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Daily metal and steelLondon forward

“LME settlement prices. All prices per tonne, unless otherwise stated, in LME warehouse, EU duty, if any paid, for buyers account.”

Year ago Jul 28 Jul 22 Jul 25 Jul 26 Jul 27 Jul 28Aluminium High Grade $2058.50-2059.00 LME Cash official 2547.50-2548.00 2572.00-2573.00 2612.00-2613.00 2622.00-2622.50 2600.00-2601.00 “unofficial” 2547.00-2550.00 2589.00-2592.00 2615.50-2620.50 2619.00-2620.00 2604.00-2606.002076.00-2077.00 LME 3 months official 2577.50-2578.00 2603.00-2604.00 2638.00-2639.00 2647.00-2647.50 2632.00-2633.00 “unofficial” 2575.00-2578.00 2617.00-2620.00 2640.00-2645.00 2642.00-2643.00 2630.00-2632.00 LME Tapo Notional Average Price(NAP) for Aug 2011 2485.03 2490.21 2497.03 2503.63 2508.50 LME stocks (tonnes) 4,382,225 4,376,625 4,369,000 4,461,425 4,453,250Aluminium Alloy (A380.1/DIN226/D12S) $2050.00-2060.00 LME Cash official 2326.00-2336.00 2350.00-2355.00 2395.00-2405.00 2370.00-2390.00 2385.00-2395.00 “unofficial” 2335.00-2345.00 2365.00-2375.00 2400.00-2410.00 2380.00-2390.00 2385.00-2395.002040.00-2050.00 LME 3 months official 2331.00-2341.00 2365.00-2370.00 2400.00-2410.00 2380.00-2400.00 2390.00-2400.00 “unofficial” 2340.00-2350.00 2370.00-2380.00 2405.00-2415.00 2385.00-2395.00 2390.00-2400.00 LME stocks (tonnes) 123,840 123,720 123,760 124,360 124,280N. American Special Aluminium Alloy2009.00-2009.50 LME Cash official 2500.00-2510.00 2520.00-2521.00 2550.00-2552.00 2551.00-2552.00 2536.00-2537.00 “unofficial” 2512.00-2522.00 2540.00-2550.00 2555.00-2565.00 2550.00-2560.00 2540.00-2550.002030.00-2040.00 LME 3 months official 2530.00-2540.00 2540.00-2560.00 2582.00-2584.00 2580.00-2590.00 2565.00-2575.00 “unofficial” 2540.00-2550.00 2570.00-2580.00 2585.00-2595.00 2580.00-2590.00 2570.00-2580.00 LME Stocks (tonnes) 150,020 150,420 152,800 153,680 153,680Copper Grade A$7119.00-7120.00 LME Cash official 9697.50-9698.00 9615.00-9620.00 9777.00-9778.00 9735.00-9736.00 9743.50-9744.00 “unofficial” 9622.00-9624.00 9648.00-9658.00 9803.00-9808.00 9738.00-9740.00 9814.00-9819.007144.50-7145.50 LME 3 months official 9718.00-9719.00 9642.00-9644.00 9800.00-9805.00 9760.00-9761.00 9769.00-9770.00 “unofficial” 9643.00-9645.00 9670.00-9680.00 9825.00-9830.00 9760.00-9762.00 9835.00-9840.00 LME Tapo Notional Average Price(NAP) for Aug 2011 9587.19 9589.12 9599.61 9606.79 9613.65 LME stocks (tonnes) 471,200 469,100 469,800 468,350 466,550Lead $1965.00-1968.00 LME Cash official 2707.00-2707.50 2665.00-2670.00 2705.00-2705.50 2693.50-2694.00 2679.50-2680.00 “unofficial” 2659.00-2664.00 2654.50-2659.50 2694.00-2699.00 2682.00-2687.00 2671.50-2676.501991.00-1993.00 LME 3 months official 2725.00-2727.00 2681.00-2682.00 2725.00-2728.00 2715.00-2717.00 2694.00-2695.00 “unofficial” 2680.00-2685.00 2675.00-2680.00 2715.00-2720.00 2700.00-2705.00 2690.00-2695.00 LME stocks (tonnes) 310,800 311,525 311,375 311,925 311,450Nickel$20420-20435 LME Cash official 24050-24060 23775-23780 24150-24175 24050-24055 24365-24370 “unofficial” 23910-23960 23860-23910 24180-24230 24260-24310 24555-2460520450-20475 LME 3 months official 24100-24150 23800-23805 24195-24200 24140-24145 24400-24425 “unofficial” 23950-24000 23900-23950 24225-24275 24300-24350 24600-24650 LME stocks (tonnes) 101,706 102,486 102,996 102,930 102,540Tin $19405.00-19410.00 LME Cash official 28300.00-28400.00 28140.00-28145.00 28300.00-28350.00 28775.00-28800.00 28725.00-28750.00 “unofficial” 28085.00-28185.00 28160.00-28185.00 28430.00-28450.00 28630.00-28730.00 28775.00-28800.0019475.00-19500.00 LME 3 months official 28350.00-28400.00 28100.00-28125.00 28490.00-28495.00 28700.00-28750.00 28800.00-28900.00 “unofficial” 28150.00-28250.00 28225.00-28250.00 28500.00-28520.00 28700.00-28800.00 28850.00-28875.00 LME stocks (tonnes) 21,095 20,990 20,725 20,740 20,865Zinc Special High Grade $1923.00-1923.50 LME Cash official 2436.00-2436.50 2425.50-2426.00 2494.50-2495.00 2486.50-2487.00 2479.00-2479.50 “unofficial” 2440.00-2441.00 2441.00-2443.00 2481.50-2485.50 2484.50-2488.50 2485.00-2490.001956.00-1957.00 LME 3 months official 2465.50-2466.00 2456.00-2458.00 2520.00-2520.50 2516.50-2517.00 2505.00-2505.50 “unofficial” 2468.00-2469.00 2470.00-2472.00 2510.00-2514.00 2513.00-2517.00 2510.00-2515.00 LME stocks (tonnes) 888,100 887,875 890,225 890,050 889,550Cobalt min 99.3%37600.00-38600.00 LME Cash official 35000.00-35500.00 35000.00-35500.00 34500.00-35500.00 35100.00-35150.00 34500.00-35500.00 LME 3 months official 35000.00-35500.00 35000.00-35500.00 34500.00-35500.00 35100.00-35150.00 34500.00-35500.00 LME stocks (tonnes) 262 262 262 262 262Molybdenum $31050.00-32050.00 LME Cash official 31700.00-32700.00 32400.00-33400.00 32500.00-33500.00 32500.00-33500.00 32000.00-33000.0031500.00-32500.00 LME 3 months official 31700.00-32700.00 32400.00-33400.00 32500.00-33500.00 32500.00-33500.00 32000.00-33000.00 LME stocks (tonnes) 264 264 264 264 264Steel Billet440.00-458.00 LME Cash Official 605.00-606.00 608.00-610.00 624.00-626.00 614.00-615.00 618.00-619.00 “unofficial” 605.00-606.00 608.00-610.00 624.00-626.00 614.00-615.00 618.00-619.00460.00-470.00 LME 3 months official 585.00-590.00 585.00-589.00 600.00-610.00 590.00-600.00 590.00-600.00 “unofficial” 585.00-590.00 585.00-589.00 600.00-610.00 590.00-600.00 590.00-600.00 LME stocks (tonnes) 45,890 36,790 38,870 38,870 39,910Gold $/troy oz1164.00 London morning 1588.00 1618.50 1610.00 1621.00 1617.501157.00 London afternoon 1602.00 1613.50 1612.75 1625.00 1613.501157.00 Handy/Harman 1602.00 1613.50 1612.75 1625.00 1613.50Silver per troy oz1131.58/1763.00 London Spot pence/cents 2431.50/3967.00 2503.38/4078.00 2459.76/4034.00 2490.69/4081.00 2461.87/4019.001750.00 Handy/Harman cents 4007.00 4039.00 4052.50 4105.50 3969.00Palladium $/troy oz470.00 London morning 805.00 806.00 811.00 838.00 830.00469.00 London afternoon 807.00 802.50 812.00 842.00 829.00Platinum $/troy oz1540.00 London morning 1785.00 1787.00 1786.00 1810.00 1790.001535.00 London afternoon 1793.00 1791.00 1787.00 1814.00 1790.00

