metals daily

Transcription

metals daily

METALS DAILY
Volume 5 / Issue 172 / September 1, 2016
Ferroalloys & Steel
Japanese Q4 aluminum automotive demand
outlook turns bleak ahead of tenders
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 Japanese 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
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.
Chinese ferrosilicon prices up
on rising coal prices
Singapore—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-$810)/
mt for 75% Si ferrosilicon.
On top of an already tightened supply of
ferrosilicon, rising coal prices have also
(continued on page 2)
Platts Key Metals Benchmarks
Date
ChangeAssessed
Daily Prices
Alumina PAX FOB Australia ($/mt)
Aluminum MW US Transaction premium (¢/lb)
Aluminum CIF Japan premium ($/mt)
Aluminum GW premium paid IW Rotterdam ($/mt)
Molybdenum oxide, daily dealer ($/lb)
Ferromolybdenum, 65% European ($/kg)
Platts Gold Premium 995 India – PGPI995 ($/tr oz)
228.500
6.000
66.000-74.000
115.000-120.000
7.350-7.500
18.000-18.250
-15.000
0.000
0.000
0.000/0.000
0.000/0.000
-0.050/-0.050
0.000/0.000
0.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Today in metals
Aluminum
Australia alumina rangebound;
buyers playing a “waiting game”
3
Light Metals
Chinese Si metal prices edge down
on low demand across Asia
7
Copper
Twice weekly prices
MW US A380 Alloy (¢/lb)
82.500-84.500
0.000/0.000 01-Sep-16
Weekly prices
Aluminum CIF Brazil premium ($/mt)
Aluminum CIF Korea premium ($/mt)
Aluminum ADC12 FOB China ($/mt)
Aluminum Alloy 226 del. European works (Eur/mt)
Manganese Ore, 44% Mn, CIF Tianjin ($/dmtu)
Manganese Ore, 37% Mn, CIF Tianjin ($/dmtu)
Moly oxide, Daily Dealer Wk Avg. ($/lb)
Silicon, 553 Grade delivered US Midwest ($/lb)
Magnesium, 99.8% FOB China ($/mt)
Ferrochrome, US 65% High-Carbon IW US (¢/lb)
Silicomanganese, 65:16 DDP NW Europe (Eur/mt)
Ferrosilicon, FOB China ($/mt)
Ferrotitanium MW US, 70% ($/lb)
Copper Grade A premium CIF Rotterdam ($/mt)
Copper NY Dealer cathodes premium (¢/lb)
Copper MW No.1 Bare Bright Disc (¢/lb)
www.platts.com
(continued on page 9)
117.500
64.000-65.000
1670.000-1690.000
1590.000-1640.000
4.400
3.700
7.500-7.600
86.000-88.000
2200.000-2240.000
90.000-95.000
670.000-690.000
1000.000-1040.000
1.750-1.850
35.000-45.000
5.000-6.000
2.000
www.twitter.com/PlattsMetals
-2.500
1.000/-2.000
-10.000/-20.000
0.000/0.000
0.000
0.000
0.100/0.100
0.000/0.000
0.000/20.000
0.000/0.000
0.000/0.000
0.000/10.000
0.000/0.000
0.000/0.000
0.000/0.000
0.000
26-Aug-16
31-Aug-16
30-Aug-16
26-Aug-16
26-Aug-16
26-Aug-16
26-Aug-16
31-Aug-16
26-Aug-16
31-Aug-16
01-Sep-16
01-Sep-16
01-Sep-16
26-Aug-16
01-Sep-16
31-Aug-16
Workers vote to strike at two mines
in Chile, more talks planned
7
Ferroalloys & Steel
Molybdenum oxide prices softer
in subdued trade
10
Precious Metals
COMEX gold gets bounce
from US dollar retreat, PGMs lower
10
Commodities
China’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
METALS
Metals Daily
September 1, 2016
Aluminum
Primary Aluminum
Date
ChangeAssessed
Asian FeSi rise more
...from page 1
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
remodelingOne 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 OctoberDecember,” 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
