000 35.000/25.000 01-Sep-16NY Dealer Ruthenium ($/oz) 37.000-42.000 0.000/0.000 01-Sep-16

Minor Metals date Change assessedWeekly Prices

Cobalt

99.8% cathode DDP Europe (¢/lb) 11.900-12.600 0.000/-0.100 01-Sep-1699.8% cathode DDP US (¢/lb) 11.900-12.600 0.000/-0.100 01-Sep-1699.35% Russian DDP US (¢/lb) 11.900-12.600 0.000/-0.100 01-Sep-1699.6% Zambian DDP US (¢/lb) 11.900-12.500 0.000/0.000 01-Sep-16

antimony

NY Dealer (¢/lb) 400.000-450.000 0.000/0.000 30-Aug-16

Bismuth

NY Dealer (¢/lb) 5.800-6.600 0.000/0.000 30-Aug-16

indium

NY Dealer ($/kg) 330.000-380.000 0.000/0.000 30-Aug-16

selenium

NY Dealer ($/lb) 30.000-38.000 0.000/0.000 30-Aug-16

rhenium

NY Dealer ($/kg) 2500.000-3100.000 0.000/0.000 30-Aug-16

“If it goes full-carry from September to October or September to November — and full-carry is not even 2% these days — if you get a decent contango, and you’re a day trader and can lock in a spread, that will make people hold the copper and only sell at higher prices at least for a month.”

Other cathode traders recently put current Midwest premiums in a range of 5.5-6 cents, and some doubted a 6-cent premium was achievable in the current sluggish market.

— Laura Gilcrest

daye non-Ferrous H1 cathode output flat on year, gold down 3%

Hong Kong—China Daye Non-Ferrous Metals Mining said September 1 it produced 200,967 mt of copper cathode over January-June, steady from the year before, while its gold output fell 3% year on year to 10,778 kg (346,520 oz).

Precious metals production, including gold, silver, platinum, palladium and tellurium, totaled 559.7 mt, up 6.9% year on year, and iron concentrate output 105,500 mt, down 7.3%, the company based in central Hubei province said late August 31 in its interim report filed with the Hong Kong Stock Exchange.

A decline in the average selling price of Daye’s copper cathode and other copper products cut the company’s H1 revenue 2% year on year to Yuan 18 billion ($2.69 billion).

The company in March targeted producing 413,900 mt of copper cathode in 2016, down 12% year on year. Its H1 output is in line with this forecast.

Daye also targeted 20 mt of gold, 240,000 mt of iron concentrate and 80 mt of molybdenum concentrate in full-year 2016.

It targeted minimum recovery rates of 88.59% for copper milling, 97.69% for copper smelting, 93% for gold and 92.01% for silver and said its smelters would be running at full capacity to meet the targets.

A 200,000 mt/year scrap copper recycling and upgrading project will start up as scheduled by end 2017, while acid waste and sludge treatment projects at its smelting plants would be commissioned by year end, the company said.

— Winnie Lee

Ferroalloys & sTeel

PlaTTs india gold Premium assessmenT seP PuBlisHing sCHedule

Platts will not be publishing the Gold Premium India assessment [PMIGP00] on Monday, September 5, 2016, and Tuesday, September 13, 2016, because of the Ganesh Chaturthi and Bakri Eid holi-days, respectively. Normal publishing will continue for the remainder of the month. For full details of Platts’ publishing schedule and services affected, please refer to http://www.platts.com/HolidayHome. For queries, please contact [email protected]

pushed up the price of ferrosilicon. Semi-coke is used as a reductant in ferrosilicon production, with 1 mt of semi-coke is required to make 1 mt of ferrosilicon. One Southeast Asia-based producer said that while he continued to offer material at prices of $970-$980/mt CIF Japan, he may have to raise prices in the following weeks.

Prices for seaborne metallurgical coke have doubled since January this year to $224/mt FOB North China, due to a scarcity of domestic Chinese material.

Meanwhile, in Japan, trade remained thin

Japan Q4 auto demand weakens...from page 1

this week with only one integrated steelmaker seeking 200-300 mt of low aluminum ferrosilicon with minimum 75% silicon and maximum 0.2%-aluminum content, which typically is sold with a $100/mt premium to the standard ferrosilicon with aluminum of around 1%.

The tender award level was $1,150/mt, CIF Japan, which normalized to standard material would be $1,050/mt, CIF Japan. The material will be delivered in October, said one tender participant.

