18 11 2 16 PDF

FRIDAY, NOVEMBER 18, 2016 / VOLUME 124 / NUMBER 46-5 / ESTABLISHED 1882
CHICAGO Big River Steel LLC is

actively in the market buying scrap
and selling steel, the companys
top executive has confirmed.
Big River is open for business,
David Stickler, chief executive
officer of the Osceola, Ark.-based
steelmaker, said in a presentation
Nov. 17 at AMMs 10th Steel Scrap
Conference and 4th DRI and
Mini-mills Conference in Chicago.
The companys melt shop will
begin consuming scrap in early
December, and its entire mill is
expected to be operational in the
first quarter of 2017, Stickler said.
Big River Steel has already said
that it expects to sell its first coils in
Credit: American Metal Market
Big River Steel buying scrap

for December melt shop start
Just the beginning. Big River Steel,

on the verge of starting operations,
is already thinking about doubling
capacity in the future.
December (amm.com, Nov. 14).

Big River Steel expects to
produce 1.6 million tons of
steel per year in its first phase,
including a full complement of
hot-rolled, pickled-and-oiled,
cold-rolled and galvanized steel,
consuming about 2 million tons
of metallics annually, Stickler
said. Its forecast metallic mix is
25 percent shredded scrap, 25
percent busheling, 20 percent
pig iron, 10 percent bundles, 10
percent hot-briquetted iron (HBI),
5 percent plate and structural
(P&S) scrap and 5 percent other
materials, including directreduced iron (DRI).
PAGE 2
Copper deals competitive as oversupply looms

NAPLES, Fla. U.S. copper
cathode consumers have the
upper hand in annual contract
negotiations as producers are
fiercely competing for market
share, participants told AMM sister
publication FastMarkets.
The U.S. mating season kicked
into high gear at the American
Copper Council meeting in Naples,
Fla., which concluded Nov. 17.
Premiums are expected to be
down about 0.5 cents per pound

year on year, given Corporacin
Nacional del Cobre de Chiles
(Codelco)s offer to North
American customers at 2.5 to
3 cents per pound on a cost,
insurance and freight (c.i.f.) basis
to Panama City, Fla., sources said.
A Codelco premium of 2.5
cents equates to a rate of below 5
cents per pound delivered to wire
producer Southwire Co. LLCs
plant in Carrollton, Ga., and 5 to 6

cents to typical freight locations in
the Midwest, sources said.
The United States no longer
has a single benchmark price.
Chiles Codelco has not published
an official premium number
since 2008. Other producers
such as Phoenix-based FreeportMcMoRan Inc. and Baar,
Switzerland-based Glencore Plc
now hold just as
PAGE 2
China scrap demand to

drive US DRI/HBI mart
Pace of US rebar price

rise surprises mart
Ban on Chinese ownership

of US firms urged
Demand for alternative iron units

such as direct-reduced iron and
hot-briquetted iron will increase
dramatically in the long term as
Chinas steel industry shifts from
integrated steel production to
mini-mill steelmaking.
U.S. reinforcing bar prices have

risen in line with producers hikes,
market participants said.
Chinese state-owned enterprises

should be banned from acquiring
or otherwise gaining control of
U.S. companies, the U.S.-China
Economic and Security Review
Commission said in a Nov. 16
report to Congress.
PAGE 3
PAGE 3
METAL IS OUR SPECIALTY,

SERVICE IS OUR STRENGTH

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT
PAGE 9
WWW.AMM.COM
STEEL
Nucor boosts plate prices
another $50/T
PAGE 4
SUPPLY CHAIN
GE rescues plan for
additive manufacturing
acquisitions
PAGE 5
Ohio tops metal thefts list;
nationwide claims down PAGE 6
Ford anticipates big
changes under Trump
administration
PAGE 6
NONFERROUS
Midwest premium climbs
despite drop in demand PAGE 9
MB commentary: Consumers
winning US copper market
shifts
PAGE 10
Revolution Aluminum
reaches agreement in
bankruptcy case
PAGE 10
Nyrstar announces new zinc
price hedging strategy PAGE 11
SCRAP
Proactivity needed in steel,
scrap policy-making
PAGE 13
Weaker demand weighs on
copper scrap market PAGE 13
Itronics unveils new e-waste
refining process
PAGE 14
KAR buys Flint Auto Auction
for $76M
PAGE 14
NUMBER OF THE DAY
$201B
Funding for state and local

transportation projects approved
via ballot measures in 22 states
on Nov. 8.
PAGE 13
www.rsac.com
NEWS
Big River buying scrap

for December melt
shop start
CONTINUED FROM PAGE 1
Big River Steel is on the
Mississippi River, has rail access
and is close to highways, and
Stickler said it expects to receive
60 percent of its scrap by barge, 25
percent by rail and 15 percent by
truck, drawing scrap from several
regions of the country.
Birmingham, Ala.-based
Jefferson Iron & Metal Brokerage
Inc. is Big Rivers exclusive scrap
broker and Palatine, Ill.-based
Consolidated Mill Supply Inc. is
its pig iron supplier, Stickler said,
and the steelmaker has signed a
long-term supply agreement with
Linz, Austria-based Voestalpine
AG for HBI.
Well buy some DRI. And
we might buy that from people
who might consider themselves
competitors of ours to the extent
that it makes sense on a deliveredcost basis, Sticker said.
He did not indicate which
competitor he was referring to,
but Charlotte, N.C.-based Nucor
operates a DRI plant in Louisiana.
Stickler said Big River Steel
anticipates that its melt mix could
shift to as much as 60 percent
virgin material as it gets into
niche, higher-quality products.
The company is limited to a 32- to
33-percent charge of pig iron in
its furnaces, which means the rest
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NOVEMBER 18, 2016
likely will be DRI or HBI, he added.

The higher-grade mix of
metallics will be necessary
as the company expands into
next-generation advanced
high-strength steels for the
automotive industry and electrical
steels necessary to update
electrical grids, Stickler said.
And we do have plans to
expand Big River Steel, including
adding another furnace, ladle
metallurgy station, caster, tunnel
furnace, shuttle car, down coiler
and complementary finishing
facilities, he said.
When Big River Steel does
expand, it will consume more
than 4 million tons of metallics
annually and employment will
jump to 600 people from 400,
Stickler said.
Big River Steel has said it plans
to double capacity, although
when that happens will depend
on business conditions, Stickler
said. An announcement on that
expansion is expected in 2017,
he added.
Big River Steel has spent $1.3
billion to build its mill since
construction began in 2014, and
Stickler said it will probably cost
another $750 million to $1 billion to
double its capacity.
A number of third parties have
expressed interest in supplying
virgin material to Big River Steel,
including exploring whether the
company might be interested in
a joint venture or installing new
capacity, Stickler said. But Big
River Steel doesnt want to get into
the scrap business or the virgin
metallics business, he added. Our
goal is to stick to our knitting.
We want to be viewed as a pure
steel play.
MICHAEL COWDEN
MCOWDEN@AMM.COM
PRICING AT A GLANCE
NYMEX
Copper
Hot-rolled coil
Gold
Platinum
Silver
248.75
$494.00
$1,216.50
$945.10
1,676.10
LME
Aluminum
$1,692.50
Copper
$5,426.00
Lead
$2,142.00
Nickel
$11,240.00
Zinc
$2,494.00
Copper deals
competitive as
oversupply looms
CONTINUED FROM PAGE 1
much sway over regional pricing
dynamics. Still, the Codelco
premium average is widely used
as shorthand for the broader U.S.
marketplace.
Codelco generally sells 35
percent of its cathode production
to China, 15 percent to the rest
of Asia, 20 percent to Europe, 20
percent to the United States and 10
percent to South America.
Given uncertainty in China
and Europe, copper producers
now view the United States as a
suitable market into which to sell
large volumes. They have been
aggressively offering competitive
premiums and flexible terms.
But this could spell problems for
small and medium-sized traders
that are already struggling in an
environment of low prices and
thin margins.
At a U.S. Midwest premium
of 5 to 6 cents per pound, it is
very difficult to generate any
profitsit is at the lower bound
of feasibility when factoring in
logistics and transportation costs,
traders have said.
Throughout the mating season,
investors have been concerned
that the Chinese economy is
failing to maintain its rate of
copper consumption despite
gross domestic product growth of
around 6.5 to 7 percent. Codelcos
decision to cut its cathode
premium to Chinese customers
by 27 percent to $72 per tonne for
Shanghai delivery has hardened
those fears.
Talks have intensified over
the past few weeks. One trader
source claimed his phone line
was blowing up for the first
time in a while but said a return to
exceptionally quiet conditions is
likely after the meeting.
But there are fewer contractual
deals for next year, another trader
noted, which should result in more
spot activity and opportunities for
traders. Things are more positive
for next year, the trader added.
The overarching reason for the
lack of contractual agreements is
that a global surplus is expected for
2017, one producer said.
Why would you book 90
percent of your deals with a
400,000-tonne surplus? Its going
to be more like 60 to 65 percent
of deals done (on a contractual

basis), the producer estimated.
Base metal prices have rallied
over the past few weeks thanks to
residual optimism from LME Week
in London and speculation that
U.S. President-elect Donald Trump
will coordinate with congress
to enact a large infrastructure
spending program.
Copper has been the big
winner. Comexs Decemberdelivery copper contract surged
to a 15-month high of $2.7345
per pound Nov. 11, although the
macroeconomic environment has
not changed in recent weeks.
The copper rally is not real right
now. If we get an infrastructure
bill, we might have something
going then, a trader said.
Prices will trade in a broad
range of $2.05 to $2.75 per pound
over the year depending on
Trumps proposed infrastructure
initiative and whether the Chinese
government injects another round
of stimulus, according to Robert
Edwards, managing consultant at
London-based CRU Group.
Global demand will increase
2 percent in 2017, with North
America and China growing
1.4 percent and 2.3 percent,
respectively, CRU said.
But the picture could change
if the U.S. Federal Reserve starts
to raise rates again in December.
Some 90 percent of market
participants expect the Fed to
lift rates next month, while the
headline unemployment rate is
low at 5 percent and wage growth is
picking up steam.
The case for an increase in
the target range had continued
to strengthen, Federal Reserve
board chair Janet Yellen said
Nov. 17, suggesting that the policyboard could raise interest rates
relatively soon.
DALTON BARKER
NEWSROOM@AMM.COM
A version of this article was
first published by AMM sister
AMM PAGE 2
STEEL
Chinas scrap
demand to
drive US DRI/
HBI growth:
Goncalves
Credit: Cliff Natural Resources Inc.
CHICAGO Demand for

alternative iron units such
as direct-reduced iron (DRI)
and hot-briquetted iron (HBI)
will increase dramatically in
the long term as Chinas steel
industry shifts from integrated
steel production to mini-mill
steelmaking, Cliff Natural
Resources Inc.s top executive said.
The change will likely happen
as China looks to cut pollution
by scaling back blast furnace
Lourenco Goncalves
production and ramping up
output from mini-mills, Lourenco
Goncalves, chairman, president
and chief executive officer of
the Cleveland-based iron ore
miner and pellet producer, said
in an exclusive interview at
AMMs fourth DRI & Mini-mills
Conference in Chicago Nov. 17.
That shift will decrease the
availability of scrap globally and
make scrap more expensive in the
United States because China will
likely rely on U.S. scrap exports
until it can develop its own scrap
collection system, a process that
could take years, he said.
With the logistics of China,
its a lot more complicated and
it takes a lot more time than just
importing scrap, Goncalves said.
It will be Turkey on steroids.
U.S. exporting to Turkey at
times squeezes domestic scrap
supplies, and Turkeys steel
industry is only a fraction the
NOVEMBER 18, 2016
size of Chinas, which accounts

for approximately 50 percent of
world steel output, he noted.
The upshot: There is a window
of opportunity over the next five
to 10 years for the United States
to add DRI and HBI capacity to
supply domestic mini-mills, and
doing so should dovetail with
mini-mills expanding their focus
to produce value-added steel
grades that require more DRI,
Goncalves predicted.
Cliffs has decided to build a
large DRI unit with 1.5 million to
2 million tons per year of initial
capacity, Goncalves said. Thats
to start. I believe we will have
room for a lot more, but every
long walk starts with a first step.
Cliffs will build the plant in the
Great Lakes region for that areas
close proximity to both fresh
water and iron ore, but a specific
site for the potential plant has not
been selected, Goncalves said.
It will take Cliffs approximately
three years to construct a DRI or
HBI plant in the United States
after the decision to build one
is approved. Still, the company
must first decide on a location
and on which technology to use
for the facility, he noted.
Cliffs is currently trying to
choose between technology from
Charlotte, N.C.-based Midrex
Technologies Inc. and designs
by Milan-based Tenova SpA,
Goncalves said.
Midrex and Tenova are among
the major global builders of
DRI and HBI plants, having
constructed Linz, Austria-based
Voestalpine AGs HBI facility in
Texas and Charlotte-based Nucor
Corp.s DRI plant in Louisiana,
respectively (amm.com, June 15).
MICHAEL COWDEN
MCOWDEN@AMM.COM
Pace of US
rebar price rise
surprises mart
NEW YORK U.S. reinforcing
bar prices have risen in line
with producers hikes, market
participants said.
Midwest rebar prices are now
around $26 perhundredweight
($520 per ton), one midwestern
fabricator source said. A $50-perton gain, split over two increases
within three weeks, has been
completely realized by U.S. mills,
he said, echoing comments by
several sources.
It definitely went up a little
quicker than I think people
anticipated, he said, adding that
he had bought some tonnage
before theinitial increaseOct. 28.
Well see where scrap finishes
in early December, and well
probably go from there.
Domestic producers raised
rebar prices $30 per ton ($1.50 per
cwt) early this week (amm.com,
Nov. 14). The move followed an
earlier increase of $20 per ton
(amm.com, Oct. 28).
Unlike other producers, one
U.S. producer did not enforce the
initial $20-per-ton increase on
his orders, a second midwestern
fabricator said.
Still, that producer might honor
his purchases at the prior price
only through Thanksgiving as mills
sense a bullish market, he added.
Ive heard of import prices
going up, the second fabricator
said, noting that imported rebar
is not competitive at anything
narrower than a $50- to $80-perton spread with U.S. rebar.
He noted that he wouldnt buy
imported rebar even at $23 per cwt
($460 per ton) on a loaded truck
basis, which is below some recent
import offers, because he believes
U.S. mills could slow sales in
December and cut some discount
deals then.
A third midwestern fabricator
agreed that import prices are
no longer competitive, echoing
commentary from the wider
market, including traders and
distributors. He pegged domestic
prices at $26 to $27 per cwt ($520 to
$540 per ton).
Bullish U.S. scrap signals,
more expensive imported rebar
and a presidential victory for
Donald Trump have combined
into markedly positive sentiment
for late this year and early 2017,