Alumina
PAX FOB Australia ($/mt)
PAX CFR China (Yuan/mt)
PAX CFR China ($/mt)
China Ex-works (Yuan/mt)
China Ex-works ($/mt)
Dry bulk freight: Aus-China Handysize ($/mt)
Aluminum
LME HG Cash Settlement ($/mt)
LME HG Cash Settlement (¢/lb)
MW US Transaction premium (¢/lb)
MW US Transaction (¢/lb)
MW US Net-Cash premium (¢/lb)
MW US Transaction premium ($/mt)
MW US Market (¢/lb)
GW premium unpaid in-warehouse Rotterdam ($/mt)
GW premium paid in-warehouse Rotterdam ($/mt)
A7E premium unpaid in-warehouse Rotterdam ($/mt)
A7E premium unpaid FOB St. Petersburg ($/mt)
Aluminum CFR China All-in Import Price ($/mt)
CIF Japan premium ($/mt)
CIF Japan premium Q3 ($/mt)
Japan delivered (current month) ($/mt)
Japan delivered (2 months out) ($/mt)
228.500
1617.840
242.250
1850.000
277.010
13.750
0.000
-1.330
0.250
0.000
0.510
0.250
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
1587.000
71.985
6.000
77.985
5.700
132.277
78.500
65.000-70.000
115.000-120.000
65.000-70.000
50.000-55.000
1963.320
66.000-74.000
90.000-93.000
1645.910-1674.870
1664.930-1693.890
-14.000
-0.635
0.000
-0.635
0.000
0.000
-0.250
0.000/0.000
0.000/0.000
0.000/0.000
0.000/0.000
-30.970
0.000/0.000
0.000/0.000
-26.470/-26.560
-26.430/-26.520
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Weekly/Monthly prices
Calcined Petroleum Coke
FOB US Gulf Coast ($/mt)
225.000-250.000
-10.000/-5.000 31-Aug-16
Caustic Soda
FOB NE Asia ($/mt)
CFR SE Asia ($/mt)
Domestic East China Ex-works (Yuan/mt)
FOB Rotterdam ($/mt)
FOB US Gulf ($/mt)
319.000-321.000
361.000-363.000
824.000-826.000
333.000-337.000
305.000-315.000
10.000/10.000
12.000/12.000
15.000/15.000
0.000/0.000
15.000/15.000
30-Aug-16
30-Aug-16
30-Aug-16
30-Aug-16
30-Aug-16
7.000
10.000-10.500
117.500
187.500
1818.600
64.000-65.000
50.000-55.000
0.250
0.000/0.000
-2.500
-5.000
-31.100
1.000/-2.000
0.000/0.000
01-Sep-16
01-Sep-16
26-Aug-16
26-Aug-16
26-Aug-16
31-Aug-16
31-Aug-16
Aluminum
US Six-Months P1020 premium (¢/lb)
US 6063 Billet Upcharge (¢/lb)
CIF Brazil premium duty-unpaid ($/mt)
Brazil DDP Southeast premium ($/mt)
Brazil Market DDP Southeast ($/mt)
CIF South Korea premium duty-unpaid ($/mt)
Singapore in-warehouse premium ($/mt) 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, net30. 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.
vehicles/day in October-December, but this
is still above the 12,000 vehicles/day output
in April-June,” the source added.
© 2016 S&P Global Platts, a division of S&P Global. All rights reserved.
2
A Toyota Motor spokeswoman declined
to comment on production plans, adding
that the automaker had no plans to change
Metals Daily
September 1, 2016
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
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 30,000mt 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
Secondary Aluminum
Date
ChangeAssessed
US Old Cast (¢/lb)
57.000-59.000
0.000/0.000 01-Sep-16
US Old Sheet (¢/lb)
55.000-57.000
0.000/0.000 01-Sep-16
US Mill-Grade MLCCs (¢/lb)
62.000-63.000
-1.000/-2.000 01-Sep-16
US Smelter-Grade MLCCs (¢/lb)
58.000-60.000
1.000/1.000 01-Sep-16
US HG Auto Shreds (¢/lb)
61.000-63.000
0.000/0.000 01-Sep-16
US LG Auto Shreds (¢/lb)
56.000-58.000
0.000/0.000 01-Sep-16
