PREVIOUS PRICE PREMIUM IN USD/TONNE

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1 ALUMINIUM Japan P1020A cif Japan P1020A cif Shanghai P1020A in-whs Premium stable in quiet market with tight LME spreads and financial year-end capping upside. Some offers as high as $115/t but no deals heard at that level. LME Feb/Mar at $2.50/t backwardation compared with $8.90/t backwardation a week ago. MJP stocks rose 14.6% month on month to 277,100t in Jan due to some shipment delays. But Q2 MJP premium seen rising on higher US Midwest premium and threat of import duties in the US. Q1 settled on Dec 14 at $103/t, up 9% from Q4. Premium range flat amid weak demand and closed import arbitrage window. Import loss at $412/t on Feb 12. China exported 389,000t of unwrought aluminium and aluminium products in Jan, up 14.3% on the year. SHFE stocks rose 8,424t - or 1.1% - vs last week to 803,742t on Feb 9. Market expected to be stable during Lunar New Year holidays from Feb Shanghai P1020A cif Same as Aluminium ingots Shanghai bonded. Shanghai P1020A cif Taiwan P1020A cif Singapore P1020A fob Republic of Korea P1020A cif Republic of Korea P1020A fca Malaysia P1020A fob See Singapore fca. Republic of Korea P1020A cif South East Asia P1020A warrants in-whs East Asia P1020A warrants in-whs See Southeast Asia warrants. Antwerp P1020A in-whs DUP 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 FEBRUARY 14, 2018 Premium unchanged, spot trading thin ahead of Chinese New Year holidays in Taiwan on Feb Premium unchanged, limited spot trading ahead of Chinese New Year holidays in Asia. Premium unchanged, slow spot trading ahead of Lunar New Year holidays. Offers heard at $ /t but premium above $120/t not seen as achievable. Sources peg higher end of range as acceptable in Incheon, where supply remains tight. LME cash/3m spread moving back to contango from backwardation, expectations of higher Q2 MJP premium provide support. Acceptance of Chinese fabricated products as substitutes for ingots not extensive so far, but exports from China expected to continue after holidays on favorable export arb, sources said. Premium unchanged, no deals or offers heard in quiet pre-holiday market. See Korea fca comments. High end of the range lowered to $15/t with strong interest at both ends. Some assessments up to $20/t but majority of market sees $15/t as high point. Live LME stocks up 21% this week with 182,975t increase in Port Klang stocks and significant increases in Johor and Singapore. Premium stable to track Rotterdam range. Antwerp still seen by most as $2/t below Rotterdam on top end due to higher costs Premium increases to reflect Rotterdam duty-paid premium. Top end of Antwerp range seen $2/t below Rotterdam's due to higher costs. Participants see increasing premiums in the US supporting higher number in Italy, with little focus on spreads. Business above $200/t now possible and buying below $195/t difficult. Salerno and Trieste premiums at higher end, Genoa at lower-to-mid portion of range. Market still relatively quiet compared to North Europe. Premium remains at its highest since Feb 2016 and on par with Italy. Interest in region has picked up in recent sessions but confirmed business still limited. Tight supply and increased logistics costs are supporting prices in the region. Some say Spain was counting on Canadian imports, which have not materialized in sizable tonnages. Market is more focused on doing business for higher-purity material. IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT

2 ALUMINUM (cont'd) Turkey P1020A cif DUP Rotterdam P1020A in-whs DUP Business quiet compared to Jan, business below $120/t difficult to do. Most contracts for Q1 now completed, and participants starting to discuss Q2 contracts. Two traders assessed the market at $ /t and a third unchanged at $ /t. One bid was reported at $105/t, a second bid at $103/t and an offer at $110/t. No new business was reported to Metal Bulletin. Lower end of range becoming more difficult for business but still possible. Traders said to be short covering. 