although that outlook is still
clouded with considerable
uncertainty, several market
sources said.
A fourth midwestern fabricator,
who attended the annual meeting
of the Concrete Reinforcing Steel
Institutein Chicago Nov. 6 to 9,
said it was interesting to see the
range of real-time reactions to
Trumps victory.
Its pretty incredible to see
peoples range of opinions, he
said of reactions at the CRSI
meeting, adding that protectionist
trade rhetoric from Trump
specifically concerning higher
taxes on importsis a boon for
domestic mills.
Still, his buying had been light
over the summer, the fabricator
said, echoing past comments
from fabricators and other
construction professionals. U.S.
scrap pricesdeclined for most
monthsbetween Mayand October.
Preliminary U.S. license data
for October, the first full month
afterdomestic producers filed a
rebar trade case Sept. 19 (amm.com,
Sept. 20), show rebar imports from
Turkey at 83,308 tonnes, with those
from Japan at 16,316 tonnes and
Taiwan at 4,225 tonnes. However,
those tonnages were likely ordered
before the trade case was publicly
announced, given lead times of two
to three months or more depending
on country of origin.
I dont see why momentum
wouldnt be with the (U.S.) mills
at this point, an East Coast
fabricator and distributor said.
Lower import volumesdue to the
trade case, higher import prices,
a global steel rally and strong U.S.
sentiment after the election were
key factors, several sources said.
Trump has pledged to spend
$1 trillion on U.S. infrastructure
over the next decade, although
he hasnt specified how hell fund
the spending and has pledged to
support U.S. manufacturing.
AMMs assessment for domestic
rebar rose to $25.50 to $26.50
per cwt ($510 to $530 per ton), in
line with recent mill hikes and
$30 per ton above AMMs Nov. 2
assessment of $24 to $25 per cwt
($480 to $500 per ton).
NAT RUDARAKANCHANA
NAT.RUDY@AMM.COM
AMM PAGE 3
STEEL
Nucor boosts
plate prices
another $50/T
Import rebar
prices jump,
more gains seen
CHICAGO Nucor Corp. has

increased steel plate prices by $50
per ton ($2.50 per hundredweight)
effectively immediately.
The hike applies to all new
orders of carbon, alloy and
heat-treated plate, the company
said in a Nov. 17 letter to customers.
We reserve the right to review
and re-quote any offers that are
not confirmed with either a Nucor
sales acknowledgment or written
acceptance by both parties,
Nucor said.
The move means that U.S. plate
mills, should they follow the
Charlotte, N.C.-based steelmaker,
will have increased prices by $100
per ton ($5 per cwt) in less than two
weeks (amm.com, Nov. 9).
It also comes as sheet mills have
lifted prices by the same amount
over a period of about three weeks
(amm.com, Nov. 15).
MICHAEL COWDEN
MCOWDEN@AMM.COM
NEW YORK Prices for imported

reinforcing bar have again risen
significantly on the back of
rising Turkish scrap costs and
an ongoing U.S. rebar trade case,
market participants said.
One Turkish exporter said he
concluded a sale of one 10,000tonne cargo at $475 per tonne ($431
per ton) for January shipment
and February arrival to three
separate U.S. traders, who were not
identified. The deal could not be
confirmed with traders.
Turkish exporters have skipped
December shipments to the
United States in order to reduce
volumes potentially subject to
retroactive duties if U.S. mills win
a critical circumstances claim in
the trade case, the Turkish rebar
exporter said.
Skipping a round of monthly
shipments also lowers imports
from Turkish producers for the
three months following the filing
of the trade case, which helps keep
inflows below a key 15-percent
surge threshold usually required
for a critical circumstances
finding, traders and market
sources noted.
Turkey skipped December
shipments due to the risk of
retroactive duties, the Turkish
exporter said, confirming that
Turkish mills will act as importers
of record for most of their rebar
shipments to the United States.
Theres interest among U.S.
traders for Turkish rebar at $475
per tonne, he said, adding that
interest in purchasing could

remain at even higher prices,
which likely will be reached soon.
Scrap prices in Turkey have moved
as high as $280 per tonne c.f.r., he
noted.
Other U.S. traders polled by
AMM pegged rebar prices at $465
to $475 per tonne.
Traders also said they heard
that a major Turkish exporter
concluded a deal with one U.S.
trader late last week for a 45,000tonne rebar cargo at $465 per
tonne or so. That deal was widely
discussed but could not be
confirmed.
Some traders doubted that
rebar was still available at $465 per
tonne from Turkish mills because
scrap, iron ore, coking coal and
global steel prices have sustained a
significant rally in recent weeks.
But a steep one-day decline
in iron ore prices Nov. 15
highlighted the volatility of the
market and demonstrated how
prices could quickly reverse
course, one trader said.
Turkish mills were still offering
$465 per tonne in certain cases
Nov. 15, although $475 also could
be a real number, he said.
I did hear the mills are wanting
to have $475 per tonne, but once
again no sales at that number,
according to the trader, who hadnt
heard of any major cargoes recently.
Prices could hit $500 per tonne
soon, based on a common 1.8-times
ratio applied to an 80/20 mix of
Turkish No. 1 and No. 2 heavy
melting scrap, two sources agreed.
In this market right now,
momentum is on the upside and it
doesnt seem to be slowing down.
If scrap keeps going the way
its going, prices in the short term
could go to $500 per tonne, the
trader said. Even with U.S. mills

raising domestic prices, their
prices are still pretty aggressive
and competitive compared to
import now.
It all depends on what iron
ore does by the end of this week,
he said, which will help Turkish
mills get a better feel for the
global market.
If iron ore prices stabilize, he
expects Turkey to ship several rebar
cargoes in the next few weeks.
Prices are definitely going up,
a second rebar trader said. How
long is it going to last? Maybe up to
30 days more. The raw materials
markets remain hot. Iron ore at
$80 per tonne (recently), thats a
huge increase.
Like others, he compared the
recent rally to that seen in global
steel and raw materials from early
March to April.
The second trader noted that
he likely will book cargoes in the
current market, depending on U.S.
customer demand, as he expects
further increases. I believe the
market will continue to move up.
How much exactly, I dont know.
But it basically moved at least $30
per tonne in two weeks, so you can
bet another $10 to $15 per tonne is
possible, he said.
Nonetheless, comparatively
low U.S. rebar priceseven after
a $50-per-ton increasehas
made imported rebar much less
competitive, he said, echoing
wider sentiment. If you want
to use todays trader price to do
business, you are not competitive.
Domestic prices remain tight
(low) to prevent more imports.
AMMs assessment of imported
rebar is $426 to $431 per short ton
($470 to $475 per tonne), c.f.r. Port
of Houston for U.S. traders, up from
$386 to $395 per ton (about $425 to
$435 per tonne) two weeks ago.
NAT RUDARAKANCHANA
NAT.RUDY@AMM.COM
Momentum building. If scrap keeps going the way its going, prices in the
short term could go to $500 per tonne, one trader said of imported rebar.
NOVEMBER 18, 2016
AMM PAGE 4
SUPPLY CHAIN
GE rescues
plan for
additive
materials
acquisitions
LOS ANGELES General
Electric Co. is set to buy control
of Arcam AB, rescuing an earlierimperiled effort to buy two
European additive manufacturing
companiesalthough one of them
is now different from an original
acquisition target.
GE said 73.57 percent of the
shares in Arcam, a Mlndal,
Sweden-based supplier of
electron beam melting and metal
powders for the aerospace and
orthopedic markets, have been
tendered. The indicated value of
the transaction, based on Arcams
outstanding shares and the recent
value of the Swedish krona, is
about $493.9 million.

Fairfield, Conn.-based GE,
whose latest tender offer was
for 75 percent of Arcams shares,
has further extended the offers
acceptance period to Nov. 29.
GE had said earlier it would pay
a total $1.4 billion for controlling
interests in both Arcam and
Germanys SLM Solutions Group
AG (amm.com, Sept. 7). But
U.S.-based investment company
Elliot Management Corp., which
reportedly controlled 20 percent
of SLM, balked at GEs price, and
GE dropped its offer for SLM. Elliot
also owned more than 10 percent
of Arcam, which helped spur
speculation that GEs acquisition
of the two European companies
could be in jeopardy.
With its proposed takeover of
SLM set aside, GE late last month
agreed to pay $599 million for 75
percent of Lichtenfels, Germanybased Concept Laser GmbH, a
privately held designer and builder
of powder bed-based laser melting
equipment.
As we began to watch
the complications (of trying
to acquire SLM), we began

discussions with Concept Laser,
a GE spokesman said.
Meanwhile, GE sweetened its
offer for Arcam to 300 krona per
share from 285 krona.
Arcam, which had $80 million
in revenue in 2015, also operates
Advanced Powders & Coatings
Inc., a metal powders producer in
Boisbriand, Quebec, and DiSanto
Technology Inc., a Shelton,
Conn.-based manufacturer of
additive implants and other
medical products.
GE expects to maintain the
current management of both
Arcam and Concept Laser. Frank
Herzog, founder of Concept Laser,
will continue as chief executive
officer and also assume a senior
leadership role within GE.
GE, which said it looks to take
full ownership of Concept Laser
in a number of years, also
plans to invest significantly in
Lichtenfels, which will become a
new German center for GE.
GE said it has already
invested about $1.5 billion in
manufacturing and additive
technologies at its Niskayuna

(N.Y.) Global Research Center.
The Arcam and Concept Laser
transactions allow GE to focus
on becoming a leading supplier
of additive machines, materials
and software for several industry
segments, including aerospace,
power generation, automotive and
electronics, the company said.
FRANK HAFLICH
NEWSROOM@AMM.COM
E
E
R
F
d
a
o
Downl Report now!
Insights
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Enjoy your complimentary copy of "Enterprise

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Where should metals companies start profitability
improvement initiatives
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NOVEMBER 18, 2016
AMM PAGE 5
SUPPLY CHAIN
Ohio tops metal

thefts list;
nationwide
claims down
NEW YORK Ohio appears
again at the top of the National
Insurance Crime Bureaus (NICBs)
list of states with the most metal
theft claims, although the number
of claims nationwide has fallen.
Nationwide theft claims
for copper, bronze, brass or
aluminum totaled 9,692 in 2015, a
23.2-percent decrease from 12,621
in 2014 and a 28.9-percent drop
from 13,626 in 2013.
Ohio topped the states list with
4,042 claims between 2013 and
2015, followed by Pennsylvania
(2,819), New Jersey (2,585), New
York (2,101) and Texas (1,822).
The previous report, which
covered 2012 to 2014, also found
that Ohio had the highest number
of claims, at 4,436 (amm.com,
Sept. 10, 2015). Its total has fallen
8.9 percent since then.
The NICBs report, which tallies
insurance claims for personal and
commercial policies, found that,
out of 35,961 insurance claims filed
between 2013 and 2015, 35,134, or
98 percent, involved copper.
When copper theft claims
frequency is compared to the
monthly average price of copper,
there is a statistically significant
correlation between the two, the
bureau said.
Another trend the NICB
identified was that the number of
claims typically decreases over
the summer months and increases
in winter months, with spikes in
October and January.
The drop in metal theft
claims in Ohio from 2014 to
2015 is encouraging and is
evidence that the states new
law to reduce thefts is effective,
Andrew Stefanik, infrastructure
protection manager for the
Ohio Department of Homeland
Security, told AMM Nov. 16.
The law, which went into
effect Feb. 1, 2015, created a
statewide database of scrap metal
purchasing transactions and a
Do Not Buy list that restricts
scrap dealers from buying
material from convicted felons
(amm.com, Jan. 21, 2015).
The state also has a scrap
analyst looking at the data to make
sure that individual dealers are
NOVEMBER 18, 2016
providing enough information

regarding transactions. We work
directly with (scrapyards) to get
them to give us quality data,
Stefanik said.
In addition, the Ohio
Department of Homeland Security
serves as a resource for local law
enforcement and scrap dealers to
identify metal theft trends and to
see if thieves are operating in other
areas of the state, he said.
I would like to think that these
efforts are enough, Stefanik said.
We would like to see the change
from 2013 to 2015 continue.
I believe this is going to very
successful.
Metal theft costs U.S.
businesses approximately $1
billion annually, the NICB report
said, citing data from the U.S.
Department of Energy.
Des Plaines, Ill.-based NICB
is a nonprofit agency chartered
to prevent, detect and defeat
insurance fraud and vehicle theft.
MILLICENT DENT
MILLICENT.DENT@AMM.COM
Ford anticipates
big changes
under Trump
administration
NEW YORK Ford Motor Co.
is anticipating big regulatory
changes by the incoming
administration of President-elect
Donald Trump, although the
company is unsure about how
significant they may be.
With the win by the Trump
team, as well as Republicans
maintaining control of both
houses theres a steep change
in direction, Ford executive vice
president and chief financial
officer Bob Shanks said in a
conference call Nov. 17. Its too
early to know what it means for us.
The Dearborn, Mich.-based
automaker has been in contact
with the Trump transition team,
Shanks confirmed. Fords two
main concerns are the federal
government helping to ensure
free but fair trade with other
nations, like China, as well as
an approach to fuel economy
regulations that reflects market
realities.
Were in a mid-term review
right now; were all in conversation
with regulators, said Shanks,
noting that major automakers are
interested in having the corporate

average fuel economy (Cafe)
standards adjusted to reflect
predictions that have not come
true in the automotive market.
Assumptions coming to bear
just arent, he said, citing gas
prices remaining at low levels
and the proliferation of electric
vehicles not occurring at a rate
near what was initially expected.
The world isnt what any of us had
expected it be.
Ford is interested in either
slowing the pace of implementing
Cafe standards, or the government
providing credits to major
automakers for technological
advancements.
Automakers had expressed
alarm at the possibility of a Trump
presidency, with the fear that a
Trump administration would get
rid of Cafe standards entirely
which would render moot the $680
billion automakers have spent on
updating their lineups to reduce
weight (amm.com, Sept. 27).
However, any Cafe changes likely
will be considered and enacted
thoughtfully, Shanks said.
Ford is not overly concerned
about Trumps attitude towards
the North American Free Trade
Agreement (Nafta), despite the
automaker taking flak from the
Trump campaign earlier this year
about its car production in San
Luis Potosi, Mexico (amm.com,
April 29). According to Shanks, the
company does expect movement
in renegotiating Nafta, but does
not believe it will derail Fords
business plans.
The market expects policies
promoting growth, Shanks said.
Ford anticipates a slight drop-off
in North American sales to 17.7
million vehicles next year from 17.8
million in 2016.
KIRK MALTAIS
KIRK.MALTAIS@AMM.COM
AMM PAGE 6
SUPPLY CHAIN
AMM INTERVIEW
Jim Toy, MetALLsource LLC
NEW YORK Business is booming