However, several Japanese traders have reported hearing trades still at $950-$1,000/mt, CIF Japan.

“I am doubtful if there are buyers above $1,000/mt, CIF Japan, today, although this is





molybdenum oxide prices softer in subdued trade

London—Molybdenum oxide prices moved lower in generally subdued trade September 1, although buying interest picked up slightly, having been very slow in recent days.

“We do see some activity. We got some inquiries today — [including] from Asia, which wasn’t the case for the past couple of weeks,” one market participant said.

Spot lots of oxide powder were reported sold at $7.45/lb in Rotterdam and $7.35/lb in Busan, with oxide briquettes booked at $7.50/lb in Rotterdam.

The Platts daily dealer oxide assessment fell to $7.35-$7.50/lb from $7.40-$7.55/lb previously, while the daily European ferromolybdenum assessment was unchanged at $18.00-$18.25/kg.

Market attention was also focused on developments around Korean shipping giant Hanjin Shipping, the world’s seventh-largest container carrier, which filed for court receivership August 31 after its creditors declined to provide further funding.

“This may have an impact on ferromolybdenum or ferrovanadium shipments out of Korea,” said one European trader, suggesting that some cargoes may be delayed if Hanjin vessels are arrested.

Asian market sources seemed generally relaxed about the situation, however, anticipating little impact on the market and noting that if necessary it should not be not difficult to find replacement shipping companies.

— Andy Blamey

with Hongmei Li in Singapore

PreCious meTals

ComeX gold gets bounce from us dollar retreat; Pgms lower

Washington—The precious metals complex closed mixed in September 1 trading, as gold prices got a bounce from a weaker US dollar, while the PGMs continued on their downward path amid disappointing auto sales.

COMEX gold for December delivery, the active contract, jumped $5.70 to $1,317.10/oz, while December silver followed gold higher, adding $0.236 to $18.943/oz.

The dollar retreated to the upper $1.11 level from the mid-$1.11 range at the start of the session as weak economic data were released early September 1.

Gold’s bounce “was a direct result of the turn lower in the dollar,” said a precious-metals analyst. “We could see almost a perfect correlation between the selloff that we had in the dollar and the corresponding bounce that we saw in gold earlier this morning.”

The September 1 data included the Institute for Supply Management’s manufacturing index, which slipped into contraction in August to 49.4% from July’s 52.6%.

Also, productivity in the second quarter was revised lower to 0.6% from an initially reported 0.5%, with the revised Q2 number matching first-quarter growth.

“We are extremely sensitive right now to expectations for a [Federal Reserve] rate hike and the markets are going to react accordingly,” the analyst said. “So when we do get weaker economic data, we see a lowering of the expectations of a Fed rate hike,” which weighs on the dollar and helps commodities like gold.

Other data released September 1 showed initial jobless claims climbed by 2,000 to 263,000 for the week ending August 27, a reading slightly below expectations.

NYMEX platinum and palladium futures diverged from gold Thursday and ended lower, as auto-sales data released September 1 were unimpressive, said another analyst.

Platinum for October delivery lost $4.60 to $1,048.90/oz, while December palladium sank $8.25 to $661.70/oz.

US automaker General Motors posted a 5.2% drop in sales in August month-on-month, while Ford saw its August sales slump 8.4%.

— Laura Gilcrest

gold miners could see positive actions: s&P global Credit ratings

Washington—Global gold producers are likely to benefit from positive ratings actions over the next 12 months, US ratings agency S&P Global Credit Ratings said in an August 31 report.

But the metal’s history of price volatility

and sensitivity to foreign exchange rates may restrain the number of upgrades for the sector, S&P Global Credit Ratings said.

“Although our outlook for the global gold industry has improved, we think issuer credit profiles will remain highly sensitive to gold’s historically volatile price,” credit analyst Jarrett Bilous said in the report.

“So, despite our belief that positive rating actions within the global gold sector are more likely over the short term than they have been in several years, we don’t expect widespread upgrades,” Bilous added.

S&P Global Ratings in a report last week revised its gold price forecast to $1,300/oz for the remainder of 2016; $1,250/oz in 2017; and $1,200/oz in 2018, to reflect weaker expectations for global macroeconomic growth, slower-than-expected interest rate hikes in the US, and negative short-term bond yields.

The latest report also said gold companies would likely remain focused on their balance sheets and cost profiles as they manage the strong improvement in prices.

“Spot gold prices [in London] are not far removed from multi-year lows reached at the end of 2015, and analysts believe there is still some potential for future sharp price swings,” S&P Global analysts said.

COMEX gold for December delivery was down nearly $6/oz Wednesday at $1,310/oz. On December 17, 2015, COMEX gold closed at $1,049.60/oz after falling $27.20/oz. The close was the lowest since October 2009.

“There is also the possibility that issuer financial policies and operating strategies change if [prices] remain roughly in line or above current levels, resulting in a variety of possible rating outcomes,” the analysts added.

S&P Global analysts added in the August 31 report that increased shareholder pressure was likely to lead to higher dividends and potentially, more shareholders purchases if gold prices remain near or above current levels.

US-based Newmont Mining and South Africa-based AngloGold Ashanti are considering changes to their dividend policy, while South African producer Gold Fields recently hiked its interim dividend, analysts noted.

Platts is also a division of S&P Global Inc., and is now called S&P Global Platts.

— Nick Jonson

only a question of time as Chinese prices are rising,” said one Japanese trader.

— Elizabeth Low

with Mayumi Watanabe in Tokyo









CommodiTies

China’s July sHFe copper, lead prices drop 13%, 2% on year

Singapore—The Shanghai Futures Exchange refined copper and lead futures prices aver-aged at Yuan 36,500/mt ($5,475/mt) and Yuan 12,885/mt in July, down 13% and 2% year on year, the National Development and Reform Commission said August 31.

The price decline was attributed to the slowdown in the domestic market, supply exceeding demand, as well as uncertainties in the global economy.

State-run Chinese metals consultancy Beijing Antaike in its commodity report issued mid-July said that copper supply in China was ample amid lackluster trade as the downstream processing sector was not willing to buy.

Deliverable copper stocks stood at 165,468 mt on July 29 in the Shanghai Futures Exchange warehouses, up 6.6% from June 24 and up 60.5% from July 31, 2015, while on warrant inventories were 71,135 mt on July 29, up 13.5% from June 24 and up sharply from the 9,732 mt recorded on July 31, 2015.

Deliverable stocks are the amount of metal available in the SHFE warehouses, while on-warrant stocks are the amount of metal good for delivery.

Deliverable lead stocks stood at 49,928 mt on July 29, up 57.1% from June 24 and up sharply from 14,500 mt for July 31, 2015. On- warrant lead stocks totaled 46,657 mt on July 29, up 68.9% from June 24 and up sharply from the 8,264 mt seen on July 31, 2015.

Meanwhile, the SHFE’s refined aluminum and zinc futures contract prices averaged at Yuan 12,541/mt and Yuan 15,800/mt in July,

respectively, marginally up by 0.3% and 1.6% year on year, the NDRC report showed.

Deliverable aluminum stocks stood at 116,883 mt in SHFE warehouses on July 29, down 36.8% from June 24 and down 63.3% from July 31, 2015, while on-warrant aluminum inventories totaled 14,239 mt on July 29, down 60.5% from June 24 and down sharply from 180,903 mt for July 31, 2015.

As for zinc, deliverable stocks stood at 205,488 mt on July 29, down 4.6% from June 24, but up 16% from July 31, 2015, while on-warrant inventories totaled 125,314 mt on July 29, up 12.4% from June 24 and up sharply from 42,846 mt for July 31, 2015.

China’s refined copper and refined lead output in the first seven months of this year hit 4.75 million mt and 2.48 million mt, up 8% and 7% year on year, respectively, NDRC figures showed. Its refined aluminum and refined zinc output in January-July was 17.98 million mt, and 3.53 million mt, down 2% and 0.7% year on year.

— Alvin Yee

with Joshua Leung in Hong Kong

lme base metals jump on economic data, weak dollar

London—Base metals were all higher at the close of London Metal Exchange trade Sep-tember 1, with a sharp slide in the US dollar late in the day helping to build on a solid early session.

Having climbed for over two weeks against most major currencies, the dollar fell sharply late in the afternoon after the Institute for Supply Management’s purchasing manger’s index dropped to 49.4 in August, from 52.6 in July. A PMI below 50 signals a contraction.

The dollar was down 0.3% against the

euro, close to $1.12 at 1600 GMT, while sterling gained over 1.2% following better than expected UK manufacturing data for August, released earlier in the day.

UK PMI came in at 53.3 in August from 48.2 in July, with analysts pointing to a quick recovery following Brexit and the positive effect on UK manufacturing from a weak pound.