35% increase in US Midwest premium in one month to highest since May 2015 is supporting European premium. Volumes heard to be shipped from Europe to US ahead of potential import duties. More than 166,000t delivered onto LME Tuesday, spurring expectations that nearby spreads can swing back to contango and boost premiums. Feb/Mar backwardation slightly narrows to $2.50/t, a level at which stock-holding is unprofitable. LME C/3M further widens to $6.50/t. Rotterdam P1020A in-whs DUP Rotterdam P1020A in-whs DP United States P1020A warrants in-whs Market relatively quiet. Strong US premium and largest delivery onto LME in four years stoking bullish sentiment, making business above $170/t possible. Nearby spreads in narrowing backwardation giving reasons for some to deal aggressively lower and below 3% duty spread. Sellers expecting higher figures if backwardation swings to contango. One multi-month deal reported toward upper end of range. Detroit LME live stocks steady at 35,125t. Total stocks fall by 575t to 54,775t. Midwest United States P1020A dlvd DUP cents/lb cents/lb One seller reported a spot sale above 13 cents per pound, another said to be doing deals within range. Backwardation on the LME seems to be spurring spot inquiries. That said, the rise of the premium has been tempered this week, with the physical spot premium reaching levels seen for futures prices. A snowstorm in the Midwest does not appear to be immediately affecting premium. Brazil P1020A dlvd Brazil premium unchanged, muted spot demand due to national Carnival holidays. Brazil P1020A cif Same as Brazil P1020A delivered. COPPER Shanghai grade A in-whs Premium widely stable as many market participants closed business for the Chinese New Year holidays, few offers heard this week. Willingness to sell warrants even less compared with ocean cargoes given wide C/3M spread on LME. Shanghai grade A in-whs See copper Grade A ingots Shanghai in-warehouse. Shanghai grade A ER in-whs Shanghai grade A SX-EW in-whs Shanghai grade A cif Limited stocks for top ER brands left in bonded warehouses, so assessment for those materials steady at $80/t, while some traders gave higher assessments at $82-83/t. Metal Bulletin assessed Shanghai-bonded copper stocks at kt as of Feb 12, up 20kt compared with end of Jan. Nearby shipments reportedly sold out during the past two weeks as arbitrage remained positive. Some buyers are continuing to look for cargoes with bids around $70/t, though very low availability as many companies started the Chinese New Year holidays early. Shanghai grade A cif See copper Grade A ingots Shanghai CIF. Shanghai grade A ER cif Markets will be closed Feb for Chinese New Year holidays. Shanghai grade A SX-EW cif Republic of Korea grade A cif South East Asia grade A cif Market quiet ahead of Chinese New Year holiday. Codelco offered $70/t premium cif Korea, Taiwan and Japan for A few traders are bidding for small tonnages to ship to Southeast Asia in the range of mid-high-$60s, though stable Shanghai premium and slowdown in market activity ahead of Chinese New year holidays means few deals concluded recently. IT IS A VIOLATION OF METAL BULLETIN COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 2

3 COPPER (cont'd) Japan grade A cif Taiwan grade A cif Premium continues to lack spot liquidity due to high reliance on contractual deals, trading activity not expected to pick up as Japanese financial year ends March 31. Codelco offered FY 2018 annual premium at $70/t, up $2 from Taiwan market slowed before Chinese New Year holidays, companies mostly finished restocking, market unlikely to see big change in the following weeks. Republic of Korea grade A cif See South Korea cif single number comments. South East Asia grade A warrants in-whs Demand weaker this week. Total live copper stocks at 42,450t following deliveries into Asian warehouses. East Asia grade A warrants in-whs See Southeast Asia warrants. Rotterdam grade A cif Italy grade A cif Germany grade A dlvd Range unchanged, market sees widening scrap discounts and cathode availability canceling out steadily improving demand. Series of LME deliveries sees Rotterdam stocks increase by 15% to 88,150t. Premium firms marginally with trades and offers seen as high as $70/t. Italy continues to trade at premium to Rotterdam basis cif. No cathodes on-warrant in Livorno, Trieste LME warehouses. Delivered premium firms marginally this week in line with consistently strong spot demand. Smaller deals reported above $90/t but bulk of market in $80s. Aurubis has reached deal to sell global rolled products division to Wieland-Werke. Leghorn grade A cif See Italy Grade A cathode cif, $ per tonne. North Europe grade A warrants in-whs Continued stronger interest in European copper warrants. Live copper stock in Europe up 3,800t with delivery into Rotterdam. LME 3M prices pushing back above $7,000/t after volatile trading week. Southern Europe grade A warrants in-whs See North Europe warrants. Midwest United States grade A DDP cents/lb cents/lb Premium flat despite pressure coming from snowstorms in the Midwest. Spot demand is so quiet that freight issues are not being registered on premium. United States grade A warrants in-whs Comex copper stocks steady at 224,019 short tons. LEAD India 99.97% cif India 99.99% cif See lead 99.97% ingots India cif. South East Asia 99.97% cif South East Asia 99.99% cif Taiwan 99.97% cif Taiwan 99.99% cif Same as 99.97% Taiwan cif. South East Asia 99.97% warrants in-whs East Asia 99.97% warrants in-whs See Southeast Asia warrants. Premium unchanged as spot market remains quiet prior to corporate budget approval. Buyers stay cautious as the country undertakes biggest tax reform in decades. Spot demand in India limited despite retreat in LME price. Spot demand limited as markets are well covered by long-term contracts with convergence of premiums across different Southeast Asian regions. Markets quiet ahead of Lunar New Year holidays. Premium unchanged while LME 3M spread moves into a slight contango of $0.75/t on Tuesday compared to backwardation last week. LME 3M lead price has retreated below $2,600/t. Premium unchanged amid completed restocking of battery producers. SHFE stocks down 2,892t or 8.5% - vs last week to 31,110t on Feb 9. Market expected to be stable during Lunar New Year holidays. One assessment as low as $5/t but no trades at this level. LME C/3M now in slight contango at $0.75/t from $8.75/t backwardation last week. Live stocks up just 325t. Rotterdam 99.97% fca DP Premium unchanged in quiet spot market despite higher offers. LME's stock in Vlissingen dropped by 1,000t on Tuesday. Rotterdam 99.99% fca DP See lead 99.97% ingots Rotterdam DP fca. Italy 99.97% fca DP Indicative premium rolled over from last week. IT IS A VIOLATION OF METAL BULLETIN COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 3

4 LEAD (cont'd) North Europe 99.97% warrants in-whs Quiet trading conditions for lead warrants in Europe. Live stocks dipped 350t this week, LME 3M price weakening, now below $5,600/t. Southern Europe 99.97% warrants in-whs See North European warrants. United States 99.97% warrants in-whs No LME lead stocks in the US. Midwest United States 99.99% DDP cents/lb cents/lb See US lead 99.97%. Midwest United States 99.97% DDP 9-11 cents/lb 9-11 cents/lb Demand solid due to restocking. Snow and expensive freight causing logistical problems up and down the supply chain. NICKEL Shanghai 99.80% in-whs Shanghai Full plates in-whs Premium unchanged around $265/t due to negative import arbitrage and upcoming Lunar New Year holiday. Import losses between LME and Wuxi most-traded Feb contract are around $340/t compared with $360/t last week. Nickel arbitrage window closed since China raised import taxes this year. Few arbitrage opportunities likely until April-May because of high refined nickel stocks in domestic market and low purchasing interest for imported nickel plate from stainless steel producers. Metal Bulletin assessed Shanghai-bonded nickel stocks at 19,000-24,000t by end of Jan. Shanghai 99.80% cif Shanghai Full plates cif South East Asia briquettes warrants in-whs Premium flat around $235/t amid very thin trading activities ahead of Chinese New Year holiday and negative import arbitrage. Market participants expect lower customs data for refined nickel imports for Jan. Few offers and bids heard as many market participants already on holiday. Four trading firms in China have accepted Nornickel s 2018 term contract offer of $ /t for quarterly supply, lending some support to premium, though majority of companies still holding off. Continued strong demand for briquettes in Asia this week. Live stocks dipped 258t this week. LME C/3M spread stabilizing at $42/t contango. East Asia briquettes warrants in-whs See Southeast Asia briquettes warrants. South East Asia Full plates warrants in-whs One assessment down