at 17540 Pennsylvania Route 198
in Saegertown, Pa. Thats saying
something, since MetALLsource
LLC, which calls the address home,
officially opened its doors less than
two months ago.
The interest since Oct. 1
has beenlet me say just
overwhelming, Jim Toy,
president of the newly launched
supply-chain services provider,
told AMM. It has surprised us.
Toy, a 35-year veteran of the
metals industry, is former vice
president of operations and supply
chain at Meadville Forging Co.
(MFC) in Meadville, Pa., where
he and Mike Davis, now general
manager of MetALLsource,
developed a unique culture and
manufacturing supply chain
expertise that the twoalong with
customer service specialist Candi
VanTuilare sharing with clients.
Our primary objective is to
offer supply chain solutions that
bring real savings to business and
organizations, Toy said. Now
the team that developed and
implemented those solutions
at MFC has moved to a separate
entityMetALLsourceand is
working with other companies to
do the same.
Although totally separate
business entities, MetALLsource
still handles MFCs metal
procurement, energy and
MRO (maintenance, repair and
operating) supplies, with plans
to potentially add tool and die
business to the list. Both family
owned companies are members
of the Northfield, Ill.-based
Keller Group.
Toy said the formal launch of
MetALLsource was undertaken
to add some balance to MFCs
business, which encompasses
a broad range of capabilities
engineering and design,
die-making, forging, heat treating
and machiningthat make it
one of the most diverse forging
operations in the United States.
MFC is probably 90 percent
automotive-based. And although
automotive is still very robust,
everyone is trying to get in while
it is hot, he said. What we are
looking at is how to leverage what
NOVEMBER 18, 2016
Credit: MetALLsource LLC
Meadville Forging offshoot serves up supply-chain smarts to go

place who have not been a good
fit. What we have done is basically
come in as a resource.
We view it as you buy efficiently
and you partner with companies
that will support you, Toy said.
We understand the process. We
have been successful at it, and now
we are just leveraging that success.
JO ISENBERG-OLOUGHLIN
JISENBERG@AMM.COM
The procurement posse. MetALLsource LLC 's Jim Toy (right), Mike Davis and
Candi VanTuil are leveraging manufacturing supply chain expertise gained and
honed at Meadville Forging Co. to offer field-tested and proven solutions that
"bring real savings to business and organizations."
we know, which is steel, MRO and
energy, and maybe balance out and
develop another potential income
stream for our owners. We are
basically leveraging our successes
and also benefitting our parent
company by creating a different
way of generating revenue.
In the process, MetALLsource
is confident it also will generate
tangible benefits for customers
accessing its services, which the
company describes as risk-free.
We only get paid from customer
savings or increased revenues as a
result of our services, Toy said.
For most companies these
days, the difference between being
profitable or unprofitable is the
effective control and management
of the supply chain and
procurement, he said. Believe it
or not, some companies think that
cost control means purchasing
less. In the long run, that strategy
fails and you end up with more
replenishment costs.
Our strategy helps companies
purchase products and services
more effectively and efficiently,
and in most cases with better
quality and service, Toy said. It is
a real win-win scenario.
MetALLsources top executive
pointed out that ineffective
procurement practices can put a
major dent in a companys bottom
line. People take for granted the
indirect spend to such an extent

that some businesses leave 10,
15 percent on the table, he said.
Weve approached, and are
currently working with, some
major companies that have done
that. We are showing them that you
can get equal if not better service,
better quality and save anywhere
from 8 to 15 percent, which goes
straight to the bottom line.
As part of its approach,
MetALLsource has developed
a network of partners which
have entered into exclusive
relationships with the supply
chain services provider. Premier
Power Solutions LLC, an electricity
and natural gas brokerage based in
Grove City, Pa., has signed on as the
companys energy partner, while
Allegheny Tool & Supply, a full-line
industrial distributor based in
Franklin, Pa., is partnering with
MetALLsource in the MRO arena.
Timing appears to be very much
on MetALLsources side. A lot of
colleagues of mine have retired
early and its leaving a void at
companies that need to find ways
to save money and manage their
supply chain effectively, Toy said.
Because of the migration of talent
through early retirement, and lack
of a proper succession plan, we see
companies, large companies, that
have really neglected the supply
chain. They have put people in
AMM PAGE 7
C O M P L I M E N T A R Y
Join Severstal, Metal Bulletin

and SAP to discuss how
Severstal is redefining itself
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digital metal business.
Severstal is one of the worlds leading vertically
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leader in value creation and to continue to develop
and grow by taking advantage of the opportunities
presented by current economic conditions and
technological innovations.
The global metals industry is at a turning point
as it considers how to survive and compete in this
age of slow growing demand, over supply and
intensified competition on inter-material
substitution. Metal businesses see digitization
as a way to both protect against global threats and
achieve sustainable growth. Leading companies
are already moving. They are embracing the new
technologies and re-evaluating their processes,
assets and customer relationships.
W E B I N A R
Severstal is one such leading company, and has

embarked on a company-wide digital transformation.
In this webinar, CIO Yuri Shekhovtsov will discuss
the Severstal vision for digital transformation and
go into detail about their results and efforts in the
following areas:
1. How to Optimize Asset Management
Achieving higher return on assets, reduced
downtime and greater efficiency
2. Using Machine Learning to Improve Quality Processes
Reducing cost of quality checks while keeping
same quality
3. Putting the Customer at the Center of the Business
Leveraging new business models to increase sales,
margins and customer satisfaction
The webinar will be a lively discussion led by Metal
Bulletin Editor Richard Barrett and including
SAP Metals Lead Stefan Koch.
Insights on how metals giant Severstal

is embracing digital technology.
Tuesday, December 6th
10:00am EST/4:00pmCET
To register, visit link: goo.gl/8KbLul
NONFERROUS
Panel urges
ban on
Chinese
ownership
of US firms
NEW YORK Chinese stateowned enterprises should
be banned from acquiring or
otherwise gaining control of
U.S. companies, the U.S.-China
Economic and Security Review
Commission said in a Nov. 16
report to Congress, a move that
could change the playing field in
the domestic steel and aluminum
industries.
The commissions report
discussed the woes faced by
the U.S. steel and aluminum
industries in the face of allegedly
unfair Chinese competition, and
recommended that Congress
prepare a report to determine
the extent to which large-scale
outsourcing of manufacturing
activities to China is leading
to the hollowing out of the U.S.
defense industrial base. It
also seeks to create an office
within the International Trade
Administration for the sole
purpose of responding to cases
of unfair trade practices by
Chinese companies, among other
recommendations.
The Chinese government is
guilty of stoking the current global
commodity glut, with Beijings
preferential treatment of industrial
producers distorting markets
for products like steel, coal and
aluminum, the commission said.
These industries receive critical
financial support from state banks,
allowing them to overproduce
even as global demand has fallen in
recent years.
In a 2016 trip to China, members
of the commission said they
were told by Chinese officials
that closure of excess capacity is
difficult as it risks creating a surge
in unemployment and a sharp
deceleration in growth.
The effect of Chinese
overcapacity on U.S. metal
producers, which have been forced
to shutter capacity due to losses,
could prove catastrophic should
the United States become involved
in a protracted conflict with the
Midwest premium climbs despite drop in demand

NEW YORK The Midwest
aluminum premium continued
to rise this week as producers
refrained from giving discounts in
an attempt to drive prices higher
in the first quarter of next year.
AMMs assessment of the P1020
spot premium rose to 7.5 to 7.75
cents per pound from 7.3 to 7.5 cents
per pound previously (amm.com,
Nov. 10). The premium was last
assessed at this level in early June.
There arent that many people
in the market looking for metal,
but I talked to one of our suppliers
and he flat out refused to sell
below 7.5 cents. Right or wrong,
thats where the U.S. market is
at this week, one aluminum
consumer said, suggesting that
suppliers are now playing the
expectations game.
Metal suppliers want to see
rising premiums, especially now
that the 2017 mating season is in
full swing, this consumer source
said, adding that producers are
riding the momentum that
emerged from a surprisingly
optimistic LME Week in London at
the start of the month.
But there hasnt been any
concrete fundamental supplydemand improvement to explain
the uptick, and consumers arent
likely to buy large volumes going
into year-end, a U.S.-based
trader noted.
Its all about the producers
push to get the market over 8
cents (per pound) in the first
quarter; this means they arent

offering discounts. They want to
give the impression of tightness,
he added.
The rise in the premium
doesnt appear to be due to
any strengthening in demand,
Timothy P. Hayes, an analyst at
Jackson, Wyo.-based Lawrence
Capital Management Inc.,
agreed. Rather, North American
aluminum orders fell nearly 11
percent on a seasonally adjusted
basis in October vs. the previous
month, he noted.
Despite the drop orders are up
2 percent year to date, illustrating
lackluster demand. This is in line
with the increase in aluminum
shipments, which are also up 2
percent through September,
Hayes said.
Meanwhile, several
countercurrents threaten to
derail the ongoing rally in the
premium.
Most notably, spreads on the
London Metal Exchange have
tightened dramatically over the
past week and moved the market
into backwardation Nov. 14. The
market had been in contango up
to Nov. 11, when the three-month
and cash aluminum contracts
peaked at $1,779 per tonne (80.7
cents per pound) and $1,777 per
tonne (80.6 cents per pound),
respectively.
The LMEs three-month
aluminum contract closed the
official session at $1,685 per
MIDWEST ALUMINUM PREMIUM

(in cents per pound)
8
Nov. 17
7.625
Aug. 18
5.875
August
September
October
November
Source: AMM.
continued
NOVEMBER 18, 2016
tonne (76.4 cents per pound)

Nov. 17 and the cash price at
$1,692.50 per tonne (76.8 cents per
pound), placing the spread at a
backwardation of $7.50 per tonne.
The absence of a contango
for the nearby spreads makes
cash-and-carry financing
of warehouse stocks more
expensive.
A tighter spread may start to
make financing harder to do or to
extend, which could lead to more
metal being made available to
the market. This could increase
availability and weigh on prices. So
the metal looks bullish technically
but not so fundamentally, Metal
Bulletin Research analyst William
Adams said.
Premiums have been rising
in the United States but
remained relatively flat in both
Europe and Japan over the
past week, according to AMM
sister publication FastMarkets.
A divergence in regional
premiums could create arbitrage
opportunities for Middle Eastern
and Russian swing producers.
And there are already some
indications that U.S. imports have
been ramping up again, with U.S.
International Trade Commission
data showing imports of
unwrought aluminum reached
their third-highest monthly total
thus far this year in September
(amm.com, Nov. 11)
TOM JENNEMANN
NEWSROOM@AMM.COM
AMM PAGE 9
NONFERROUS
country. If U.S. manufacturers
are forced to import components
from China, then the possibility of
building subpar equipment from
subpar-quality materials could
endanger U.S. soldiers.
Such an argument is similar
to the one being levied against
Zhongwang USA LLC, which
said in August that it planned
to purchase Cleveland-based
aluminum flat-rolled producer
Aleris Corp. for $2.33 billion
(amm.com, Aug. 29).
Opponents have raised concerns
that the deal, if approved by
U.S. regulators, would allow
Zhongwang USAmajority owned
by Liu Zhongtian, founder of
Liaoyang, China-based aluminum
extruder China Zhongwang
Holdings Ltd.to endanger
national security by owning a
company that contributes to
the U.S. manufacturing base for
sensitive technologies. Aleris has
denied those claims, contending
that less than 1 percent of its total
aluminum plate volume in 2015
went into defense applications,
adding that the company doesnt
possess any military or other
secrets sensitive to U.S. national
security (amm.com, Nov. 2).
The U.S. Commerce
Department recently released a
preliminary determination in an
anti-circumvention inquiry into
China Zhongwang, determining
that the company circumvented
existing anti-dumping and
countervailing duties when it
exported heat-treated aluminum
extrusions meeting the chemical
specifications for 5050-grade alloy
(amm.com, Nov. 7).
The commissions report
also recommended that China
be denied market economy
status by the World Trade
Organization (WTO). Eight U.S.
senators last month urged U.S.
Trade Representative Michael
Froman to pursue action against
China through the WTO to
deny such status due to the
countrys alleged subsidization
of unprofitable metal production
(amm.com, Oct. 28).
KIRK MALTAIS
NOVEMBER 18, 2016
Consumers
winning US
copper mart shifts
MB COMMENTARY
NAPLES, Fla. The U.S. copper

market just got interesting. Its
traditionally fragmented premiums
segmentthere is no U.S.
benchmark but a series of contract
prices based on market conditions,
locations and relationshipshas
become even more divided.
Producers have set their sights
on snapping up U.S. copper market
share and are working hard to be
competitive. This has resulted
in some pretty aggressive offers
that have, in many instances, put
consumers back in the drivers seat.
Anecdotal evidence from the
American Copper Council meeting
in Naples, Fla., suggests there are
a number of reasons why this shift
has taken place.
A key trigger has been one
major European-headquartered
consumers move over the past
year or so away from the firm that
usually supplies its North American
operations. Tired of being offered
what it deemed to be too high
premiums, the consumer opened
up its door to other sources.
That supplier, also
headquartered in Europe, finding
itself unceremoniously yet
unsurprisingly dumpedor at
the very least with sales to this key
consumer falling below previous
yearshas been forced to look for
markets elsewhere.
All of this has come at a good
time for Chilean producers, some
of which had failed to fill long-term
contracts in the United States
during the past year. With the
opportunity to pick up market
share, these producers have been far
more realistic on the pricing levels
they are seeking for 2017 and are
winning back business as a result.
And they need ittraditional
demand markets are limping
along, with China slowing and
Brazil struggling to show any signs
of growth.
Other Latin American producers,
and Mexico in particular, are doing
the same and making a push into
the United States as their own
Chinese business slows.
Its just as well. Not only is
slowing demand growth in China
affecting producers in Chile and
around the globe, but the same
major supplier that has seen its

