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FRIDAY, NOVEMBER 11, 2016 / VOLUME 124 / NUMBER 45-5 / ESTABLISHED 1882
DiMicco leading Trumps

transition team for USTR
CHICAGO Daniel R. DiMicco,
senior trade adviser to Republican
President-elect Donald J. Trump,
is leading the administrations
transition team for the Office of
the U.S. Trade Representative
(USTR), he confirmed in an e-mail
to AMM Nov. 10.
But DiMicco, also former
chairman and chief executive
officer of Charlotte, N.C.-based
steelmaker Nucor Corp., said
it is not a given that he would
become the next USTR.
It is not uncommon for people
leading important transition
teams to be chosen for key
positions, sources said. The
Key post. It's "not a given" that ex-Nucor

boss Daniel DiMicco will be U.S. Trade
Representative, but he is leading the
transition team for the office.
USTR, a cabinet member, is the

presidents chief negotiator,
advisor and spokesman on trade
issues.
DiMiccos name has been
floated as among the most likely
candidates for USTR in a Trump
administration. Thats in part
because most establishment
Republicans with government
experiencethe typical profile of a
potential USTRhold free-trade
views that conflict with Trumps,
sources said.
DiMicco, in constrast, has said
the Trump administration will
move quickly to notify Canada and
Mexico of the United
PAGE 2
Midwest ferrous scrap gains seen continuing

NEW YORK U.S. ferrous
scrap prices have defied
seasonal patterns, enjoying an
unexpectedly robust lift during
a typically flat month due to
improved mill demand and a
revitalized export market.
Expectations for prices to go
waffley sideways began to shift
in mid-October, when domestic
producers in coastal regions had
to ante up against U.S. exporters
who were getting increasingly

aggressive in seeking material.
Domestic producers were forced to
raise their prices to prevent losing
tons to overseas markets.
Whats different about
this (export price rally) is that
sale prices have steadily and
incrementally increased. Exporters
have been selling, (so there is)
not a lot of supply (in the market)
and fair amount of demand, an
A sale in Fry Steel's future CME shatters volume

record after election
The threat of steep inheritance
taxes will drive the sale of Fry
Steel Co., although its not clear
who will acquire the privately
held distributor of specialty long
products, the company's president
said this week.
PAGE 5
exporter source who also deals in

the domestic market said.
Echoing the sentiment, a
Midwest mill buyer source noted
that the rally isnt over. Export is
strong and coking coal will take a
while to settle down. Next month
will be strong, too, and we are
headed into January where mills
will get busier. This thing is setting
up to be a powder keg.
With export prices
PAGE 3
Mexico concerned about

Trump's wall, Nafta
CME Group Inc. posted a singleday volume of 44,516,949

contracts across all asset classes
Nov. 9, setting a new record over
the 39,567,064 contracts seen
Oct. 15, 2014.
PAGE 8
Market participants throughout

the Mexican metals supply chain
are concerned about what the
unexpected election of Donald J.
Trump as the next U.S. President
will mean for the country and its
relationship with its northern
neighbor.
PAGE 12
METAL IS OUR SPECIALTY,

SERVICE IS OUR STRENGTH

IT IS A VIOLATION OF AMM COPYRIGHT TO PHOTOCOPY/DISTRIBUTE THIS PRODUCT
WWW.AMM.COM
STEEL
Import rod tags rise on
global steel rally
US wire rod tags rise on
scrap gains
PAGE 4
PAGE 4
SUPPLY CHAIN
GM gearing up for full-size
vehicles
PAGE 5
Kennametal auctioning assets
from Houston facility PAGE 5
Bombardier narrows net loss
amid turnaround
PAGE 6
NONFERROUS
Midwest premium gets
post-LME Week boost PAGE 8
Copper jumps again as funds
pour into commodities PAGE 9
Capstone locks in 2017 price
hedge above $5,000/T PAGE 9
Nobles metals business back
to profit, with new focus PAGE 9
Global nickel mart to enter
deficit in 17: BofA
PAGE 10
Socit Le Nickel furnace restarted
at limited capacity
PAGE 10
SCRAP
Comex gains drive big shifts
in copper scrap
PAGE 12
OmniSource powers down North
Carolina shredders
PAGE 13
NUMBER OF THE DAY
44,516,949
Contracts traded across all of