DubaiDubai Gold & Commodities Exchange settlement prices. All prices per tonne fca on truck Jebel Ali free zone duty-unpaid customs-cleared Jul 25 Jul 26 Jul 27 Jul 28Rebar $ August delivery 635.00 635.00 635.00 635.00 September delivery 635.00 635.00 635.00 635.00

Kuala Lumpur tin marketYear ago Jul 28 Jul 22 Jul 25 Jul 26 Jul 27 Jul 28Tin $/tonne19,240 27,980 28,180 28,180 28,380 28,730

Monday 1 August 2011 | Metal Bulletin | 21

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Monday 1 August 2011 | Metal Bulletin | 23

LME & SHFE stocks (tonnes effective 21 July) Note:deliveries in and out for the week Jul 21 - 27

Aluminium Delivered in Delivered out Total Ingots T Bars Sows Ingots T Bars Sows Ingots T Bars SowsAntwerp nil nil nil nil nil nil 35,050 25,050 250Hamburg nil nil nil nil nil nil 23,425 20,075 nilGenoa nil nil nil nil nil nil 13,125 nil nilLeghorn nil nil nil nil nil nil 975 nil 400Trieste nil nil nil nil nil nil 69,750 70,475 5,325Busan nil nil nil nil 150 nil 36,850 8,850 5,650Gwangyang nil nil nil 1,825 5,675 nil 48,875 34,525 nilIncheon nil nil nil 450 nil nil 30,575 2,475 950Johor nil nil nil 1,575 550 nil 165,675 37,000 89,425Port Klang nil nil nil nil nil nil 20,800 725 3,575Rotterdam nil nil nil 150 50 nil 212,400 223,900 49,475Vlissingen 59,200 40,800 nil nil nil nil 189,250 214,575 nilSingapore nil nil nil 825 1,825 950 326,475 104,700 123,900Bilbao nil nil nil nil nil nil 16,225 14,725 nilGothenburg nil nil nil nil nil nil nil nil 25Helsingborg nil nil nil nil nil nil nil 12,400 nilHull nil nil nil 1,950 100 nil 4,000 4,150 nilLiverpool nil nil nil 100 1,750 nil 8,175 4,400 50,300Tyne & Wear nil nil nil nil 50 nil 13,675 50,700 3,575Baltimore nil nil nil nil 450 nil 13,200 218,700 178,300Chicago nil nil nil 50 700 200 500 51,425 25,675Detroit nil nil nil 50 6,550 825 28,825 665,775 450,600Long Beach nil nil nil nil 1,575 1,750 7,900 2,875 2,175Los Angeles nil nil nil nil nil nil 75 5,975 2,675Mobile nil nil nil 5,075 1,675 50 205,575 2,625 6,900New Orleans nil nil nil 1,200 450 225 99,300 30,425 8,600St Louis nil nil nil nil nil nil nil 925 nilToledo nil nil nil nil nil nil 1,675 5,225 68,625Total 59,200 40,800 nil 13,250 21,550 4,000 1,572,350 1,812,675 1,076,400

Al.Alloy (large sows) Delivered in Delivered out Total A380.1 226/DIN D12S/J1S A380.1 226/DIN D12S/J1S A380.1 226/DIN D12S/JSAntwerp nil nil nil nil nil nil nil 720 nilRotterdam nil nil nil nil nil nil 200 1,520 nilVlissingen nil nil nil nil nil nil nil 160 nilSingapore nil nil nil nil nil nil 400 nil nilTotal nil nil nil nil nil nil 600 2,400 nilAlum.alloy Delivered in Delivered out Total A380.1 226/DIN D12S/J1S A380.1 226/DIN D12S/J1S A380.1 226/DIN D12S/JSAntwerp nil nil nil nil 400 nil nil 2,140 nilBremen nil nil nil nil nil nil nil nil nilHamburg nil nil nil nil nil nil 60 nil nilGenoa nil nil nil nil nil nil 11,720 nil nilTrieste nil nil nil nil nil nil 9,320 640 nilGwangwang nil nil nil nil nil nil nil 200 nilIncheon nil nil nil nil nil nil nil nil nilRotterdam nil nil nil nil 20 nil 860 13,140 nilVlissingen nil nil nil nil nil nil 320 12,640 nilJohor nil nil nil nil nil nil nil 6,000 nilSingapore nil 300 nil nil nil nil 680 22,620 nilBilbao nil nil nil nil nil nil 2,120 nil nilLiverpool nil nil nil nil nil nil 320 nil nilTotal nil 300 nil nil 420 nil 25,400 57,380 nilNickel Delivered in Delivered out Total Cats Pellets Briqs Cats Pellets Briqs Cats Pellets Briqs Singapore nil nil nil 24 nil nil 252 nil nilSt Louis nil nil nil nil nil nil nil nil nilTotal nil nil nil 24 nil nil 252 nil nil

Nickel full plate cats Delivered Delivered Total In OutHamburg nil nil 1,068Busan 552 nil 4,752Gwangyang nil nil 1,854Rotterdam 1,644 768 74,898Singapore nil 48 7,890Gothenburg nil nil 1,284Helsingborg nil nil 3,780Hull nil nil 3,384Liverpool nil nil 3,528Tyne & Wear nil nil 240Total 2,196 816 102,678Copper Delivered Delivered Total In Out cats cats catsAntwerp nil nil 750Hamburg nil 50 7,300Leghorn 50 225 5,750Trieste nil nil 500Busan nil 1,500 62,525Gwangyang 500 1,975 41,750Incheon 400 200 13,525Johor nil 400 3,800Port Klang nil nil 8,325Rotterdam nil 2,425 15,600Vlissingen nil nil nilSingapore nil 100 44,450Bilbao nil nil 1,525Hull 2,000 225 1,775Liverpool nil nil 75Baltimore nil nil 675 Chicago nil 100 33,325Mobile nil nil 5,275New Orleans 3,325 4,775 122,275St Louis nil nil 99,150Total 6,275 11,975 468,350 Cobalt Delivered Delivered Total In OutRotterdam nil nil 178Singapore nil nil 49Baltimore nil nil 35Total nil nil 262Roasted Molybdenum Concentrate RMC Powder Delivered Delivered Total In OutRotterdam nil nil 264Singapore nil nil nilBaltimore nil nil nilTotal nil nil 264

Lead Delivered Delivered Total In OutAntwerp nil nil 5,025Hamburg nil nil 2,500Genoa nil nil 9,075Leghorn 650 nil 12,000Johor 675 nil 27,500Port Klang nil nil 55,450Trieste nil nil 5,800Rotterdam nil nil 15,050Vlissingen nil nil 14,500Singapore 2,375 2,675 34,900Barcelona nil nil 16,725Bilbao nil nil 31,175Liverpool nil nil 475Baltimore nil nil 4,300Chicago nil nil 1,125Detroit nil nil 42,025Long Beach 375 nil 29,400Los Angeles 400 nil 3,275Mobile nil nil 875New Orleans nil 25 750Total 4,475 2,700 311,925Zinc Delivered Delivered Total In OutTrieste nil nil 6,550Johor nil 3,325 84,950Port Klang 3,125 nil 76,825 Rotterdam nil nil 23,500Vlissingen nil nil 25Singapore 875 nil 2,975Dubai nil nil 2,000Bilbao nil nil 600Hull nil nil 3,925Liverpool nil nil 200Balitmore nil nil 9,400Chicago nil nil 29,175Detroit nil nil 88,625Long Beach nil 700 2,950Los Angeles nil nil 350New Orleans 200 2,000 557,000St Louis nil nil 25Toldeo nil nil 975Total 4,200 6,025 890,050Tin Delivered Delivered Total In OutAntwerp nil nil nilBusan nil nil 70Gwangyang nil nil 110Rotterdam nil nil 25Johor 210 90 15,660Singapore 5 550 4,425Baltimore nil nil 450Total 215 640 20,740