U.S. market share shrink has been
working very hard to build its
presence in China.
It is possible to envisage a
scenario where that supplier could
cancel London Metal Exchange
warrants for copper stored at
warehouses in the United States
and move its metal to China or
elsewhere.
For some time, China has been
moving away from purchasing
copper via tenders from pure
trading houses and merchants.
Producers dominate the states
approved buying list, which has
inevitably given these companies a
real advantage.
The wall collapse at Kennecott
Utah Copper LLCs Bingham Canyon
mine (amm.com, April 11, 2013)
also led to fragmentation in the
premium market.
When seismic activity caused
the mine wall to slide in 2013,
Kennecott switched to selling
half of its production via tolling
agreements, with concentrates
coming in and cathode going out.
That opened the door to traders
and diversified the market pricing
mechanism even further.
Elsewhere, however, traders are
finding that breaks are few and
far between. While consumers are
benefiting from being courted by
producers, traders are often being
shoved aside in favor of that more
direct sales approach.
Ultimately, this leaves consumers
in an even better position. If they
cant get the deal they want from
their plethora of producer suitors,
there is likely to be a willing trader
or merchant waiting in the wings.
The United States is a consumers
world once more.
ANDREA HOTTER
NEWSROOM@AMM.COM
publication Metal Bulletin.
Revolution
Aluminum reaches
agreement in
bankruptcy case
NEW YORK Revolution
Aluminum LLC says that an
agreement has been reached
to dismiss an involuntary
bankruptcy action against the
company, although a creditor
attorney told AMM the agreement
is conditional.
If (a) bridge loan gets funded
and they pay, (the bankruptcy
case) gets dismissed. We shall see
if that happens, Bradley Drell,
an attorney with Alexandria,
La.-based Gold, Weems, Bruser,
Sues & Rundell PLC representing
creditors in the bankruptcy case,
told AMM via e-mail Nov. 17.
Revolution Aluminum
LLCs wholly owned subsidiary,
Revolution Aluminum Propco
LLC, reached an agreement with
all of the creditors participating
in the involuntary bankruptcy
proceeding before the U.S.
Bankruptcy Court for the Western
District of Louisiana to completely
resolve their claims and dismiss
the case, according to a press
release e-mailed by William R.
Bishop, an attorney at Stone,
Pigman, Walther, Wittmann LLC,
which represents Revolution.
The company expects to resolve
its creditors claims by Dec. 14 and
anticipates the dismissal will
occur by that date, the statement
said. With this agreement in place,
Revolution Aluminum can get back
to business and continue its efforts
to successfully develop Innovation
Park, including the construction of
an aluminum mill.
Drell previously said he would
not agree to a dismissal of the case
unless Revolution paid off his
clients, which has not happened
despite claims that the company
continued
MARKET PRICES
Prices are in cents per pound except as otherwise noted.
AMM Free Market
November 17
Revised
Prior Price
Copper cathode
254.00-254.50
11/17/16
251.75-252.25
Zinc
119.08-120.08
11/17/16
121.90-122.90
84.28-84.53
11/17/16
84.78-85.03
524.52-529.52
11/17/16
522.94-527.94
Aluminum
Nickel, melting
Comex copper settlement
248.75
11/17/16
246.50
No. 2 copper scrap
219.00*
11/17/16
217.00*
Silver, Handy and Harman (/troy oz)
1,694.50
11/17/16
1,696.50
* Nominal for spot sales
AMM PAGE 10
NONFERROUS
had obtained a $5.7-million
loan commitment from a local
businessman (amm.com, Nov. 3).
The bankruptcy case was
filed in late September by
creditors Ryan & Associates Inc.,
Davenport, Iowa; Engineered
Products Inc., Verona, Pa.;
and Tina Hertzel, president of
Integrated Project Resources,
Salem, Ohio (amm.com, Sept. 22).
Revolutions proposed mill, a
$2.4-billion project to be built on
the former site of an International
Paper Co. facility in Pineville, La.,
has not progressed past demolition
work performed in April (amm.com,
April 25).
Revolution founder, owner and
chief executive officer Roger Boggs
could not be reached for comment.
KIRK MALTAIS
Nyrstar NV
announces new
zinc price hedging
strategy
NEW YORK Nyrstar NV has
entered into further short-term
strategic hedging arrangements
utilizing put and call collar
structures to alleviate potential
downside risks with respect to the
price of zinc, the company said
Nov. 17.
The new hedges are for 3,000
tonnes per month of the payable
metal produced in concentrate by
the companys mining segment for
the first quarter of 2017.
The collar structuresused to
protect losses should prices go
downresult in full exposure for
the hedged volume to a floating
zinc price between $2,127 per
tonne (96 cents per pound) and
$2,496 per tonne ($1.13 per pound).
For the fourth quarter of 2016
and the first quarter of 2017, the
company retains full exposure at a
price above $2,800 per tonne ($1.27
per pound).
London Metal Exchange zinc
prices have surged recently due
to the election of Donald Trump
to the U.S. presidency and talk
of tightness in the concentrate
market. Since Oct. 31, the threemonth zinc contract has been
trading above $2,400 per tonne
($1.09 per pound), a price level
last seen in September 2014
(amm.com, Nov. 9).
The LMEs three-month zinc
NOVEMBER 18, 2016
contract closed at $2,515 per tonne

($1.14 per pound) Nov. 17, up 2.9
percent from $2,445 per tonne
($1.11 per pound) Nov. 3.
The company had already
entered into a short-term hedging
arrangement for 70 percent of
the free metal produced by the
companys metal processing
segment (8,000 tonnes of zinc
metal per month) from September
of this year to the end of the first
quarter of 2017 (amm.com, Aug. 31).
Protective hedges have also been
completed for the second quarter
of 2017 through the fourth quarter
for 70 percent of the free metal, as
well as 5,350 tonnes per month of
the payable zinc metal produced in
concentrate.
Those structures result in full
exposure for the hedged volume
to a zinc price between $2,172
per tonne (99 cents per pound)
and $2,543 per tonne ($1.15 per
pound). During that time, the
company retains full exposure
at a price above $3,117 per tonne
($1.41 per pound).
Nyrstar will continue to review
and potentially apply strategic
hedges to restrict downside risks
for key commodity price and
foreign exchange sensitivities
during the implementation of its
transformation and turnaround
plan, the company said.
The Zurich-based company
began taking steps to restart
its middle Tennessee mining
operations in late September,
citing the strength in zinc prices
and the expectation that they are
sustainable (amm.com, Sept. 27).
Nyrstar reported a drop in
production of zinc metal and
zinc in concentrate during the
third quarter due to planned
maintenance shutdowns and
numerous unplanned outages
(amm.com, Nov. 2).
MILLICENT DENT
US, Chinese fiscal

policy seen lifting
copper demand
SHANGHAI Strong U.S. and
Chinese economic stimulus
measures, the direction of the
U.S. dollar and mine supply are all
factors that underpin copper prices
for 2017, according to one executive.
The copper price has risen
dramatically this month, breaching
the $6,000 per tonne mark at one
point, but the market has remained
oversupplied in recent years,
Zijin Mining Group Co. executive
director and vice president Qixue
Fang said at AMM sister publication
Metal Bulletins 12th Asia Copper
conference during Cesco Asia in
Shanghai.
Continuing strong mine supply
will contribute to a surplus that
could last until 2019, he said.
Meanwhile, industry policies
to boost power investment in
China, such as in solar energy,
have supported better than
expected copper consumption.
However, there has been a fall in
consumption in other industries,
meaning copper demand could
drop slightly in 2017.
And while copper prices have
rallied strongly in recent weeks,
following other commodity
markets, an increase in the dollar
could put pressure on the red metal
and other dollar-denominated
assets as Chinese market
participants lose out on currency
conversion, Fang said. As such,
price predictions should be made
cautiously, he added.
Fang estimates that the copper
price will reach bottom at the end
of 2017.
U.S. fiscal stimulus is likely to
boost both domestic demand for
base metals and the U.S. economy,
Fang said, adding that the U.S.
dollar will continue to strengthen
and its macroeconomy is generally
moving in a positive direction.
Meanwhile, the Chinese
economy has shifted toward
stability due to faster investment
growth, positive sentiment toward
consumption and shrinking export
volumes, three major drivers of
economic growth, he said.
The steady growth has caused a
rebound in demand for industrial
products, resulting in a consistent
year-on-year price increase for
those products, Fang said, noting
that a market with improving
demand generally reflects positive

economic momentum.
In this round of rising
commodity prices, copper lagged
behind other base metals. Brokers
attributed the rocketing copper
price in the first two weeks of
November to U.S. President-elect
Donald Trumps surprising win and
promise to invest in infrastructure,
as well as the logic that the copper
price would follow the path of other
commodities, Fang said.
Chinas copper demand is still
the main driver of global demand,
he said, adding that consumption
from most Chinese downstream
companies is still growing.
Chinas copper resources in
2015 represented just 9 percent
of global copper resources,
according to U.S. Geological
Survey data. As the worlds largest
copper consumer and importer,
taking in more than 40 percent of
the worlds traded copper, China
relies heavily on the output of
other countries, Fang added.
Demand lull
leaves nickel
premium flat
NEW YORK The North American
spot nickel premium remained
steady this week due to the typical
year-end demand slowdown and
inventory destocking, market
participants said.
Demand has quieted toward
the end of the year, one supplier
source said.
Its the holidays, so were not
hearing much from demand, a
second supplier agreed.
The spot premium for meltinggrade nickel is at 15 to 20 cents
per pound, according to AMMs
assessment, unchanged from the
prior level (amm.com, Nov. 3).
The recent uptick in nickel prices,
mainly due to the election of Donald
Trump to the U.S. presidency and
positive chatter at the annual LME
Week in early November (amm.com,
Nov. 9), didnt have much of an
impact on premiums, market
participants said.
While the premium remained flat
during the run-up, consumers were
less inclined to purchase material.
They were hoping that they could
buy again later when the price was
continued
AMM PAGE 11
NONFERROUS
down, the second supplier said.
A third supplier said he
unsuccessfully tried to firm up on
the premium side, causing him
to miss a chunk of business during
the surge.
The London Metal Exchanges
three-month nickel contract closed
the official session at $11,300 per
tonne ($5.13 per pound) Nov. 17, up
7.9 percent from $10,470 per tonne
($4.75 per pound) Nov. 3.
Many market participants noted
that they hadnt seen any issues with
supply, although the global nickel
market is expected to enter a deficit
next year (amm.com, Nov. 10).
When Ive reached out to buy,
its been available. That tells me
supply is available for now, a fourth
supplier said.
I havent seen any disruptions, a
fifth supplier added.
Long-term contract discussions
for 2017 are ongoing, although
some suppliers are pushing for
higher premiums due to the
potential deficit.
While the third supplier is still
negotiating contracts, he said he
has booked long-term business at 17
cents per pound.
MILLICENT DENT
BHR Partners for nearly $1.14 billion

along with further contingency
payments (amm.com, Nov. 15).
DRC state mining company
Gcamines SA, which owns 20
percent of the Tenke project and
is contesting the sale to China
Molybdenum at the International
Court of Arbitration in Paris, said
that it strongly opposed Lundins
agreement with BHR (amm.com,
Nov. 16).
Gcamines claimed in the
arbitration proceedings that the
Freeport transaction had been
structured to bypass Gcamines
preemptive rights in the sale of
Freeports stake in the Tenke Mine.
The timely interposition of shell
companies may not hinder the
implementation of the preemptive
right to which Gcamines is entitled
under the existing agreements
relating to the project, the stateowned miner said.
ARCHIE HUNTER
NEWSROOM@AMM.COM
This article first appeared in AMM
sister publication FastMarkets.
SHANGHAI Freeport-McMoRan
Inc. has completed the indirect
sale of its 70-percent interest in
TF Holdings Ltd. and the Tenke
Fungurume copper-cobalt mine
in the Democratic Republic
of the Congo (DRC) to China
Molybdenum Co.
Phoenix-based Freeport said it
plans to use net proceeds of about
$2.65 billion from the transaction to
repay indebtedness, half of which
will be used to repay borrowings
under its unsecured bank term loan.
Freeports effective 56-percent
interest in Tenke, which mines
copper and produces refined SX/
EW cathode as well as cobalt, will
be transferred through the sale of
Freeports 70-percent interest in
Bermuda holding company TF
Holdings Ltd., which in turn owns
80 percent of Tenke.
The deal was completed Nov. 17
after Toronto-based Lundin
Mining Corp. said it would sell its
30-percent stake in TF Holdings to
Chinese private-equity company
participants said.
Phoenix-based FreeportMcMoRan Inc. and Guixi City,
China-based Jiangxi Copper Corp.
settled annual TC/RCs for 2017 at
$92.50 per tonne/9.25 cents per
pound Nov. 17, down 5 percent
from the 2016 benchmark of
$97.35 per tonne/9.735 cents per
pound between Jiangxi Copper
and Santiago, Chile-based miner
Antofagasta Minerals SA.
Despite the fall, Chinese smelters
consider the 2017 benchmark to be
profitable, sources said.
TCs probably need to fall below
$80/8 cents (before) smelters
consider cutting production.
There is still a lot of leeway before
we reach that level, Qian Peng, a
copper analyst at Shanghai Metals
Market (SMM), told AMM sister
TCs of at least $80 to $85 per
tonne/8 to 8.5 cents per pound
should see Chinese smelters remain
profitable, market participants
said. Comfortable TC levels for
Lower TC/RCs
unlikely to spur
copper cuts
Freeport completes China
Chinese refined
Tenke Mine sale in SINGAPORE
copper production is unlikely to
pushed lower next year by a
DRC to China Moly bedrop
in 2017 annual treatment and
refining charges (TC/RCs), market
NOVEMBER 18, 2016
Chinese smelters kept the countrys

refined copper production strong
this year, with domestic output
rising 8.4 percent year on year to
6.96 million tonnes in the first 10
months of 2016.
The current TCs are still
encouraging smelters to continue
producing, Shanghai-based
Galaxy Futures Co. Ltd. said in
a report Thursday. Though
lower, the latest 2017 TC that was
settled is not too bad. It wont be a
consideration for smelters to cut
output at all.
But TCs could trend lower in the
future, Qian said. Concentrate
production is not expected to
rise much going forward, but at
the same time Chinese smelting
capacity remains huge, he noted.
World mine production will more
or less remain steady in 2017 after
this years anticipated 4-percent
growth, the International Copper
Study Group (ICSG) forecast Nov. 16
at Metal Bulletins 12th Asia Copper
conference.
Next year, Chinese smelters are
likely to maintain their current
operating rates of around 80
percent, Qian said.
But that could change with
copper price movements next year,
which are a little hard to predict,
he added, citing uncertainties over
growth in the Chinese real estate
sector and the macroeconomic
environment when U.S. Presidentelect Donald Trump takes office
next year.
Coppers massive gains last week
on the London Metal Exchange
were unsustainable, with the
three-month contract closing
at a 17-month high of $5,910 per
tonne ($2.68 per pound) Nov. 11
before retreating this week. The
contract closed the official session
at $5,435.50 per tonne ($2.47 per
pound) Nov. 17.
The Shanghai Futures
Exchanges January copper price
has seen some wild swings, with
fund interest and bullish sentiment
boosting prices by 20 percent last
week before profit-taking emerged.
The contract fell 910 yuan ($132)
Thursday to close at 43,670 yuan
($6,354) per tonne.
VIVIAN TEO
NEWSROOM@AMM.COM
AMM PAGE 12
SCRAP
Proactivity
needed in
steel, scrap
policy-making
CHICAGO Now that election
day has passed, U.S. steel and
scrap market participants must
be proactive in helping their local
government representatives
make effective policies for the
betterment of the industry,
according to Schnitzer Steel
Industries Inc.s top executive.
Now that our issues are front
and center, now that we have that
seat at the table, we cant afford to
squander this moment. Theres
too much that needs to get done
too many issues of real and urgent
importance to our industry and to
our country, Tamara Lundgren,
the Portland, Oregon-based
companys president and chief
executive officer, said at AMMs
10th Steel Scrap Conference in
Chicago Nov. 17.
Lundgren, who has always
been a strong advocate for
infrastructure investment in the
United States, noted Presidentelect Donald Trumps proposed
boost to infrastructure spending
(amm.com, Oct. 24), as well as the
broad-based support for this topic
from the American people during
the recent election.
Election results show voters
in 22 states approved ballot
measures that will provide $201
billion in funding extensions,
and new revenue for state and
local transportation projects, she
added. In fact, 69 percent of the
280 transportation funding ballot
measures up for vote across the
nation were approved, with results
still pending for four local areas.
U.S. infrastructure has
consistently received a D grade
from the American Society of Civil
Engineers (amm.com, April 13),
Lundgren noted, while Chinas
infrastructure investment roughly
amounts to what is being spent
in the United States and Europe
combined.
We are missing an
opportunity to create jobs
and strengthen our countrys
competitiveness. If Congress
adopts (Trumps) plan, experts
estimate we could see 22 million
tons of new demand each year, a
20-percent increase, she said.
NOVEMBER 18, 2016
Weaker demand weighs on copper scrap market