at $100/t for South African brands but no business at this level. Market still tight with very limited availability of full plates. East Asia Full plates warrants in-whs See Southeast Asia full-plate warrants. Rotterdam Full plates in-whs Rotterdam 4x4 cathodes in-whs Rotterdam briquettes in-whs North Europe Full plates warrants in-whs Midwest United States 99.80% melting material DDP cents/lb cents/lb Midwest United States 99.80% plating material DDP cents/lb cents/lb Premiums stay at 11-year high. Strong bullish sentiment in the market spurred by extremely tight full-plate material has made it more difficult to do business below range. Market quiet during Chinese New Year but sellers looking to get $300/t. No substantial confirmed business reported above range. Premium firm in line with full plates and tightening cutting capacities. Cutting costs around $ /t but heard getting slightly more expensive, 4x4 market tighter in recent weeks. Briquette premium stable with participants seeing last week's pressure alleviating. One deal reported at upper end of range. LME C/3M steady at $42.50/t contango. LME 3M price at around $13,475/t. LME live Rotterdam nickel stocks continue to decline, now at 24,222t from 24,606t. No trade reported due to tight availability of full plates in Europe. Some offers heard up to $220/t but none transacting at this level, market still sees $200/t as high end of range. Live nickel stocks down 384t in Europe this week, no available stock left in Hamburg or Vlissingen. US still short nickel but global traders aren t rushing to fill relatively small deficits. Wide gap still exists between briquettes and 4x4 cathodes at per lb, but there are signs that high asking price for cathodes is scaring off buyers. IT IS A VIOLATION OF METAL BULLETIN COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 4

5 TIN Shanghai 99.85% cif Premium flat this week in quiet market as restocking completed ahead of Chinese New Year holidays. SHFE stocks up 92t - or 1.8% - vs last week to 5,081t on Feb 9. Market expected to hold steady during Chinese New Year holidays. Shanghai 99.9% cif Same as tin 99.85% Shanghai cif. Shanghai 99.9% cif Same as tin 99.85% Shanghai cif. Taiwan 99.9% cif Same as tin 99.85% Shanghai cif. Singapore 99.9% in-whs Singapore 99.9% low lead in-whs Premium stable as suppliers remain keen to sell given high LME tin price. Buying at flat LME price said to be possible, albeit with pricing optionality. Some Indonesian smelters including PT Timah and RBT got their export licences but others still waiting. Singapore supply accordingly replenished but time-lag means Europe, Far East may remain tight until shipments can deliver ingots. Vessels left last week but may take a month in total to reach Europe. Market eyes pent-up supply from smaller Indonesian smelters that could hit the market when export permits are issued. Trades on ICDX for exports totaled 5,245t in Jan from 7,270t in Dec. Indicative premium only for low-lead material due to lack of spot offers. Supply availability tight due to lack of Indonesian units and recent destocking. Hard to get an offer for 50ppm material. Some 200t of 50ppm tin traded for exports on ICDX in Jan. South East Asia min 99.85% warrants in-whs Live LME stocks up 105t this week but still remain at record-low levels. Rotterdam 99.85% in-whs Rotterdam 99.9% in-whs Rotterdam 99.9% low lead in-whs Baltimore 99.85% in-whs Market soft with no new spot trades reported to Metal Bulletin. MSC not making its way to Europe anymore. No live stocks in Rotterdam, last 80t canceled out for delivery. Premium firms to 1-year high as shorts continue to pepper spot market with orders in the face of tight supply. Indonesian shipments still an issue and delays have had affect in restricting deliveries into European market. Window of opportunity for sellers as market expects incoming shipments to ease supply concerns. LME 3M price rides out complex decline to stand at $21,490/t while C/3M backwardation narrows to $98/t from $145/t last week amid 170t of deliveries into Port Klang. Off-exchange stock levels eaten up by improving demand. Low-lead premium maintains record levels since Metal Bulletin started pricing low-lead in 2010 on the back of tight supply availability and short covering. Spot inquiries struggling to find