NASAAC ingots Delivered Delivered Total In OutBaltimore 120 340 9,520Chicago 340 20 6,800Detroit 960 nil 13,620Long Beach nil nil 960Mobile 40 nil 80New Orleans 60 nil 2,440Owensboro nil nil nilSt Louis nil nil nilTotal 1,520 360 33,420NASAAC T-Bars Delivered Delivered Total In OutBaltimore nil nil 3,360Chicago nil nil nilDetroit nil nil 4,200Louisville nil nil nilSt Louis nil nil nilTotal nil nil 7,560NASAA large sows Delivered Delivered TotalBaltimore nil nil 3,300Chicago nil nil 160Detroit nil nil nilOwensboro nil nil nilTotal nil nil 3,460NASAA small sows Delivered Delivered Total In OutChicago 2,060 300 71,800Detroit 620 80 23,940Louisville nil nil 1,380Mobile 300 nil 1,260New Orleans nil nil 4,000St Louis nil nil 6,860Total 2,980 380 109,240Shanghai Futures Exchange DeliverableAluminium 181,715Copper 117,067Zinc 400,571Steel Billet Delivered in Delivered out TotalKocaeli nil nil nilTekirdag nil nil 390Johor nil nil 4,355Rotterdam nil 9,100 18,590Incheon nil nil 130Chicago nil nil 7,280Detroit 2,080 nil 3,705New Orleans 325 nil 4,420Total 2,405 9,100 38,870

Pric

esExchange Rates & New York Futures

Non-Ferrous Primary Metals

Jul 27 Jul 29AluminiumLME prices: see Daily MetalEuropean free market: $/tonne in warehousemin 99.7% ingot duty unpaid premium indicator 120-140* 120-140*LME duty-paid Premium Indicator/HG Cash 190-210* 190-210*HG duty-paid three months 190-210* 190-210*Cif Japan: 99.7% duty unpaid premium indicator quarterly 120-121* 120-121*CIS-origin: indicators in warehouse Europe: A7e premium 120-140* 120-140*LME warehouse premium Singapore: 85-90* 85-90*Extrusion billet premium 6063, EC duty paid,in warehouse Rotterdam ($/tonne) 420-450* 420-450*US free market: P1020 US midwestpremium indicator ($/lb) 0.085-0.088* 0.085-0.088*MB Chinese free market,Metallurgical grade, delivered duty paid RMB/tonne 2,650-3,000* 2,650-3,000*Alumina Index fob Australia 377.08Copper & BrassLME: see Daily MetalProducer premium(Codelco): contract2011 Grade A cathode (average) 98-98 98-98MB free market US: High-grade cathodepremium indicator, $/tonne 110.00-121.00* 99.00-121.00*Chinese Grade 1: 55-60* 55-60*Germany: (VDM) Electro, €/tonne wirebar (DEL): 6,814.00-6,837.60 6,814.00-6,837.60cathodes: 6,750.00-6,840.00 6,750.00-6,840.00South Africa: Phalaborwa W/B, Rand/tonne 79,310.15-79,310.15 79,310.15-79,310.15TinKuala Lumpur and LME prices: see Daily MetalMB European free marketSpot premium 99.9% $ per tonne 500-550* 500-550*Spot premium 99.85% $/tonne 430-480* 430-480*MB US free market: Grade A tin premium $/lb 0.27-0.32* 0.27-0.32* Jul 27 Jul 29NickelLME prices: see Daily MetalEurope: $/tonne in warehouse Rotterdamuncut cathodes premium indicator 100.00-150.00* 100.00-150.00*4x4 cathodes premium indicator 300.00-350.00* 300.00-350.00*

briquettes premium indicator 300.00-350.00* 300.00-350.00*US: melting premium indicator $/lb 0.30-0.50* 0.30-0.50*plating premium indicator $/lb 0.65-0.90* 0.65-0.90*LeadLME prices: see Daily MetalGermany: (VDM) virgin soft, €/tonne 2,010.00-2,050.00 2,010.00-2,050.00MB US: High Grade ingot premium indicator, $/lb 0.0700-0.0800* 0.0700-0.0800*MB European free market:in warehouse Rotterdam €/tonne 15-25* 15-25*European Automotive battery premium free market (Eurobat)in warehouse Rotterdam €/tonneSoft lead (average) 157.73-157.73* 157.73-157.73*Ca/Ca grid lead (average) 352.12-352.12* 352.12-352.12*Connector lead (average) 309.77-309.77* 309.77-309.77*European Industrial batterypremium free market (Eurobat)in warehouse Rotterdam €/tonne (average) 101.24-101.24* 101.24-101.24*LME warehouse premium Singapore: 30-40* 30-40*Cif Shanghai premium LME: 100-100* 100-100*Lead concentrates: 70/80% Pb $/tonne T/C, cif. 200-250* 200-250*ZincLME prices: see Daily MetalGermany: (VDM) virgin, €/tonne 1,850-1,900 1,850-1,900UK: ThyssenKrupp Metallurgie GMbHcontract price forAugust 2011Special high grade, £/tonne 1,553.00-1,553.00 1,553.00-1,553.00MB US: Special high grade, $/lb 0.0600-0.0800* 0.0600-0.0800*MB EU: Special high grade, fot Rotterdam, $/tonne 135.00-145.00* 135.00-145.00*LME warehouse premium Singapore: 60-100* 60-100*Cif Shanghai premium LME: 80-80* 80-80*Zinc Concentrates:cif main port $/tonne 250-270* 250-270*

Precious Metals

Base Metals

Jul 27 Jul 29IridiumMB free market: min. 99.9%, $/troy oz in warehouse 1,000-1,050* 1,010-1,060*Johnson Matthey base price: (unfab) $/troy oz (09.00 hrs) 1,050 1,050Engelhard base price: $/troy oz 1,050 1,060PalladiumWorld prices: see Daily MetalEuropean free market: min. 99.9%,$/troy ozin warehouse 840-845* 823-828*Engelhard base price: $/troy oz 814 833Johnson Matthey base price: (unfab) $/troy oz (09.00 hrs) 845 828

Jul 27 Jul 29PlatinumWorld prices: see Daily MetalEuropean free market: min. 99.9%, $/troy ozin warehouse 1,813-1,818* 1,780-1,785*Engelhard base price: $/troy oz 1,794 1,792Johnson Matthey base price: (unfab)$/troy oz (09.00 hrs) 1,818 1,785RhodiumEuropean free market: min. 99.9%, $/troy ozin warehouse 1,900-1,950* 1,925-1,975*Engelhard base price: $/troy oz 1,950-1,950 1,975Johnson Matthey base price: (unfab)$/troy oz (09.00 hrs) 1,950-1,950 1,975RutheniumEuropean free market: min. 99.9%, $/troy ozin warehouse 140-180* 140-180*Engelhard base price: $/troy oz 180 180Johnson Matthey base price: (unfab) $/troy oz (09.00 hrs) 180 180

Exchange Rates Jul 22 Jul 25 Jul 26 Jul 27 Jul 28LME Settlement Conversion Rates$/£ 1.6305 1.6296 1.6397 1.6359 1.6325$/Yen 78.39 78.22 78.03 77.86 77.72$/€ 1.4382 1.4375 1.4476 1.4451 1.4281Closing Rates, Midpoint$/£ 1.6312 1.6283 1.6389 1.6340 1.6332$/Yen 78.36 78.37 78.07 77.97 77.88$/€ 1.4366 1.4337 1.4486 1.4384 1.4300£/€ 1.1355 1.1358 1.1314 1.1360 1.1421

Standard Bank pricesStandard Bank’s rand fixing prices per tonne for London Metal Exchange trade Jul 22 Jul 25 Jul 26 Jul 27 Jul 28Copper R65,636.06 R65,199.55 R65,356.15 R64,822.29 R65,163.00Aluminium R17,244.86 R17,438.51 R17,465.29 R17,460.61 R17,394.19Lead R18,324.36 R18,095.93 R18,083.56 R17,936.65 R17,922.50Zinc R16,490.23 R16,442.22 R16,676.58 R16,558.45 R16,581.66Nickel R162,838.08 R161,168.95 R161,585.70 R160,158.19 R162,974.38Tin R192,211.20 R190,752.74 R189,491.40 R191,750.40 R192,265.63

New York futuresYear ago Jul 27 Jul 21 Jul 22 Jul 25 Jul 26 Jul 27(Comex) Copper high grade cents/lb324.15 Apr ̀ 03 437.75 440.45 440.15 447.40 444.25138,225 Open Interest 153,406 152,145 152,576 156,140 154,155100,958 Stocks (short tons) 81,371 81,371 81,596 81,862 82,287(Comex) Gold $/troy oz1159.30 Apr ̀ 03 1586.80 1601.30 1612.00 1616.60 1615.10538,172 Open Interest 538,624 534,662 541,404 536,454 518,04611,085,141 Stocks (troy oz) 11,436,822 11,432,742 11,432,710 11,432,710 11,432,388(Nymex) Palladium $/troy oz469.10 Nymex Sett APR 807.75 805.15 807.75 834.85 832.206,201 Stocks (troy oz) 5,550 5,550 5,550 5,550 5,545(Nymex) Platinum $/troy oz1539.10 Nymex Sett APR 1786.00 1797.30 1792.90 1806.10 1808.002,641 Stocks (troy oz) 2,442 2,442 2,442 2,442 2,440(Comex) Silver cents/troy oz1749.00 Apr ̀ 03 3893.70 4011.30 4035.40 4069.10 4055.30118,143 Open Interest 116,016 117,251 117,195 119,563 120,198

Shanghai futuresYear ago Jul 28 Jul 22 Jul 25 Jul 26 Jul 27 Jul 28Aluminium yuan/tonne (August delivery)15,220 17,700 17,770 17,915 18,285 18,550Copper yuan/tonne (August delivery)55,750 71,660 71,500 71,980 72,300 72,210Zinc yuan/tonne (August delivery)15,825 18,375 18,360 18,4855 18,680 18,630

24 | Metal Bulletin | Monday 1 August 2011

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ices

MB Daily Base Metal PremiumsAll prices $/tonne unless optherwise stated, in warewhouse price, duty unpaid, spot business, immediate delivery*MB copyright

Jul 22 Jul 25 Jul 26 Jul 27 Jul 28 Low - High Premium Low - High Premium Low - High Premium Low - High Premium Low - High PremiumCopper - Grade A copper cathode to meet LME specifications: BS EN 1978:1998 (Cu-CATH-1)MB Copper Premium Rotterdam 75-90* 82.00* 75-90* 82.00* 75-90* 82.00* 75-90* 82.00* 75-90* 82.00*MB Copper Premium Hamburg 65-80* 76.67* 65-80* 76.67* 65-80* 76.67* 65-80* 76.67* 65-80* 76.67*MB Copper Premium Leghorn 60-75* 65.00* 60-75* 65.00* 60-75* 65.00* 60-75* 65.00* 60-75* 65.00*MB Copper Premium New Orleans 10-10* 10.00* 10-10* 10.00* 10-10* 10.00* 10-10* 10.00* 10-10* 10.00*MB Copper Premium Baltimore 10-10* 10.00* 10-10* 10.00* 10-10* 10.00* 10-10* 10.00* 10-10* 10.00*MB Copper Premium Chicago 10-10* 10.00* 10-10* 10.00* 10-10* 10.00* 10-10* 10.00* 10-10* 10.00*MB Copper Premium Gwangyang 30-45* 37.50* 20-35* 27.50* 20-20* 20.00* 20-20* 20.00* 20-20* 20.00*MB Copper Premium Busan 30-45* 37.50* 20-35* 27.50* 20-20* 20.00* 20-20* 20.00* 20-20* 20.00*MB Copper Premium Singapore 55-55* 55.00* 40-60* 50.00* 45-60* 52.50* 45-50* 47.50* 50-50* 50.00*MB Copper Premium Shanghai 80-100* 91.67* 95-110* 103.33* 80-110* 95.00* 80-100* 96.67* 85-100* 95.00*

Monday 1 August 2011 | Metal Bulletin | 25

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NEWFOR 2011

How will the alumina balances of the world’s integratedaluminium producers shift in the coming years?

Where are the limits for the global alumina market?

Are alumina prices going to detach from the LME?

How will the alumina supply and demand balances for theworld’s integrated aluminium producers change?

The Ten Year Outlookfor Alumina

FIVE EASY WAYS TO ORDER +44 (0) 20 7779 8000 +44 (0) 20 7246 5200 marketing@metalbulletinresearch.comwww.metalbulletinstore.com Metal Bulletin Research, Nestor House, Playhouse Yard, London, EC4V 5EX UK

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26 | Metal Bulletin | Monday 1 August 2011

Minor metalsThe specification for all minor metals will be as laid down by the Minor Metals Trade Assn and published on their website (www.mmta.co.uk), unless otherwise indicated.Prices will be basis in warehouse Rotterdam, unless otherwise stated, and will reflect a trading range of business done at the time of the assessment. Jul 27 Jul 29AntimonyMB free marketRegulus, min 99.65%, max Se 50 ppm, max 100 ppm Bi,$/tonne in warehouse Rotterdam 14,700-15,200* 14,700-15,200*MMTA Standard Grade II, $/tonne in warehouse Rotterdam 14,500-15,000 14,500-15,000MB Chinese free marketMMTA Standard Grade II, delivered duty paid RMB/tonne 92,000-93,500* 92,000-93,500*ArsenicMB free market$/lb 0.60-0.65* 0.60-0.65*BismuthMB free market$/lb 12.20-12.90* 12.50-13.10*MB China domestic, min 99.99%, RMB/tonne 177,000-179,000* 177,000-179,000*CadmiumMB free market min 99.95%, cents/Ib 105-125* 105-125*MB free market min. 99.99%, cents/lb 110-130* 110-130*ChromiumMB free marketalumino-thermic, min. 99%, $/tonne 12,500-13,000* 12,250-12,750*western un-degassed AT, min. 99.4%, $/kg d/d 10.25-10.65* 10.25-10.65*CobaltMB free market High Grade, $/Ib 15.95-16.80* 16.00-16.90*MB free market Low Grade, $/lb 15.25-16.05* 15.40-16.25*MB China domestic, min 99.8% RMB/tonne 263,000-273,000* 270,000-275,000*MB Chinese free marketConcentrate min 8% cif main Chinese ports $/lb 13.40-14.00* 13.40-14.00*GalliumMB free market $/kg 850-930* 850-930*MB China domestic, min 99.99%, RMB/kg 5,300-5,400* 5,300-5,400*GermaniumGermanium dioxide MB free market $/kg 1,300-1,400* 1,300-1,400*Germanium metal $/kg Rotterdam 1,550-1,650* 1,550-1,650*Germanium metal MB China domestic, min 99.999%, RMB/kg 10,200-10,400* 10,200-10,400*Germanium dioxide, China domestic min 99.999%, RMB/kg 8,400-8,600* 8,400-8,600*IndiumMB free market $/kg 710-790* 720-790*