PITTSBURGH U.S. copper scrap
discounts continued to widen
as reports of weaker demand
combined with relatively high
Comex prices left some suppliers
struggling to move material.
Its been difficult to move
ingot over the last several weeks
with holidays and end-of-year
planning, one consumer source
told AMM. Theres not a lot of
impetus to buy into this market
because theres no physical
support for (Comex).
Theres lots of metal out there
with the spike in Comex, a second
consumer source said. Im
getting beat up by suppliers upset
about wider spreads.
Comexs December-delivery
copper contract inched up 0.3
percent to $2.4675 per pound
Nov. 16 from $2.4595 a week earlier.
The contract previously jumped
to $2.551 per pound Nov. 10, the
highest close for the contract
since July 2015, after breaching
the $2.59 mark in intraday trading
(amm.com, Nov. 10).
Despite the movement in
terminal market prices, copper
scrap discounts continued to
swing higher, catching up with
Comexs recent spike amid softer
demand.
Brass mill and refiners scrap
discounts for No. 1 copper
increased by a penny per pound,
while refiners No. 2 copper
scrap discounts jumped by 2
cents, according to AMMs latest
assessment.
Brass ingot makers discounts
also widened, with No. 1 bare
bright up a penny per pound
and No. 1 copper logging a
2-cent increase. Discounts for
No. 2 copper widened to 32 to 35
cents per pound from 28 to 30
cents previously as consumers
reported adequate supplies and
limited demand, and light copper

discounts jumped to 37 to 41 cents
per pound from 33 to 36 cents.
Brass prices climbed due to
the relative strength of Comex
and firm demand, according to
market participants, with No. 1
composition solids, composition
borings and turnings, radiators
and yellow brass solids all
moving higher.
Suppliers unanimously reported
difficulty in selling material, citing
sluggish demand with the seasonal
year-end slowdown and the recent
surge in Comex.
The market might look
exciting, but we have seen a
pullback in demand since the
market popped, a supplier source
said. I dont have anywhere to
put (material). The guys we sell
to are way out on their deliveries.
They dont want it for weeks.
Id like to sell at these prices,
but theres no one to sell to, a
second supplier source said.
Theres not much in the way of
In Lundgrens view, aside from

infrastructure, two other areas
are vital for the survival and
well-being of the U.S. economy
and the steel and scrap sectors:
free and fair trade and smart
environmental regulation.
Our product is a global
commodity. We need to
push for rules-based trade
through existing and new trade
agreements, eliminating export
barriers, aggressively challenging
unfair practices and guaranteeing
a level playing field for our
products, she said.

One of the toughest aspects of
running a metal recycling business is
ensuring environmental regulation
compliance, and West Coast
recyclers often face more stringent
regulatory requirements than
market participants in other states.
We need smart compliance
and smart licensing requirements,
and authorities who enforce
them consistently and fairly,
Lundgren said, pointing out the
need for balanced environmental
regulation aimed at driving
buyers for Decembereverybody

is shutting down and not taking
scrap through the year-end.
For the most part, scrap was
tight leading into the fourth
quarter, but in November and
December its slower, a third
supplier source said. We have a
perfect storm. The jump in Comex
reduces tightness in material,
while consumers dont want to
buy scrap.
Some suppliers have shifted
their focus to the export market,
reporting more competitive
prices, while others have
temporarily stepped to the
sidelines amid the volatility.
Theres a lack of demand in
the domestic market, but
exporting is good, a fourth
supplier source noted.
Were still holding spreads
and buying on a very limited basis,
another supplier source said.
BRAD MACAULAY
BMACAULAY@AMM.COM
COPPER AND BRASS SCRAP

Brass mill scrap discounts*
11/16/2016
11/09/2016
4 to 6
3 to 5
11/16/2016
11/09/2016
No. 1 copper
Refiners copper scrap discounts*
No. 1 copper
10 to 12
9 to 11
No. 2 copper
29 to 31
27 to 29
11/16/2016
11/09/2016
Brass ingot makers scrap discounts*

No. 1 bare bright
4 to 7
3 to 6
No. 1
10 to 13
8 to 11
No. 2
32 to 35
28 to 30
Light copper
37 to 41
33 to 36
No. 1 comp. solids
175 to 179
174 to 178
Comp. borings, turnings
172 to 174
171 to 174
Radiators
155 to 158
153 to 155
Yellow brass solids
143 to 145
Brass ingot makers scrap prices (in cents per pound)
*Discounts, in cents, based on the most actively traded Comex copper contract.
141 to 143
Source: AMM.
innovation and investment.

The regulations must
also be reasonable and avoid
requirements that are so restrictive
and burdensome that they make
the business unprofitable,
she continued. Lets use this
moment to repair, renew and
revitalize relationships with
the (Environmental Protection
Agency) and move beyond the
false choice of the environment vs.
economic growth.
MEI LING TOH
MEI.TOH@AMM.COM
AMM PAGE 13
SCRAP
Itronics unveils
new e-waste
refining process
PITTSBURGH Itronics Inc. has
developed a new refining process
to extract precious metals from
circuit boards as the company
steps closer to tapping into the
electronic scrap recycling sector.
Reno, Nev.-based Itronics
which collects, recovers and
refines silver and precious metals
from photochemical waste,
according to its websitehas been
evaluating the feasibility of using
its proprietary chemical method
for refining silver to extract
precious metals such as silver, gold
and palladium from computers
and electronic devices (amm.com,
July 14, 2015).
This represents the first time
silver is used to collect precious
metals from e-scrap, the
company said.
The e-waste refining process
results in a silver bullion product
containing gold and other precious
metals, a copper product that
contains silver and has a similar
purity to high-grade copper
concentrate produced by copper
mines, and copper- and silverbearing glass slag, according to
Itronics.
By extracting copper contained
in the circuit boards into a saleable
copper-concentrate equivalent,
the company creates value that
did not previously exist in the
refining process, Itronics said.
Meanwhile, the gold from the
circuit boards and a small amount
of copper are captured in the silver
bullion that is simultaneously
produced as a separate product,
the company noted.
We are proud of Itronics
innovative research and
development team that is
continuing to use its chemical,
science and engineering skills to
develop new approaches to extract
valuable metals and materials
from different liquid and solid
waste streams for purposes of
returning them to productive use,
Itronics president John Whitney
said in a statement Nov. 15.
Itronics furnace technology
improves upon energy efficiency
in the refining process by utilizing
heat generated from combustion of
the organic compounds contained
in the waste circuit board materials,
according to the company.
NOVEMBER 18, 2016
This remarkable new fire

refining technology is expected
to significantly enhance the
companys profitability as it
is expanded from minimum
economic scale operation to a
meaningful commercial scale,
Itronics said.
Itronics plans to scale up its
refining operation five-fold, and
aims to begin shipping the silver
bullion in January 2017 and to
continue regular bullion sales
through the new year.
BRAD MACAULAY
BMACAULAY@AMM.COM
KAR buys Flint

Auto Auction
for $76M
PITTSBURGH KAR Auction
Services Inc. has acquired
Michigan car auction facility Flint
Auto Auction Inc. in a move to
expand in the Midwest.
The sale was valued at
approximately $76 million,
according to a Nov. 15 filing with
the U.S. Securities and Exchange
Commission.
The acquisition of Flint, Mich.based Flint Auto, which will
operate as Adesa Flint, strengthens
KARs national footprint and will
allow the company to extend its
reach and further tap into growth
in the Midwest market, KAR said
Nov. 15.
Fortifying KARs presence
in the epicenter of the U.S.
automotive industry has been a
long-term strategic priority, KAR
chairman and chief executive
officer Jim Hallett said in a
statement. Adesa Flint enhances
KARs end-to-end remarketing
platform in Detroit and positions
us to accelerate growth in the very
dynamic Midwest marketplace.
Flint Auto operates a fully
automated, eight-lane auction
facility on a 60-acre site, including
full-service reconditioning
facilities, a body shop and a
mechanical shop.
Adesa is a leading brand in
the industry, and Flint Auto
Auction is very pleased to join
their international network of
auctions, Flint Auto president Bill
Williams Jr. said in a statement.
Both companies share a culture
of innovation and a strong
commitment to customer service.
Joining the KAR platform will
help us meet the demands of our
increasingly sophisticated buyers

and sellers, many of whom have
been with us for generations.
Lawrence Cubitt will remain
as general manager of Flint Auto
Auction, and additional members
of the auction team will maintain
key leadership roles.
Carmel, Ind.-based KAR
expanded its global footprint last
year with the acquisition of United
Kingdom-based salvage vehicle
auctioneer HBC Vehicle Services
(amm.com, June 19, 2015).
The KAR group of companies
operates worldwide vehicle
auction services and provides
related services with more
than 17,000 employees and 300
locations. The group is made up
of Adesa Inc., Insurance Auto
Auctions Inc., Automotive Finance
Corp. and other business units.
BRAD MACAULAY
BMACAULAY@AMM.COM
WEEKLY SCRAP COMPOSITE PRICES

Averages calculated each Friday, based
on data effective from the previous Friday
to Thursday. Prices are in US$/gross ton.
SHREDDED SCRAP
calculation date
11/11/16
Prior Wk
Year Ago
Alabama
$208.00
$190.00
$178.00
Chicago
216.00
198.00
180.00
Philadelphia
213.80
185.00
160.00
Pittsburgh
234.20
207.00
180.00
Composite
$218.00
$195.00
$174.50
11/11/16
Prior Wk
Year Ago
$223.00
$205.00
$190.00
Cleveland
234.00
210.00
190.00
Pittsburgh
230.00
202.00
182.00
Composite
$229.00
$205.67
$187.33
11/11/16
Prior Wk
Year Ago
$195.00
$180.00
$160.00
Philadelphia
185.00
161.00
145.00
Pittsburgh
217.60
188.00
152.00
Composite
$199.20
$176.33
$152.33
NO. 1 BUSHELING
calculation date
Chicago
NO. 1 HEAVY MELT

calculation date
Chicago
AMM PAGE 14
AMM STEEL PRICES

PRICES EFFECTIVE THURSDAY, NOVEMBER 17, 2016
NOTICE
AMM proposes discontinuing its price for imported
hot-dipped galvanized steel 0.019 inch thick with a G60
coating effective Nov. 30. If you have questions on these
proposed changes, please e-mail tschier@amm.com.
STAINLESS STEELS
Market prices, f.o.b. mill, by grade, not including extra
charges for size, finish, temper, packaging, shipping
and other specifications.
COILED PLATE
Plate produced on a continuous mill.
Grade
US$/cwt
304
90.50
304L
92.50
316
122.50
316L
122.50
BAR
Smooth-turned round bar, 1" diameter, mostly in

10,000-lb quantities.
Grade
US$/cwt
303
123.00
304
119.00
316
164.00
416
101.50
17Cr4Ni
191.00
COLD-ROLLED SHEET
Grade
US$/cwt
304
107.00
304L
109.00
316L
141.00
NA--Not available
To become a price contributor see

Metal Exchanges page.
SHEET AND COIL
Port of Houston prices, c.f.r. port, in US$/short ton.
Midwest market prices per hundredweight, f.o.b. mill.
Reinforcing bar*
$426-$431
Hot-rolled
$27.00
Wire rod (low carbon)
$404-$417
Cold-rolled (Class I)
$38.00
Merchant bar
$530-$550
Hot-dipped galvanized (base price)
$38.00
Beams
$480-$520
Hot-dipped galvanized*
$42.00
Reinforcing bar, Grade 60, No. 5
Hot-rolled coil
$500-$530
Plate
$515-$540
Galvalume
$39.00
2 x 2 x 1/4" angle
$30.05
Cold-rolled coil
Hot-dipped
galvanized,0.012-0.015", G30
Hot-dipped galvanized,0.019", G60
$605-$640
Electrogalvanized
$44.00
Aluminized (Type 1)
$43.00
3 x 3 x 1/4" angle
$30.50
Motor lamination
$40.50
$720-$765
Prices in US$/tonne. China, Turkey and India prices

are f.o.b. main port. CIS prices are f.o.b. Black Sea.
China export cold-rolled coil
$535-$545
(rev. 11/11/16)
China export galvanized coil
$605-$615
(rev. 11/11/16)
China export wire rod
$410-$415
(rev. 11/11/16)
Turkey export rebar
$430-$445
(rev. 11/17/16)
Turkey export wire rod
$450-$460
(rev. 11/17/16)
CIS export hot-rolled coil
$460-$470
(rev. 11/14/16)
CIS export cold-rolled coil
$540-$541
(rev. 11/14/16)
India export galvanized coil
$730-$740
(rev. 11/11/16)
Market prices per hundredweight, f.o.b. mill.
OIL COUNTRY TUBULAR GOODS

Average monthly market prices per ton from distributors
surveyed in the Houston area by Pipe Logix, Inc.
Oct
$/ton
$998
$1,183
$1,208
$1,450
TUBING
Carbon - annealed ERW
Carbon - seamless
N80 - ERW
N80 - seamless
CASING
Carbon - annealed ERW
Carbon - seamless
N80 - ERW
N80 - seamless
$791
$1,012
$1,008
$1,142
MERCHANT PRODUCTS
(base prices)
Cold-Rolled Coil
8 x 11.5 channels
$29.75
1/2 x 4" flat
$30.25
COLD-FINISHED
CARBON GRADE PLATE
$53.00
1" round, 4140 (alloy)
$64.00
HOT-ROLLED
Cut-to-length
$24.00
Coiled
$22.75
STRIP MILL PLATE
48-inches
$25.00
60-inches
$25.50
72-inches
$25.75
ALLOY PLATE
(special bar quality)

1" round, 1000 series (carbon)
$30.00
1" round, 4100 series (alloy)
$36.00
ROD
Mesh quality low carbon
$21.00-$22.00
Industrial quality low carbon
$22.00-$23.00
PIPE AND TUBE
High carbon
$24.00-$25.50
Market prices in US$/short ton.