US Turnings (¢/lb)
57.000-59.000
0.000/0.000 01-Sep-16
US UBCs (used beverage cans) (¢/lb)
60.000-62.000
-2.000/-2.000 01-Sep-16
US Painted Siding (¢/lb)
59.000-61.000
-1.000/-1.000 01-Sep-16
US 6063 New Bare Extrusion Scrap discount (¢/lb)
4.000-4.500
0.500/0.500 01-Sep-16
US 6063 New Bare Extrusion Scrap (¢/lb)
73.485-73.985
-1.135/-1.135 01-Sep-16
US 6022 New Bare Scrap discount (¢/lb)
7.500-8.000
0.000/0.000 01-Sep-16
US 6022 New Bare Scrap (¢/lb)
69.985-70.485
-0.635/-0.635 01-Sep-16
Brazilian UBCs, delivered mill (Real/kg)
4.300-4.600
0.100/0.000 29-Aug-16
Brazilian Castings, delivered mill (Real/kg)
5.100-5.400
0.100/0.000 29-Aug-16
Brazilian Extrusion Profile Scrap, delivered mill (Real/kg)
6.300-6.700
0.000/0.000 29-Aug-16
Old 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-16
Old sheet delivered NE Mexico (pesos/kg)
23.750-24.500
-0.250/-0.250 01-Sep-16
57.421-59.234
-1.825/-1.863 01-Sep-16
UBCs delivered NE Mexico (pesos/kg)
22.750-23.750
-0.500/-0.250 01-Sep-16
55.003-57.421
-2.391/-1.825 01-Sep-16
6063 new bare delivered NE Mexico (pesos/kg)
29.500-30.500
0.000/0.000 01-Sep-16
71.323-73.740
-1.500/-1.551 01-Sep-16
MW US A380 (¢/lb)
82.500-84.500
0.000/0.000 01-Sep-16
MW US 319 (¢/lb)
87.000-89.000
0.000/0.000 01-Sep-16
MW US Sec 356 (¢/lb)
89.000-91.000
-1.000/-1.000 01-Sep-16
MW US F132 (¢/lb)
88.000-90.000
0.000/0.000 01-Sep-16
MW US A413 (¢/lb)
88.000-90.000
0.000/0.000 01-Sep-16
MW US B390 (¢/lb)
96.000-98.000
-1.000/-1.000 01-Sep-16
ADC12 FOB China ($/mt)
1670.000-1690.000
-10.000/-20.000 30-Aug-16
ADC12 Ex-works China ($/mt)
1945.760-2005.630
-21.620/-21.820 30-Aug-16
Alloy 226 delivered European Works (Eur/mt)
1590.000-1640.000
0.000/0.000 26-Aug-16
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.
3
Metals Daily
September 1, 2016
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 capacity 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.
Light Metals
Date
ChangeAssessed
Weekly Prices
Magnesium
US Die Cast Alloy Transaction (¢/lb)
MW US Spot Western (¢/lb)
MW US Dealer Import (¢/lb)
European Free Market ($/mt)
99.8% FOB China ($/mt)
Die Cast Alloy FOB China ($/mt)
165.000-195.000
210.000-220.000
149.000-153.000
2175.000-2275.000
2200.000-2240.000
2480.000-2520.000
0.000/0.000
0.000/0.000
0.000/0.000
0.000/0.000
0.000/20.000
0.000/20.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
26-Aug-16
26-Aug-16
Silicon
553 Grade delivered US Midwest (¢/lb)
553 Grade FOB China ($/mt)
553 Grade CIF Japan ($/mt)
553 Grade IW EU (Eur/mt)
86.000-88.000
1370.000-1430.000
1390.000-1400.000
1600.000-1650.000
0.000/0.000
-40.000/-10.000
0.000/0.000
0.000/0.000
31-Aug-16
01-Sep-16
01-Sep-16
01-Sep-16
Manganese
Electrolytic 99.7% FOB China ($/mt)
1520.000-1560.000
20.000/20.000 26-Aug-16
0.400-0.500
0.500-0.600
0.000/0.000 01-Sep-16
0.000/0.000 01-Sep-16
Titanium
US Turnings 9064 (¢/lb)
Europe Turnings 9064 (¢/lb)
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 after 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, karen.mcbeth@
spglobal.com 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
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4
Metals Daily
September 1, 2016
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 $10 on the higher end.