CME Groups asset classes Nov. 9,
a single-day record, after Donald
Trump won the U.S. presidential
election.
PAGE 8
www.rsac.com
NEWS
DiMicco leading
Trumps transition
team for USTR
CONTINUED FROM PAGE 1
States intent to overhaul or scrap
the North American Free Trade
Agreement (amm.com, Nov. 1). 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).
The Trump administration is
likely to take aggressive action on
trade issues, especially regarding
China (amm.com, Nov. 9).
Frustration over current trade
policies might have contributed
to Hillary Clintons disappointing
performance in Rust Belt states
that typically favor Democratic
candidates (amm.com, Nov. 9).
MICHAEL COWDEN
MCOWDEN@AMM.COM
PRICING AT A GLANCE
NYMEX
Copper
254.95
Hot-rolled coil
Gold
$492.00
$1,265.50
Platinum
Silver
$982.20
1,871.60
LME
Aluminum
$1,772.50
Copper
$5,619.00
Lead
$2,155.00
Nickel
$11,710.00
Zinc
NOVEMBER 11, 2016
$2,531.50
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penalties.
AMM PAGE 2
NEWS
Midwest ferrous scrap

gains seen continuing
CONTINUED FROM PAGE 1
showing indications of downside
for the moment, euphoria from
higher prices is being sustained
as market participants maintain
a positive near-term outlook.
Sources noted that there are
dealers holding out and betting on
even higher prices next month.
If steel mills are successful in
getting price increases on new
finished steel orders, they will
have to keep buying and things
will be stronger, a second Midwest
mill buyer said, adding that there
is optimism as the recent surge
in raw material prices will force
finished steel buyers, who have
buying conservatively as they wait
for the bottom, off the sidelines.
A third Midwest mill buyer
said it appears likely that pricing
for December will once again
be heavily dependent on export
demand. Are the Turks really just
loading up for the next couple of
months, or are they planning to
maintain this level of activity? That
is the question, this source said.
The Midwest market has largely
settled, but some mills are still
scurrying for tons. Most of the
trades were done at an increase of
$20 to $30 per gross ton to October
levels, but sources said stragglers
that are still shopping in the
market are presently looking at
prices beyond a $30-per-ton bump.

Rumors of higher-priced
sweetheart deals have circled
in the industry since the start of
the month, making the pricing
landscape more opaque than
anticipated. While some sources
insist that Midwest prices are
higher than indicated, others
maintain that the majority of deals
have transacted at the reported
price levels assessed by AMM in
Detroit and Chicago.
It gets very fuzzy when you
have these secret deals. Ill be
honest, Ive had them myself. ...
You might be able to keep (the
higher prices) for two months
if youre lucky, but they will
sometimes readjust the price
level, a dealer source noted.
Detroit mills did manage to
secure scrap at levels that were up
$20 per ton compared with October
because they entered the market at
the start of November. By the time
Chicago and outlying mills entered
the market, the increases had
inflated to $30 per ton.
Chicago mills were all over
the map in terms of demand.
Integrated mills in Chicago
generally had weak appetites
while other mills were selective in
purchases. One electric-arc furnace
producer bought no plate and
structural scrap during the month.
One outlying Chicago mill tried
to mirror Detroit and stepped out
with a $20-per-ton increase. After
only limited success, the large scrap
consumer is now paying as much as

$40 per ton more for material.
Inflated numbers are said to
have been tossed around for steel
turnings this month, hovering
at $200 per ton for remote deals,
but Midwest mills appear to be
resisting uncontrolled price gains
for this grade. A slowdown in oil
and gas drilling has also reduced
the number of turnings available.
Low shredder feed volumes
helped lift shredded scrap prices
this month, with talk of higherpriced remote deals in multiple
regions such as the Midwest.
Regional mills are said to be short
on this grade as well, forcing them
to reach further out for material.
I think the dealers are not so
happy over being beat up for the
last three months. With the export
(markets) resurgence, as well as a
drastic reduction in scrap supply,
this emboldened (dealers) to hold
out for better prices, a second
dealer source said.
The first dealer source believed
it was better to adopt a more
conservative approach. I dont
want prices to bounce off the
ceiling for December. Id rather
take what I got this month and a
second upward adjustment next
month if it works out that way.
AMMs Midwest ferrous scrap
index for No. 1 busheling settled
at $229.89 per ton Nov. 10, up
12.8 percent from $203.81 per ton
previously. The index for shredded
scrap settled 12.1 percent higher at
$225.86 per ton from $201.48 per

ton; and the index for heavy melt
gained 14.4 percent to $208.13 per
ton from $182 per ton.
Lisa Gordon, Pittsburgh,
contributed to this article.
MEI LING TOH
MEI.TOH@AMM.COM
AMM MIDWEST FERROUS SCRAP INDEX