Domestic
Cold-heading quality
National mills
$40.50
$28.00
OCTG J55 casing
$820
Line pipe X52
$840
Standard pipe A53 Grade B
$820
OCTG seamless casing P110
$995
W8 x 8
OCTG J55 casing
$690
STRUCTURAL TUBING
Line pipe X52
$600
Standard pipe A53 Grade B
$590
OCTG seamless casing P110
$860
Import
BEAMS
$32.50
Market prices in $/short ton

ASTM A500 Grade B
$800.00-$840.00
CHINA: HOT-ROLLED BAND AND COLD-ROLLED COIL

Cold-Rolled Coil Hot-Rolled Band
$529
600
500
400
$574
$321
$415
300
450
$542
$448
May 9
Nov. 14
WORLD EXPORT MARKET: HOT-ROLLED BAND
500
$44.50
1" round, 12L14 (carbon)
National mills
700
Hot-Rolled Band
$767
Nov. 9
$25.50-$26.50
(dollars per tonne)
600
200
100
$244
Nov. 9
May 9
Nov. 14
CHINA: REBAR
450
450
400
400
$448
350
350
300
250
300
250
1" round, 1018 (carbon)
PLATE
900
300
* The price for hot-dip galvanized sheet represents

a base price plus a G90 coating on material 0.040
inch (1 millimeter) thick.
WORLD EXPORT PRICES
UNITED STATES: HOT-ROLLED BAND AND COLD-ROLLED COIL
1,050
750
$730-$780
*The price for import rebar represents a price paid by a

trader to a foreign mill. It does not represent a delivered
duty paid price from the port to a domestic buyer.
STEELBENCHMARKER PRICING 2015-2016

1,200
BARS
IMPORT PRICES
$286
200 Nov. 9
200
May 9
Nov. 14
$376
$263
150 Nov. 9
STEELBENCHMARKER IS A JOINT VENTURE OF WORLD STEEL DYNAMICS INC. AND AMM/METAL BULLETIN THAT WAS OFFICIALLY LAUNCHED IN APRIL
2006. PRICES ARE PUBLISHED TWICE MONTHLY. STEELBENCHMARKER IS DESIGNED TO PROVIDE A RELIABLE SET OF BENCHMARK PRICES FOR USE
BY PARTICIPANTS IN THE STEEL INDUSTRY AND OTHERS WITHOUT REQUIRING DISCLOSURE OF ACTUAL TRANSACTION PRICES.
May 9
Nov. 14
NOTE: PRICES FOR THE UNITED STATES ARE F.O.B. MILL, EAST OF MISSISSIPPI; CHINA IS EX-WORKS; AND WORLD
EXPORT MARKET IS F.O.B. PORT OF EXPORT. SOURCE: WORLD STEEL DYNAMICS INC., ENGLEWOOD CLIFFS, N.J.
Prices are subject to the disclaimer appearing on the Metal Exchanges page.
NOVEMBER 18, 2016
AMM PAGE 15
AMM NONFERROUS SCRAP PRICES

COPPER
No. 1 heavy copper and wire

NO. 2 HEAVY COPPER AND WIRE
Light copper
RED BRASS SOLIDS
Red brass turnings, borings
Cocks and faucets
Brass pipe
YELLOW BRASS SOLIDS
Mixed yellow brass turnings, borings
Yellow brass rod ends
Yellow brass rod turnings
70-30 brass clips
AUTO RADIATORS (UNSWEATED)
High-grade bronze gears
High-grade low lead bronze
Manganese bronze solids
Miscellaneous nickel-"silver" solids
Manganese bronze turnings
ALUMINUM
Boston
Buffalo
180-190
167-177
157-167
156-166
121-131
......
124-134
105-115
84-94
124-134
114-124
130-140
117-127
156-166
......
131-141
131-141
76-86
196-206
179-189
159-169
163-173
108-118
121-131
126-136
119-129
81-91
126-136
116-126
127-137
134-144
158-168
......
128-138
133-143
83-93
Chicago Cincinnati Cleveland
Detroit
Houston
L.A.
N.Y.
Philly
Pburgh
S.F.
St. Louis
Montreal
Toronto
191-201
177-192
157-167
161-171
121-131
114-124
134-144
112-122
89-99
124-134
119-129
125-135
121-131
145-155
135-145
130-140
135-145
90-100
186-201
177-192
162-177
159-169
139-149
122-132
142-152
113-123
92-102
122-132
122-132
143-153
120-130
144-154
154-159
129-139
124-134
84-94
192-202
178-188
161-171
148-153
118-128
124-134
134-144
120-130
101-111
137-147
129-139
150-160
120-130
161-171
156-166
136-146
146-156
91-101
199-209
186-196
160-170
175-185
136-146
124-134
149-159
142-152
104-114
132-142
139-149
145-155
149-159
161-171
151-161
141-151
136-146
86-96
179-194
165-180
155-170
155-165
136-146
119-129
134-144
117-127
79-89
129-139
129-139
130-140
120-130
156-166
......
126-136
136-146
76-86
188-198
174-189
154-169
147-157
137-147
120-130
130-140
123-133
70-80
125-135
125-135
131-141
128-138
151-161
......
121-131
131-141
71-81
196-211
182-197
157-172
164-174
134-144
122-132
127-137
120-130
92-102
127-137
127-137
133-143
125-135
149-159
139-149
134-144
139-149
94-104
181-196
167-177
144-154
172-182
130-140
125-135
145-155
131-141
108-118
138-148
128-138
134-144
135-145
152-162
152-162
137-147
132-142
82-92
208-218
194-204
177-187
171-181
159-169
147-157
147-157
135-145
107-117
150-160
135-145
166-176
140-150
......
149-159
144-154
144-154
82-92
256-266
238-248
218-228
176-186
126-136
171-181
171-181
159-169
111-121
179-189
171-181
172-182
146-156
177-187
167-177
170-180
170-180
115-125
244-259
235-245
206-221
177-187
127-137
162-172
......
158-168
107-112
......
......
......
130-140
173-183
......
166-176
......
111-121
Atlanta
Boston
Buffalo
45-50
43-48
40-42
43-46
39-41
40-41
47-50
45-47
45-47

45-47
41-42
39-43
Detroit
Houston
L.A.
N.Y.
Philly
Pburgh
S.F.
St. Louis
Montreal
Toronto
43-46
41-43
39-44
36-38
32-35
33-36
53-57
47-50
49-53
38-41
35-38
35-38
40-42
38-43
35-40
43-46
40-43
41-44
46-47
44-45
44-45
53-54
52-53
51-53
56-58
54-56
53-54
54-56
51-53
49-51
191-206
182-197
162-177
164-174
139-149
127-137
132-142
120-130
92-102
122-132
117-127
128-138
125-135
149-159
144-154
124-134
129-139
89-99
191-206
177-192
162-177
156-166
131-141
114-124
134-144
122-132
89-99
129-139
129-139
130-140
136-146
145-155
135-145
140-150
120-130
85-95
40-45
39-41
39-42
40-43
37-40
38-40
23-28
23-26
19-24
23-28
21-26
20-25
25-30
16-21
29-34
19-24
18-23
23-28
23-25
32-37
28-32
26-30
39-44
44-47
39-42
51-53
38-41
25-28
40-44
39-44
55-60
38-40
34-36
38-39
53-54
35-37
......
......
37-39
51-54
41-42
37-38
37-38
53-54
39-41
......
40-41
43-44
......
42-47
40-45
41-46
51-56
39-44
36-41
30-34
37-42
48-53
40-45
39-44
......
......
......
......
......
......
......
38-41
37-39
39-44
49-54
35-40
25-30
33-38
37-42
......
39-44
35-40
43-48
51-56
43-48
31-36
36-41
38-43
48-53
37-38
42-47
36-37
46-50
33-34
20-23
32-34
34-37
48-52
49-52
47-49
......
......
57-60
32-37
......
47-50
56-61
34-37
44-46
40-43
......
......
......
35-38
......
......
37-40
42-45
38-42
47-52
36-39
24-27
......
32-36
......
42-47
40-45
......
......
......
......
......
......
......
41-43
39-42
......
......
48-51
18-21
......
38-40
50-55
45-47
49-51
......
59-64
47-51
......
......
47-50
60-63
47-49
40-42
49-51
66-68
50-52
33-35
38-40
50-52
......
47-49
40-42
47-49
65-67
48-50
31-33
40-42
48-50
......
Atlanta
39-44
37-40
......
29-33
Boston
47-50
......
......
27-29
Buffalo
46-51
47-49
23-25
34-38

45-50
......
44-49
43-45
......
45-49
......
......
22-27
22-26
......
27-31
Detroit
41-45
42-46
......
27-31
Houston
41-46
42-46
......
30-34
L.A.
......
......
......
......
N.Y.
41-46
......
19-21
22-26
Philly
43-48
......
......
28-31
Pburgh
......
......
22-24
24-28
S.F.
37-42
38-42
18-22
21-25
St. Louis
48-52
47-51
......
......
Montreal
53-58
50-51
31-32
37-41
Toronto
45-50
......
......
......
Atlanta
Boston
Buffalo
Detroit
Houston
L.A.
N.Y.
Philly
Pburgh
S.F.
St. Louis
Montreal
Toronto
36-41
30-35
30-35
......
31-33
32-34
32-34
36-41
36-41
35-40
32-34
32-37
38-43
31-36
31-36
39-44
36-40
37-39
35-37
33-37
39-44
40-45
35-40
......
35-40
34-39
34-39
......
......
......
......
......
......
......
......
......
38-43
36-41
35-40
......
42-47
39-44
39-44
42-48
35-40
34-39
31-36
40-46
......
35-40
......
......
(rev. 11/15/16)
HEAVY SOFT LEAD

Mixed hard lead
Undrained,whole old batteries
WHEEL WEIGHTS
ZINC
Atlanta
197-207
184-194
164-179
158-168
143-153
111-121
121-131
127-137
76-86
126-136
121-131
127-137
129-139
138-148
128-138
118-128
123-133
78-88
(rev. 11/15/16)
Segregated low copper clips

Mixed low copper clips
Mixed clips
Aluminum borings, turnings, clean
and dry
Old aluminum, sheet and cast
Used beverage cans, clean and dry
Industrial castings
63S aluminum solids
75S aluminum clips
75S borings, turnings, as is
Aluminum utensils
Painted aluminum siding
Litho sheets
LEAD
ESTIMATED DEALER BUYING PRICES, IN /LB. DELIVERED TO YARD. MONTREAL AND TORONTO PRICES ARE IN CANADIAN CURRENCY
(rev. 11/15/16)
(rev. 11/15/16)
New zinc die cast

OLD ZINC DIE CAST
Old zinc scrap
Zinc die cast automotive grilles
NICKEL
38-42
31-36
31-36
39-44
......
......
......
......
......
......
......
......
(rev. 11/15/16)
New nickel clips and solids

Nickel turnings
New nickel-copper alloy
(e.g., Monel) clips and solids
Nickel-copper alloy (e.g., Monel)
turnings and shavings
Nickel-copper alloy
(e.g., Monel) castings
Nickel-chrome-iron alloy
(e.g., Inconel) solids
Atlanta
Boston
Buffalo
Detroit
Houston
L.A.
N.Y.
Philly
Pburgh
S.F.
St. Louis
Montreal
Toronto
395-445
335-385
370-420
310-360
370-420
310-360
395-445
335-385

395-445
335-385
395-445
335-385
395-445
335-385
395-445
335-385
370-420
......
395-445
......
395-445
......
395-445
335-385
370-420
......
370-420
......
370-420
310-360
370-420
......
200-250
170-220
170-220
200-250
200-250
200-250
200-250
200-250
170-220
200-250
200-250
200-250
170-220
170-220
......
......
200-230
170-200
170-200
200-230
200-230
200-230
200-230
200-230
170-200
200-230
200-230
200-230
170-200
......
......
......
215-245
195-225
195-225
215-245
215-245
215-245
215-245
215-245
195-225
......
215-245
215-245
......
195-225
......
......
275-300
245-270
245-270
275-300
275-300
275-300
275-300
275-300
245-270
275-300
275-300
275-300
245-270
245-270
245-270
245-270
Monel and Inconel are registered trademarks of Huntington Alloys Corp.
SCRAP
Scrap Prices Today
Estimated buying prices

(carload lots, delivered buyers' works)
In /lb except as otherwise noted.
BRASS MILL SCRAP
No. 1 copper
244.00*
REFINERS' COPPER SCRAP
No. 1 copper
238.00*
No. 2 copper
219.00*
BRASS INGOT MAKERS' SCRAP
(rev. 11/17/16)
Copper
No. 1 bare bright
242.00-245.00*
No. 1
236.00-239.00*
No. 2
214.00-217.00*
Light copper
208.00-212.00*
No. 1 comp. solids (rev. 11/16/16)
175.00-179.00
Comp., borings, turnings

(rev. 11/16/16)
Radiators (rev. 11/16/16)
Yellow brass solids (rev. 11/16/16)
155.00-158.00
143.00-145.00
* Nominal for spot sales.
172.00-174.00
SMELTERS' LEAD SCRAP

Buying prices heavy soft lead (cwt), including delivery
to smelter
(rev. 11/15/16)
Scrap lead
$75.00-$78.00
Remelt lead
$78.00-$80.00
Whole batteries
$33.00-$35.00
Cable lead
$80.00-$83.00
SMELTERS' ZINC SCRAP
(rev. 11/15/16)
New zinc clippings
71.00-74.00
Old zinc (clean)
55.00-58.00
Galvanizers' dross
63.00-66.00
SECONDARY SMELTERS'
ALUMINUM SCRAP
Buying prices delivered to Midwest smelters in full
truckloads containing several grades
(rev. 11/17/16)
Mixed low copper clips
57.00-60.00
Mixed high copper clips
55.00-58.00
Mixed high zinc clips
51.00-54.00
1-1-3 sows
58.00-60.00
Siding, painted
55.00-58.00
Mixed clips
54.00-56.00
Old sheet
54.00-56.00
Old cast
56.00-58.00
Turnings, clean and dry