At least three large aluminum companies
had yet to conclude their European
contracts. In the negotiations still ongoing,
the suppliers were offering reductions of
Bulk Ferroalloys
Date
ChangeAssessed
Weekly Prices
Manganese Ore
37% Mn Ore CIF Tianjin ($/dmtu)
44% Mn Ore CIF Tianjin ($/dmtu)
3.700
4.400
0.000 26-Aug-16
0.000 26-Aug-16
Ferrochrome
Charge Chrome 48-52% in-warehouse US (¢/lb)
Charge Chrome 52% DDP Europe (¢/lb)
NSSC Charge Chrome 50-55% Qtrly CIF Japan (¢/lb)
Charge Chrome 48-52% CIF China (¢/lb)
65% High Carbon in-warehouse US (¢/lb)
65%-68% High Carbon DDP Europe (¢/lb)
60%-65% High Carbon Spot CIF Japan (¢/lb)
58%-60% High Carbon CIF China (¢/lb)
Low Carbon 0.10% in-warehouse US (¢/lb)
Low Carbon 0.10% DDP Europe (¢/lb)
90.000-95.000
70.000-75.000
106.000
72.000-79.000
90.000-95.000
84.000-88.000
74.500-75.500
71.000-72.000
174.000-176.000
190.000-200.000
168.000-170.000
215.000-218.000
0.000/0.000
0.000/0.000
0.000
0.000/0.000
0.000/0.000
0.000/0.000
0.000/0.000
0.000/0.000
-5.000/-5.000
0.000/0.000
-2.000/-5.000
0.000/0.000
31-Aug-16
01-Sep-16
26-Aug-16
26-Aug-16
31-Aug-16
01-Sep-16
26-Aug-16
26-Aug-16
31-Aug-16
01-Sep-16
31-Aug-16
31-Aug-16
Ferromanganese
High Carbon 78% in-warehouse US ($/long ton)
Medium Carbon 85% in-warehouse US (¢/lb)
830.000-870.000
76.000-78.000
10.000/20.000 31-Aug-16
0.000/0.000 31-Aug-16
40.500-42.000
780.000-790.000
670.000-690.000
0.500/1.000 31-Aug-16
-10.000/-10.000 01-Sep-16
0.000/0.000 01-Sep-16
Silicomanganese
65% Mn in-warehouse US (¢/lb)
65% Mn CIF Japan ($/mt)
65:16 DDP NW Europe (Eur/mt)
Ferrosilicon
75% Si in-warehouse US (¢/lb)
75% Si CIF Japan ($/mt)
75% Si FOB China ($/mt)
75% Std DDP NW Europe (Eur/mt)
69.000-72.000
950.000-1050.000
1000.000-1040.000
970.000-1020.000
0.000/0.000
10.000/50.000
0.000/10.000
0.000/0.000
31-Aug-16
01-Sep-16
01-Sep-16
01-Sep-16
Noble Alloys
Date
ChangeAssessed
Daily Prices
Molybdenum
Daily Dealer Oxide ($/lb)
7.350-7.500
-0.050/-0.050 01-Sep-16
18.000-18.250
0.000/0.000 01-Sep-16
7.500-7.600
9.000-9.500
17.300-17.500
17.600-17.700
0.100/0.100
0.000/0.100
0.000/0.000
0.000/0.000
4.200-4.700
10.000-10.600
19.000-19.200
0.000/0.000 01-Sep-16
0.000/0.000 01-Sep-16
0.000/0.000 01-Sep-16
0.400-0.500
0.500-0.600
0.000/0.000 01-Sep-16
0.000-0.000 01-Sep-16
1.750-1.850
3.600-3.700
0.000/0.000 01-Sep-16
0.000/0.000 01-Sep-16
30.000-36.000
0.000/1.000 01-Sep-16
Ferromolybdenum
MW European 65% Ferromolybdenum ($/kg)
Weekly Prices
Molybdenum
Oxide Daily Dealer Wkl Avg.($/lb)
MW US FeMo ($/lb)
60% Ferromolybdenum FOB China ($/kg)
60% Ferromolybdenum CIF Japan ($/kg)
26-Aug-16
01-Sep-16
01-Sep-16
01-Sep-16
Ferrovanadium
US Free Market V205 ($/lb)
US Ferrovanadium, 80% V ($/lb)
Europe Ferrovanadium, 80% V ($/Kg)
Titanium
MW US Turnings 9064 ($/lb)
Europe Turnings 9064 ($/lb)
Ferrotitanium
MW US Ferrotitanium 70% Ti ($/lb)
Europe Ferrotitanium 70% Ti ($/kg)
Ferrotungsten
MW Ferrotungsten ($/kg)
5
Metals Daily
September 1, 2016
$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 $219/mt
Other Steel Inputs
Date
ChangeAssessed
Daily Prices
LME Nickel Cash Settlement ($/mt)
9750.000
25.000 01-Sep-16
Weekly Prices
Nickel
NY Dealer Cathode ($/lb)
NY Dealer Melt ($/lb)
NY Dealer Plate ($/lb)
Cathode premium Spot US (¢/lb)
Melt premium US (¢/lb)
Plate premium Spot US (¢/lb)
Plating Grade IW Rotterdam ($/mt)
Plating Grade premium IW Rotterdam ($/mt)
Russia Full-Plate ($/mt)
Russia Full-Plate premium IW Rotterdam ($/mt)
Briquette premium IW Rotterdam ($/mt)
In-Warehouse Singapore premium ($/mt)
4.529-4.554
4.529-4.554
4.559-4.584
12.000
12.000
15.000
10224.000-10280.000
200.000-250.000