(dollars per gross ton)
475
405
$208.13
$225.86
$229.89
335
265
195
125
No. 1 Heavy Melt
No. 1 Busheling
Shredded Steel Scrap
June 2012
Nov. 2016
Source: AMM.
NO. 1 HEAVY MELT
SHREDDED STEEL SCRAP
NO. 1 BUSHELING
450
450
$343.38
380
450
$381.96
310
330
330
$229.89
$208.13
$225.86
240
270
270
170
210
210
100
June
2012
NOVEMBER 11, 2016
Nov.
2016
$376.03
390
390
150
June
2012
Nov.
2016
150
June
2012
Nov.
2016
AMM PAGE 3
STEEL
Import rod
tags rise on
global steel
price rally
NEW YORK Import wire rod
prices have climbed quickly amid
a global rally in steel and scrap
prices, market sources said, citing
increases of $20 to $30 per tonne
vs. two weeks ago.
Scrap prices in Turkey have
gained rapidly, from $227 per
tonne for an 80/20 mix of No. 1
and No. 2 heavy melt in August
(amm.com, Aug. 24) up to $270
per tonne for 80/20 heavy melt in
recent transactions (amm.com,
Nov. 9). Prices for steel in Europe,
China and the Commonwealth of
Independent States (CIS) region
also have rallied in recent weeks,
driven by higher billet and coking
coal costs.
In North America, prices for
rod imports from the CIS area are
expected to reach $460 per tonne
($417 per ton) into New Orleans,
one rod trader said Nov. 8.
Thats an increase of some
$30 to $50 per tonne over recent
weeks, according to this trader,
who several days ago booked CIS
rod for November production at
around $430 per tonne ($390 per
ton). This trader also was not sure
that he would buy material at $460
per tonne, partly because U.S. wire
drawers arent interested.
At the moment, the importdomestic spread is next to
nothing. ... But if Turkish scrap is

going up like it is, the Turks cant
be particularly competitive these
days, he said.
One rod buyer heard Turkish
mesh-quality rod in the market at
$435 to $445 per tonne c.f.r., up $20
per tonne from just a week earlier.
A second trader put Turkish and
other import tags even higher, at
closer to $460 per tonne.
Even if domestics increase by
$30 per ton (based on U.S. scrap),
that will be less than import price
increases, the second trader
said, referring to domestic scrap
settlements in November.
Import rod for traders has
moved up to $460 per tonne from
$420 per tonne in just the last
couple of weeks, he said. Imports
will be a tough sell at these new
levels, he added, echoing wider
commentary.
Chinese steel tags, which
indirectly drive steel prices in
other regions, have gained almost
$50 per tonne in short order, a
third U.S. rod trader noted.
In China, mills are holding
orders, given climbing prices,
as prices rise to levels that are
anybodys guess, he said. The
current market climate feels
like the confusion seen in late
February and early March, when
iron ore prices jumped a record
18.6 percent in one day (amm.com,
March 8), with global steel prices
then surging from March to May,
the third trader said.
Pricing around $21 per
hundredweight ($420 per ton)
on a loaded truck basis is typical
for import mesh-quality rod, one
southern rod buyer said, without
Spring-loaded. Import wire rod has bounced up on a global steel and scrap
rally, putting the import-domestic spread at "next to nothing," a trader said.
NOVEMBER 11, 2016
specifying countries of origin.

Others said loaded truck prices
were in too much flux lately,
and meaningful or stable prices
could not be offered given quick
and ongoing gains in global steel
markets.
AMMs assessment for imported
rod rose to $445 to $460 per tonne
($404 to $417 per ton), a price for
traders, up from $425 to $435 per
tonne ($386 to $395 per ton) two
weeks ago (amm.com, Oct. 27).
NAT RUDARAKANCHANA
NAT.RUDY@AMM.COM
US wire rod tags