High grade
54.00-56.00
Mixed grade (max. 5% Zn)
50.00-52.00
Aluminum-copper radiators
109.00-114.00
Nonferrous auto shred (90%
58.00-60.00
alum.) *
* Unmixed full truckload, "twitch" grade
DOMESTIC ALUMINUM PRODUCERS
Buying prices for processed used aluminum cans in
carload lots, f.o.b. shipping point
(rev. 11/17/16)
Used beverage can scrap
66.00-68.00
MILLS, SPECIALTY CONSUMERS' BUYING PRICES
(rev. 11/17/16)
Segregated low copper alloy clips
5052
73.00-76.00
3105
65.00-68.00
Mixed low copper alloy clips
62.00-64.00
Painted siding
60.00-62.00
Nonferrous scrap price changes were made for

these cities: None
American
Metal
Market
Click here for
pricing online
To become a price contributor see

Metal Exchanges page.
NOVEMBER 18, 2016
AMM PAGE 16
AMM SCRAP IRON AND STEEL PRICES

NOTICE
NOTICE
AMM proposes discontinuing its consumer price assessment

in Youngstown, which has merged into the Cleveland buying
price, effective March 1, 2017. If you have any questions or
comments, please contact lgordon@amm.com.
AMM proposes listing consumer buying prices for

ferrous scrap in Mexicos Bajio region every Wednesday
beginning Dec. 7, 2016. If you have any questions about
this proposed change, please e-mail tschier@amm.com.
Scrap Prices Today

Ferrous scrap price changes were made for these cities: None
CONSUMER BUYING PRICES
Estimated domestic consumer buying prices in US$/gross ton; delivered mill price. (a) Appraisal price NA--Not available
Canadian currency; in net tons
Alabama
Chicago
Cincinnati
Cleveland
11/08/16
11/08/16
11/08/16
11/07/16
11/07/16
11/07/16
11/08/16
11/07/16
11/07/16
11/08/16
11/08/16
11/08/16
......
195
205
205
210
203
206
203
191
225
203
203(a)
172
207.00
No. 2 heavy melt
185
......
190
......
......
......
......
......
......
......
......
......
......
No. 1 bundles
207
225
240
230
242
216
......
220
222
......
......
253
......
No. 2 bundles *
......
155
160
......
......
......
......
121
102
......
82(a)
......
......
No. 1 busheling
225
235
235
230
240
221
223
220(a)
237
223
240(a)
239
237.33
No. 1 industrial bundles
......
......
......
......
......
......
......
......
242
......
......
......
......
Shredded auto scrap
220
228
228
235
240
220
225
221
241
225
240(a)
193
227.50
80
130
155
125
83
138
100
155
105
100
......
......
......
Cast iron borings
......
......
132(a)
......
......
......
......
......
95
......
......
......
......
Cut structural/plate, 2' max
......
......
314(a)
......
......
......
......
290(a)
......
......
......
......
......
Cut structural/plate, 3' max.
230
......
......
......
......
......
......
225
257
......
......
......
......
205
230
228
220
225
220
215
201
246
215
225(a)
191
......
Foundry steel, 2' max.
......
......
219
......
177
235
......
265(a)
180
......
185(a)
......
......
DATE REVIEWED:
NO. 1 HEAVY MELT
MACHINE SHOP TURNINGS
Cupola cast
CLEAN AUTO CAST
N. Carolina/
Detroit
Virginia Philadelphia
Ark/Tenn
Border
Pittsburgh
South
Carolina Youngstown
Hamilton,
Ontario Composites
......
......
259
......
100
285(a)
......
180(a)
213
......
......
......
......
......
......
294
......
255
315(a)
......
218(a)
262
......
......
......
......
Unstripped motor blocks
......
......
214
......
285
......
......
180(a)
335
......
......
......
......
Heavy breakable cast
......
......
204
......
85
......
......
123(a)
173
......
......
......
......
Drop broken machinery cast
......
......
274
......
213
......
......
228(a)
......
......
......
......
......
Rail crops, 2' max.
......
......
244(a)
......
348
......
......
230(a)
325
......
......
......
......
Random rails
......
......
214(a)
......
......
......
......
170(a)
245
......
......
......
......
Steel car wheels
......
......
235
......
260
......
......
......
......
......
......
......
......
Rerolling rails
......
......
252(a)
......
......
......
......
......
......
......
......
......
......
......
......
205
......
200
200
......
......
165
......
......
......
......
STEEL (TIN) CAN BUNDLES
* Shredders may also be considered consumers for this grade
AMM INDEXES
DEALER SELLING PRICES
Ferrous Scrap Export Index ($/tonne, evaluated 11/16/16)
Estimated prices in US$/gross ton, shipping point dealer yard

Atlanta
Buffalo
Houston
11/07/16
11/07/16
11/07/16
Canadian currency; in net tons

St. Louis
Montreal
HMS 1&2 (80:20) East Coast (f.o.b. New York)
260.50
DATE REVIEWED:
HMS 1&2 (80:20) West Coast (f.o.b. Los Angeles)
242.00
No. 1 heavy melt
168
163
144
172
155
Shredded Steel Scrap, East coast (f.o.b New York)
265.50
No. 1 bundles
......
......
......
195
......
Midwest Ferrous Scrap Index ($/gross ton, evaluated 11/10/16)
11/08/16
11/08/16
No. 1 busheling
185
218
167
200
175
208.13
Shredded auto scrap
183
215
160
200
280(a)
No. 1 busheling
229.89
Machine Shop Turnings
Shredded steel scrap
225.86
No. 1 heavy melt
MB Iron Ore Index ($/tonne, evaluated 11/17/16)

MBIO Index
73.55
88
83
67
105
120
178
192
169
180
165
EXPORT YARD BUYING PRICES
CONSUMER BUYING PRICE TREND
Estimated prices an export dealer, broker or processor will pay for items delivered to his yard, in US$/gross ton.
Boston
L.A.
N.Y.
Philly
Estimated trends in US$/gross ton, from prior month
DATE REVIEWED:
11/15/16
11/01/16
11/15/16
11/15/16
10/03/16
No. 1 heavy melt
155
110
185
190
90
90
80
65
155
135
55
......
No. 1 busheling
......
120
......
......
105
......
Machine shop turnings
......
40
120
......
40
30
Mixed cast
145
......
195
190
......
......
Unstripped motor blocks
150
95
200
185
100
65
95
65
155
155
50
75
160
120
195
195
100
100
Houston Seattle/Portland
DATE REVIEWED:
11/07/16
11/07/16
No. 1 heavy melt
30
30(a)
No. 1 busheling
30
......
Shredded auto scrap
30
30(a)
Machine shop turnings
20
30(a)
Cut structural/plate, 5' max
30
30(a)
No. 2 bundles
Auto bodies
To become a price contributor see Metal Exchanges page.
Cut structural/plate 5' max.
S.F. Seattle/Portland
10/03/16
NOVEMBER 18, 2016
AMM PAGE 17
AMM STAINLESS STEEL SCRAP PRICES

DEALER BUYING PRICES

DATE REVIEWED:
Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
L.A.
N.Y.
Pburgh
S.F.
Southeast
Montreal
11/15/16
11/15/16
11/15/16
11/15/16
11/15/16
11/15/16
11/15/16
11/15/16
11/15/16
11/15/16
11/15/16
11/15/16
47-50
40-44
37-55
42-55
35-40
47-48
42-45
35-46
35-50
77-82
56-63
DEALERS' BUYING PRICES (/lb.) Canadian currency

316 solids, clips
34-36
37-38
304 solids, clips
28-30
33-34
31-35
30-32
32-41
30-40
25-30
31-32
32-35
25-30
25-35
304 turnings
22-24
16-17
25-28
22-27
20-35
27-35
15-20
21-22
25-30
15-20
15-30
39-55
304 new clips (prompt industrial scrap)
......
33-34
31-35
30-32
32-41
......
25-30
31-32
32-35
25-30
25-35
56-63
3-5
......
8-9
5-6
3-9
......
......
4-5
5-6
......
5-9
......
829-851
1,053-1,120
896-986
829-1,232
941-1,232
784-896
1,053-1,075
941-1,008
784-1,030
784-1,120
1,725-1,837
1,254-1,411
DEALERS' BUYING PRICES (US$/gross ton) Canadian currency

316 solids, clips
762-806
304 solids, clips
627-672
739-762
694-784
672-717
717-918
672-896
560-672
694-717
717-784
560-672
560-784
304 turnings
493-538
358-381
560-627
493-605
448-784
605-784
336-448
470-493
560-672
336-448
336-672
874-1,232
......
739-762
694-784
672-717
717-918
......
560-672
694-717
717-784
560-672
560-784
1,254-1,411
67-112
......
179-202
112-134
67-202
......
......
90-112
112-134
......
112-202
......
BROKER/PROCESSOR BUYING PRICES

Chicago
Cleveland
Detroit
Houston
N.Y.
Pburgh
Southeast
11/15/16
11/15/16
11/15/16
11/15/16
11/15/16
11/15/16
11/15/16
316 solids, clips
62.5-66.5
63-65
63-65
64-67
64-65
63-65
64-67
304 solids, clips
47-51
47-50
48.5-50
50-51
48-50
49-51
50-52
304 turnings
41-45
40-44
42-44
42-46
41-42
40-44
42-44
430 bundles, solids
13-17
......
14-18
13-18
......
13-17
13-18
430 turnings
7-13.5
......
......
......
......
7-13
7-13
10.5-15
......
11-16
11-14
......
11-13
11-16
6-10.5
......
8-10
......
......
6-10
6-10
316 solids, clips
1,400-1,490
1,411-1,456
1,411-1,456
1,434-1,501
1,434-1,456
1,411-1,456
1,434-1,501
304 solids, clips
1,053-1,142
1,053-1,120
1,086-1,120
1,120-1,142
1,075-1,120
1,098-1,142
1,120-1,165
918-1,008
896-986
941-986
941-1,030
918-941
896-986
941-986
291-381
......
314-403
291-403
......
291-381
291-403
430 turnings
157-302
......
......
......
......
157-291
157-291
409 bundles, solids
235-336
......
246-358
246-314
......
246-291
246-358
409 turnings
134-235
......
179-224
......
......
134-224
134-224
DATE REVIEWED:
BROKER/PROCESSOR BUYING PRICES (/lb.)
409 bundles, solids

409 turnings
BROKER/PROCESSOR BUYING PRICES (US$/gross ton)
304 turnings
430 bundles, solids
CONSUMER BUYING PRICES
EXPORT YARD BUYING PRICES

Pittsburgh
DATE REVIEWED:
11/10/16
CONSUMER BUYING PRICES (/lb.)
Estimated prices an export dealer, broker or processor will pay for items delivered to his yard, in US$/gross ton.
Boston
L.A.
N.Y.
Philly
S.F.
11/15/16
11/15/16
11/15/16
11/15/16
11/15/16
304 solids, clips
......
38-40.2
49-50
49-50
38-40.2
304 turnings
......
20-21.2
31-32
31-32
20-21.2
11-12
8.9-10
10-11
10-11
8.9-10
......
851-900
1,098-1,120
1,098-1,120
851-900
......
448-475
694-717
694-717
448-475
246-269
199-224
224-246
224-246
199-224
DATE REVIEWED:
STAINLESS STEEL SCRAP PRICES (/lb.)
316 solids, clips
67-69
304 solids, clips
50-51
304 turnings
42.5-46
430 bundles, solids
19.2-20.3
409 bundles, solids
15.2-16.3
CONSUMER BUYING PRICES (US$/gross ton)

316 solids, clips
1,501-1,546
304 solids, clips
1,120-1,142
304 turnings
952-1,030
430 bundles, solids
430-455
409 bundles, solids
340-365
430 bundles, solids

STAINLESS STEEL SCRAP PRICES (US$/gross ton)
304 solids, clips
304 turnings
430 bundles, solids
(a) Appraisal price
Scrap Prices Today

Stainless steel scrap price changes were made for these cities: None
To become a price contributor see Metal Exchanges page.
NOVEMBER 18, 2016
AMM PAGE 18
METAL EXCHANGES
LONDON METAL EXCHANGE
NEW YORK FUTURES
Settlement price (*) is the same as the first-session cash asking price. Prices in US$/tonne.
Stocks represent total tonnes in LME warehouses at the end of the preceding day.
11/17/16
Bid
Ask
(in China yuan/tonne)
COMEX COPPER
(prices effective 11/17/16)
(/pound)
11/16/16
Bid
SHANGHAI FUTURES EXCHANGE
Comex, high grade, electrolytic cathode
Ask
ALUMINUM -- HIGH GRADE
Settlement (eff. 11/17/16)
1st session
Spot (Nov)
248.75
Cash
1,692.00
1,692.50*
1,718.50
1,719.00*
Dec
249.10
3 months
1,684.00
1,685.00
1,709.50
1,710.00
Mar
250.20
Stocks
2,163,500
Stocks
2,160,100
May
250.80
ALUMINUM -- ALLOY (380-1, DIN 226, ADC 12)
Opening stocks, short tons
1st session
Cash
1,525.00
1,535.00*
1,525.00
1,535.00*
3 months
1,540.00
1,550.00
1,540.00
1,550.00
Stocks
13,680
Stocks
13,680
ALUMINUM-ALLOY (North American Special)

1st session
Cash
3 months
1,705.00
1,706.00*
1,711.00
1,713.00*
1,715.00
1,720.00
1,720.00
1,721.00
Stocks
82,420
Stocks
80,420
74,896
COMEX GOLD
(US$/troy ounce)
Comex settlement (99.5%, eff. 11/17/16)

Nov
$1,216.50
Dec
$1,216.90
Feb
$1,219.60
Apr
$1,222.40
COMEX SILVER
(/troy ounce)
COBALT
Comex settlement (99.5%, eff. 11/17/16)
1st session
Cash
29,250.00
29,750.00*
29,250.00
29,500.00*
Nov
1,676.10
3 months
29,250.00
29,750.00
29,000.00
29,500.00
Dec
1,677.20
Stocks
590
Stocks
590
Jan
1,680.70
COPPER -- GRADE A
Mar
1,687.50
1st session
PLATINUM AND PALLADIUM
Cash
5,425.00
5,426.00
5,457.00
5,459.00
3 months
5,435.00
5,435.50*
5,461.00
5,462.00*
Stocks
257,875
Stocks
255,600
LEAD
1st session
Cash
3 months
2,141.00
2,155.00
Stocks
2,142.00*
2,156.00
188,075
2,186.00
2,197.00
Stocks
2,186.50*
2,199.00
(US$/troy ounce)
(Nymex settlement prices, eff. 11/17/16)
Platinum (99.95%), Jan
$945.10
Platinum (99.95%), Apr
$948.10
Palladium (99.95%), Dec
$729.65
Palladium (99.95%), Mar
$729.60
NATURAL GAS
188,100
(/mmBtu)
MOLYBDENUM
1st session
Cash
14,750.00
15,250.00*
14,750.00
15,250.00*
3 months
14,750.00
15,250.00
14,750.00
15,250.00
Stocks
Stocks
Henry Hub, Dec
$270.30
HOT-ROLLED COIL
(US$/short ton)
NICKEL
1st session
Cash
11,235.00
11,240.00*
11,200.00
11,205.00*
3 months
11,290.00
11,300.00
11,250.00
11,275.00
Stocks
365,874
Stocks
365,826
STEEL BILLET
Nov
$494.00
Dec
$545.00
Jan
$570.00
Feb
$575.00
MIDWEST NO. 1 BUSHELING FERROUS SCRAP
1st session
Cash
300.00
325.00*
300.00
325.00*
3 months
300.00
325.00
300.00
325.00
Stocks
Stocks
TIN
1st session
Cash
20,315.00
20,335.00*
20,295.00
20,305.00*
3 months
20,200.00
20,250.00
20,050.00
20,055.00
Stocks
3,190
Stocks
3,150
ZINC -- SPECIAL HIGH GRADE