Jul 27 Jul 29Indium cont.MB Chinese free marketCrude min 98% duty paid in w/house China RMB/kg 4,300-4,500* 4,300-4,500*MB China domestic, min 99.99% RMB/kg 4,750-4,850* 4,750-4,850*Indium Corp ingots min. 99.97%, $/kg fob 785-785 785-785MagnesiumEuropean free market $ per tonne 3,100-3,200* 3,100-3,200*China free marketmin 99.8% Mg, fob China main ports, $ per tonne 3,140-3,200* 3,140-3,200*MB Chinese free market min 99% Mg, ex-works RMB/tonne 17,500-18,500* 17,500-18,500*Manganese FlakeMB free market $/tonne 3,330-3,370* 3,330-3,370*MercuryMB free market $ per flask 1,600-1,800* 1,800-2,000*Rhenium in warehouse Rotterdam duty paidMetal Pellets, min 99.9% $/lb 2,100-2,300* 2,100-2,300*APR catalytic grade $/kg Re 4,400-4,800* 4,400-4,800*SeleniumMB free market $/lb 55.00-66.00* 54.00-65.00*MB China domestic, min 99.9%, RMB/kg 1,020.00-1,070.00* 1,020.00-1,070.00*Selenium dioxide, MB China domestic, min 98%, RMB/kg 760.00-780.00* 760.00-780.00*SiliconMB free market €/tonne 2,200-2,400* 2,200-2,400*US free market cents/lb 157-160* 157-160*Hong Kongmin. 98.5%, $/tonne fob main Chinese ports 2,550-2,580* 2,550-2,580*TelluriumMB free market $/kg 330-380* 320-370*MB China domestic, min 99.99%, RMB/kg 2,250-2,350* 2,250-2,350*TitaniumMB free market ferro-titanium70% (max 4.5% Al), $/kg Ti d/d Europe 8.70-9.00* 8.80-9.10*Titanium Ores $/tonne Rutile conc min. 95% TiO2 bagged, fob/Aus 850-900 850-900Rutile bulk conc min. 95% TiO2 fob/Aus 700-750 700-750Ilmenite bulk conc min. 54% TiO2 fob/Aus 120-140 120-140

Noble Alloys & Ores Jul 27 Jul 29Lithium OresPetalite, 4.2% Li2O bagged fob Durban, $/tonne 165-260 165-260Spodumene > 7.25% Li2O cif Europe, $/tonne 720-770 720-770MolybdenumMolybdic oxideEuropeDrummed molybdic oxide, $/lb Mo 14.55-14.80* 14.60-14.80*USCanned molybdic oxide, $/lb Mo 14.50-15.00* 14.50-15.00*Ferro-Molybdenumbasis 65-70% Mo, $/kg Mo 36.90-38.00* 36.90-38.00*basis 60% Mo, $/kg Mo, duty unpaid in warehouse Rotterdam 38.00-40.00* 38.00-40.00*US free market, 65-70% Mo, $/lb in warehouse Pittsburgh 17.20-17.70* 17.20-17.70*Hong Kong, min. 60% Mo, $/kg Mo, fob main Chinese ports 40.00-40.00* 40.00-40.00*MB Chinese free marketConcentrate 45% Mo, in warehouse China RMB/mtu 2,030-2,050* 2,030-2,050*UraniumNuexco spot price indicator $/lb U3O8 51.75-51.75 51.75-51.75ZirconFoundry grade bulk, $/tonne fob Australia 1,600-1,700 1,600-1,700Premium bulk, $/tonne fob Australia 1,600-1,700 1,600-1,700

Jul 27 Jul 29TungstenEuropean free marketAPT, $/mtu 450-462* 455-465*US free marketAPT, $/stu 305-309* 305-309*Hong KongAPT Chinese No1, $/mtu fob main Chinese ports 450.00-460.00* 450.00-460.00*MB Chinese free marketConcentrate 65% W03, in warehouse China RMB/tonne 144,000-147,000* 147,000-149,000*Ferro Tungstenbasis 75% W min, $/kg W, in warehouse Rotterdam,duty unpaid 47.00-48.00* 47.00-48.25*Hong Kong, min. 75% W, $/kg W, fob main Chinese ports 54.00-55.00* 54.00-55.00*Tungsten OreMin. 65% WO3 $/mtu WO3 140-160* 140-160*VanadiumFerro vanadium basis 70-80%, $/kg V 28.20-29.25* 28.20-29.25*US free market ferro-vanadium, $/lb, in warehouse Pittsburgh 15.50-16.00* 15.50-16.00*Vanadium pentoxide cif Europe min 98% $ per Ib V2O5 6.20-7.10* 6.20-7.10*Vanadium pentoxide US free market min 98% $ per Ib V2O5 6.50-6.75* 6.50-6.75*

Bulk Alloys Jul 29Ferro-Chrome $/lb CrLumpy Cr charge, basis 52% Cr, (and high carbon) quarterly 1.20-1.20*6-8% C basis 60% Cr, max 1.5% Si 1.13-1.25*European low carbon 0.10% C average 60-70% Cr quarterly 2.25-2.35*0.10% C average 60-70% Cr 2.25-2.35*European low carbon, in warehouse, 0.06% C max - 65%Cr 2.25-2.45*Low phosphorous Cr min 65%, C max 7%, Si max 1%, P max 0.015%, Ti max 0.05% 1.30-1.40*US free market, in warehouse Pittsburgh,6-8% C basis 60-65% Cr, max 2% Si 1.160-1.200*US free market, low carbon, duty paid, fob Pittsburgh,0.05%C - 65% min Cr 2.46-2.55*0.10%C - 62% min Cr 2.25-2.30*0.15%C - 60% min Cr 2.18-2.20*Spot 6-8% C, basis 50% Cr, delivered duty paid China RMB/tonne 8,000-8,200*Contract 6-8% C, basis 50% Cr, delivered duty paid China RMB/tonne 8,100-8,300*Chrome Ore $/tonneChrome ore, cif main Chinese portsSA friable lumpy basis 35-40% 210-240*SA LG6 Met grade basis 42% 230-260*SA UG2 Met grade basis 40% 220-250*Turkish lumpy 40-42% cfr main Chinese ports 300-320*

Jul 29Ferro-Manganesebasis 78% Mn (Scale pro rata), standard 7.5% C, Euro/tonne 880-925*US free market, 78% Mn, standard 7.5% C, $/long ton in warehouse Pittsburgh 1,280-1,350*US free market, medium carbon, duty paid, fob Pittsburgh,80% min Mn, 1.5% max C, $/lb 1.05-1.10*Hong Kong, min. 75% Mn, 7.5% C, fob main Chinese ports 1,480-1,530*MB Chinese free marketmin 65% Mn, max 7.0% C, in warehouse China RMB/tonne 7,400-7,600*Manganese Ore48/50% Mn Max 0.1%P, $/mtu metallurgical Mn, fob 5.30-5.50*Ferro-SiliconLumpy, basis 75% Si (Scale pro rata), Euro/tonne 1,220-1,320*US free market, $/lb in warehouse Pittsburgh:lumpy basis 75% Si imported 1.01-1.05*Hong Kong, min. 75%, fob main Chinese ports 1,510-1,550*MB Chinese free marketmin 75% in warehouse China RMB/tonne 6,900-7,100*Silico-ManganeseLumpy, 65-75% Mn basis, 14-25% Si (Scale pro rata) Euro/tonne 870-920*US free market, $/lb in warehouse Pittsburgh: 0.61-0.63*Hong Kong, min. 65% Mn, max 17% Si,fob main Chinese ports 1,500-1,520*MB Chinese free marketmin 65% Mn max 17% Si,in warehouse China RMB/tonne 8,300-8,500*

l All prices $/tonne, duty paid, delivered consumers’ works, unless otherwise shown. Other currency prices are given where the local markets are dominant or active. Date indicates last price change. These markets last assessed on Jul 29 (UK), Jul 28 (US). l Reminder: prices marked * are MB copyright. These markets were last assessed on Jul 29 (Europe and Asia) and Jul 28 (USA).l All Chinese domestic prices include VAT of 17%

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esWorld SteelEU ImportsMetal Bulletin’s appraisal of cfr prices for imported, non-EU origin, commercial-quality carbon steel, € per tonne cfr main EU port (€/$=0.70).Rebar 540-570 27/07 AugWire rod (mesh quality) 570-580 27/07 AugPlate (10-50mm) 650-670 27/07 AugHot rolled coil 520-530 27/07 AugCold rolled coil 610-630 27/07 AugHot-dip galvanized coil 660-670 27/07 AugEU exportsMetal Bulletin’s appraisal of EU mills’ prices for export outside the EU of commercial-quality carbon steel, $ per tonne fob main EU portRebar 720-730 27/07 SepWire rod (mesh quality) 730-740 27/07 SepEU domesticMetal Bulletin’s appraisal of prices within the EU (excluding the UK) for commercial-quality carbon steel of EU origin, € per tonne delivered basis point (€/$=0.77)Rebar 540-575 27/07 AugWire rod (mesh quality) 570-580 27/07 AugSections (medium) 565-585 25/07 AugPlate(10-50mm) 660-670 25/07 AugHot rolled coil 545-555 27/07 AugCold rolled coil 655-675 27/07 AugHot-dip galvanized coil 630-650 27/07 Aug

CISProduct Price Date MonthCIS Exports (Black Sea)Metal Bulletin’s appraisal of CIS mills’ prices for export outside the CIS of commericial-quality carbon steel, $ per tonne fob stowed main Black Sea port.Billet 675-685 25/07 AugSlab 600-605 19/07 AugRebar 710-720 25/07 AugWire rod (mesh) 740-745 25/07 AugHeavy plate (10-50mm) 790-800 28/07 JulHot rolled coil 660-700 19/07 AugCold rolled coil 790-800 15/07 AugCIS DomesticMetal Bulletin’s appraisal of prices within Russia and Ukraine for commercial-quaility carbon steel of CIS origin, $ per tonne ex-works.Rebar 800-840 25/07 JulHot rolled coil 740-765 25/07 JulCold rolled coil 840-865 25/07 Jul

Middle EastProduct Price Date MonthTurkish ExportsMetal Bulletin’s appraisal of Turkish mills’ prices for export of commercial-quality carbon steel, $ per tonne fob main Turkish port.Billet 695-700 28/07 AugRebar 730-740 28/07 AugWire rod (mesh quality) 740-750 28/07 AugMerchant bars 780-790 28/07 AugTurkish DomesticMetal Bulletin’s appraisal of prices within Turkey for commercial-quailty carbon steel of Turkish origin, $ per tonne ex-works.Billet 695-700 28/07 AugRebar 760-770 28/07 AugWire rod (mesh quality) 770-780 28/07 AugHot rolled coil 735-745 14/07 AugCold rolled coil 865-870 14/07 JulTurkish importsMetal Bulletin’s appraisal of prices for imported commercial-quality carbon steel, $ per tonne cfr main Turkish port.Billet 700-710 28/07 AugHot rolled coil 710-730 14/07 AugCold rolled coil 830-840 14/07 AugGCC country importsMetal Bulletin’s appraisal of prices for imported commercial-quality carbon steel, $ per tonne cfr main Gulf port.Billet 710-720 26/07 SepRebar 730-735 26/07 SepHot rolled coil 730-740 26/07 SepCold rolled coil 800-810 26/07 Sep

Product Price Date MonthIran DomesticMetal Bulletin’s appraisal of prices within Iran for commercial-quality carbon steel of Iranian origin, million rials per tonne delivered warehouse Tehran (m rials/$=10,573).Rebar (12-25)mm) 8.80-8.90 28/07 JulEqual Angles 8.80-10.20 28/07 Jull-beams 9.15-12.85 28/07 JulPlate 9.90-10.20 28/07 JulHot rolled coil 8.85-8.95 28/07 JulCold rolled coil 9.50-9.90 28/07 JulHot-dip galvanized coil 11.90-12.40 28/07 JulHollow sections 9.70-9.90 28/07 JulIran ImportsMetal Bulletin’s appraisal of prices quoted by overseas suppliers for commercial-quality carbon steel to Irainian buyers, $ per tonne cfr Iranian northern portsBillet 680-690 28/07 OctRebar 720-730 28/07 OctEgyptian DomesticMetal Bulletin’s appraisal of prices within Egypt for commercial-quality carbon steel of Egyptian origin, E£ per tonne ex-worksRebar 4,650-4,650 01/07 Jul

South AmericaProduct Price Date MonthSouth American exportsMetal Bulletin’s appraisal of South American mills’ prices for export outside South America of commercial-quality carbon steel, $ per tonne fob stowed main South American port.Billet 680-700 29/06 JulSlab 680-710 12/05 MayRebar 720-740 28/07 AugMerchant bar (equal angles) 510-520 19/03 AprWire rod mesh quality 730-750 07/07 AugWire rod drawing quality 730-750 07/07 AugMedium plate: 3-10mm 1,000-1,050 28/07 AugHeavy plate: over 10mm 1,000-1,050 28/07 AugHot rolled coil (dry) 760-800 28/07 AugCold rolled coil 880-900 28/07 AugGalvanized coil 900-920 28/07 Aug

NaftaProduct Price Jul 28US ImportsMetal Bulletin’s appraisal of prices for imported, non-Nafta origin, commercial-quality carbon steel, $ per short ton cfr Gulf.Slab 735-760 Rebar 650-715 Merchant bars 700-710 Wire rod (low carbon) 700-750 Medium sections 640-650 Heavy sections (over 24in) 730-740 Medium plate 840-955 Heavy plate 880-1000 Hot rolled coil (commodity) 745-780 Cold rolled coil 820-855 Galvanized coil (base US) 920-955 US domesticAMM’s appraisal of prices within the USA for commercial-quality carbon steel of US or Canadian origin, $ per short ton, delivery terms as indicated.Rebar (fob mill) 740-740 Wire rod (mesh quality; delivered) 925-925 Plate (fob mill) 1020-1020 Hot rolled coil (fob mill) 690-690 Cold rolled coil (fob mill) 800-800 Hot-dip galv coil (fob mill) 970-970

AsiaProduct Price Date MonthChina ExportsMetal Bulletin’s appraisal of Chinese mills’’ prices for export of commercial-quality carbon steel, $ per tonne fob main China port.Billet 872-874 29/07 SepRebar 700-710 29/07 SepWire rod (mesh quality) 720-730 29/07 SepHeavy plate 700-710 29/07 SepHot rolled coil 690-700 29/07 SepCold rolled coil 740-745 29/07 SepGalvanized coil 1mm 820-840 29/07 SepChina ImportsMetal Bulletin’s appraisal of prices for imported, non-EU origin, commercial-quality carbon steel, $ per tonne cfr main China port.Cold rolled coil, 1mm & below 760-790 29/07 SepHot dip galvanized coil 800-810 29/07 Sep

Product Price Date MonthEastern China DomesticMetal Bulletin’s appraisal of prices in Eastern China for commercial-quality carbon steel of Chinese origin, yuan per tonne delivered warehouse (yuan/$=6.44)Rebar 4,720-4,740 29/07 JulWire rod (mesh) 4,880-4,940 29/07 JulSections 4,660-4,840 29/07 JulPlate 4,800-4,840 29/07 JulHot rolled coil (min 2mm) 4,780-4,820 29/07 JulCold rolled coil (0.5 - 2mm) 5,310-5,370 29/07 JulHot-dip galvanized coil 5,800-5,840 29/07 JulSouthern China DomesticMetal Bulletin’s appraisal of prices in Southern China for commer-cial-quality carbon steel of Chinese origin, yuan per tonne delivered warehouse (yuan/$=6.80)Rebar 4,960-5,270 29/07 JulWire rod (mesh) 5,050-5,100 29/07 JulSections 4,950-5,050 29/07 JulPlate 4,990-5,050 29/07 JulHot rolled coil (min 2mm) 4,940-4,950 29/07 JulCold rolled coil (0.5 - 2mm) 5,480-5,520 29/07 JulHot-dip galvanized coil 5,860-6,100 29/07 JulIndian exportsMetal Bulletin’s appraisal of Indian mills’ prices for export of commercial-quality carbon steel, $ per tonne fob main India port.Billet 660-670 10/06 JunPlate (12-40mm) 715-720 15/07 AugHot rolled coil (commodity) 685-690 15/07 AugHot-dip galvanized coil 970-980 11/03 MarIndian importsMetal Bulletin’s appraisal of prices for imported, non-EU origin, commercial-quality carbon steel, $ per tonne cfr main India port.Billet 655-665 10/06 JunPlate (20-60mm) 720-725 15/07 AugHot rolled coil (commodity) 705-710 22/07 AugHot rolled coil (CR grade) 715-720 15/07 AugCold rolled 760-765 22/07 AugHot dip-galvanized coil 840-850 15/07 AugIndian domesticMetal Bulletin’s appraisal of prices within India for commercial-quality carbon steel, rupees per tonne ex-works.Billet 29300-29400 08/07 JulHeavy plate 37000-37500 08/07 JulHot rolled coil 34500-35500 08/07 JulCold rolled coil 42500-43000 08/07 JulHBI 21000-21100 08/07 JulHot-dip galvanized coil 44000-44500 08/07 Jul

SteelBenchmarkerTM PricesProduct Price Jul 18Prices in $/metric tonne, except (short ton) and {€ per tonne}Region: USA, East of the MississippiRebar 853-853(774)-(774)Standard plate 1,125-1,125(1,020)-(1,020)Hot rolled coil 770-770(699)-(699)Cold rolled coil 897-897(813)-(813)Region: Mainland ChinaRebar 645-645Standard plate 637-637Hot rolled coil 630-630Cold rolled coil 711-711Region: Western EuropeHot rolled coil 761-761{525}-{525}Cold rolled coil 884-884{610}-{610}Region: World Export MarketStandard plate 779-779Hot rolled coil 693-693Cold rolled coil 780-780

Stainless SteelProduct Price Date MonthStainless Steel - Asia import$/tonne cif East Asian portGrade 304 2mm CR coil, 2B 3,300-3,400 29/07 AugGrade 304 HR sheet 3,200-3,250 29/07 AugStainless Steel - China Domesticyuan/tonne, in warehouseGrade 304 2mm CR coil 23,600-23,800 29/07 JulGrade 430 2mm CR coil 11,100-11,800 29/07 JulStainless Steel - EU export$/tonne fob N. European port.Min 100 tonne lotGrade 304 2mm CR sheet 4,080-4,150 01/07 JulStainless Steel - EU domestic2mm 304 cold rolled stainless sheet €/tonnebase price 1,140-1,170 15/07 AugAlloy Surcharge 1,579-1,597 01/07 Jul304 Stainless steel bright bar €/tonneBase price 1,150-1,250 15/07 NovAlloy Surcharge 2,205-2,388 01/07 Jul

Key:Date: Date of last reported transactionsMonth: Month of production in the case of export or domestic tables; month of delivery in the case of import tablesPrices in italics are offer prices not transaction l All prices are MB copyright except SteelBenchmarker

Monday 1 August 2011 | Metal Bulletin | 27

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Scrap, Secondary Metals, Scrap Substitutes & Iron Ore

Ferrous scrapUK ferrous scrapThe following is Metal Bulletin’’s evaluation of UK prices for processed scrap delivered to consumers. Prices may vary according to region and destination, and should therefore be read in conjunction with editorial comment on the Scrap & Secondary Metals pages.£/tonne Jul 8 Cut GradesOA plate and structural 240-2551&2 Old steel 220-24012A/C/D New Production heavy andshovellable steel 225-245Bales and Cuttings4A New steel bales 255-2654C New steel bales 245-2558A New loose light cuttings 230-2458B New loose light cuttings 220-240Turnings7B Heavy steel turnings 190-200Cast Iron9A/10 Heavy and light cast iron 225-2459B/C Cylinder block scrap 285-30011A Cast iron borings 225-245Prices relate to new UK scrap specifications.‡‡Please see MB.com for full explanation of price changesUK Intermerchant weekly price£/tonne Jul 295C Loose old light 170-180UK ferrous scrap export MB assessment, $/tonne fob main UK port Jul 21 Jul 28HMS 1&2 (80:20 mix) 425-430 428-433Shredded 445-450 448-453Indian Imports MB assessment, $/tonne cfr Nhava Sheva Jul 21 Jul 28HMS 1&2 (80:20 mix) 470-475 475-480Shredded 485-495 495-499Alloy steel scrapUK wholesale merchants’ stainless (£/tonne) Jul 2918/8 turnings 1,008-1,04618/8 solids 1,300-1,35012-13% Cr solids 230-25016-17% Cr solids 300-310Cif Europe stainless ($/tonne)18/8 solids 2,230-2,25818/8 turnings 1,896-1,919UK home high speed (pence/kg)6-5-2 solids 200-2206-5-2 turnings 130-160Rotterdam exportMB assessment, $/tonne fob Rotterdam Jul 21 Jul 28HMS 1&2 (80:20 mix) 439-444 440-443HMS 1&2 (70:30 mix) 424-429 425-428Shredded 444-449 445-448Turkish importMB assessment, $/tonne cfr main Turkish ports Jul 21 Jul 28HMS 1&2 (80:20 mix) 470-475 468-471HMS 1&2 (70:30mix) 444-449 448-453Shredded 475-480 473-476US exportMB assessment, $/tonne fob East Coast Jul 21 Jul 28HMS 1&2 (80:20 mix) 440-445 440-445Shredded 445-450 445-450USAIron Age scrap price bulletin composite - $/long ton delivered Pittsburgh/Chicago.Week ending Jul 21 Jul 28No 1 heavy melting 418.50-418.50 418.50-418.50No 2 bundles 352.00-352.00 352.00-352.00MB assessment of Broker Buying Price, $/tonne delivered DetroitNo 1 busheling 410.00-410.00 410.00-410.00No 1 bundles 385.00-385.00 385.00-385.00China domesticyuan/tonne delivered mill Jul 29Heavy Scrap 3,800-3,870GermanyEuro/tonne, delivered at scrapyard. Source: BDSV Jun JulNo E2/8 (new steel scrap) 335.90 330.80No E1 (old steel scrap) 275.90 266.80No E3 (old thick steel scrap) 317.50 310.10No E40 (shredded steel scrap) 317.80 305.40No E5 (steel turnings) 240.90 233.70

