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TUESDAY, NOVEMBER 22, 2016 / VOLUME 124 / NUMBER 47-2 / ESTABLISHED 1882

Trump looks to Steel to forge

international trade policy
CHICAGO Steel industry
veterans are poised to play a big
role in shaping trade policy under
the administration of Presidentelect Donald Trump, according to
Trumps transition team.
A Trump administration also
will take a hard line on China, a
Nov. 21 announcement indicated.
Thats because Trumps
landing team for the Office of the
U.S. Trade Representative (USTR)
includes Daniel R. DiMicco and
Robert Lighthizer.
DiMicco, former chief executive
officer of Charlotte, N.C.-based
Nucor Corp., confirmed to AMM
earlier this monththat he was

Movers and shapers. Steel industry

insiders Daniel DiMicco, Wilbur Ross
and trade lawyer Robert Lighthizer are
expected to wield a strong influence
on U.S. trade policy going forward.

involved in transition efforts for

the USTR (amm.com, Nov. 10). He
was also among the loudest voices
criticizing China on currency,
trade policy and overcapacity in
its steel sector during his tenure at
Nucor (amm.com, July 1, 2013).
Lighthizer is a partner at New
York-based law firm Skadden,
Arps, Slate, Meagher & Flom LLP
and specializes in international
trade issues, according to the
firms website. He has also lobbied
for Pittsburgh-based U.S. Steel
Corp. (amm.com, Sept. 13, 2009)
and represented the company in a
trade petition targeting oil country
tubular goods from
PAGE 2

Manganese alloy rally seen driving more gains

NEW YORK U.S. manganese
alloy priceshave continued their
precipitous rise amid tighter
domestic supply and elevated
replacement costs due to higherpriced raw materials.
Market participants view
these price gains as only the
beginning of a sustained run in
the U.S. manganese alloy market
amid dwindling inventories and
continued higher prices overseas.

Manganese alloys have been

running and they have a lot
further to run, one supplier
source told AMM, noting that
he had already begun to elevate
offers above the current range due
to the higher prices achieved in
Europe late last week.
According to AMMs latest
assessment, U.S. high-carbon
ferromanganese prices jumped
to a nearly 31-month high of

$1,050 to $1,125 per gross ton

Nov. 17 (amm.com, Nov. 18), last
exceeding this level April 30, 2014,
when prices were at $1,075 to
$1,105 per ton. Likewise, U.S.
silicomanganese spot prices have
undergone a similar rise,reaching
a 19-month high of 52 to 56 cents
per pound. The two products have
increased 26.4 percent and22.7
percent, respectively,since the
start of November.
PAGE 2

Big River Steel owned by

Infrastructure push said on Shredders see hope in
wealthy investors: Stickler docket for first 100 days
nonferrous, auto marts
Big River Steel LLCs ownership
structure includes billionaires, a
former presidential candidate and
one of the world's largest private
equity funds, according to the
company's top executive.

PAGE 3

President-elect Donald Trumps

administration could push for
a major legislative package on
infrastructure within its first
100 days, according to one
construction analyst, citing
conversations with a senior
economic adviser to Trump. PAGE 3

Shredder operators are focused on

recovering nonferrous metals and
paying attention to automotive
suppliers as a way to maintain
profitability.

METAL IS OUR SPECIALTY,

SERVICE IS OUR STRENGTH

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

PAGE 10

WWW.AMM.COM

STEEL
Trump to boost trade enforcement,
HSS demand
PAGE 4
Steel plate market up $50/T
after mill hikes
PAGE 5

SUPPLY CHAIN
Alpha targets 17 met coal sales
of over 6M tons
PAGE 6

NONFERROUS
Zhongwang ruling seen opening
extruders business
PAGE 8
Copper surplus surges to
154,000T in Aug: ICSG PAGE 8
Aluminum demand up for sixth
year in a row
PAGE 8
Teck to buy rest of AQM Copper
for $18.6M
PAGE 9
Codelco cuts premium for Japan,
South Korea, Taiwan
PAGE 9
Copper prices to trend
downward: Barclays
PAGE 9

SCRAP
Shredders see hope in
nonferrous, auto marts PAGE 10
Former Deere employee admits
guilt in scrap scheme PAGE 10
Appliance Recycling Centers
moves into black
PAGE 11

NUMBER OF THE DAY

300,000

Potential minimum sales increase,

in pounds, of bright-dipped metal
for shower door applications that
U.S. aluminum extruders could
see as a result of Commerces
preliminary anti-circumvention
ruling against China Zhongwang
Holdings.
PAGE 8

www.rsac.com

NEWS

Trump looks to Steel

to forge international
trade policy
CONTINUED FROM PAGE 1

Credit: Skadden, Arps, Slate, Meagher & Flom LLP

China (amm.com, May 3, 2009).

The U.S. Trade Representative, a
cabinet member, is the presidents
chief negotiator, adviser and
spokesman on trade issues. It is
not uncommon for people leading

Robert Lighthizer
important transition teams to be
chosen for key positions.
Also on the trade front, heading
the U.S. Commerce Department
landing team is Ray Washburne
of Dallas-based investment firm
Charter Holdings. Washburne was
also vice chairman of the Trump
Victory Committee, a fundraising
group, according to media reports.
The position of Commerce
secretary has in past
administrations been reserved for
top fundraisers, sources said.

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circulating to a distribution list,
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intranet, viewing using anothers
access credentials, etc. is infringing
and invites severe financial
penalties.
NOVEMBER 22, 2016

Trumps transition team has in

addition held a great discussion
with financier Wilbur Ross about
negotiating the best foreign deals,
American manufacturing and job
creation, the team said Nov. 20 .
Ross had cobbled together
former steel behemoths LTV Steel
Corp. and Bethlehem Steel Corp.
into International Steel Group
Inc., which was subsequently
purchased by what is now the
worlds largest steelmaker,
Luxembourg-based ArcelorMittal
SA (amm.com, April 13).
Ross is a contender to be the next
Commerce secretary, according to
media reports.
Chinas excess steelmaking
capacity, much of it subsidized
by the Chinese government, has
resulted in a flood of exports that
threatens steelmakers in the
United States, Roger Schagrin,
president of Washington-based
law firm Schagrin Associates, told
attendees at AMMs 10th Steel
Scrap Conference and fourth
DRI and Mini-mills Conference
in Chicago last week. Trumps
administration will probably
make trade with China a priority
given Trumps statements as well
as those of his advisers on trade
policy, Schagrin said.
They will take some pretty
strong actions in the next year to
do something about subsidized
competition from China, he said.
MICHAEL COWDEN
MCOWDEN@AMM.COM

PRICING AT A GLANCE
NYMEX
Copper
Hot-rolled coil
Gold
Platinum
Silver

251.25
$510.00
$1,209.60
$936.50
1,651.20

LME
Aluminum

$1,726.00

Copper

$5,535.50

Lead

$2,170.00

Nickel

$11,155.00

Zinc

$2,565.00

Manganese alloy
rally seen driving
more gains
CONTINUED FROM PAGE 1
European high-carbon
ferromanganese prices rose
to 1,100 to 1,250 ($1,167 to
$1,327) per tonne Nov. 18, up 11.9
percent from 1,000 to 1,100
previously, according to AMM sister
publication Metal Bulletins latest
assessment.
Similarly, European
silicomanganese priceshave
gained 15.4 percent to 1,050 to
1,200 ($1,114 to $1,274) per tonne
Nov. 18, up from 950 to 1,000
previously, according to Metal
Bulletin.
Prices took another big step
forward in Europe at the end of the
week, so moving forward I think
that higher numbers are certainly
justifiable in the U.S., the supplier
source noted.
Another supplier source took
a similar position, noting that
supply options were limited in the
United States at this point. Prices
are running up higher again in
Europe, and it is actually tighter in
the U.S. than it is there, a second
supplier source said. It is only a
matter of time before prices jump
again in the U.S.
U.S. imports of manganese
alloys have been markedly lower in
2016, lending credence to the belief
that the market is suffering from
the effects of a material squeeze.
Imports of high-carbon
ferromanganese totaled
103,426 tonnes in the first nine
month of this year, down 30.5
percentfrom148,753 tonnesin
the same year-ago period; and
those ofsilicomanganese totaled
220,374 tonnes,down 14.3
percentfrom257,134 tonnes in the
same comparison.
A third supplier held a similar
view regarding the material
squeeze in the United States. The
market has become very tight here,
but it took a lot of the market a long
time to notice ... but the price run
has made this abundantly clear,
he said.
While dwindling inventories
and elevated replacement costs

have been key to the price run,

the cycle begins with the ongoing
manganese ore price rally.
Pricesfor 44-percent
manganese ore rose to $8.59 per
dry metric ton unit c.i.f. Tianjin
Nov. 18, according toMetal
Bulletin, up from $8.49 per dmtu
previously. Meanwhile, prices
for 37-percent manganese ore
increased to $7.29 per dmtu f.o.b.
Port Elizabethfrom $7.14 per dmtu.
Market participants expect
the uptrend in manganese ore
prices will continue as logistical
disruptions affecting rail lines,
port stocks and shipping slots have
worsened in recent weeks, resulting
in elevated costs associated with
shipping material to the port,
according to Metal Bulletin.
Manganese is tight enough
globally right now to keep it tight
through the first half of the year,
so we should see prices sustained
until then, the first supplier
noted.
CHRISTOPHER KAVANAGH
CHRISTOPHER.KAVANAGH@AMM.COM

Holiday notice
AMM s offices will be closed Nov. 24 and 25 in observance of Thanksgiving.
The London Metal Exchange will be open both days. The New York Mercantile
Exchange will be closed Nov. 24 but will be open Nov. 25.

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

AMM PAGE 2

STEEL

Big River
owned by
wealthy
investors:
Stickler

Credit: American Metal Market

CHICAGO Big River Steel LLCs

ownership structure includes
billionaires, a former presidential
candidate and one of the worlds
largest private equity funds,
according to the companys top
executive.
The Osceola, Ark.-based
steelmaker is 40 percent owned by
Koch Minerals LLC, chief executive
officer David Stickler said Nov. 17 at
AMMs 10th Steel Scrap Conference
and fourth DRI and Mini-mills
Conference in Chicago.
San Francisco-based private
equity firm TPG Capital LP owns 20
percent, and the Arkansas Teacher
Retirement System pension plan
owns another 20 percent, he said.
Global Principal Partners
LLC, a Miami-based investment
firm where Stickler is managing

David Stickler
director, and the estate of former
Big River Steel chairman and chief
executive officer John D. Correnti
own the remaining 20 percent,
although they have sold a small
sliver of equity to Ross Perots
family fund, Stickler said.
Koch Minerals, a large dry-bulk
commodities handler, is part
of Wichita, Kan.-based Koch
Industries Inc., one of the biggest
private companies in the United
States.
Charles G. Koch is chairman
and chief executive officer of Koch
Industries, and David H. Koch
is executive vice president. The
NOVEMBER 22, 2016

billionaire brothers are also known

for political activism in largely
conservative causes (amm.com,
May 13).
Perot, a businessman, ran as
a third-party candidate for U.S.
president in 1992 (amm.com,
Sept. 21).
Correnti, a veteran steel
executive and a seminal figure in
the American mini-mill movement,
passed away in August 2015
(amm.com, Aug. 18, 2015).
Big River will begin melting
scrap and making steel in
December (amm.com, Nov. 17).
MICHAEL COWDEN
MCOWDEN@AMM.COM

Infrastructure
package said
on docket for
first 100 days
NEW YORK President-elect
Donald Trumps administration
could push for a major legislative
package on infrastructure within
its first 100 days, according to
one construction analyst, citing
conversations with a senior
economic adviser to Trump.
Definitely, it would be (raised in
Congress) before August 2017, said
Kathryn Thompson, chief executive
officer of Nashville, Tenn.-based
construction research and advisory
firm Thompson Research Group, in a
Steel Framing Industry Association
webinar Nov. 18. I think there
is a general push to try to do that
(package) within the first 100 days.
Thompson had spoken with
one of Trumps senior economic
advisers last week in a conference
call, although she declined to
name the adviser.
From a political perspective,
Trump and the Republican
party want to show that theyve
created jobs by the time
mid-term elections roll around
in November 2018, she said.
Major legislative activity
could be concentrated in Trumps
initial term, before the August 2017
congressional recess, when
lawmakers typically start worrying
about re-election and are more
careful with their legislative votes,
other industry sources have said.
The focus on infrastructure
is, it creates jobs for those hardest
hit by the Great Recession, and it
provides a multi-year economic
stimulus, Thompson said, noting

that infrastructure is one of the

few topics in Washington that still
enjoys bipartisan political support.
Trump has already outlined a
$1-trillion, 10-year infrastructure
spending package as a priority.
Before the election, he pledged
to introduce and pass such a bill
within his first 100 days in office.
But based on her own analysis
and conversations with the
adviser, Thompson believes the
actual spending package could
be closer to $500 billion, she said
during the webinar and a Nov. 21
phone interview with AMM.
Infrastructure, as defined by
Trumps team, includes highways,
certain commercial structures,
schools and hospitals, among
other items, Thompson said.
The team will aim for tax-neutral
funding for the package,
leveraging tax breaks, publicprivate partnerships and programs
such as the Transportation
Infrastructure Finance and
Innovation Act, she said.
It may end up being pretty
tough to do that (as tax-neutral)
for such a big number, unless
youre able to tap into things like
repatriation, which would be a big,
big boost, Thompson told AMM.
Trumps campaign has said it could
force U.S. companies to bring back
profits to U.S. shores, and could levy
a repatriation tax on such profits to
fund infrastructure spending.
Still, creative funding solutions
could be in the mix, as states such
as Texas have raised infrastructure
spending without levying new
taxes, she said.
Im not suggesting that theyll
find $500 billion out of the blue,
but I think, like the state of
Georgia, and like Texas and other
states, its not going to be any one
funding mechanism that will fund
infrastructure, Thompson said.
It will be a menu of different types
of funding mechanisms.
In an Oct. 27 white paper, Trump
senior policy advisers Wilbur Ross
and Peter Navarro outlined how
$167 billion in equity investment
could leverage and finance $1
trillion in U.S. infrastructure
spending, given certain tax credits
for private investors.
Repatriating overseas earnings
could provide a further boost to this
plan, they wrote. Neither Ross nor
Navarro immediately responded to
a request for comment.
Ross is known in steel circles for
his role in selling U.S. steel assets to
Rotterdam, the Netherlands-based
Mittal Steel Co. NV for $4.5 billion

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

in 2005, in a deal that created the

worlds largest steelmaker at the
time (amm.com, April 18, 2005).
We believe that this tax creditassisted program could help
finance up to $1 trillion worth of
projects over a 10-year period,
Ross and Navarro wrote, noting
that these innovative financing
options would complement
existing programs such as Build
America Bonds.
Because the combination is
revenue neutral, whatever taxes
flow from the actual operation of the
new infrastructure will be additive
to tax revenues, they wrote.
In public infrastructure
spending, $1 often equates to
$1.92 in new non-residential
construction, Thompson said in
the webinar. As governments build
new roads, malls, shops and other
commercial structures spring up
near those roads, she said, citing
2011 academic research from
the College of William & Mary in
Williamsburg, Va.
In addition, 25 states have
passed funding increases for
infrastructure in the past 24
months, according to Thompson.
States have taken the initiative
to raise money for infrastructure
since at least 2009, after federal
lawmakers repeatedly failed
to pass the long-term Fixing
Americas Surface Transportation
Act (Fast) Act for more than a
decade, she said, echoing other
industry comments (amm.com,
Nov. 17). Congress passed a multiyear Fast Act in December 2015.
For states that approved
alternative funding measures,
dollars are only starting to flow
now, Thompson said. States with
the largest funding increases
include Virginia, Georgia, Texas,
North Carolina and Pennsylvania.
Money in any federal
infrastructure program would likely
provide upside to 2018 and 2019,
with dollars starting to flow more
meaningfully by mid-2018, based
on Thompson Researchs prior
experience with federal funding
packages, the firm said Nov. 18.
If realized, Trumps infrastructure
plan compares with President
Obamas 2009 American Recovery
and Reinvestment Act (ARRA)
stimulus, which involved some $631
billion plus $200 billion or more in
tax credits, according to Thompson.
Some $500 billion is also closer
to what defeated presidential
candidate Hillary Clinton had
proposed, Thompson noted.

continued

AMM PAGE 3

STEEL
The focus with this new
infrastructure package could be
less on shovel-ready projects and
more on long-term projects beyond
just roads and bridges, which ARRA
focused on, Thompson told AMM.
I think the desire would be to
do something more substantial
with this bill, vs. ARRAs focus
on repaving highways, she said.
Its not just highways. Its also
building out waterways. Its easing
up your rail system, improving the
electrical grid schools, hospitals,
the VA (U.S. Department of
Veterans Affairs).
Trumps talk of cutting
corporate taxes to 15 percent
has also pricked up the ears of
construction executives, noted
Thompson, whose research firm
polls construction professionals
each month.
This focus on lowering
corporate tax rates just radically
changes how companies think
about capital expenditures,
Thompson said. It is also tied
together with (chief executive
officer) confidence and could have
a trickle down effect, or potential

impacts on consumers.
Still, others fear that Trumps
spending plans are not well-funded
and could involve heavy
government deficits, also stoking
inflation. Yields on 10-year U.S.
Treasury bonds have risen steeply
after the election and typically
correlate closely with inflation fears.
NAT RUDARAKANCHANA
NAT.RUDY@AMM.COM

Zekelman sees
Trump boosting
trade enforcement,
HSS demand
NEW YORK A Trump presidency
will likely benefit structural
tubing producers because it will
be a catalyst for stricter U.S. trade
enforcement and will stimulate
demand for construction-related
steel, the head of Zekelman
Industries Inc. told AMM.
President-elect Donald Trump
likely can follow through on his

pledge to limit steel imports, Barry

Zekelman, the Chicago-based
companys executive chairman
and chief executive officer, said.
That means foreign mills can
expect quotas, more scrutiny of
goods origins and the clawing
back of unpaid duties through the
Enforcing Orders and Reducing
Circumvention and Evasion
(Enforce) Act.
I think they will be much more
aggressive in using the Enforce
Act, and they will be much more
aggressive on the border on
immigration and on circumvention
and on the fraud, and I expect him to
live up to that, Zekelman said in an
interview Nov. 21. From what were
hearing, it sounds very positive.
While emphasizing that the
transition has just begun and the
specifics of Trumps initiatives are
still largely unknown, Zekelman
noted that the president-elects
team contains advisers with an
obvious appreciation of the steel
communitys needs. Former Nucor
Corp. chairman and chief executive
officer Daniel R. DiMicco, who
was a senior adviser to the Trump

campaign, is leading the transition

team for the Office of the U.S. Trade
Representative (amm.com, Nov. 10).
Their first step ought to be
listening to domestic steelmakers
immediate needs and wielding the
full force of U.S. trade law, including
Section 201 of the Trade Act of
1974, to impose duties or non-tariff
barriers, he said.
Id be looking for a talk and
consultation with the industry
on what needs to be done. That
would be a good early indication,
Zekelman said. Id look at the
amount of steel that comes into
the U.S. and into Canada, and I
think they should look at the top
20 items and put some quotas in
and use a 201 (action) to get some
immediate relief.
The Enforce Act, which was
signed by President Obama as part
of the Trade Facilitation and Trade
Enforcement Act (amm.com, Feb. 25),
gives U.S. Customs and Border
Protection a new mandate to
fight duty evasion. The provision
was a longtime priority of the steel
industry.

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

AMM PAGE 4

STEEL
Zekelman Industries subsidiary
Wheatland Tube Co. filed the
first complaint after the law went
into effect this August, alleging
potential duty evasion on welded
steel pipe imports from China
(amm.com, Sept. 15).
Zekelman had been critical when
Customs declined to investigate that
complaint (amm.com, Oct. 19).
But with Trump promising
more direct action against illegal
immigration, Zekelman now says
its unfair to expect instantaneous
attention to complex duty-evasion
investigations and thinks the new
administration will get tougher later.
You cant just order Customs to
do that, Zekelman said. Customs
has a manpower issue. Theyre
trying to protect the border. They
have a huge, huge task in front
of them. ... To get them to (drop
everything) and go look at steel,
thats not how it works.
Zekelman, who is a native of
Windsor, Ontario, does not expect
Trumps promised renegotiation
of the North American Free Trade
Agreement to strain relations
between the United States and
Canada. While the two nations do
have some legitimate disagreements
regarding lumber, eggs and a few
other items, the nations have more
common interests and share similar
economic, infrastructure, labor and
environmental policies.
Thats why the trade quite
frankly is pretty (darn) balanced
between Canada and the United
States, Zekelman said, arguing that
the two northern partners instead
have lost too many manufacturing
facilities to their southern neighbor.
Canada and the U.S. have a
growing trade deficit with Mexico,
which is primarily where the
problems come about, he said. I
can tell you, I dont see too many
plants from Mexico relocating to
the U.S. Its a one-way problem.
If Trump ultimately is able to
forge a deal with Congress to invest
in infrastructure (amm.com,
Nov. 11) and his tax-cut and
deregulation plans stimulate
economic growth, tube mills will
benefit from higher demand,
Zekelman said. That goes for
products ranging from hollow
structural sections to sprinkler
pipe to drawn-over-mandrel
and mechanical tubing used in
agricultural, construction and
other heavy equipment, as well as
Zekelman Industries VectorBloc
cast-steel modular systems.
Nonresidential construction
has been on a continuous rebound
NOVEMBER 22, 2016

since it hit brutal lows in 09, 10, 11,

but it is not at the levels of before
the financial crisis, Zekelman said.
Its coming, 17 will be better.
The domestic market for steel
pipe and tube was growing already,
but Zekelman said Trumps
victory has opened the corporate
communitys eyes to possibilities of
a more rapid economic expansion.
Theres a positive momentum
now in people in business,
Zekelman said. We say, Hey, this
may be real.
DOM YANCHUNAS
DOM.YANCHUNAS@AMM.COM

Steel plate mart

up $50/T after
mill price hikes
NEW YORK U.S. steel plate
prices have gained some $50 per
ton in the wake of domestic mill
hikes, although its anyones guess
how long such prices will hold,
market participants said.
U.S. millsincluding Nucor
Corp., ArcelorMittal SA, SSAB
Enterprise LLC and Evraz North
America Inc.raised plate
prices by $50 per ton ($2.50 per
hundredweight), in letters sent
Nov. 17 and 18, several sources
familiar with the matter said.
Charlotte, N.C.-based Nucors
increase, which was effective
immediately, covered carbon,
alloy and heat-treated plate
(amm.com, Nov. 17).
That means U.S. domestic
plate prices have risen $100 per
ton from less than two weeks ago
(amm.com, Nov. 9). Similarly,
domestic steel sheet prices
have gained $100 per ton in less
than three weeks following two
$30-per-ton and one $40-per-ton
increase (amm.com, Nov. 15).
U.S. producers are seeking to
keep plate and hot band prices
within a reasonable spread,
sources said of the hikes. Plate
usually sells at a premium
to hot-rolled coil, but that
relationship has been reversed
recentlya worrying trend for
some steelmakers (amm.com,
Oct. 21).
Optimism about higher U.S.
infrastructure spending under
Donald Trumps administration
has also spurred hikes by U.S. steel
producers, especially those who
make construction steel products
like plate, sources said.
Still, the gains were a little bit

too rapid, one West Coast plate

buyer noted.
With the latest increases, lead
times are stretching into early
January, an unheard of occurrence
prior to the first round of plate
price rises, he said.
Buyers could pile in with orders
after this second hike, especially
if scrap and steel sentiment
remains strong into late 2016 and
early 2017, he said.
There seems to be a lot more
order entry, and lead times have
moved substantially from what
they were ... but I dont know that
its going to be continuous, the
West Coast buyer noted.
Theres a lot of uncertainty
involved with the new
administration and how much
of the infrastructure will be
shovel ready, he said. We heard
shovel ready eight years ago
with (the American Recovery and
Reinvestment Act), and that didnt
impact our business much at all.
Meanwhile, some plate import
prices have become uncompetitive
lately, even inclusive of the recent
domestic hikes, according to a
West Coast distributor.
South Korean exporters had
offered $32.25 per cwt ($645 per
ton) delivered into his facility
for the first quarter of 2017, while
producers in other countries
including the United Stateswere
closer to $31 per cwt ($620 per ton)
before discounts, he said.
Id have to shoot myself
(to buy South Korean plate in
that situation), the West Coast
distributor said. It doesnt make
any sense. Will I pay a premium
for steel thats going to arrive in
three months?
U.S. mills have regained some
market power lately as lead times
have extended, whereas mills
previously were happy to discount
to secure tonnage before the end
of 2016, he noted.
This distributor source bought
some 600 tons of plate a few weeks
ago at a discount of $20 per ton
off already low prices, before the
first increases were announced.
Lead times have stretched from
two weeks up to five to six weeks at
certain U.S. producers, he said.
Plate set to be rolled either
during the week of Dec. 19 or
Dec. 26 could now be rolled in
early January, probably because
U.S. mills informed some
customers ahead of time about the
Nov. 17 and Nov. 18 hikes, urging
them to place orders, the West
Coast distributor said.

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

Producers got a rush of

business of some type, he said.
I wouldnt be surprised if they
went to customers and got the
customers in before they raised
the price. ... But all bets are off on
the first week of January, on what
people want to quote at the mills.
A second West Coast distributor
heard about the increases a day
early and placed some orders prior
to the official hikes. The increases
should hold for rail car quantities,
but discounts could probably be
negotiated for tonnages of 500 to
1,000 tons, he said.
For higher volumes, the latest
increases might be negotiable
because they (plate mills) dont
think that fundamental business is
that good, he noted.
Historically, they dont like it
when plate gets below hot band.
When Im buying plate and I can
buy my hot band higher than plate,
theres a psychological factor. ...
Still, they know about scrap and
iron ore; prices in the rest of the
world have gone up significantly
compared to the U.S., the second
West Coast distributor said. Were
having a pretty good November
(for sales), and with prices going
up that just helps the value of our
inventory.
AMMs assessment for cut-tolength plate has risen to $26.50 per
cwt ($530 per ton) from $24 per
cwt ($480 per ton) a week earlier
(amm.com, Nov. 14). Coiled plate
rose to $25.25 per cwt ($505 per
ton). Strip plate prices climbed
by $2 per cwt ($40 per ton) across
the board, with 48-, 60- and 72-in
product now at $27 per cwt ($540
per ton), $27.50 per cwt ($550 per
ton) and $27.75 per cwt ($555 per
ton), respectively; and alloy steel
plate rose to $43 per cwt ($860 per
ton) from $40.50 per cwt ($810 per
ton) previously.
NAT RUDARAKANCHANA
NAT.RUDY@AMM.COM\

AMM PAGE 5

SUPPLY CHAIN

Alpha targets
17 met coal
sales of over
6M tons
SHANGHAI Alpha Natural
Resources Inc. plans to produce
around 13 million tons of coal in
2017, of which 48 percent will be
sold as metallurgical coal and the
remainder as thermal coal, the
company said Nov. 18.
The Bristol, Va.-based coal
miner is also considering
embarking on a capital expansion
next year and beyond for such
projects as a conveyor system
between its Workman Creek
reserve base and the Marfork
Preparation Plant in West
Virginias Raleigh County, which
will provide transportation for 50
million tons of metallurgical coal
reserves, it said.
Alpha Natural Resources
also plans to expand its Kepler
mining complex in West Virginias
Wyoming County to provide access
to 15 million tons of premium
low-volatility coking coal.
Meanwhile, the miner is in
talks for further divestment of at
least three other idle complexes
after last months sale of the
Enterprise Mine in eastern
Kentucky, chief executive officer
David Stetson said.
Alpha Natural Resources
emerged from Chapter 11
bankruptcy protection in July
after submitting a reorganization
plan to U.S. Bankruptcy Court
in eastern Virginia in March
(amm.com, March 8).
A version of this article was
first published by AMM sister
publication Metal Bulletin.

Drilling activity rises in US, Canada

NEW YORK The number of drill rigs running in the United States rose by 20 last
week, led by Texas (up eight), as Canadian drilling rose by eight rigs compared
with the previous week.
Last week

Previous week

% change

Last year

United States

588

568

+3.5

757

% change
22.3

Canada

184

176

+4.5

166

+10.8

Source: Baker Hughes Inc.

NOVEMBER 22, 2016

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

AMM PAGE 6

8TH ANNUAL

RECOGNIZING INNOVATION & INITIATIVE

IN THE STEEL INDUSTRY
American Metal Market proudly announces the eighth annual Awards for Steel Excellence,
which recognizes the highest achievements in the industry across multiple categories. New
this year are categories that honor suppliers of critical services and materials essential to
the steel industry. Demonstrate your companys excellence by nominating your firm today!
1 7 C AT E G O R I E S
Best Innovation Product
Best Innovation Process
Best Mergers & Acquisitions
Best Operational Improvements
Technology Provider of the Year
Financial Services Provider of the Year

NEW!

Legal Services Provider of the Year

Information Technology Services
Provider of the Year (including
enterprise and manufacturing software)

Environmental Responsibility/Stewardship
(including energy conservation or delivery)
Logistics/Transportation Provider of the Year
Scrap Company of the Year

NEW!

Scrap Equipment Provider of the Year

Tube and Pipe Producer of the Year
Service Center of the Year

NEW!

Raw Materials/Consumables
Provider of the Year
Corporate Advocate of the Year

Steel Producer of the Year

For further information, please contact Bette Kovach at
bette.kovach@amm.com or 212-224-3902

NOMINATIONS DEADLINE FEBRUARY 15, 2017

http://www.amm.com/awards

NONFERROUS

Zhongwang
ruling seen
opening
extruders
business
NEW YORK The U.S. Commerce
Departments preliminary
anti-circumvention ruling against
China Zhongwang Holdings
Ltd. may be a boon for domestic
extruders, market sources told AMM.
U.S. extruders that had been
feeling pressure from Chinese
suppliers of extrusions for shower
doors may get some relief from the
preliminary determination, which
found that China Zhongwang
circumvented duties with exports
of heat-treated aluminum
extrusions that meet the chemical
specifications for 5050-grade alloy
(amm.com, Nov. 7).
Thats been a market thats
killed us, one extruder said. The
Chinese (were) bringing it in before
tariffs for 30-percent cheaper than
we can produce it.
According to that extruder,
covering the product under U.S.
import duties could potentially
lead to the sale of 300,000 to
500,000 more pounds of brightdipped metal for shower door
applications.
Bright dipping is a process where
extrusions are brought to a high
shine in the products anodized
finishing phase.
Thats some profitable stuff,
the extruder said, noting that his
company had previously done a lot
of business in that area before being
driven out by Chinese competition.
That market almost died.
Cheaper Chinese product largely
pushed domestic extruders out
of this segment, but Commerces
ruling is expected to create an
opportunity for U.S. players to
reclaim the market.
We produce bright dip, (and
were) glad the 5050 is closed
down, a second extruder said,
adding that this ruling will prove
beneficial for many U.S. companies
that have the capabilities to
produce the necessary material for
chemical brightening.
The Aluminum Extrusions
Fair Trade Committee previously
argued to Commerce that
5000-series alloy products
NOVEMBER 22, 2016

normally used for shower and

bath enclosures, as well as some
architectural applicationswere
simply 6000-series alloy products
that had their chemistries altered
in order to evade duty orders
(amm.com, Aug. 5, 2014).
The department announced
its probe into China Zhongwangs
5050-grade aluminum alloy in
March (amm.com, March 17). The
department had formally issued
anti-dumping and countervailing
duty orders on certain aluminum
extrusions from China in 2011,
establishing anti-dumping margins
of between 32.79 and 33.28 percent
and countervailing duties between
8.02 and 374.15 percent (amm.com,
May 26, 2011).
KIRK MALTAIS
KIRK.MALTAIS@AMM.COM

Copper surplus
surges to
154,000T in
August: ICSG
WINTER PARK, Fla. The global
refined copper market posted a
154,000-tonne surplus in August
due to weaker apparent refined
copper demand in China and
seasonally soft consumption in
other regions, the International
Copper Study Group (ICSG) said
Nov. 21.
When adjusted for seasonal
factors, the copper market was in
a 56,000-tonne surplus in August,
the Lisbon, Portugal-based trade
group said.
For the first eight months of
2016, there was a production
deficit of about 91,000 tonnes, or
a seasonally adjusted deficit of
93,000 tonnes. This compares with
a production surplus of around
10,000 tonnes, or about 19,000
tonnes on a seasonally adjusted
basis, in the same year-ago period,
ICSG said.
World apparent refined copper
usage rose 3.8 percent, or about
570,000 tonnes, from January
through August. This was mainly
due to increases in China, where
demand increased 7.5 percent
largely due to an 8-percent
increase in net imports.
However, July and August net
refined copper imports at 176,000
tonnes and 175,000 tonnes,
respectively, were the lowest
since April 2013 and compares to
a net monthly imports average of

312,000 tonnes in the first half of

2016, ICSG noted.
Elsewhere, consumption in
the European Union, Japan and
the United States were largely
unchanged. On a regional basis,
usage climbed 2.5 percent in
Europe and 6 percent in Asia, but
declined 11 percent and 4.5 percent
in Africa and the Americas,
respectively, while Oceania was
essentially unchanged.
World mine production
increased 5.8 percent, or about
730,000 tonnes, during the
eight-month period. Concentrate
production rose 7.5 percent, while
solvent extraction-electrowinning
declined 0.5 percent.
The increase in world mine
production was mainly due to
a 45-percent rise in Peruvian
output that is benefitting from
new and expanded capacity
brought on-stream in the last two
years, ICSG said. A recovery
in production levels in Canada
and the United States, expanded
capacity in Mexico and a ramp-up
in production in Mongolia, also
contributed to world growth.
However, production did fall
4 percent in Chile, the worlds
biggest copper mine producer;
and dropped 7 percent in the
Democratic Republic of the Congo,
where output is constrained by
temporary production cuts, the
group noted.
On a regional basis, production
rose 9 percent in Asia and 7 percent
in both the Americas and Oceania,
but declined 4 percent in Africa
and was essentially flat in Europe.
The average world mine
capacity utilization rate for the
first eight months of the year
increased to 85 percent from 84
percent in the same 2015 period,
the report said.
World refined production is
estimated to have increased 3.1
percent, or about 470,000 tonnes,
from January through August.
Primary production was up 2.5
percent and secondary production
(from scrap) gained 5.5 percent.
The main contributors to growth
were China, up 7 percent; the
United States, up 14 percent; and
Mexico, up 19 percent.
On a regional basis, refined
output increased 5 percent in the
Americas, 6 percent in Asia and 10
percent in Oceania, while falling
13 percent in Africa and 3 percent
in Europe. The average world
refinery capacity utilization rate
for the first eight months of 2016
was unchanged at 83 percent.

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

Chinas bonded stocks increased

by around 110,000 tonnes in the
first eight months of the year.
Stocks decreased by around 90,000
tonne in the same period of 2015.
When adjusted for the change
in Chinese bonded stocks, the
global copper market recorded
a production surplus of around
17,000 tonnes through August,
in contrast to a deficit of about
80,000 tonnes in the same period
last year, the ICSG said.
TOM JENNEMANN
NEWSROOM@AMM.COM

Aluminum
demand up for
sixth year in a row
NEW YORK North American
aluminum demand inched
up last year while primary
production decreased, according
to data released by the Aluminum
Association Nov. 21.
Aluminum demand, a metric that
includes producer net shipments
and imports, increased by 0.8
percent from 2014 to 2015, totaling
25.5 billion pounds (11.6 million
tonnes), the Aluminum Association
said Monday. Meanwhile, primary
production decreased 2.2 percent,
totaling 9.8 billion pounds (4.4
million tonnes) in 2015.
Imports of aluminum ingot,
semi-fabricated products and
scrap also grew year on year in
2015, increasing by 4 percent to 12.2
billion pounds (5.5 million tonnes).
In particular, shipments from
China jumped 30.7 percent over
2014 levels, the association noted.
While we are pleased to see
that demand for aluminum is
continuing to trend upward
in North America, we share
the concerns of many other
aluminum-producing regions
about the dramatic spike in metal
imports illustrated by the report,
association president and chief
executive officer Heidi Brock said.
We believe this import growth is
a direct consequence of persistent
aluminum overcapacity in China.
The Arlington, Va.-based
group is committed to pursuing
a negotiated agreement between
the U.S. and Chinese governments
on overcapacity, Brock said.
The association has publicly
stated its position on trade issues
concerning China, expressing the
desire to continue talking about

continued
AMM PAGE 8

NONFERROUS
the issues with Chinese suppliers
(amm.com, Sept. 29).
And aluminum imports seem
to be continuing their upward
trend this year, according to data
from the U.S. International Trade
Commission compiled by AMM.
Imports of unwrought aluminum
from countries excluding Canada
have grown exponentially,
reaching a high for the year in
June at 212,797 tonnes, more than
double the 95,792 tonnes imported
at the same time last year.
September imports totaled
179,521 tonnes (amm.com, Nov. 11),
up 85.6 percent from 96,742 tonnes
a year earlier, according to the
commissions most recent data.
Total demand for aluminum
was up 37.4 percent from 2009s
recession levels, marking the sixth
consecutive year of growth, the
association said. The growth is
driven largely by shipments to the
transportation sector, as well as
building and construction.
KIRK MALTAIS
KIRK.MALTAIS@AMM.COM

Teck to buy rest

of AQM Copper
for $18.6M
NEW YORK Teck Resources Ltd.
has agreed purchase all remaining
outstanding shares in AQM
Copper Inc. for about Canadian
$25 million ($18.6 million), the
companies said Nov. 21.
Teck already owns 30 percent
of Toronto-based AQM, whose
main asset is a 30-percent indirect
interest in the Zafranal coppergold project in southern Peru.
The acquisition will increase
Tecks interest in the Zafranal
project to 80 percent from 50
percent.
This acquisition simplifies
Zafranals ownership structure
and adds significant value to
Tecks interest and more options
to realize value, Chris Stannell,
Tecks senior communications
specialist, told AMM via e-mail
Nov. 21.
Teck will pay AQM shareholders
C23 cents (17.1 cents) per share,
valuing the company at about C$35
million ($26.1 million).
The transaction, which remains
subject to customary closing
conditions, is expected to be
finalized in January.
Last month, Vancouver, British
Columbia-based Teck acquired
NOVEMBER 22, 2016

Perth, Australia-based Rox

Resources Ltd.s interest in the
Teena/Reward zinc-lead project
in Australias Northern Territory,
giving it complete control of that
project (amm.com, Oct. 19).
MILLICENT DENT
MILLICENT.DENT@AMM.COM

Codelco cuts
premium for
Japan, S. Korea
and Taiwan
LONDON Chilean producer
Corporacin Nacional del Cobre
de Chile (Codelco) has cut its 2017
copper cathode premium for
customers in Japan, South Korea
and Taiwan by 26.1 percent to $68
per tonne, industry sources told
AMM sister publication Metal
Bulletin Nov. 21.
The premium, which is in line
with market expectations, is down
from this years $92 per tonne on
top of London Metal Exchange
cash prices on a cost, insurance
and freight (c.i.f.) basis.
This premium is typically lower
than Codelcos premium offer to
China. The Chilean miner last week
offered its Chinese customers a rate
of $72 per tonne for 2017 supply
contracts, down 27 percent from
this year and in line with current
spot quotations (amm.com,
Nov. 14).
Codelco 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.
In what it described as a
reasonable sales campaign to
reflect the slowdown in copper
demand growth, Codelco has
also cut premiums in Europe by
11 percent to $82 per tonne and in
the United States by 17 percent to
2.5 cents per pound while offering
to sell part of the volume on a
floating basis.
Codelco has yet to announce a
premium number for Southeast
Asia (Malaysia, Thailand and
Vietnam), which is typically higher
than that of China.
PERRINE FAYE
NEWSROOM@AMM.COM
A version of this article was
first published by AMM sister
publication FastMarkets.

Copper prices to
trend downward,
Barclays predicts
NEW YORK The recent rally in
the copper price was overblown,
and a number of factors, including
waning excitement over Donald
Trumps presidential election
win, should push the price lower,
Barclays Investment Bank said.
Indeed, copper prices have
already begun to decline after
their post-election surge, Londonbased Barclays said in a Nov. 20
research note.
The London Metal Exchanges
three-month copper price closed at
$5,555 per tonne ($2.52 per pound)
Nov. 21, down 6 percent from its
recent high of $5,910 per tonne
($2.68 per pound) Nov. 11.
While Barclays acknowledged
that the metals rally started
prior to Trumps victory due to
improved supply and demand
fundamentals (amm.com, Nov. 14),
the surge has been too much, too
fast and the balance of risk is
skewed to the downside.
One factor that could be working
against the rally is the climb of
the U.S. dollar, which has a hefty
effect on the metals complex,
particularly copper. Costs for
producers outside the United
States are reduced as the dollar
strengthens, driving the cost curve
for copper lower.
As long as the dollar continues
to rise, it should outweigh the
prospect of increased incremental
demand from the (United States)
resulting from any potential
stimulus, according to the report.
Shanghai Futures Exchange
(SHFE) copper inventories have
also begun to increase recently, a
sign that the rundown in Chinas
copper inventories may be
reversing. The two latest weekly
reports from SHFE have shown
stocks rising by 15,000 tonnes
and 22,000 tonnes, respectively,

bringing inventory levels to

a total of 135,000 tonnes, a
31-percent month-on-month
jump, Barclays said.
The recent drop in the copper
cathode premium within China,
a signal that Chinas short-term
demand for copper is falling off,
also could be working against
the rally, Barclays added. The
premium fell from an estimated
$85 per tonne to $75 per tonne over
the course of last week.
Chilean producer Corporacin
Nacional del Cobre de Chile
(Codelco) has already cut the
premium at which it will sell
copper cathodes to Chinese
customers in 2017 by 27 percent,
down to $72 per tonne on top of
LME prices (amm.com, Nov. 14).
MILLICENT DENT
MILLICENT.DENT@AMM.COM

MARKET PRICES
Prices are in cents per pound except as otherwise noted.

AMM Free Market

November 21

Revised

Prior Price

Copper cathode

256.50-257.00

11/21/16

251.65-252.15

Zinc

122.30-123.30

11/21/16

120.94-121.94

86.25-86.50

11/21/16

84.62-84.87

520.67-525.67

11/21/16

517.27-522.27

Aluminum
Nickel, melting
Comex copper settlement

251.25

11/21/16

246.40

No. 2 copper scrap

222.00*

11/21/16

217.00*

Silver, Handy and Harman (/troy oz)

1,659.00

11/21/16

1,660.00

* Nominal for spot sales

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

AMM PAGE 9

SCRAP

Shredders
see hope in
nonferrous,
auto marts
PITTSBURGH Shredder
operators are focused on
recovering nonferrous metals and
paying attention to automotive
suppliers as a way to maintain
profitability.
Its a very competitive market
for feedstock and the lowest
margins since our shredders
inception. The only way for margin
expansion is nonferrous recovery,
so we are putting a lot of money in
the downstream because it is the
only way to make money today,
Adam Weitsman, owner of Owego,
N.Y.-based Upstate Shredding LLC,
said at AMMs 10th Steel Scrap
Conference in Chicago.
That tactic is being embraced
in all regions in the country.
Those of us in the business know
to stay competitive you have to
get every bit of nonferrous out of
the shred. In the last six years we
have been focused on recovering
the wire and other small pieces
of metal being mixed. When
you are small it is hard to justify
putting in (a) multimillion(-dollar)
investment, so we have focused
on smaller shredders that can
send their (metals-)rich ASR
(automotive shredder residue) to
us, Bobby Triesch, vice president
of operations for Newell Recycling
Southeast, East Point, Ga., told
attendees.
A smaller Midwest shredder
agreed that it does not make
financial sense for his operation
to invest in ASR technology to
pull out all of the nonferrous
metals from the shredder fluff.
They made the smaller shredders
but havent made the smaller
downstream that fits our shredder.
We have tried to work with
bigger players to send our ASR to
them, Price Glazer, president of
Connersville, Ind.-based Integrity
Metals, said.
Trieschs company has been
buying and processing other
shredders fluff for years, and
has found 8 to 10 percent of fluff
contains nonferrous metals. We
are talking about (metal) smaller
than 5/8 of an inch that is going
to the landfill. If you dont get
the fines out, it is just going to the
NOVEMBER 22, 2016

landfill, Triesch said.

The recent downturn in scrap
selling prices also has affected
shredder feed flows. With the
prices dropping, the volumes
were down from 3,200 to 3,500 net
tons of shredder feed per day to
2,000 tons per day. With the price
increase, flows are up 26 percent
this month but still have a long way
to go, Weitsman said.
Thus, Upstate continues to
reach farther and wider, including
into Canada, to pull enough
feedstock for its shredders,
Weitsman said.
That is not an option for Triesch,
however, given his companys
southern location. We cant
stretch more than 200 miles or you
drive past another shredder to get
the material, Triesch explained.
Four out of Newells five shredders
are running at 40-percent
capacity, he noted.
Shredders also must pay close
attention to how much metal has
been stripped off cars as they arrive
for processing.
Upstate Shredding has
embraced a two-tiered price
system for cars with and without
motors. It took guts and we we
were nervous to move to this
practice but did, Weitsman said.
Glazers operation is smaller and
so can closely monitor obsolete
cars as they head across the scales
at the shredder, he said.
Meanwhile, Newell has done
a lot of studies on how to pay
for stripped cars. A stripped
car is about 55 percent metallic
and a whole car is 75 percent
metallic. There is 53-percent
ferrous in a stripped car, whereas
there is 64-percent ferrous is an
unstripped car. The difference
in value between a whole car and
stripped car is about $40 a (net)
ton, Triesch said, noting that
it may be more cost-effective
for auto-body suppliers to send
unstripped vehicles and avoid
overhead costs associated with
employees needed to strip cars.
But the panelists diverged
on whether the shredder mania
has ended.
Triesch doesnt expect to see
new shredder capacity coming
online. There are about 300
shredders installed and 40 to
50 are not running. It is a very
competitive landscape, so I dont
see more shredders in the near
term, he said.
However, metals recyclers seem
to quickly develop amnesia on the
matter during upcycles, Weitsman

noted. Any decent uptick will

bring more shredders. This is an
industry that forgets the bad times
in a few months. If things stay good,
everyone will want a shredder. Still,
it is nice to see positive momentum
and optimism, he said, referring
to the somber mood at AMMs
year-ago scrap conference, which
coincided with a strong downturn
in scrap prices.
LISA GORDON
LGORDON@AMM.COM

Former Deere
employee admits
guilt in scrap
metal scheme

documents that allowed scrap

metal to leave the facility at
significantly undervalued prices.
Co-conspirators allegedly sold
the material at fair market value
and gave kickbacks of some of the
profits to Ulfers, according to an
indictment filed March 23, 2016, in
U.S. District Court in Illinois.
As a result of the alleged fraud, it
is estimated that Moline, Ill.-based
Deere suffered a net loss exceeding
$250,000 (amm.com, April 7).
Ulfers faces up to 20 years
in prison for each count and
maximum fines ranging from
$250,000 to $500,000 for each
count.
BRAD MACAULAY
BMACAULAY@AMM.COM

PITTSBURGH Former Deere &

Co. employee Harvey Ulfers has
admitted wrongdoing in a scrap
metal scheme to allegedly defraud
the company over a nine-year
period.
Ulfers, who served as supervisor
of purchasing at Deeres Waterloo,
Iowa, foundry, entered a guilty
plea Nov. 17 to three counts of wire
fraud, three counts of concealment
of money laundering, one count
of money laundering in criminally
derived property and one count
of money laundering conspiracy,
according to documents filed in
U.S. District Court in Illinois.
Sentencing is scheduled for
March 23, 2017.
An attorney representing Ulfers
declined to comment.
Ulfers allegedly created
and approved falsified

AMM WEEKLY SHREDDED SCRAP PRICE COMPOSITE

(price per gross ton)

UPDATED: NOVEMBER 18, 2016

450

2015

2016

420

2014

390
360
330
300
270
$227.50

240
210
180
150

Jan. Feb.

Mar.

Apr.

May

Jun. Jul.

Aug.

Sep.

Oct.

Nov.

Dec.

BASED ON MARKETS IN ALABAMA, PITTSBURGH, CHICAGO, AND PHILADELPHIA. EFFECTIVE MARCH 1, 2014, AMMS WEEKLY
COMPOSITE PRICE FOR SHREDDED SCRAP NO LONGER INCLUDES BIRMINGHAM AND HOUSTON. THE NEW COMPOSITE PRICE
INCLUDES CONSUMER BUYING PRICES FOR THESE CITIES: ALABAMA, CHICAGO, PITTSBURGH AND PHILADELPHIA. SOURCE: AMM.

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

AMM PAGE 10

SCRAP

Appliance
Recycling Centers
moves into black
PITTSBURGH Appliance
Recycling Centers of America Inc.
swung to a third-quarter profit on
revenue that was driven down by
its retail appliance division.
The Minneapolis-based
appliance recycler earned $1.1
million for the three months ended
Oct. 1 compared with a $1.4-million

APPLIANCE RECYCLING CENTERS

OF AMERICA INC.
(in thousands except per share)

3rd qtr. ended

Net sales
Net income (loss)
Per share
9 months ended
Net sales
Net income (loss)
Per share

2016
Oct. 1
$27,356
1,123
0.19
Oct. 1
$77,457
(1,431)

2015
Oct. 3
$28,129
(773)

Oct. 3
$85,831
(1,871)

loss in the same period last year on

sales that fell 2.7 percent to $27.4
million.
The companys retail division
was impacted by delayed or ended
replacement programs. However,
the company increased the
number of customers invoiced in
its recycling programs to 48 in the
third quarter from 21 a year earlier.
With 60 million appliances sold
annually in the United States,
the company believes it has the
ability to grow in every geographic
area because it serves less than 1
percent of the market. It is focusing
on targeting one metropolitan
area at a time to brand itself and
capitalize on marketing initiatives.
The recycling division generated
$1.6 million in operating income
on $12 million in revenue in the
third quarter, compared with a
$708,000 operating loss on $11.7
million in revenue a year earlier.
LISA GORDON
LGORDON@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

11/18/16

Prior Wk

Year Ago

Alabama

$220.00

$208.00

$170.00

US EXPORTS OF SHREDDED SCRAP

Chicago

228.00

216.00

160.00

(in tonnes)

Philadelphia

221.00

213.80

160.00

Pittsburgh

241.00

234.20

170.00

Composite

$227.50

$218.00

$165.00

11/18/16

Prior Wk

Year Ago

$235.00

$223.00

$160.00

Cleveland

240.00

234.00

174.00

Pittsburgh

237.00

230.00

162.00

$237.33

$229.00

$165.33

11/18/16

Prior Wk

Year Ago

$205.00

$195.00

$130.00

Philadelphia

191.00

185.00

145.00

Pittsburgh

225.00

217.60

142.00

Composite

$207.00

$199.20

$139.00

Year to date
Sept.

Aug.

July

2016

2015

%
change

China

229

730

469

2,184

49,351

95.6

NO. 1 BUSHELING

India

19,805

14,861

6,762

401,003

402,085

0.3

calculation date

1,427

559

11,317

13,832

18.2

Malaysia
Mexico

27,565

55,699

44,000

287,434

390,033

26.3

South Korea

45,339

16,820

31,034

187,308

156,027

+20.0

Taiwan

27,619

42,199

30,129

170,114

99,753

+70.5

Composite

Thailand

45,067

21

229,897

191,448

+20.1

NO. 1 HEAVY MELT

Turkey

90,290

152,125

71,701

829,133

941,810

12.0

calculation date

866

32,719

8,700

47,320

88,718

46.7

Vietnam
Others
Total

75,709

180,269

39,754

828,382

743,154

+11.5

332,489

496,870

233,108

2,994,092

3,076,211

2.7

Source: Compiled by AMM from data released by the U.S. Commerce Department.

NOVEMBER 22, 2016

Chicago

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

Chicago

AMM PAGE 11

GLOBALLY SPEAKING
PRICE DASHBOARD*

FERROUS SCRAP SNAPSHOTS

CRITICAL WATCHLIST

Turkish domestic scrap sinks amid signs of weaker global prices

Turkish steelmakers adjusted their domestic scrap buying prices downward Nov. 21 for the first time since late September
amid signs of weakening international ferrous scrap tags.
The countrys domestic auto bundle (DKP-grade) scrap price slipped to Turkish lira 750 to 790 ($223 to $235) per tonne
delivered to the mill from TRY750 to TRY800 ($223 to $238) per tonne a week ago. Shipbreaking scrap prices also slipped on
the lower end of the range to $250 to $260 per tonne delivered from $255 to $260 per tonne in the same comparison.
Turkish mills have been absent from the deep-sea ferrous scrap market since late last week. No deals have been heard since
Nov. 17, after two European cargoes were said to be selling at an average price of $275 per tonne c.f.r.
One deal was for a mixed cargo of 80/20 heavy melting scrap, shredded scrap, bonus-grade scrap, busheling and tin can bundles,
while the second involved a mixed cargo of 75/25 heavy melt, bonus-grade scrap, busheling, rail scrap and wire rod scrap.

West Coast container prices dip amid Chinese market downturn

The containerized 80/20 heavy melt market on the West Coast did a U-turn in the middle of last week after peaking above
$250 per tonne c.f.r. as buyer sentiment was spooked by declining Chinese finished steel spot prices and weaker futures.

Updated Nov. 21, 2016, price in tonnes

BILLETS
CHINA
ex-works

TURKEY
import c.f.r.

2,420 yuan
100

$405.00
$5

($351.05

CIS
export f.o.b.
Black Sea
$382.50
$5

The Taiwanese steelmaker is now paying New Taiwan 6,700 to 7,300 ($210 to $229) per tonne for scrap delivered to its
Taichung mills. Feng Hsins selling price for reinforcing bar remains listed at NT$14,600 ($456) per tonne ex-works.

Shagang holds ground on long steel product prices

China's Jiangsu Shagang Group Co. Ltd. is maintaining its selling prices for late-November delivery rebar and wire rod despite
a weakening in the countrys spot rebar prices last week.
The Chinese steelmaker is selling HRB400 rebar at 3,200 yuan ($465) per tonne and HPB300 wire rod at 3,180 yuan ($462)
per tonne, both on an ex-works basis inclusive of value-added tax.
Meanwhile, Chinese finished steel export prices slid across the board Nov. 21. Base export offer prices for January/February
shipments of commercial-grade, boron-containing hot-rolled coil are seen tradable at $470 to $480 per tonne f.o.b., down from
$475 to $480 per tonne f.o.b. a week ago.

VIETNAMESE FERROUS SCRAP IMPORTS

(in tons)

Australia
Brazil
Canada
Hong Kong

October 2016

September 2016

Year to date 2016

76,825

28,484

238,509

1,452

1,486

34,384

677

1,788

15,621

36,642

48,767

417,869

154,893

129,620

1,733,631

3,250

2,209

43,246

Philippines

11,191

20,343

73,967

Singapore

31,056

14,615

121,994

119

5,111

11,876

8,467

3,307

21,228

United States

18,135

62,431

181,042

Other countries

32,617

18,558

226,307

375,324

336,719

3,119,674

Japan
New Zealand

Taiwan
United Kingdom

Total imports

Source: Compiled by AMM from Vietnam Customs data.

COMPILED BY MEI LING TOH

MEI.TOH@AMM.COM
NOVEMBER 22, 2016

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

SOUTH EAST
ASIA
import c.f.r.

$382.50
$10
IRON ORE

MB 62% FE IODEX

Deals for U.S. containerized scrap were heard as high as $252 to $255 per tonne c.f.r. Taiwan Nov. 14 and 15, according to
AMM sister publication Metal Bulletin, but slid to as low as $240 to $245 per tonne c.f.r. Nov. 17 and 18. Taiwanese mills took a
time out from the market Nov. 16, spurring U.S. suppliers to lower prices.
In the midst of all this, Taiwan's Feng Hsin Steel Co. Ltd. kicked off the week with a $16-per-tonne increase in its domestic scrap
purchase prices, but the uptick was partially retracted Nov. 17 with a $9-per-tonne downward adjustment.

$14.51)

delivered Qingdao
$70.34
$7.43

FOREX WATCHLIST (to US$1)

Updated 12pm , Nov. 21, 2016

EURO
0.9447

CAD
1.3434

TRY
3.3647

CNY
6.8873

YEN
111.08

RUPEE
68.1755

TURKEY WATCHLIST
Updated Nov. 21, 2016, price in tonnes

REBAR
export f.o.b.

HOT-ROLLED COIL
export f.o.b.

$437.50
$2.50

$512.50
$17.50

BILLET
export f.o.b.

MERCHANT BAR
export f.o.b.

$417.50
$12.50

$455.00
$5

CHINA WATCHLIST
Updated Nov. 21, 2016, price in tonnes

REBAR
export f.o.b.

HOT-ROLLED COIL
export f.o.b.

$397.50
$5

$467.50
$7.50

PLATE export f.o.b.

$422.50
$20
* T he trend directions above reflect
week-on-week changes.
AMM PAGE 12

AMM STEEL PRICES

PRICES EFFECTIVE MONDAY, NOVEMBER 21, 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
$530-$540
(rev. 11/18/16)
China export galvanized coil
$610-$620
(rev. 11/18/16)
China export wire rod
$395-$400
(rev. 11/18/16)
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-$465
(rev. 11/21/16)
CIS export cold-rolled coil
$510-$540
(rev. 11/21/16)
India export galvanized coil
$730-$740
(rev. 11/18/16)

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

$26.50

Coiled

$25.25
STRIP MILL PLATE

48-inches

$27.00

60-inches

$27.50

72-inches

$27.75
ALLOY PLATE

(special bar quality)

1" round, 1000 series (carbon)

$30.00

1" round, 4100 series (alloy)

$36.00

ROD
Market prices per hundredweight, f.o.b. mill.
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

$43.00

$28.00

OCTG J55 casing

$820

Line pipe X52

$840

Standard pipe A53 Grade B

$820

Market prices per hundredweight, f.o.b. mill.

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

Market prices per hundredweight, f.o.b. mill.

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 22, 2016

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

AMM PAGE 13

AMM NONFERROUS SCRAP PRICES

PRICES EFFECTIVE MONDAY, NOVEMBER 21, 2016

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

Chicago Cincinnati Cleveland

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

Chicago Cincinnati Cleveland

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

Chicago Cincinnati Cleveland

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

Chicago Cincinnati Cleveland

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
247.00*
REFINERS' COPPER SCRAP
No. 1 copper
241.00*
No. 2 copper
222.00*
BRASS INGOT MAKERS' SCRAP
(rev. 11/21/16)
Copper
No. 1 bare bright
245.00-248.00*
No. 1
239.00-242.00*
No. 2
217.00-220.00*
Light copper
211.00-215.00*
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. 11/21/16)
Mixed low copper clips
57.00-60.00
Mixed high copper clips
56.00-58.00
Mixed high zinc clips
52.00-54.00
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)
51.00-53.00
Aluminum-copper radiators
110.00-115.00
Nonferrous auto shred (90%
60.00-61.00
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. 11/21/16)
Used beverage can scrap
67.00-69.00
MILLS, SPECIALTY CONSUMERS' BUYING PRICES
(rev. 11/21/16)
Segregated low copper alloy clips
5052
75.00-77.00
3105
66.00-68.00
Mixed low copper alloy clips
64.00-66.00
Painted siding
61.00-63.00

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.

Prices are subject to the disclaimer appearing on the Metal Exchanges page.
NOVEMBER 22, 2016

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

AMM PAGE 14

AMM SCRAP IRON AND STEEL PRICES

PRICES EFFECTIVE MONDAY, NOVEMBER 21, 2016

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

......

......

......

......

Cut structural/plate, 5' max.

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

Cut structural/plate, 5' max.

No. 1 heavy melt

MB Iron Ore Index ($/tonne, evaluated 11/21/16)

MBIO Index

70.34

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

Prices are subject to the disclaimer appearing on the Metal Exchanges page.
NOVEMBER 22, 2016

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

AMM PAGE 15

AMM STAINLESS STEEL SCRAP PRICES

PRICES EFFECTIVE MONDAY, NOVEMBER 21, 2016

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

430 new clips (prompt industrial scrap)

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

304 new clips (prompt industrial scrap)

......

739-762

694-784

672-717

717-918

......

560-672

694-717

717-784

560-672

560-784

1,254-1,411

430 new clips (prompt industrial scrap)

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.

Prices are subject to the disclaimer appearing on the Metal Exchanges page.
NOVEMBER 22, 2016

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

AMM PAGE 16

METAL EXCHANGES
PRICES EFFECTIVE MONDAY, NOVEMBER 21, 2016

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.
11/21/16
Bid

Bid

(in China yuan/tonne)

COMEX COPPER

(prices effective 11/21/16)

(/pound)

11/18/16

Ask

SHANGHAI FUTURES EXCHANGE

Comex, high grade, electrolytic cathode

Ask

ALUMINUM -- HIGH GRADE

Settlement (eff. 11/21/16)

1st session

Spot (Nov)

251.25

Cash

1,725.00

1,726.00*

1,711.50

1,712.00*

Dec

251.50

3 months

1,713.00

1,714.00

1,699.50

1,700.00

Mar

252.75

Stocks

2,152,150

Stocks

2,157,600

May

253.45

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

1,699.00

1,700.00*

1,695.00

1,700.00*

1,705.00

1,715.00

1,710.00

1,720.00

Stocks

82,860

Stocks

82,420

75,092
COMEX GOLD
(US$/troy ounce)

Comex settlement (99.5%, eff. 11/21/16)

Nov

$1,209.60

Dec

$1,209.80

Feb

$1,212.70

Apr

$1,215.50
COMEX SILVER
(/troy ounce)

COBALT

Comex settlement (99.5%, eff. 11/21/16)

1st session
Cash

29,750.00

30,250.00*

29,750.00

30,000.00*

Nov

3 months

29,750.00

30,250.00

29,500.00

30,000.00

Dec

1,652.10

Stocks

590

Stocks

590

Jan

1,655.50

COPPER -- GRADE A

1,651.20

Mar

1,662.10

1st session

PLATINUM AND PALLADIUM

Cash

5,535.00

5,535.50

5,445.50

5,446.00

3 months

5,550.00

5,555.00*

5,458.00

5,460.00*

Stocks

247,075

Stocks

253,700

LEAD
1st session
Cash
3 months

2,168.00
2,181.50
Stocks

2,170.00*
2,183.50
188,850

2,156.00
2,164.00
Stocks

2,158.00*
2,164.50

(US$/troy ounce)
(Nymex settlement prices, eff. 11/21/16)
Platinum (99.95%), Jan

$936.50

Platinum (99.95%), Apr

$939.50

Palladium (99.95%), Dec

$726.55

Palladium (99.95%), Mar

$726.80
NATURAL GAS

188,850

(/mmBtu)

MOLYBDENUM

(Nymex settlement prices, eff. 11/21/16)

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

$295.00
HOT-ROLLED COIL
(US$/short ton)

NICKEL

(Nymex settlement prices, eff. 11/21/16)

1st session

Nov

Cash

11,150.00

11,155.00*

11,075.00

11,080.00*

3 months

11,205.00

11,210.00

11,125.00

11,150.00

Stocks

366,456

Stocks

365,874

STEEL BILLET

$510.00

Dec

$551.00

Jan

$580.00

Feb

$580.00
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

20,975.00

21,000.00*

20,400.00

20,405.00*

3 months

20,725.00

20,775.00

20,145.00

20,150.00

Stocks

3,085

Stocks

3,115

ZINC -- SPECIAL HIGH GRADE

1st session
Cash

2,564.50

2,565.00*

2,534.50

2,535.00*

3 months

2,582.00

2,583.00

2,549.00

2,550.00

Stocks

445,075

Stocks

445,275

NOVEMBER 22, 2016

(US$/gross ton)
(Nymex settlement prices, eff. 11/21/16)
Dec

$270.00

Jan

$270.00

Feb

$270.00

Mar

$270.00

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.

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

Aluminum
Copper
Lead
Zinc

14,490
45,130
18,375
21,340

EXCHANGE RATES
Selling prices in US dollars at 11:00 am in NY, based on
Reuters quotes.
$ per
per $
Euro
1.0613
0.9422
Canada (dollar)
0.7454
1.3415
Japan (yen)
0.009009
111.0050
Britain (pound)
1.2462
0.8025
China (yuan)
0.1451
6.8928
Mexico (peso)
0.0488
20.5005
Russia (Ruble)
0.0156
63.9366
Switzerland (franc)
0.9897
1.0105
Australia (dollar)
0.7362
1.3584
South Africa (Rand)
0.0701
14.2710

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 17

AMM MARKET GUIDE

PRICES EFFECTIVE MONDAY, NOVEMBER 21, 2016

PRECIOUS METALS
(all precious metal prices effective 11/21/16)
GOLD
(US$/troy ounce)
London A.M.

$1,214.95

London P.M.

$1,214.25

Handy and Harman (bullion base)

Handy and Harman (fabricated form)

$1,214.25
$1,347.818

Engelhard (bullion base)

$1,216.71

Engelhard (fabricated form)

$1,307.96

IRIDIUM
(US$/troy ounce)
Johnson Matthey

$675.00
PLATINUM
(US$/troy ounce)

Engelhard (unfab.)

$931.00

Engelhard (fab.)

$1,031.00

Johnson Matthey

$930.00
PALLADIUM
(US$/troy ounce)

Engelhard (unfab.)

$734.00

Engelhard (fab.)

$834.00

Johnson Matthey

$731.00
RUTHENIUM
(US$/troy ounce)

Johnson Matthey

$40.00
RHODIUM
(US$/troy ounce)

Johnson Matthey

$785.00
SILVER
(/troy ounce)

Engelhard (bullion base)

1,665.00

Engelhard (fabricated form)

1,998.00

Handy and Harman (bullion base)

1,659.00

Handy and Harman (fabricated form)

2,073.80

Heraeus Precious Metals

1,661.00

Metalor USA Refining

1,654.00

LBMA

1,668.00

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
78.77
Spot(/lb)
3-month (/lb)
78.11
Midwest Premium (rev. 11/16/16)
7.50-7.75
AMM Free Market, /lb
86.25-86.50
6063 extrusion billet upcharge
9.50-10.50
Domestic producer estimated prices ($/lb)
C355.2
1.10
A356.2
1.05
6061 (extrusion hom.)
0.84-0.85
6063 (extrusion hom.)
0.92-0.93
SECONDARY ALUMINUM
AMM Free Market, /lb, delivered Midwest (rev. 11/21/16)
A380.1
82.00-84.00
319.1
87.00-89.00
356.1
90.00-92.00
A360.1
89.00-90.00
A413.1
88.00-90.00
COPPER
Premium (rev. 11/17/16)
5.25-5.75
AMM free market cathode, /lb
256.50-257.00
LEAD
Premium (rev. 11/10/16)
9.00-13.00
AMM free market price, /lb
107.32-111.32
MB battery premium, /tonne
90.00-120.00
NICKEL
Melting material
Premium (rev. 11/16/16)
15.00-20.00
AMM free market price, /lb
520.67-525.67
Plating material
Premium (rev. 11/16/16)
47.76-52.39
AMM free market price, /lb
553.43-558.06
TIN
Grade A premium (US$/tonne)
(rev. 11/10/16)
$550.00-$600.00
AMM free market price
$21,525.00-$21,575.00
US$/tonne
/lb
976.37-978.64
ZINC
Special high grade premium
(rev. 11/10/16)
6.00-7.00
AMM free market price, /lb
122.30-123.30
SHG average week ending
121.44
11/18/16
ZINC - DIE CASTING ALLOYS
(rev. 11/21/16)
Premium
Price, /lb
Nos. 3 and 7
17.00-19.00 133.30-135.30
No. 5
19.00-21.00 135.30-137.30
No. 2
21.00-23.00 137.30-139.30
Zinc-aluminum foundry alloys
No. 8
20.00-22.00 136.30-138.30
No. 12
22.00-24.00 138.30-140.30
No. 27
27.00-29.00 143.30-145.30

ANTIMONY
(rev. 11/18/16)
MB free market, US$/tonne
$7,250.00-$7,500.00
BISMUTH
(rev. 11/18/16)
MB free market, US$/lb
$4.45-$4.75
CADMIUM
(rev. 11/18/16)
MB free market
min 99.95%, /lb in warehouse
63.00-69.00
min 99.99%, /lb in warehouse
66.00-75.00
CHROMIUM METAL
(rev. 11/18/16)
MB free market, US$/tonne
$7,100.00-$7,500.00
COBALT
(rev. 11/18/16)
MB free market
High grade, US$/lb in warehouse
$13.70-$14.15
Low grade, US$/lb in warehouse
$13.20-$13.90
GERMANIUM
(rev. 11/18/16)
MB free market, US$/kg
$610.00-$710.00
INDIUM
(rev. 11/18/16)
MB free market, US$/kg
$195.00-$240.00
MAGNESIUM
MB Europe free market, US$/tonne
(rev. 11/18/16)
$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-$1,250.00
SELENIUM
(rev. 11/18/16)
MB free market, US$/lb
$7.50-$9.00
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
AMM free market, /lb

100.00-107.00

Low carbon
AMM free market, /lb
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
AMM free market, /lb

85.00-87.00

Low carbon
AMM free market, /lb

93.00-96.00

SILICOMANGANESE
(rev. 11/17/16)
AMM free market, /lb

52.00-56.00

FERROSILICON
(rev. 11/17/16)
AMM free market, /lb

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. 11/18/16)
MB free market, APT, US$/mtu

$198.00-$203.00

VANADIUM PENTOXIDE
(rev. 11/18/16)
MB free market,
min 98% V2O5, US$/lb

$4.80-$5.00

FERROVANADIUM
(rev. 11/17/16)
AMM free market, US$/lb

$10.90-$11.50

To become a price contributor

see Metal Exchanges page

Prices are subject to the disclaimer appearing on the 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 22, 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
(212) 224-3927 millicent.dent@amm.com
Dom Yanchunas reporter
(212) 224-3954 dom.yanchunas@amm.com
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(757) 603-6876 rfmas@amm.com
Thaddeus Rutkowski senior copy editor
(212) 224-3906 thaddeus.rutkowski@amm.com
Sara Kelly senior copy editor
(212) 224-3905 sara.kelly@amm.com
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Raveendra Karanth production manager/
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(646) 274-6252 rkaranth@amm.com
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AMM PAGE 18