10099.000-10135.000
75.000-105.000
125.000-175.000
20.000-30.000
Stainless Steel
Scrap NA Free Market 18-8 ($/lt)
Manganese
Electrolytic 99.7% FOB China ($/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
6
-0.034/-0.215
-0.034/-0.215
-0.034/-0.215
0.000
0.000
0.000
-263.000/-263.000
0.000/0.000
-263.000/-263.000
0.000/0.000
0.000/0.000
0.000/0.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
26-Aug-16
26-Aug-16
26-Aug-16
26-Aug-16
26-Aug-16
01-Sep-16
896.000-918.400
0.000/-0.000 01-Sep-16
1520.000-1560.000
20.000/20.000 26-Aug-16
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 fuelgrade 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
Metals Daily
September 1, 2016
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 553grade 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 $1,420/mt, FOB
China.
Last week, market participants
attributed low demand to several factors in
China: Firstly, the environment protection
agency had shut down several aluminum
alloy plants, which use silicon metal for
smelting. Also, ahead of the G20 summit in
China, one major silicon producer was heard
to have shut its silicone plant to ensure clear
skies, which also utilizes silicon metal.
In Japan, the aluminum alloy outlook
was bearish as Toyota Motor announced
plans to cut its fourth-quarter passenger car
output at Japanese plants by roughly 10%
from Q3 this week, with market players
expecting that this will reduce demand for
silicon metal.
Two secondary aluminum alloy smelters
issued buy tenders this week, following two
others last week. One smelter was seeking
several hundred metric tons/month over
October-December, while a second smelter
several hundred tons for just December,
Copper
Date
ChangeAssessed
Daily Prices
Concentrate CIF Japan ($/mt)
Japan delivered (current month) ($/mt)
Japan delivered (2 months out) ($/mt)
CIF China premium ($/mt)
Singapore in-warehouse premium ($/mt)
LME Settlement ($/mt)
COMEX Spot (¢/lb)
100.00
5019.79-5116.32
5019.79-5116.32
45.00-50.00
15.00-25.00
4620.00
206.85
0.00
80.80/80.49
80.80/80.49
0.00/0.00
0.00-0.00
17.50
-0.10
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Grade A cathode CIF Rotterdam ($/mt)
Grade A premium CIF Rotterdam ($/mt)
Grade A CIF Livorno/Salerno ($/mt)
Grade A premium CIF Livorno/Salerno ($/mt)
NY Dealer premium cathodes (¢/lb)
MW No.1 Burnt Scrap Disc (Scrap) (¢/lb)
MW No.1 Bare Bright Disc (Scrap) (¢/lb)
MW No.2 Scrap Disc (¢/lb)
4708.00-4719.00
35.00-45.00
4718.00-4729.00
45.00-55.00
5.00-6.00
6.00
2.00
25.00
-102.00/-101.00
0.00/0.00
-102.00/-101.00
0.00/0.00
0.00/0.00
0.00
0.00
0.00
26-Aug-16
26-Aug-16
26-Aug-16
26-Aug-16
01-Sep-16
31-Aug-16
31-Aug-16
31-Aug-16
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% 441grade at $1,450-$1,460/mt, CIF Japan. 553grade 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.
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.
Weekly Prices
— 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
7
— 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
Metals Daily
September 1, 2016
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
$1.80/lb in 2017.
“Workers, supervisors and executives
from the Salvador division are striving to
reduce costs and productivity given the
complex situation in the copper market,” the
company said.
— Tom Azzopardi
US copper cathode sellers
“stuck with it” pre-holiday
Washington—An already-slow copper
cathode market ground even lower this week
ahead of the three-day Labor Day weekend.
The Platts assessment for spot deliveries
of Grade A cathode was steady this week
at spot COMEX, plus 5-6 cents/lb, delivered
Midwest.
“It’s a long weekend, so [buyers] don’t
want any delivery until next week,” said a
cathode merchant, adding, “It’s the end of
the month, so nobody wants to deliver
anything because they’re trying to watch
their inventories. If you’ve got some copper,
you’re stuck with it.”
Also, some sources wondered if some
slowing in demand in copper scrap might
also be seen on the cathode side, cutting
into what sellers are hoping will be brisker
fall demand.
“The brass mills seem to be backing
away from scrap,” said a cathode dealer/
processor. “I understand ammunition
orders are very slow, and we’re seeing it in
[mills’] demand for scrap. They’re saying, ‘I
Other Base Metals
Date
ChangeAssessed
Daily Prices
Zinc
Zinc IW Singapore premium ($/mt)
LME Settlement Zinc ($/mt)
Lead
LME Settlement Lead ($/mt)
North American Market (¢/lb)
Tin
LME Settlement Tin ($/mt)
210.000-220.000
2330.000
0.000/0.000 01-Sep-16
2.500 01-Sep-16
1914.000
96.568
39.000 01-Sep-16
1.769 01-Sep-16
19145.000
265.000 01-Sep-16
891.000
14.000 01-Sep-16
Twice Weekly Prices
Tin
Tin MW Dealer (¢/lb)
Weekly Prices
Zinc
US Dealer SHG (¢/lb)
MW SHG premium (¢/lb)
MW SHG Galv. premium (¢/lb)
MW SHG Alloyer No. 3 premium (¢/lb)
112.187
6.500
6.250
17.000
Lead
North American Premium (¢/lb)
Used lead-acid batteries US Midwest (¢/lb)
Used lead-acid batteries US Northeast (¢/lb)
1.996
0.000
0.000
0.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
9.750
33.000-35.000
34.000-35.000
0.000 30-Aug-16
-1.000/-0.500 30-Aug-16
-0.500/-0.500 30-Aug-16
Zinc
Europe physical SHG IW Rotterdam ($/mt)
Europe physical SHG premium IW Rotterdam ($/mt)
1947.500-1968.000
120.000-140.000
-391.500/-392.000 17-Aug-16
0.000/0.000 17-Aug-16
Lead
European 99.985% IW Rotterdam ($/mt)
European 99.985% premium IW Rotterdam ($/mt)
2314.000-2324.500
95.000-105.000
408.000/407.500 17-Aug-16
0.000/0.000 17-Aug-16
Monthly Prices
Tin
Europe 99.85% IW Rotterdam ($/mt)
Europe 99.90% IW Rotterdam ($/mt)
Europe 99.85% premium IW Rotterdam ($/mt)
Europe 99.90% premium IW Rotterdam ($/mt)
18305.000-18360.000
18455.000-18560.000
350.000-400.000
500.000-600.000
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
8
151.000/151.000
151.000/151.000
0.000/0.000
0.000/0.000
17-Aug-16
17-Aug-16
17-Aug-16
17-Aug-16
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.
Metals Daily
September 1, 2016
“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 ($2.69
billion).
The company in March targeted
producing 413,900 mt of copper cathode in
2016, down 12% year on year. Its H1 output is
in line with this forecast.
Daye also targeted 20 mt of gold,
240,000 mt of iron concentrate and 80 mt of
molybdenum concentrate in full-year 2016.
It targeted minimum recovery rates of
88.59% for copper milling, 97.69% for
copper smelting, 93% for gold and 92.01%
for silver and said its smelters would be
running at full capacity to meet the targets.
A 200,000 mt/year scrap copper
recycling and upgrading project will start up
as scheduled by end 2017, while acid waste
and sludge treatment projects at its
smelting plants would be commissioned by
year end, the company said.