1st session
Cash
2,493.50
2,494.00*
2,555.50
2,556.00*
3 months
2,514.00
2,515.00
2,575.00
2,577.00
Stocks
445,600
Stocks
445,975
NOVEMBER 18, 2016
(US$/gross ton)
Dec
$255.00
Jan
$265.00
Feb
$265.00
Mar
$265.00
TO BECOME A PRICE CONTRIBUTOR

AMM invites you to become a pricing/assessment contributor. Please send your name,
company, contact details and metals/categories of interest to the Editor-in-Chief, Bristol
Voss, at bristol.voss@amm.com. An AMM metals specialist in your category will follow
up by phone or e-mail to establish the details of how and how frequently you would
be willing to provide input. AMM reports on more than 1,200 proprietary steel, scrap,
ferrous and nonferrous categories.
Aluminum
Copper
Lead
Zinc
13,785
43,650
17,890
20,595
EXCHANGE RATES
Selling prices in US dollars at 11:00 am in NY, based on
Reuters quotes.
$ per
per $
Euro
1.0653
0.9387
Canada (dollar)
0.7444
1.3434
Japan (yen)
0.009120
109.6450
Britain (pound)
1.2446
0.8035
China (yuan)
0.1454
6.8783
Mexico (peso)
0.0495
20.1820
Russia (Ruble)
0.0155
64.4975
Switzerland (franc)
0.9950
1.0051
Australia (dollar)
0.7455
1.3414
South Africa (Rand)
0.0699
14.3100
DISCLAIMER
Important Please Read Carefully
This Disclaimer is in addition to our Terms and
Conditions as available on our website (click here)
and shall not supersede or otherwise affect these
Terms and Conditions.
Prices and other information contained in this
publication have been obtained by us from various
sources believed to be reliable. This information has
not been independently verified by us. Those prices
and price indices that are evaluated or calculated
by us represent an approximate evaluation of
current levels based upon dealings (if any) that
may have been disclosed prior to publication to us.
Such prices are collated through regular contact
with producers, traders, dealers, brokers 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.
Evaluations or calculations of prices and
price indices by us are based upon certain market
assumptions and evaluation methodologies, and
may not conform to prices or information available
from third parties. There may be errors or defects
in such assumptions or methodologies that cause
resultant evaluations to be inappropriate for
use. Your use or reliance on any prices or other
information published by us is at your sole risk.
Neither we nor any of our providers of information
make any representations or warranties, express
or implied as to the accuracy, completeness or
reliability of any advice, opinion, statement or
other information forming any part of the published
information or its fitness or suitability for a
particular purpose or use. Neither we, nor any of
our officers, employees or representatives shall
be liable to any person for any losses or damages
incurred, suffered or arising as a result of use
or reliance on the prices or other information
contained in this publication, howsoever arising,
including but not limited to any direct, indirect,
consequential, punitive, incidental, special or
similar damage, losses or expenses.
We are not an investment advisor, a financial
advisor or a securities broker. The information
published has been prepared solely for
informational and educational purposes and is not
intended for trading purposes or to address your
particular requirements. The information provided
is not an offer to buy or sell or a solicitation of
an offer to buy or sell any security, commodity,
financial product, instrument or other investment
or to participate in any particular trading strategy.
Such information is intended to be available for
your general information and is not intended to
be relied upon by users in making (or refraining
from making) any specific investment or other
decisions. Your investment actions should be solely
based upon your own decisions and research and
appropriate independent advice should be obtained
from a suitably qualified independent advisor before
making any such decision.
AMM PAGE 19
AMM MARKET GUIDE

PRECIOUS METALS
(all precious metal prices effective 11/17/16)
GOLD
(US$/troy ounce)
London A.M.
$1,232.00
London P.M.
$1,226.75
Handy and Harman (bullion base)

Handy and Harman (fabricated form)
$1,226.75
$1,361.693
Engelhard (bullion base)
$1,227.73
Engelhard (fabricated form)
$1,319.81
IRIDIUM
(US$/troy ounce)
Johnson Matthey
$675.00
PLATINUM
(US$/troy ounce)
Engelhard (unfab.)
$937.00
Engelhard (fab.)
$1,037.00
Johnson Matthey
$941.00
PALLADIUM
(US$/troy ounce)
Engelhard (unfab.)
$722.00
Engelhard (fab.)
$822.00
Johnson Matthey
$719.00
RUTHENIUM
(US$/troy ounce)
Johnson Matthey
$40.00
RHODIUM
(US$/troy ounce)
Johnson Matthey
$795.00
SILVER
(/troy ounce)
Engelhard (bullion base)
1,700.00
Engelhard (fabricated form)
2,040.00
Handy and Harman (bullion base)
1,694.50
Handy and Harman (fabricated form)
2,118.10
Heraeus Precious Metals
1,696.50
Metalor USA Refining
1,689.00
LBMA
1,704.00
FOOTNOTE
* Price is sourced from U.S. Department of Commerce

data compiled by the U.S. Geological Survey.
BASE METALS
MINOR METALS
ALUMINUM
LME(99.7%) unofficial prices
76.79
Spot(/lb)
3-month (/lb)
76.48
Midwest Premium (rev. 11/16/16)
7.50-7.75
AMM Free Market, /lb
84.28-84.53
6063 extrusion billet upcharge
9.50-10.50
Domestic producer estimated prices ($/lb)
C355.2
1.08
A356.2
1.03
6061 (extrusion hom.)
0.84-0.85
6063 (extrusion hom.)
0.92-0.93
SECONDARY ALUMINUM
AMM Free Market, /lb, delivered Midwest (rev. 11/17/16)
A380.1
82.00-83.00
319.1
86.00-88.00
356.1
90.00-92.00
A360.1
89.00-90.00
A413.1
88.00-90.00
COPPER
Premium (rev. 11/17/16)
5.25-5.75
AMM free market cathode, /lb
254.00-254.50
LEAD
9.00-13.00
AMM free market price, /lb
106.10-110.10
MB battery premium, /tonne
90.00-120.00
NICKEL
Melting material
15.00-20.00
524.52-529.52
Plating material
47.76-52.39
557.28-561.91
TIN
Grade A premium (US$/tonne)
(rev. 11/10/16)
$550.00-$600.00
AMM free market price
$20,865.00-$20,915.00
US$/tonne
/lb
946.43-948.70
ZINC
Special high grade premium
(rev. 11/10/16)
6.00-7.00
119.08-120.08
SHG average week ending
119.03
11/11/16
ZINC - DIE CASTING ALLOYS
(rev. 11/17/16)
Premium
Price, /lb
Nos. 3 and 7
17.00-19.00 130.08-132.08
No. 5
19.00-21.00 132.08-134.08
No. 2
21.00-23.00 134.08-136.08
Zinc-aluminum foundry alloys
No. 8
20.00-22.00 133.08-135.08
No. 12
22.00-24.00 135.08-137.08
No. 27
27.00-29.00 140.08-142.08
ANTIMONY
(rev. 11/16/16)
MB free market, US$/tonne
$7,300.00-$7,500.00
BISMUTH
(rev. 11/16/16)
MB free market, US$/lb
$4.45-$4.75
CADMIUM
(rev. 11/16/16)
MB free market
min 99.95%, /lb in warehouse
63.00-69.00
min 99.99%, /lb in warehouse
66.00-75.00
CHROMIUM METAL
(rev. 11/11/16)
MB free market, US$/tonne
$7,100.00-$7,500.00
COBALT
(rev. 11/16/16)
MB free market
High grade, US$/lb in warehouse
$13.50-$14.15
Low grade, US$/lb in warehouse
$13.20-$13.75
GERMANIUM
(rev. 11/16/16)
MB free market, US$/kg
$610.00-$710.00
INDIUM
(rev. 11/16/16)
MB free market, US$/kg
$195.00-$240.00
MAGNESIUM
MB Europe free market, US$/tonne
(rev. 11/11/16)
$2,350.00-$2,510.00
AMM free market (US), US$/lb
(rev. 11/17/16)
$1.93-$1.95
MERCURY
(rev. 11/11/16)
MB free market, US$/flask
$940.00-$1,250.00
SELENIUM
(rev. 11/16/16)
MB free market, US$/lb
$8.00-$9.50
SILICON METAL
(rev. 11/09/16)
AMM free market, /lb
90.00-95.00
TITANIUM
Estimated market prices in US$/lb, f.o.b. shipping point.
Sponge, imported for consumption, including tariff
Japan, rotor quality (rev. 11/01/16) *
$4.38
Ingot, 6AI-4V (rev. 11/01/16)
$8.00-$8.25
Plate, alloy, AMS 4911
1/2 inch x 48-in x 120-in
(rev. 11/01/16)
$25.00-$26.00
Bar, alloy, AMS 4928
1-in. dia. round
(rev. 11/01/16)
$19.00-$21.00
Plate, commercially pure,
ASTM-B265 Grade 2,
1/2-in x 96-in x 240-in
(rev. 11/01/16)
$10.75-$11.25
Sheet, commercially pure,
ASTM-B265 Grade 2,
1/8-in x 36-in x 96 in
(rev. 11/01/16)
$13.50-$14.00
FERROALLOYS
FERROCHROME
(rev. 11/17/16)
High carbon
100.00-107.00
Low carbon
0.05%C-65% min Cr
206.00-210.00
0.10%C-62% min Cr
177.00-183.00
0.15%C-60% min Cr
174.00-176.00
FERROMANGANESE
(rev. 11/17/16)
High carbon
AMM free market, US$/long ton $1,050.00-$1,125.00
Medium carbon
85.00-87.00
Low carbon
93.00-96.00
SILICOMANGANESE
(rev. 11/17/16)
52.00-56.00
FERROSILICON
(rev. 11/17/16)
73.00-76.00
MOLYBDENUM
(rev. 11/17/16)
AMM free market
Canned molybdic oxide, US$/lb
$6.80-$7.00
FERROMOLYBDENUM
(rev. 11/17/16)
AMM free market, US$/lb
$8.00-$8.50
TUNGSTEN
(rev. 11/11/16)
MB free market, APT, US$/mtu
$198.00-$203.00
VANADIUM PENTOXIDE
(rev. 11/11/16)
MB free market,
min 98% V2O5, US$/lb
$4.65-$4.85
FERROVANADIUM
(rev. 11/17/16)
AMM free market, US$/lb
$10.90-$11.50
To become a price contributor

see Metal Exchanges page
MANAGING DIRECTOR
Raju Daswani (646) 274-6257
rdaswani@amm.com
EDITORS
Jo Isenberg-OLoughlin executive editor
(646) 274-6230 jisenberg@amm.com
Thorsten Schier North American steel and
ferrous scrap editor
(646) 274-6240 tschier@amm.com
Tom Jennemann North American nonferrous and
nonferrous scrap editor
(973) 204-3383 tom.jennemann@fastmarkets.com
NEWS TEAM
Lisa Gordon correspondent, scrap
(412) 880-4992 lgordon@amm.com
Michael Cowden correspondent, steel
(773) 643-1244 mcowden@amm.com
Nat Rudarakanchana pricing reporter
(212) 224-3944 nat.rudy@amm.com
Brad MacAulay reporter, nonferrous scrap
(412) 765-2585 brad.macaulay@amm.com
Grace Lavigne pricing reporter
(212) 224-3908 grace.lavigne@amm.com
Kirk Maltais reporter, aluminum
(212) 224-3907 kirk.maltais@amm.com
NOVEMBER 18, 2016
James Lawrence reporter, scrap

(724) 935-6235 james.lawrence@amm.com
Mei Ling Toh reporter
(646) 274-6246 mei.toh@amm.com
Christopher Kavanagh reporter, scrap
(212) 224-3918 christopher.kavanagh@amm.com
Millicent Dent reporter
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FRIDAY, NOVEMBER 18, 2016 / VOLUME 124 / NUMBER 46-5 / ESTABLISHED 1882

CHICAGO Big River Steel LLC is

Credit: American Metal Market

Big River Steel buying scrap

Just the beginning. Big River Steel,

December (amm.com, Nov. 14).

Copper deals competitive as oversupply looms

down about 0.5 cents per pound

plant in Carrollton, Ga., and 5 to 6

China scrap demand to

Pace of US rebar price

Ban on Chinese ownership

Demand for alternative iron units

U.S. reinforcing bar prices have

Chinese state-owned enterprises

METAL IS OUR SPECIALTY,

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

NUMBER OF THE DAY

Funding for state and local

Big River buying scrap

likely will be DRI or HBI, he added.

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

of deals done (on a contractual

Credit: Cliff Natural Resources Inc.

CHICAGO Demand for

size of Chinas, which accounts

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

for late this year and early 2017,

CHICAGO Nucor Corp. has

NEW YORK Prices for imported

interest in purchasing could

trader said. Even with U.S. mills

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

about $493.9 million.

to acquire SLM), we began

technologies at its Niskayuna

Enjoy your complimentary copy of "Enterprise

What questions should a metals company be asking

Access the webinar presentation on demand now.

NOVEMBER 18, 2016

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Ohio tops metal

providing enough information

interested in having the corporate

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

NEW YORK Business is booming

Credit: MetALLsource LLC

Meadville Forging offshoot serves up supply-chain smarts to go

indirect spend to such an extent

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Join Severstal, Metal Bulletin

Severstal is one such leading company, and has

Insights on how metals giant Severstal

Midwest premium climbs despite drop in demand

quarter; this means they arent

MIDWEST ALUMINUM PREMIUM

NOVEMBER 18, 2016

tonne (76.4 cents per pound)

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

NOVEMBER 18, 2016

NAPLES, Fla. The U.S. copper

major supplier that has seen its

AMM Free Market

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IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT