LAST WEEK S

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1 BASE METALS ALUMINIUM Australia Alumina fob Japan P1020A cif Shanghai P1020A in-whs Two cargoes of Australian material traded at $375/dmt, $385/dmt adding significant pressure to index level. Market participants think market is above $375/dmt after Nalco tender last week concluded at $402/dmt. Next Nalco tender to close today for Jan shipment. Market participants confident Alunorte will resume full capacity in 2019, adding bearish pressure on market. Spot premium uptrend supported by contango in LME C/3M spread. Participants more willing to hold stocks than sell, expect a higher premium to come. Most participants think $75/t achievable, but spreads fuel bullishness. Market awaits Rusal sanction developments. LME C/3M widens to $23.75/t contango. C/Feb at $19/t contango. Premium unchanged amid thin market activities. Import loss narrows to $325.70/t on Jan 15 from $375/t on Jan 8. SHFE inventory up 20,232t to 692,558t in week ended Jan 11. Shanghai P1020A cif See aluminium ingots Shanghai bonded. Taiwan P1020A cif Nearby spreads in contango, expected to support premium in coming weeks. Singapore P1020A fob Premium flat on lack of spot trading. Republic of Korea P1020A South Korea duty-free fca Market flat but limited inventory supports premium. No price data submitted this week. Malaysia P1020A fob Lack of spot deals leaves premium unchanged. Republic of Korea P1020A cif South East Asia P1020A warrants in-whs Premium unchanged but reports of limited availability, higher MJP premium, spreads in contango should boost premium. Business reported at $12-20/t range, other participants see bottom of range at $8/t and lower. Participants report availability of Iranian IRALCO material in clearing. LME 3M aluminium price trading below $1,900/t, Q1 spreads less volatile with C/Feb in contango of $19/t. East Asia P1020A warrants in-whs See Southeast Asian aluminium warrants. Antwerp P1020A in-whs DUP Antwerp still at $2/t below Rotterdam premium at top end due to higher costs. Antwerp P1020A in-whs DP Vlissingen P1020A in-whs DUP See Antwerp duty-unpaid. Vlissingen P1020A in-whs DP See Antwerp duty-paid. Italy P1020A fca DP Spain P1020A fca DP Top end of Antwerp range at $2/t below the Rotterdam premium due to higher costs. LME nearby spreads in contango. Some traders conclude business above $175/t but market says not representative. Italian market participants back, liquidity increasing. Market quiet on no concluded business. Support expected in 2019 from potential Alcoa plant closures. Turkey P1020A cif DUP Bearish sentiment on Turkey's overall economy puts pressure on market. Rotterdam P1020A in-whs DUP Rotterdam P1020A in-whs DP LME spreads in wide contango sends premiums higher. Most traders think below $65/t not possible, though some attempt to purchase there, offers heard up to $80/t. Most participants testing $70/t levels for sale. Participants probe for business, few duty-unpaid transactions concluded. US Congressional proposal to delay Rusal sanctions removal has little effect; some participants say delays are bullish for physical market. Market expects volatility following any development on Rusal. Premium widens on high end with market believing $130/t is possible. Most traders now offering at high end of new range. C/Feb spread in contango, supporting higher premiums. IT IS A VIOLATION OF FASTMARKETS COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

2 ALUMINUM (cont'd) United States P1020A warrants in-whs LME stocks in Detroit close at 30,400t with 5,225t on warrant. Midwest United States P1020A dlvd DUP cents/lb cents/lb Market quiet with participants at aluminium conference in US. Little business reported, participants say spreads support higher premiums. United States P1020A cif cents/lb cents/lb Pricing input is flat, no changes communicated week on week. Brazil P1020A dlvd Brazil P1020A cif Participants slow to return from holidays, although competition between local material and imports seems fierce. Premiums increase on recent uptrend in Rotterdam premiums, $180/t possible for smaller tonnages. Demand stagnant. COPPER Shanghai grade A in-whs The LME C/3M contango at $30/t on Jan 15, maintain cargo holders' confidence. Shanghai grade A ER in-whs See Shanghai, grade A in-whs. Shanghai grade A SX-EW in-whs See Shanghai, grade A in-whs. Shanghai grade A cif Arbitrage loss between LME, Shanghai at $50/t vs 49/t yesterday, according to FM calculation. Shanghai grade A ER cif See Shanghai, grade A cif. Shanghai grade A SX-EW cif See Shanghai, grade A cif. South East Asia grade A cif Japan grade A cif Taiwan grade A cif Republic of Korea grade A cif South East Asia grade A warrants in-whs Grade-A cathode premium softens on weak industrial demand before Lunar New Year. Spot deal reported in low $80s/t, offers close to $90/t not accepted. SE Asian market well covered by contractual supply in Jan. Indonesia's Gresik smelter yet to fully resume since maintenance shutdown last Nov. All LME 'live' stock in Singapore gone, stock levels drop from 1,550t. Little interest in spot supply overseas. Japanese yen appreciated by around 4.5% against dollar in Jan, as of Jan 15, could boost import demand. Taiwan premium retreats on less procurement before Lunar New Year. Market activity reported at mid-$70s/t, nothing close to $90/t. As of Tues, on-warrant copper stocks in Kaohsiung at 250t, up from 75t on Jan 8. Little interest in spot supply in South Korea. LME on-warrant stocks in Busan unchanged at 2,375t. Bulk of assessments within $15-20/t range. Market participants report lots of supply flow from US, namely New Orleans, Chicago. On-warrant stocks close to lowest level since 2008 at 118,425t. East Asia grade A warrants in-whs See Southeast Asian warrants. Rotterdam grade A cif Germany grade A dlvd Leghorn grade A cif North Europe grade A warrants in-whs Limited spot demand. Market participants try to conclude annual contracts. As of Tues, on-warrant stock in Rotterdam down to 7,875t from 8,075t last week. LME C/3M spreads widen to $30/t from $18.75/t last week. Limited nearby spot demand. Forward buying cited ahead of Christmas yet lack of spot purchases in first half of Jan. Europe copper cathode availability good. LME on-warrant stock in Hamburg flat at 2,000t on Tues from last week. Small parcel sold at low end of range. Level stable since Nov 2018 start. No tonnage in LME Leghorn sheds. Market continues to report easing fundamentals, minimal spot business. C/3M spread in a contango of $32.50/t, from $17.50/t last week. Southern Europe grade A warrants in-whs See North European warrants. Midwest United States grade A DDP cents/lb cents/lb United States grade A warrants in-whs Market activity returning, should increase spot market activity. Falling stocks, ongoing arbitrage between LME-CME should push spot markets higher in Feb. Total CME warehousing stocks fall to 103,099 short tons, down around 4k short tons week on week. IT IS A VIOLATION OF FASTMARKETS COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 2

3 LEAD India 99.97% cif India 99.99% cif South East Asia 99.97% cif South East Asia 99.99% cif Taiwan 99.97% cif Interest in off-grade bullion maintains premium. Nigerian ingot offers substitute Iranian units, heard below $60/t. Lead ingot demand sluggish despite low LME prices. LME 3M lead price below $2,000/t as of Tues. Relaxed supply in Asia keeps premium flat, closed arbitrage window makes imports into China less lucrative. Participants in talks to conclude 2019 contract terms for Mar. Spot activity minimal with gap between buyers and suppliers expectations. See Lead 99.97% ingots Southeast Asia cif. Few 99.99% lead buyers in Southeast Asia, some contracts settled at premiums level with last year. LME on-warrant stock in Port Klang, Singapore flat at 6,875t, 100t from a week ago. Buyers comfortable with tonnages from contracts signed in late Dec, very low additional buying inquiries in spot market. Taiwan 99.99% cif See Lead 99.97% ingots Taiwan cif. South East Asia 99.97% warrants in-whs Consistent inquiries but lull in spot business. Market participants say $25/t is high end of range this week, lead's C/3M spread in contango of $17.50/t. Total on-warrant stock declines 1,725t this week to 41,425t. East Asia 99.97% warrants in-whs See Southeast Asian lead warrants. Rotterdam 99.97% fca DP Rotterdam 99.99% fca DP No price data reported to Fastmarkets. As of Tues, cancelled LME stock dropped 4,600t to 59,275t. See lead 99.97% ingots Rotterdam dp fca. Rotterdam 'live' lead stock flat at 4,575t. Italy 99.97% fca DP LME on-warrant stock in Leghorn down 150t to 5,575t. North Europe 99.97% warrants in-whs Southern Europe 99.97% warrants in-whs Market reported within $10-15/t range. Total cancelled material in LME-listed warehouses in Europe at 59,275t, with 60% of LME inventory canceled. Depleting stocks, low on-warrant material buoys premium. Lead's 3M price trading above $1,950/t, but over 5% lower than Dec 2018 high at $2,060/t. United States 99.97% warrants in-whs No LME lead stocks in US. Midwest United States 99.99% DDP cents/lb cents/lb Market quiet in holiday season with annual deals done. Industry sources expect little news in coming weeks but demand strong on good battery sales. Midwest United States 99.97% DDP 9-11 cents/lb 9-11 cents/lb See note on lead premium 99.99% purity. NICKEL Shanghai Briquettes cif This price was assessed on Dec 24. It will be assessed again on Jan 25. Shanghai Full plates in-whs Shanghai Full plates cif South East Asia briquettes warrants in-whs Market quiet with Lunar New Year approaching. Traders say sparse trades due to closed import window with arbitrage between Wuxi, LME around -$ /t. Shanghai-bonded nickel stocks at 23k-30kt on Jan 7, down from 24k-32kt on Dec 3, as Chinese stainless steel mills restocking offsets negative import window in Dec that muted buying appetite. Nickel cif premium stable on closed import window, one deal heard at top of range. Most seaborne cargoes with delivery in Jan sold out, creating thin trades. Long-term contract offer for Norilsk Nickel full-plate reported at $ /t, some trading houses still negotiating. Bulk of assessments in range. LME 3M nickel price in uptrend, above $11,500/t, up over 8% from Dec low at $10,500/t. East Asia briquettes warrants in-whs See Southeast Asia briquettes warrants. South East Asia Full plates warrants in-whs Market says difficult to source material on narrowing backwardation. Nickel C/3M spread in backwardation of $30/t from $92/t on Jan 2. Bulk of market reported within $ /t range. One dominant position holds 40-49% of warrant holdings, tom/next, with another at 50-79% of cash positions. IT IS A VIOLATION OF FASTMARKETS COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 3

4 NICKEL (cont'd) East Asia Full plates warrants in-whs Rotterdam Full plates in-whs Rotterdam 4x4 cathodes in-whs Rotterdam briquettes in-whs North Europe Full plates warrants in-whs Nickel full-plate premium in East Asia lower than Southeast Asia with weaker demand, minimal spot business keeps range lower. Wide backwardation in C/Feb, T/N LME nickel spreads creates bearish sentiment in uncut premiums. Despite current downtrend, some participants expect premiums to recover. LME backwardation has little effect on cut cathode premium. Participants say tightness that buoyed premiums recently starting to fade, some deals heard below range. Upper end still achievable at small tonnages. Cutting costs said to be higher at $ /t, but fundamentals maintain premium. LME spreads pressure premium. Participants say market quiet, no business reported. LME live Rotterdam nickel stocks flat at 33,996t. Minimal spot business keeps range at $ /t. Over 90% of LME nickel stocks in Europe still in Rotterdam warehouses. Midwest United States 4x4 cathodes DDP cents/lb cents/lb Few spot sales reported, few inquiries. Midwest United States briquettes DDP cents/lb cents/lb Scant spot trade this week. TIN Shanghai 99.85% cif See tin 99.9% Shanghai cif. Shanghai 99.9% cif Closed import window maintains premium. SHFE tin stocks dip 208t to 8,259t on Jan 11. Shanghai 99.9% cif See tin 99.9% Shanghai cif. Taiwan 99.9% cif Quiet market maintains premium. Singapore 99.9% in-whs Continued uncertainty in tin market over export delays from Indonesia support premium. Participants see minimal material offered from Indonesia through Singapore, regional supply flows slowing. Only PT Timah can export from Indonesia. Singapore 99.9% low lead in-whs Consumers still covered by long-term contracts. South East Asia min 99.85% warrants in-whs Participants report more interest in MSC Malaysian tin warrants. Premiums yet to be affected by Indonesian export delays. MSC material accounts for bulk of LME stock, total LME inventory below 1,300t. Rotterdam 99.85% in-whs Liquidity drying up for this purity in Europe. Rotterdam 99.9% in-whs Rotterdam 99.9% low lead in-whs Baltimore 99.85% in-whs Midwest United States 99.85% ASTM dlvd Market participants still feel effects of dwindling supply. Premium supported at highest level since Sep Spot buying subdued on 3M price, premium elevated. Active market participants source alternatives, but choice limited. Private smelters in Indonesia unable to export after PT Surveyor suspended. PT Timah can export, mostly under long-term contracts. Latest ICDX data shows 5,150t of tin traded for export from Indonesia in Dec, with 1,675t traded in Jan. Trade data for Nov 2018 drops to 2.5 year low of 3,375t, down 33% from 5,025t in Oct, over half Sep level of 8,270t. LME 3M up at $20,600/t, while C/3M widens to $80/t backwardation from $40/t backwardation. Live LME stocks below 1,000t but it s mostly MSC material, which is sourced as an alternative to Indonesian material. Delays to Indonesian exports buoy premium. Market within $ /t range, with gap between 99.9% ingots, low lead shrinking. Low-lead unit supply in Europe limited, with demand for this purity remaining low. Participants see $500/t more difficult to achieve, tight global supply supporting physical market. Market quiet with few transactions reported. Delivered Midwest premium rises after increase in Baltimore in-warehouse premium. Physical market remains quiet. IT IS A VIOLATION OF FASTMARKETS COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 4

5 ZINC India SHG cif DP No trade data reported. Major Indian zinc producer denies report of shipments to Asia being limited in As of Tues afternoon, LME 3M zinc price below $2,500/t, stable from a week ago. India SHG cif DUP See zinc SHG ingots India cif duty paid. Shanghai SHG cif Import interest very low as offices to close for Lunar New Year. Import arbitrage jumps to $150/t since Jan 11 from $18/t on Jan 8, but demand lackluster. Shanghai-bonded zinc stocks up to 54,300-61,300t in late Dec from 38,300-44,300t in Nov, SHFE zinc stocks dip 956t to 26,942t. Taiwan SHG cif Quiet market ahead of upcoming week-long Lunar New Year. Shanghai SHG in-whs See Shanghai premium cif. Singapore SHG fca Singaporean, Malaysian premiums flat despite narrowing backwardation in LME c/3m spreads. LME 'live' stock in Malaysia down 1,025t from 82,825t last week on Tue. Malaysia SHG in-whs Lack of spot deals. Market participants on sidelines prior to Lunar New Year. Malaysia SHG fca See zinc SHG ingots Singapore fca. South East Asia SHG cif Zinc arbitrage window open, attracting more zinc into Asia, but no pricing data submitted. Singapore SHG in-whs See Zinc SHG ingots Singapore fca. Rotterdam SHG fca DP Antwerp SHG fca DP Italy SHG fca DP Italy SHG DDP North Europe SHG warrants in-whs See Zinc SHG ingots Antwerp DP fca. Since start of Jan, LME 'live' stock in Rotterdam down 5,900t to 15,150t as of Tues. Physical market limited, market activity in current range. One deal below 500t reported above $120/t, market participants cite lackluster spot demand, market covered by contract supply in Jan. As of Tues afternoon, LME C/3M backwardation at $5/t from $62/t a week ago. Low spot demand at year start. Market participants look to Q2 supply. No LME stock available in Italian LME sheds. Namibian material available is High Grade as opposed to SHG. See zinc SHG ingots Italy dp fca deals indicate drop of $5-10/t in annual premiums from 2018 levels of $ /t ddp. LME zinc warrants climb on offers, deals heard above range. Despite some reports of market at $10/t at low end, no business reported at these levels for weeks. LME C/3M spread backwardation narrows to $4/t from $77/t last week, while C/Feb now in $13.50/t contango. Total LME zinc stocks close to decadelow at 125,575t. United States SHG warrants in-whs Live New Orleans Zinc flat at 82,825t with total stocks at 91,025t. Midwest United States SHG DDP cents/lb cents/lb Spot market sparse after conclusion of holiday season. Spot activity not expected to return until late Jan. Premiums are paid on top of London Metal Exchange cash prices to acquire ownership or secure delivery of physical metal at an agreed location and date. Rates vary according to numerous factors such as brand, purity, tonnage and payment terms. See specifications for these prices in Fastmarkets MB s methodology here. If you wish to export any Fastmarkets MB prices to distribute to other people or input them into a company system you will require a data license. Click here to find out more. Please do not forward this . View our terms and conditions for more information. IT IS A VIOLATION OF FASTMARKETS COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 5