— Winnie Lee
Precious Metals Assessments
Date
ChangeAssessed
Daily Prices
Platts Gold Premium 995 India – PGPI995 ($/tr oz)
-15.00
0.00 01-Sep-16
Weekly Prices
NY Dealer Platinum ($/oz)
NY Dealer Palladium ($/oz)
NY Dealer Rhodium ($/oz)
NY Dealer Iridium ($/oz)
NY Dealer Ruthenium ($/oz)
1040.000-1090.000
657.000-702.000
625.000-665.000
625.000-675.000
37.000-42.000
-32.000/-40.000
-23.000/-10.000
5.000/5.000
35.000/25.000
0.000/0.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Minor Metals
Date
ChangeAssessed
Weekly Prices
Cobalt
99.8% cathode DDP Europe (¢/lb)
99.8% cathode DDP US (¢/lb)
99.35% Russian DDP US (¢/lb)
99.6% Zambian DDP US (¢/lb)
11.900-12.600
11.900-12.600
11.900-12.600
11.900-12.500
0.000/-0.100
0.000/-0.100
0.000/-0.100
0.000/0.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Antimony
NY Dealer (¢/lb)
400.000-450.000
0.000/0.000 30-Aug-16
Bismuth
NY Dealer (¢/lb)
5.800-6.600
0.000/0.000 30-Aug-16
Indium
NY Dealer ($/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
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 holidays, 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]
Ferroalloys & Steel
Japan Q4 auto demand weakens
...from page 1
pushed up the price of ferrosilicon. Semicoke 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
9
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
Metals Daily
September 1, 2016
only a question of time as Chinese prices are
rising,” said one Japanese trader.
— Elizabeth Low
with Mayumi Watanabe in Tokyo
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
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
Precious Metals
COMEX gold gets bounce from
US dollar retreat; PGMs lower
Gold miners could see positive
actions: S&P Global Credit Ratings
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.
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
10
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
Metals Daily
September 1, 2016
Commodities
China’s July SHFE copper, lead
prices drop 13%, 2% on year
Singapore—The Shanghai Futures Exchange
refined copper and lead futures prices averaged 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. Onwarrant 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 September 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 vehicles 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].
11
Metals Daily
September 1, 2016
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 yearago 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
Platts Metals Daily is published daily by Platts, a
division of S&P Global, registered office: Two Penn
Plaza, 25th Floor, New York, N.Y. 10121-2298
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.
METALS DAILY
Volume 5 / Issue 172 / September 1, 2016
ISSN: 2325-0658
Editor-in-Chief
Anthony Poole, +1-212-904-2992
To reach the editors
Editorial Offices
New York: +1-212-904-4111 Fax: +1-212-904-2437
Washington: Tina Allagh (Managing Editor),
Nick Jonson (Associate Managing Editor)
Laura Gilcrest
Washington: +1-202-383-2174
Pittsburgh: Sarah E. Baltic
London: +44-20-7176-6189
London: Andy Blamey (Associate Editorial
Director, EMEA), Jitendra Gill, Ben Kilbey,
George King Cassell, Henry Van
Tokyo: +81-3-4550-8833
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,
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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.
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12
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Metals Daily
September 1, 2016
Exchange-Traded Data and Third Party Data
COMEX Settlements
LME official prices
Cash Aluminium ($/mt)
3-months Aluminium ($/mt)
1-year Aluminium ($/mt)
Settlement Aluminium ($/mt)
1586.500-1587.000
1607.000-1607.500
1648.000-1653.000
1692.000-1697.000
1740.000-1745.000
1587.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Cash Al Alloy ($/mt)
3-months Al Alloy ($/mt)
1-year Al Alloy ($/mt)
Settlement Al Alloy ($/mt)
1570.000-1580.000
1590.000-1600.000
1635.000-1645.000
1580.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Cash NA Alloy ($/mt)
3-months NA Alloy ($/mt)
1-year NA Alloy ($/mt)
Settlement NA Alloy ($/mt)
1716.000-1719.000
1730.000-1735.000
1805.000-1815.000
1719.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Cash Cobalt ($/mt)