The official Chinese manufacturing PMI also jumped in August, up to 50.4 from 49.9 in July.

Overall the base metal complex gained around 1% on average on the day, with nickel leading the way with a gain of $145 [1.5%] to $9,910/mt at the close.

Tin was $250 higher [1.3%] to $19,125/mt, lead up $25.50 [1.3%] to $1,930/mt, and zinc $28 higher [1.2%] at $2,238/mt.

Only aluminum was unable to reverse this week’s losses, up just $1 on the day to $1,615/mt, copper $13 higher to $4,630/mt.

LME copper stocks continued to climb, up 11,250 mt on the day to 304,775 mt, according to exchange data. Stocks have risen up to 45% since August 19, helping take copper to its lowest price since the middle of June.

The minor metal contracts ended the kerb untraded, the standard aluminum alloy contract last bid at $1,590/mt and North American aluminum alloy bid at $1,730/mt. Molybdenum was last bid at $16,000/mt and cobalt last bid at $25,500/mt.

— George Cassell

italian car sales jump 20.1% in aug as pace of growth quickens

Rome—New car sales in Italy jumped in August to 71,576 vehicles, up 20.1% from the year-earlier month when 59,587 vehi-cles were sold, according to data released

PlaTTs ClariFies, adds monTHly averages For ni, PT, Pd, rH

Platts is clarifying the methodologies for its current published monthly averages for the NY Dealer price assessments for nickel, platinum, palladium and rhodium, and has begin publishing additional monthly averages effective with the August averages.

For the NY Dealer nickel assessments — Nickel Cathode delivered US MAvg (MMAAQ03) and Nickel Melt delivered US Mvg (MMAAS03)— currently Platts publishes the average of the low end of the weekly assessment ranges. Platts will continue to publish these (labeling them accordingly) and has added monthly averages of the weekly midpoint/mean and of the weekly high end of the range.

For the NY Dealer platinum, palladium and rhodium assessments (MMAHX03, MMABV03 and MMAID03, respectively), Platts currently publishes the monthly average of the midpoint of the weekly ranges (the mean) and also the monthly average of the low end of the weekly ranges. Platts has added the monthly average of the high end of the weekly ranges and label each average accordingly.

Any questions or feedback may be directed to Nick Jonson, [email protected].






Officers of the Corporation: Harold McGraw III, Chairman; Doug Peterson, President and Chief Executive Officer; David Goldenberg, Acting General Counsel; Rob MacKay, Interim Chief Financial Officer; Elizabeth O’Melia, Senior Vice President, Treasury Operations.

Editor-in-ChiefAnthony Poole, +1-212-904-2992

Editorial Offices

Washington: Tina Allagh (Managing Editor), Nick Jonson (Associate Managing Editor) Laura Gilcrest

Pittsburgh: Sarah E. Baltic

London: Andy Blamey (Associate Editorial Director, EMEA), Jitendra Gill, Ben Kilbey, George King Cassell, Henry Van

Singapore: Annalisa Jeffries (Content Director, Metals Asia) Yuen Cheng Mok (Managing Editor, Asia-Pacific), Alvin Yee, Melvin Yeo, Hongmei Li

Sao Paulo: Adriana Carvalho (Managing Editor, Latin America), Henrique Ribeiro, Priscilla Antunes

Hong Kong: Joshua Leung, Wendy Shair

Tokyo: Mayumi Watanabe

Sydney: Joanna Lim

Chile Correspondent: Tom Azzopardi: +56-2-326-56-9

Manager, Advertisement SalesKacey Comstock

Volume 5 / Issue 172 / September 1, 2016

Chief Content OfficerMartin Fraenkel

Platts PresidentImogen Joss

ISSN:

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METALS DAILY

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To reach the editors

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Editorial Director, Metals Pricing and Market EngagementKaren McBeth, +1-202-383-2110

Editorial Director of MetalsJoe Innace, +1-212-904-3484

September 1 by the Italian Transport Ministry after financial markets closed.

Car sales in the first eight months of the year gained 17.4% to 1.25 million units, compared with 1.02 million units in the year-ago period, according to the data.

The August data shows the pace of gains in Europe’s fourth-largest car market is quickening. Previously, the pace of gains had slowed for three straight months.

Car sales had gained 2.9% in July to 136,275 vehicles from the year-earlier month, after rising 11.9% in June and gaining 27.3% in May. The May total was the largest for that month since 189,871 vehicles were sold in May 2009.

Italy’s economy is emerging from its longest recession since World War II. The eurozone’s third-largest economy stagnated in the second quarter this year, according to the latest quarterly figures available. The economy has contracted by almost 10% since 2007 and youth unemployment is around 40%. Italian GDP grew 0.3% in the first quarter.

The government is targeting a 1.2% expansion this year, but Finance Minister Pier Carlo Padoan has said this figure will likely be dragged down. The International Monetary Fund and Organization for Economic Cooperation and Development expect GDP to grow no more than 1% this year, following the

0.8% the economy grew in 2015.Italian foreign carmakers association

UNRAE has forecast a 13% gain for full-year sales to 1.78 million vehicles in 2016.

Fiat Chrysler Automobiles, traditionally the largest carmaker in Italy, sold 20,697 cars last month, a 24.1% increase from the same month in 2015. Its market share rose to 28.9% from 28% in July.

FCA, which specializes in the Fiat, Alfa Romeo and Jeep brands, saw car sales gain 20.2% in the first eight months of the year to 363,611 cars. Its market share gained to 29.05% from 28.27% in the year-earlier period.

— Alina Trabattoni




COMEX Settlements

ExchangE-TradEd daTa and Third ParTy daTa

lme official prices

Cash Aluminium ($/mt) 1586.500-1587.000 01-Sep-163-months Aluminium ($/mt) 1607.000-1607.500 01-Sep-161-year Aluminium ($/mt) 1648.000-1653.000 01-Sep-162-year Aluminium ($/mt) 1692.000-1697.000 01-Sep-163-year Aluminium ($/mt) 1740.000-1745.000 01-Sep-16Settlement Aluminium ($/mt) 1587.000 01-Sep-16

Cash Al Alloy ($/mt) 1570.000-1580.000 01-Sep-163-months Al Alloy ($/mt) 1590.000-1600.000 01-Sep-161-year Al Alloy ($/mt) 1635.000-1645.000 01-Sep-16Settlement Al Alloy ($/mt) 1580.000 01-Sep-16

Cash NA Alloy ($/mt) 1716.000-1719.000 01-Sep-163-months NA Alloy ($/mt) 1730.000-1735.000 01-Sep-161-year NA Alloy ($/mt) 1805.000-1815.000 01-Sep-16Settlement NA Alloy ($/mt) 1719.000 01-Sep-16

Cash Cobalt ($/mt) 25000.000-25500.000 01-Sep-163-months Cobalt ($/mt) 25000.000-25500.000 01-Sep-1615-months Cobalt ($/mt) 25110.000-26110.000 01-Sep-16Settlement Cobalt ($/mt) 25500.000 01-Sep-16

Cash Copper ($/mt) 4619.000-4620.000 01-Sep-163-months Copper ($/mt) 4632.000-4635.000 01-Sep-161-year Copper ($/mt) 4670.000-4680.000 01-Sep-162-year Copper ($/mt) 4705.000-4715.000 01-Sep-163-year Copper ($/mt) 4745.000-4755.000 01-Sep-16Settlement Copper ($/mt) 4620.000 01-Sep-16

Cash Lead ($/mt) 1912.000-1914.000 01-Sep-163-months Lead ($/mt) 1924.000-1926.000 01-Sep-161-year Lead ($/mt) 1938.000-1943.000 01-Sep-162-year Lead ($/mt) 1952.000-1957.000 01-Sep-163-year Lead ($/mt) 1960.000-1965.000 01-Sep-16Settlement Lead ($/mt) 1914.000 01-Sep-16

Cash Molybdenum ($/mt) 16000.000-16500.000 01-Sep-163-months Molybdenum ($/mt) 16000.000-16500.000 01-Sep-1615-months Molybdenum ($/mt) 16287.000-17287.000 01-Sep-16Settlement Molybdenum ($/mt) 16500.000 01-Sep-16

Cash Nickel ($/mt) 9745.000-9750.000 01-Sep-163-months Nickel ($/mt) 9790.000-9800.000 01-Sep-161-year Nickel ($/mt) 9905.000-10005.000 01-Sep-162-year Nickel ($/mt) 10020.000-10120.000 01-Sep-163-year Nickel ($/mt) 10095.000-10195.000 01-Sep-16Settlement Nickel ($/mt) 9750.000 01-Sep-16