rise on scrap gains
NEW YORK U.S. wire rod prices
for December delivery have risen
after scrap rose $30 per gross ton
on key shredded and busheling
grades in November, market
participants said.
A bullish scrap market, bolstered
by gains in export scrap and
heavy mill buying, kicked up No. 1
busheling and shredded scrap tags
in Chicago (amm.com, Nov. 7).
As a result, industrial-quality
rod prices for December shipment
are typically $22 to $23 per
hundredweight ($440 to $460 per
ton), one mill source noted.
From his perspective, thats an
improvement from November
prices, where year-end deals for
large tonnages saw prices sink as
low as $21.50 per cwt ($430 per
ton). Other sources had believed
that prices of $21 per cwt ($420 per
ton) were obtainable.
Rod mills have aggressively
chased volumes amid the seasonal
year-end slowdown, especially
after five straight months of steady
or declining scrap tags, sources
said. Lead times remain short, but
a dearth of import orders amid
rising import tags has boosted the
position of U.S. mills, they said.
I dont know that therell be a
lot of strong movement on pricing
until January, the mill source
said. But with scrap rebounding,
people who waited for the bottom
maybe have decided that this is the
bottom, so my expectation is that
the order book will be fairly good
for the balance of the year.
(Low) domestic pricing has
caused some delay in placing
import business, he added,
noting that prices are finally
starting to move in a positive
upward direction.
Mills will press hard to obtain
these scrap-based price gains,

even if demand is poor, one East
Coast rod buyer said. But the
timing for an up scrap market is
not ideal, he noted.
The timing is pretty bad,
because everybodys trying to
get their inventory down, the
rod buyer said. Im trying to
get through December without
buying, pull my inventories down,
and then my January buy looks
pretty heavy.
He pegged industrial-quality
rod at $23 per cwt for December,
with high-carbon rod at about
$24.50 per cwt ($490 per ton).
Even with this latest significant
scrap gain, scrap and rod prices for
recent quarters are down overall,
thanks to summer price declines,
he noted.
Import-domestic spreads could
be as low as $2 to $3 per cwt ($40 to
$60 per ton), he added, based on
his latest East Coast offers.
If youre below a $2-per-cwt
spread, as it sounds like, you
might as well buy domestic, he
continued. Prices could obviously
change in that 90-day lead time
window, so its not worth messing
around with the risk involved, if you
cant get a decent savings out of it.
A second rod buyer, based in
the Midwest, pegged prices at
$22 to $23 per cwt for December,
although high-carbon rod could
range from $25 to $25.50 per cwt
($500 to $510 per ton).
Amid low domestic rod prices
and rising import tags, many
traders didnt know what to
do and sat on their hands, the
second buyer said, adding that
some rod traders hiked import tags
based on their higher costs.
Some traders tried to go up,
and they werent getting a lot of
business, said the second buyer,
who buys significant volumes of
both imported and domestic wire
rod. I know a lot of the (mill and
buyer) guys were trying to do more
domestic business.
AMMs assessment for domestic
industrial-quality low-carbon rod
moved to $22 to $23 per cwt this
week from $21 to $23 per cwt two
weeks ago. High-carbon rod is now
at $24 to $25.50 ($480 to $510) per
cwt, compared with $24 to $25 per
cwt previously, while mesh was flat
at $21 to $22 per cwt. Cold-heading
quality rod rose to $28 per cwt
($560 per ton) from $27 per cwt
($540 per ton).
NAT RUDARAKANCHANA
NAT.RUDY@AMM.COM
AMM PAGE 4
SUPPLY CHAIN
A sale in Fry
Steels future
LOS ANGELES The threat of
steep inheritance taxes will drive
the sale of Fry Steel Co., although
its not clear who will acquire
the privately held distributor
of specialty long products, the
companys president said this week.
Steve Fry is 75 years old and I
dont expect to be here (running
the business) when Im 80at
least I hope Im not, he told AMM.
However, while Fry isnt
currently negotiating with a
potential buyer for his Santa Fe
Springs, Calif., company, the
likelihood that the privately owned
distributor will eventually be sold
is 100 percent, he saidone
of the few times he has publicly
addressed the companys future.
Fry pointed to death taxes,
which he said are 40 percent,
with the threat that they might
eventually rise to 60 percenta
potential crippling burden for his
family.
We cant pay the death taxes
without selling it, he said of Fry
Steel, whose product line includes
carbon and stainless steel, aircraft
alloys, superalloys, electrical steel,
aluminum, brass and bronze.
Fry has had offers for his
company over the past 20 years.
The company has long been
considered one of the U.S. specialty
bar markets most influential
players, shipping throughout the
country and overseas as well as to
distributors and end-users even
though it operates out of just one
facility in Santa Fe Springs.
Weve turned them (these
offers) down. ... Im just not ready
to retire and I cant imagine
working for somebody else, Fry
said, adding that he also hasnt
been inclined to raise Fry Steels
hood for potential buyers. We
wont let them come in and kick
the tires. ... We are a very private
company.
Speculation over a possible
sale of Fry Steel has been pretty
commonplace in the service
center industry for the past five to
seven years.
Industry sources cited reports
that Fry at one time was seeking
in the range of $400 million to
$500 million for the company,
considered a substantial price
even before the 2009 recession.
One source estimated Fry Steels
NOVEMBER 11, 2016
annual sales before the downturn

in the range of $250 million to
$300 million.
Fry declined to comment on
these reports.
Moreover, the pace of conjecture
over Fry Steels future has picked
up lately, with industry reports
indicating the distributor has
been cutting back on what has
historically been viewed as one of
the most exhaustive warehouse
inventories in the service center
business.
One service center buyer and
longtime Fry customer that
recently checked on the availability
of about a dozen popular sizes of
nickel-based superalloy bar said he
could find only about 25 percent of
these in stock.
And these were A items, this
distributor said, acknowledging
that this large a shortfall doesnt
necessarily occur every day.
Even more recently, Fry Steel
has brought some of its outside
sales representatives inside and
asked them to relinquish their
cars, according to these sources.
Steve Fry confirmed he has
indeed cut back inventory from
past levels and moved some
outside employees inside. But
contrary to speculation that this
indicates the company is clearing
the decks for an impending sale
or otherwise tinkering with its
traditional business model to
prepare for a change in status, he
described these moves as simply
a response to current market
conditions.
Business does not warrant the
inventories that we carried before,
he said, specifically citing a plunge
in defense-related demand due
to zero military spending, a
key component of Fry Steels
replacement-oriented business.
Asked if he wasnt benefiting
from a pickup in demand from
production of new commercial
transports, he reiterated that
Fry Steel is in the replacement
business, and if youre building
Boeing (Co.) airplanes youre not
going to buy from distributors,
but rather direct from the mills.
The company dates back to 1946
with the formation of Allen-Fry
Steel Co., started as a partnership
by employees of two Los Angelesarea companies then among
the largest U.S. service center
chains: Bill Allen of the former
Ducommun Metals Co. and Steves
father, John Fry, previously with
Earle M. Jorgensen Co. In 1970,
John Fry bought out a retiring
Allen. The company became Fry

Steel in 1979, according to Steve
Fry, who joined the business in
1972 and became chief executive
in 1976.
Grace Lavigne, New York,
contributed to this report.
FRANK HAFLICH
NEWSROOM@AMM.COM
GM gearing up for
full-size vehicles
NEW YORK General Motors
Co. is investing more than $900
million to enhance production
at three of its plants and upgrade
them for new builds, but will cut
car production at two of its plants,
the company said Nov. 9.
GM will spend a combined
$915.6 million$667.6 million
at its Toledo, Ohio, transmission
facility; $211 million at the
Lansing Grand River assembly
plant in Lansing, Mich.; and
$37 million at its Bedford, Ind.,
casting operationsto prepare
the facilities for future product
programs, the Detroit-based
company said.
The car market has softened
and requires a reduction in
production, a GM spokesman told
AMM via e-mail on Wednesday.
This is due to the shift to
crossovers and full-size trucks.
Starting in the first quarter 2017,
production of the Cadillac ATS
and CTS, as well as the Chevrolet
Camaro, will be cut at Lansing
Grand River, and production of
the Chevrolet Cruze will be cut at
GMs plant in Lordstown, Ohio,
according to the company.
Shift reductions at the two
plants are expected to affect a
total of 2,084 hourly and salaried
employees, GM said.
GMs car models have been
lagging this year, with sales of
the Cadillac ATS and CTS down
17.1 percent and 16.7 percent,
respectively, while respective sales
of the Chevrolet Camaro and Cruze
are down 9 percent and 19.9 percent,
according to the companys most
recent sales release.
Automakers generally reported
sluggish sales for the month of
October (amm.com, Nov. 2).
KIRK MALTAIS
KIRK.MALTAIS@AMM.COM
Kennametal
auctioning
Houston assets
NEW YORK Kennametal Inc.
is auctioning off assets from its
Houston plant as it winds down
operations at the powder press and
machining facility.
The LaTrobe, Pa.-based tool
and drill manufacturer expects an
official closure of the facility by the
end of November, according to a
company spokeswoman.
Over the past several months
we have been working through the
transition, and production has now
ended at the Houston location, the
spokeswoman told AMM.
Kennametal initially announced
its decision to shutter operations
at the Houston plant in May as part
of the companys continual review
of its manufacturing operations.
Production from the plant will be
relocated to other Kennametal
facilities in North America, the
spokeswoman noted.
The closure process was set
to commence in July, according
to a Worker Adjustment and
Retraining Notification (WARN)
Act notice issued by Kennametal
in May to the Texas Workforce
Commission.
Decisions like this are never
easy, and this closure adversely
affected 64 team members
whom we treated with respect
and consideration throughout
the transition process, offering
support including outplacement
services, the spokeswoman said.
The plants assets have been
made available through a Nov. 10
public sale held on site by
Houston-based auctioneer Plant &
Machinery Inc.
Items available through the
auction include heat-treat
furnaces, powder presses with
capacity ranging from 15 to 70 tons,
an induction hardening system, a
laser marking system, computercontrolled and manual machine
tools, grinding and finishing
equipment, welding machines,
transformers, cooling towers,
jib cranes, forklifts and other
associated tools and equipment.
CHRIS KAVANAGH
CHRISTOPHER.KAVANAGH@AMM.COM
AMM PAGE 5
SUPPLY CHAIN
Bombardier
narrows net loss
amid turnaround
NEW YORK Bombardier Inc.
narrowed its net loss in the third
quarter and saw revenue dip as its
turnaround plan continued to gain
momentum.
Our turnaround plan is in full
motion as we speak right now,
Bombardier president and chief
executive officer Alain Bellemare
said during the companys
earnings call Nov. 10. We have
launched two major waves of
reduction this year, and the first
one is 80-percent completed and
the second one is getting very
good traction.
The Montreal-based company,
which claims to be the worlds
leading manufacturer of planes
and trains, cut 1,750 workers from
its business jet operations in
Canada and the United Kingdom in
May in its second major retreat this
year from the corporate aircraft
market (amm.com, May 15) and
plans to cut 7,500 jobs through 2018
as part of its five-year turnaround
plan (amm.com, Oct. 26).
Bombardier remains focused
on reducing costs, leveraging its
scale and becoming more efficient
across its supply chain and its
own operations, according to
Bellemare.
In the first nine months
of 2016, we have made solid
progress in these areas, he
said. Last month, we launched
the next step in our operations
transformation. The focus of
this action is to better leverage
our global footprint through site
optimization, specialization and
streamlining our back-office and
production work force across both
our transportation and aerospace
businesses.
Three of Bombardiers reporting
segmentsbusiness aircraft,
aerostructures and engineering
services, and transportation
segmentssaw revenue drop
15.7 percent, 18 percent and 10.2
percent, respectively, in the third
quarter vs. the same quarter
last year, while revenue from
its commercial aircraft division
rose 12.1 percent in the same
comparison.
The company expects total 2016
revenue to reach $16.5 billion,
which is toward the low end of
its previously announced range
NOVEMBER 11, 2016
of $16.5 billion to $17.5 billion.

The downgrade follows a revised
delivery forecast for its C Series
aircraft program due to engine
delivery delays.
We adjusted the delivery
forecast for the C Series aircraft
program for the full year, from
15 to seven aircraft, as a result of
engine delivery delays by our (East
Hartford, Conn.-based) supplier
Pratt & Whitney (Corp.), the
company said.
We are working very closely
with Pratt & Whitney, Bellemare
added during the call. We have
received direct assurance that
they are addressing the matter
and taking the necessary steps
to support our 2017 production
schedule.
As we close out 2016 and look
forward to 2017, we are confident
in our strategy, our turnaround
plan and our ability to achieve
BOMBARDIER INC.
(in thousands)
2016
2015
3rd qtr. ended Sept. 30
Net sales
$3,736,000 $4,138,000
Net income (loss)
(94,000) (4,888,000)
9 months ended Sept. 30
Net sales
$11,959,000 $13,155,000
Net income (loss)
(722,000) (4,663,000)
our 2018 and 2020 goals, he