offers, especially for 50ppm material. South American and European producers mostly sold out, Indonesians still not exporting and traders offering high. Spot demand solid but market still has enough supply. Some suppliers quoting higher numbers to account for increased freight costs. Midwest United States 99.85% ASTM dlvd High trucking costs are supporting delivered premium. ZINC India SHG cif DP India SHG cif DUP See India duty paid. Shanghai SHG in-whs Indicative premium rolled over from last week. Steadily increasing domestic supply means lack of demand and trade for imports reported. Premium lower this week amid closed import window, high stock levels. Arbitrage window closed, import loss at about $106/t on Feb 12. SHFE stocks up 3,565t - or 3.8% - vs last week to 98,334t on Feb 9. Market expected to be stable during Lunar New Year holidays. Shanghai SHG cif Premium unchanged amid weak spot demand. IT IS A VIOLATION OF METAL BULLETIN COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 5

6 ZINC (cont'd) Taiwan SHG cif Shanghai SHG in-whs Premium unchanged amid weak spot demand, with no additional spot requirements given newly-settled 2018 long-term contracts. Market expected to be stable before Lunar New Year holidays. Premium lower amid closed import window, high stock levels. Arbitrage window closed, import loss at about $106/t on Feb 12. SHFE stocks up 3,565t - or 3.8% - vs last week to 98,334t on Feb 9. Market expected to be stable amid Lunar New Year holidays. Singapore SHG in-whs Singapore SHG fca Malaysia SHG in-whs Premium unchanged with offers heard at $ /t on fca basis in Singapore and Malaysia, but most market participants see offers above $130/t as not achievable. Limited spot trading and slow spot demand on closed import arbitrage in China, nearby LME spreads in backwardation, high LME prices and businesses winding down for Chinese New Year holidays. Premium in slightly wider range, with lowest offers in market heard at $90/t in Singapore and Malaysia but little trade. Demand stays checked by high LME prices, nearby LME spreads staying in backwardation and businesses winding down for Chinese New Year holidays. Support seen from tight metal supply, limited offers. Malaysia SHG fca See Singapore fca. South East Asia SHG cif Premium unchanged, one deal heard at higher end of range for cif Indonesia, participants peg range as achievable for cif Vietnam and Indonesia. Spot trading slows ahead of Chinese New Year holidays and on high LME prices. Singapore SHG in-whs See in-warehouse Malaysia. Rotterdam SHG fca DUP Rotterdam SHG fca DP Antwerp SHG fca DP Indicative premium due to limited availability and trade of duty-unpaid zinc metal in European markets. Premium range widened as assessments tick up while backwardation in LME 3M spreads eased to $25/t on Tuesday compared to $50/t a week ago. Spot activity returns with small tonnages heard sold at mid-$140s. Customers still seen hand-to-mouth buying despite retreat in LME price. Antwerp SHG fca DUP See Zinc SHG ingots Rotterdam duty-unpaid fca. Italy SHG fca DP Premium unchanged with several truckloads reportedly sold at higher end of range. No LME zinc stock in Italy. Italy SHG DDP See Zinc SHG ingots Italy duty-paid fca. North Europe SHG warrants in-whs United States SHG warrants in-whs Midwest United States SHG DDP cents/lb 8-9 cents/lb No business reported this week. Live zinc stocks unchanged in Europe with just 600t in Bilbao, global stocks also unchanged at 83,700t on-warrant. Live New Orleans stocks remain at 83,000t but total inventories dip nearly 10,000t to 154,750t. Spot business slow as most of the industry is in California for IZA conference, but premiums tick higher as winter storm in Midwest has made an already expensive freight situation worse. 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 brand, specification, purity, tonnage, payment terms and warehouse operator. (Table compiled by Metal Bulletin and AMM Newsdesks) If you wish to export any Metal Bulletin prices to distribute to other people or input them into a company system you will require a data licence. Click here to find out more. Please do not forward this . View our terms and conditions for more information. IT IS A VIOLATION OF METAL BULLETIN COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT PAGE 6