Non-Ferrous scrap EuropeAluminiumEuropean free market (MB assessment. €/tonne eff Jul 29)Floated Frag 1,320-1,390Cast 1,220-1,280Mixed turnings 6% 1,090-1,160LME Cash primary (lowest midday bid) $2,600.00LME Cash alloy (lowest midday bid) $2,385.00Germany (per 1000kg eff Jul 27) €Pure Cuttings 1,450-1,600Commercial Cast 1,750-1,850H9 Extrusions 1,320-1,430Alloy Turnings 970-1,080Source:VDMFrance (per 1000kg eff Jul 26) €Pure Cuttings 1,600-1,630Old Rolled 900-950Commercial Cast 1,000-1,020Source: Lettre d’Information MetauxItaly (per 1000kg eff Jul 22) €Pure Cuttings 1,494-1,594Old Mixed Scrap 1,261-1,311Commercial Cast 1,256-1,306Source: AssometCopperGermany (per 1000kg eff Jul 27) €Copper Wire (Berry) 6,450-6,680Heavy Copper 5,930-6,250Heavy Brass 3,400-3,550Brass Turnings (MS 58) 3,850-4,100Brass Sheet (MS 63) 4,300-4,500Source:Verein Deutscher MetallhandlerFrance (per 1000kg eff Jul 26) €Electro Cuttings 6,400-6,450No 1 Bright Wire 5,900-5,950Mixed (96%) 5,800-5,850Brass Plate Cuttings 70/30 4,400-4,430Brass Turnings 3,500-3,550Mixed Brass 3,350-3,400Source: Lettre d’Information MetauxItaly (per 1000kg eff Jul 22) €Electrolytic dd EN 12861-S-Cu-2 6,529-6,581Enamelled wire EN 12861-S-Cu-3 6,369-6,421New from tubes, strips etc EN 12861-S-Cu-4 6,489-6,541Old from tubes, strips etc 12861-S-Cu-7 6,219-6,271EN 12861-S-Cu-Zn-1-A-Cu 63.5% 4,633-4,710Mixed from valves/taps EN 12861-S-Cu-Zn-6 4,082-4,160Several 95% m/m 12861-S-Cu-Zn-7 3,882-3,960Source: Assomet

SteelBenchmarkerTM scrap pricesPrices in $/metric tonne, except [gross ton]Region: USA, East of the Mississippi Jul 18†Shredded Scrap 432 [439]No 1 Heavy melting scrap 394 [400]No 1 Busheling scrap 476 [484]†For shredded scrap the region is for all but the West CoastRegister as a price provider at www.steelbenchmarker.com

Scrap SubstitutesProduct Price Date MonthEU Imports €/tonne cfr Western EuropePig Iron 378-385 21/07 JulSouth American exports $/tonne, delivery terms as statedHot briquetted iron 370-400 21/07 AugPig Iron basic steelmaking;fob Vitorio/Rio 510-515 21/07 AugPig Iron basic steelmaking;fob Ponta da Madeira 525-530 21/07 AugUS Imports $/tonne cfr Gulf of MexicoPig Iron 545-550 02/06 JunCIS Exports $/tonne fob main Black/Baltic sea portPig Iron 535-545 21/07 JulChina Domestic yuan/tonne, delivered warehousePig Iron 3,850-3,860 29/07 Jul

China Iron orecfr main China port $ per dry metric tonneProduct Price Date MonthIron ore fines (63.5% fe) 183-185 29/07 JulIron ore pellets (65-66% fe) 188-195 29/07 Jul

MB Indices Jul 29 $/tonneIron ore index (62%) 175.69Ferrous Scrap CFR Turkey HMS 1&2 (80:20) 468.60Ferrous Scrap FOB Rotterdam HMS 1&2 (80:20) 440.03Ferrous Scrap CFR India Shredded 496.98

UK non-ferrous scrapThe following UK prices were assessed on Jul 27)Aluminium £/tonne Actual Price MB LME DiscountsGroup 1 Pure 99% min (baled) 1360-1420 153-213Group 1 Litho (baled) 1360-1420 153-213Commercial pure cuttings 1190-1290 283-383Clean HE9 extrusions 1350-1410 163-223Mixed alloy/Old Rolled cuttings 920-980 464-524Baled Old Rolled 950-1050 394-494Commercial cast 1000-1080 364-444Cast wheels 1350-1380 64-94Commercial turnings 750-850 594-694Group 7 turnings 630-660 784-814LME primary avge: 1573.56LME alloy avge 1444.26Titanium $/lb cifTurnings, unprocessed type 90/6/4 (0.5% Sn max) 2.70-2.85Turnings, unprocessed 90/6/4 (over 0.5%, max 2% Sn) 2.60-2.75

Non-ferrous foundry ingotsAluminium UK effective July 27) £/tonneMB free marketLM24 Pressure diecasting ingot 1,620-1,680LM6/LM25 Gravity diecasting ingot 1,920-1,960NB: prices expressed delivered consumer works, LM series as specified in BS1490Aluminium Europe effective July 29) $/tonneMB free marketDuty unpaid in warehouse alloy premium 70-80Duty paid delivered works pressure €/tonnediecasting ingot price (DIN226/A380) 1,820-1,880Aluminium US effective July 28 $/lb delivered MidwestA380.1 alloy 1.19-1.20AFFIMET prices effective August 1 €/tonneAS 12 3,120AS 12 UN 3,130AS 9 U3 2,460AS 5 U3 2,810Reflects generally larger traded lotsVDM effective July 27) €/1000 kg deliveredDIN 226 2,310-2,410DIN 231 2,390-2,490DIN 311 2,370-2,470Aluminium Bronze UK effective July 26) £/tonneAB1 ex-works 6,070AB2 ex-works 6,190Source: C.F. Booth LtdBrass UK effective July 26) £/tonneSCB3 ex-works 3,970High Tensile HTB1 ex-works 4,560Source: C.F. Booth LtdGunmetal UK effective July 26) £/tonneLG2 85/5/5/5 ex-works 5,330LG4 87/7/3/3 ex-works 5,860G1.11.5 Pb ex-works 7,010Source: C.F. Booth LtdPhosphor Bronze UK effective July 26) £/tonnePB1 ex-works 7,690Source: C.F. Booth LtdPhosphor Copper UK effective July 26) £/tonne10% P ex-works 7,50015% P ex-works 7,600Source: C.F. Booth LtdZinc Alloys UK £/tonneBrock Metal Co June Contract Alloy Price (delivered UK, min 25 tonne lots)Brock Metal ZL3 2,007Brock Metal ZL5 2,053

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l Prices and other information contained in this publication have been obtained by Metal Bulletin from various sources believed to be reliable. This information has not been independently verified by Metal Bulletin. Those prices and price indices which are evaluated or calculated by Metal Bulletin represent an approximate evaluation of current levels based upon dealings (if any) that may have been disclosed prior to publication to Metal Bulletin. Such prices are collated through regular contact with producers, traders and purchasers although not all market segments may be contacted prior to the evaluation, calculation, or publication of any specific price or index. Actual transaction prices will reflect quantities, grades and qualities, credit terms, and many other parameters. The prices are in no sense comparable to the quoted prices of commodities in which a formal futures market exists.Efforts are made to ensure that pricing information is representative, but because of the possibility of human or mechanical error by our sources, Metal Bulletin, or others, Metal Bulletin does not guarantee the accuracy or completeness of any published information. Metal Bulletin is not responsible for errors or omissions, or for the results obtained by the use of such information, and disclaims any liability to any person for any loss or damage caused by such errors or omissions, including those arising from the negligence of Metal Bulletin, its employees, or representatives.Key:

Month: Month of production in the case of export or domestic tables; month of delivery in the case of import tablesl All prices are MB copyright; except SteelBenchmarker