concluded. We remain focused on
improving operational efficiency,
flawlessly executing new programs
and maintaining a disciplined
and proactive approach that will
allow us to perform in any market
environment.
Bombardier does not expect
that its business and commercial
aircraft operations and supply
chains in Mexico will be affected
by potential fallout from the U.S.
election result, Bellemare noted
in response to a question during
the call.
Were a global player with
many suppliers and customers,
he said. Its too early to speculate
about what (the U.S. election)
would imply from a trade
perspective (but) it shouldnt
impact our operations at all.
GRACE LAVIGNE
GRACE.LAVIGNE@AMM.COM
Constellium
unfazed by
aerospace
destocking
NEW YORK Constellium NV
is not facing the same level of
pressure in its aerospace segment
that other aerospace suppliers
are experiencing, due to a large
portion of its aerospace plate being
sold in Europe.
Our aerospace order book
is full in Europe, Constellium
chief executive officer Jean-Marc
Germain said during a conference
call Nov. 10. We are less bearish
on short-term demand trends
than some of our North American
competitors.
Competitors such as New
York-based Arconic Inc. and
Foothill Ranch, Calif.-based
Kaiser Aluminum Corp. have
reduced their outlook in aerospace
growth for the year, as inventory
destocking has dragged down
demand for sheet and plate.
Kaiser chairman and chief
executive officer Jack Hockema
said in an Oct. 20 earnings call
that major aerospace builders are
reducing build rates for newer
models (amm.com, Oct. 21).
We are seeing a little
destocking, Germain stated,
explaining that Constellium saw
less of it because of its exposure to
the European market.
Amsterdam-based Constellium
recorded shipments of 59,000
tonnes in its aerospace and
transportation division for the
third quarter of 2016, the same
amount as in the year-earlier
quarter.
Turning to the automotive
segment, Germain addressed
speculation on its second
continuous annealing line with
pre-treatment (Calp), which he
previously said wont go forward
until the company receives firmer
commitments from automakers
(amm.com, Aug. 2).
We have a lot of interest in the
second line. Nobody is stepping
forward with enough commitment
for me to launch it, Germain said.
Germain also noted that
Constelliums approach to
automotive business is to diversify it
platforms so it is not too dependent
on one (original equipment
manufacturer) or the other.
The downstream aluminum
producer saw adjusted

earnings before interest, tax,
depreciation and amortization
for its automotive structures
and industry segment reach 25
million ($27.2 million) in the third
quarter, up from 22 million in the
corresponding period last year.
The company cited operational
improvements in its packaging
and automotive rolled products
division, particularly at its Muscle
Shoals, Ala., facility, along with
the strong automotive market as
drivers for the improvement.
KIRK MALTAIS
UAW to work with

Trump on Nafta,
infrastructure
NEW YORK The United
Automobile, Aerospace and
Agricultural Implement Workers
of America (UAW) union is willing
to work with President-elect
Donald Trump to achieve some
common goals, despite backing his
opponent during the election.
UAW president Dennis Williams
told reporters during a Nov. 10
press conference that the union
will sit down with Trump to discuss
issues including infrastructure and
trade deals, particularly the North
American Free Trade Agreement
(Nafta). Trump made it a major
part of his platform when he
promised to renegotiate portions
of the agreement with Canada and
Mexico, or pull the United States out
of the deal altogether (amm.com,
Nov. 9).
Weve always been very critical
of trade agreements that didnt
protect American workers,
Williams said. Im prepared to sit
down and talk to him. Look, Nafta
is a problem.
While surprised that Democratic
candidate Hillary Clintonwhom
the UAW endorsed in March
(amm.com, May 26)did not win,
Williams expressed understanding
as to why union membership in
states like Wisconsin and Michigan
may have chosen to vote Trump.
We have people who, because
of the economy and because of
the recession, had to uproot their
families, he said. "Theyre angry.
Ive seen that anger, I understand
the anger.
Williams did express satisfaction
that because of Republican
continued
AMM PAGE 6
SUPPLY CHAIN
majorities winning the House
of Representatives as well as
the Senate, the Trans-Pacific
Partnership trade deal is likely
dead on arrival in Washington.
We think thats good for the
economy (and) good for the
United States, Williams said.
Williams has previously blasted
the trade deal as the catalyst for
factory closures in North America
(amm.com, Oct. 6, 2015).
However, he was tentative in
his support of a Trump presidency
overall. From my perspective,
I agree with President Obama
youre an American first, Williams
said. Were with President Trump
as much as we can.
KIRK MALTAIS
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NOVEMBER 11, 2016
AMM PAGE 7
NONFERROUS
CME shatters
volume
record after
election
WINTER PARK, Fla. CME Group
Inc. posted a single-day volume
of 44,516,949 contracts across
all asset classes Nov. 9, setting a
new record over the 39,567,064
contracts seen Oct. 15, 2014.
Volumes on global futures
exchanges soared on Wednesday
after Donald Trump won the U.S.
presidential election in a dramatic
upset.
Electronic trading on CME
Globex reached 39,977,534
contracts, surpassing 35,067,597
contracts on Oct. 15, 2014, the
Chicago-based exchange said.
The CME metals complex
saw 1,511,187 contracts traded
Wednesday, above the previous
record of 1,478,376 contracts set
April 15, 2013.
Comex gold futures reached
897,219 contracts, up 19.5
percent from 751,058 contracts
set April 15, 2013, a day on which
gold prices fell more than $200
per ounce. Meanwhile, Comex
copper futures hit 256,017
contracts, 30.4 percent higher
than the 196,402 contracts
reported one day earlier.
Copper has rallied strongly
since the election, with the Comex
December-delivery contract
reaching a more than 15-month
high of $2.551 per pound Nov. 10.
The market has been buoyant
following a surprisingly optimistic
LME Week in London, and market
participants anticipate a possible
boost in metal demand if Trump
follows through on his pledge to
invest massively in overhauling
U.S. infrastructure.
Other asset classes that set
new volume records on the CME
include the benchmark West Texas
Intermediate crude oil futures,
Eurodollar futures, 10-year
Treasury options, Fed Fund
futures and Mexican peso futures.
TOM JENNEMANN
NEWSROOM@AMM.COM
NOVEMBER 11, 2016
Midwest premium gets post-LME Week boost