3-months Cobalt ($/mt)
15-months Cobalt ($/mt)
Settlement Cobalt ($/mt)
25000.000-25500.000
25000.000-25500.000
25110.000-26110.000
25500.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Cash Copper ($/mt)
3-months Copper ($/mt)
1-year Copper ($/mt)
Settlement Copper ($/mt)
4619.000-4620.000
4632.000-4635.000
4670.000-4680.000
4705.000-4715.000
4745.000-4755.000
4620.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Cash Lead ($/mt)
3-months Lead ($/mt)
1-year Lead ($/mt)
2-year Lead ($/mt)
3-year Lead ($/mt)
Settlement Lead ($/mt)
1912.000-1914.000
1924.000-1926.000
1938.000-1943.000
1952.000-1957.000
1960.000-1965.000
1914.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Cash Molybdenum ($/mt)
3-months Molybdenum ($/mt)
15-months Molybdenum ($/mt)
Settlement Molybdenum ($/mt)
16000.000-16500.000
16000.000-16500.000
16287.000-17287.000
16500.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Cash Nickel ($/mt)
3-months Nickel ($/mt)
1-year Nickel ($/mt)
Settlement Nickel ($/mt)
9745.000-9750.000
9790.000-9800.000
9905.000-10005.000
10020.000-10120.000
10095.000-10195.000
9750.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Cash Tin ($/mt)
3-months Tin ($/mt)
15-months Tin ($/mt)
Settlement Tin ($/mt)
19140.000-19145.000
19075.000-19100.000
18885.000-18935.000
19145.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
2329.000-2330.000
2325.000-2325.500
2310.000-2315.000
2278.000-2283.000
2235.000-2240.000
2330.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
206.850
207.350
210.250
01-Sep-16
01-Sep-16
01-Sep-16
Cash Zinc ($/mt)
3-months Zinc ($/mt)
1-year Zinc ($/mt)
2-year Zinc ($/mt)
3-year Zinc ($/mt)
Settlement Zinc ($/mt)
COMEX Settlements
Copper Spot (¢/lb)
Copper 2 months out (¢/lb)
Copper One Year out (¢/lb)
13
Silver Spot (cents/oz)
Silver 2 months out (cents/oz)
Silver 1 year out (cents/oz)
1885.700
1891.000
1924.500
01-Sep-16
01-Sep-16
01-Sep-16
Gold Spot ($/oz)
Gold 1 year ($/oz)
1312.200
1330.100
01-Sep-16
01-Sep-16
1048.900
661.700
01-Sep-16
01-Sep-16
2227400.000
11680.000
65700.000
304775.000
187275.000
451100.000
369096.000
4460.000
630.000
12.000
31-Aug-16
31-Aug-16
31-Aug-16
31-Aug-16
31-Aug-16
31-Aug-16
31-Aug-16
31-Aug-16
31-Aug-16
31-Aug-16
67282.000
162921001.000
10932872.000
01-Sep-16
01-Sep-16
01-Sep-16
London Gold AM Fix ($/oz)
London Gold PM Fix ($/oz)
Gold H&H ($/oz)
Gold Engelhard Unfabricated ($/oz)
1305.700
1309.500
1309.500
1311.880
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
London Silver Fix, US (¢/tr oz)
London Silver Fix, Pence (p/tr oz)
London Silver Price, ($/tr oz)
Silver H&H (¢/oz)
Silver Engelhard Unfabricated (¢/oz)
1865.000
1407.870
18.650
1884.500
1870.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Platinum J.Matthey Base NA ($/oz)
Platinum J.Matthey Base Asia ($/oz) Platinum J.Matthey Base Europe ($/oz)
Platinum Engelhard Unfabricated ($/oz) Platinum Engelhard Asia ($/oz) 1046.000
1058.000
1055.000
1045.000
1055.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Palladium J.Matthey Base NA ($/oz)
Palladium J.Matthey Base Asia ($/oz) Palladium J.Matthey Base Europe ($/oz) Palladium Engehlard Unfabricated ($/oz) Palladium Engelhard Asia ($/oz) 667.000
680.000
675.000
670.000
677.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Rhodium J.Matthey Base NA ($/oz)
Rhodium J.Matthey Base Asia ($/oz)
Rhodium J.Matthey Base Europe ($/oz)
Rhodium Engelhard ($/oz)
Rhodium Engelhard Asia ($/oz) 665.000
665.000
665.000
675.000
675.000
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
01-Sep-16
Iridium J.Matthey Base North America ($/oz)
Iridium Engelhard Unfabricated ($/oz)
Iridium Engelhard Asia ($/oz) 650.000
650.000
650.000
01-Sep-16
01-Sep-16
01-Sep-16
NYMEX Settlements
Platinum Active ($/oz)
Palladium Active ($/oz)
LME Closing Stocks
Al Closing Stocks (mt)
Al Alloy Closing Stocks (mt)
NA Alloy Closing Stocks (mt)
Copper Closing Stocks (mt)
Lead Closing Stocks (mt)
Zinc Closing Stocks (mt)
Nickel Closing Stocks (mt)
Tin Closing Stocks (mt)
Cobalt Closing Stocks (mt)
Molybdenum Closing Stocks (mt)
COMEX Closing Stocks
Daily Copper Stocks (lb)
Daily Silver Stocks (oz)
Daily Gold Stocks (oz)
Precious Metals

metals daily

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