Cash Tin ($/mt) 19140.000-19145.000 01-Sep-163-months Tin ($/mt) 19075.000-19100.000 01-Sep-1615-months Tin ($/mt) 18885.000-18935.000 01-Sep-16Settlement Tin ($/mt) 19145.000 01-Sep-16

Cash Zinc ($/mt) 2329.000-2330.000 01-Sep-163-months Zinc ($/mt) 2325.000-2325.500 01-Sep-161-year Zinc ($/mt) 2310.000-2315.000 01-Sep-162-year Zinc ($/mt) 2278.000-2283.000 01-Sep-163-year Zinc ($/mt) 2235.000-2240.000 01-Sep-16Settlement Zinc ($/mt) 2330.000 01-Sep-16

ComeX settlements

Copper Spot (¢/lb) 206.850 01-Sep-16Copper 2 months out (¢/lb) 207.350 01-Sep-16Copper One Year out (¢/lb) 210.250 01-Sep-16

Silver Spot (cents/oz) 1885.700 01-Sep-16Silver 2 months out (cents/oz) 1891.000 01-Sep-16Silver 1 year out (cents/oz) 1924.500 01-Sep-16

Gold Spot ($/oz) 1312.200 01-Sep-16Gold 1 year ($/oz) 1330.100 01-Sep-16

nymeX settlements

Platinum Active ($/oz) 1048.900 01-Sep-16Palladium Active ($/oz) 661.700 01-Sep-16

lme Closing stocks

Al Closing Stocks (mt) 2227400.000 31-Aug-16Al Alloy Closing Stocks (mt) 11680.000 31-Aug-16NA Alloy Closing Stocks (mt) 65700.000 31-Aug-16Copper Closing Stocks (mt) 304775.000 31-Aug-16Lead Closing Stocks (mt) 187275.000 31-Aug-16Zinc Closing Stocks (mt) 451100.000 31-Aug-16Nickel Closing Stocks (mt) 369096.000 31-Aug-16Tin Closing Stocks (mt) 4460.000 31-Aug-16Cobalt Closing Stocks (mt) 630.000 31-Aug-16Molybdenum Closing Stocks (mt) 12.000 31-Aug-16

ComeX Closing stocks

Daily Copper Stocks (lb) 67282.000 01-Sep-16Daily Silver Stocks (oz) 162921001.000 01-Sep-16Daily Gold Stocks (oz) 10932872.000 01-Sep-16

Precious metals

London Gold AM Fix ($/oz) 1305.700 01-Sep-16London Gold PM Fix ($/oz) 1309.500 01-Sep-16Gold H&H ($/oz) 1309.500 01-Sep-16Gold Engelhard Unfabricated ($/oz) 1311.880 01-Sep-16

London Silver Fix, US (¢/tr oz) 1865.000 01-Sep-16London Silver Fix, Pence (p/tr oz) 1407.870 01-Sep-16London Silver Price, ($/tr oz) 18.650 01-Sep-16Silver H&H (¢/oz) 1884.500 01-Sep-16Silver Engelhard Unfabricated (¢/oz) 1870.000 01-Sep-16

Platinum J.Matthey Base NA ($/oz) 1046.000 01-Sep-16Platinum J.Matthey Base Asia ($/oz) 1058.000 01-Sep-16Platinum J.Matthey Base Europe ($/oz) 1055.000 01-Sep-16Platinum Engelhard Unfabricated ($/oz) 1045.000 01-Sep-16Platinum Engelhard Asia ($/oz) 1055.000 01-Sep-16

Palladium J.Matthey Base NA ($/oz) 667.000 01-Sep-16Palladium J.Matthey Base Asia ($/oz) 680.000 01-Sep-16Palladium J.Matthey Base Europe ($/oz) 675.000 01-Sep-16Palladium Engehlard Unfabricated ($/oz) 670.000 01-Sep-16Palladium Engelhard Asia ($/oz) 677.000 01-Sep-16

Rhodium J.Matthey Base NA ($/oz) 665.000 01-Sep-16Rhodium J.Matthey Base Asia ($/oz) 665.000 01-Sep-16Rhodium J.Matthey Base Europe ($/oz) 665.000 01-Sep-16Rhodium Engelhard ($/oz) 675.000 01-Sep-16Rhodium Engelhard Asia ($/oz) 675.000 01-Sep-16

Iridium J.Matthey Base North America ($/oz) 650.000 01-Sep-16Iridium Engelhard Unfabricated ($/oz) 650.000 01-Sep-16Iridium Engelhard Asia ($/oz) 650.000 01-Sep-16

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