NEW YORK The Midwest
aluminum premium shot up to
a five-month high this week as
market participants returned
from LME Week.
People are on a little bit of a
high coming out of LME Week,
one supplier source said. Theres
been some buying this week and
sellers arent offering discounts,
but we will see if the run up in
(London Metal Exchange pricing)
scares people off.
The London metal Exchanges
three-month aluminum contract
closed the official session at
$1,773 per tonne (80.4 cents per
pound) Nov. 10, the highest
level since May 21, 2015, when
the contract closed at $1,776 per
tonne (80.6 cents per pound).
Meanwhile, the cash contract
closed at $1,772.50 per tonne
(80.4 cents per pound), placing
the contango between the two
prices at just 50 cents per tonne.
One buyer confirmed that LME
prices would have to decrease in
order for him to be interested in
purchasing spot metal.
Other buyers said that
discounting off of published
premiums has been hard to

come by.
After LME (Week), the
suppliers are really pushing back,
a second buyer said.
AMMs assessment of the P1020
spot premium rose to 7.3 to 7.5
cents per pound, up from 6.75 to
7.25 cents per pound previously
(amm.com, Nov. 3). The premium
was last assessed above this level
in early June, at 7.5 to 7.75 cents per
pound amid a slow spot market
(amm.com, June 9).
AMMs all-in price for P1020
aluminum, delivered to the
Midwest, also reached new highs
as the free-market price hit
87.84 to 88.04 cents per pound
Thursday. That's the highest level
recorded since late May 2015.
Theres strength in nearby
premiums, a second supplier
said, adding that tight spreads
on the LME are expected to be a
limiting factor on the Midwest
premiums rise while soaring LME
prices are a factor limiting spot
inquiries.
The other issue of interest for
market participants was Donald
Trumps surprise victory in
the U.S. presidential election,

which was seen as allowing for
additional upside for metal prices
(amm.com, Nov. 9), although
market participants were mixed
on his victory.
It doesnt matter to me that
much. ... I dont know what Trump
is going to do, the first buyer said.
Its a more positive
environment for commodities,
looking at the future, John
Mothersole, director of research,
pricing and purchasing service at
London-based IHS Markit Ltd.,
told AMM Nov. 9. To the extent
that the Midwest premium reflects
the local market, if the Trump
administration pursues this
prime the pump plan ... we would
expect this to lift the premium.
Trump plans to reduce taxes
across the board, while ensuring
that the rich will pay their fair
share, but no one will pay so much
that it destroys jobs or undermines
our ability to compete, according
to his website.
KIRK MALTAIS
LME THREE-MONTH CONTRACT

(in dollars per tonne)
$1,775
Nov. 10
$1,773
$1,750
$1,725
$1,700
$1,675
Oct. 27
$1,687
Oct. 27
Oct. 28
Oct. 31
Nov. 1
Nov. 2
Nov. 3
Nov. 4
Nov. 7
Nov. 8
Nov. 9
Nov. 10
Source: Metal Bulletin.
AMM PAGE 8
NONFERROUS
Copper jumps
again as funds
pour into
commodities
CHICAGO U.S. copper prices
surged another 9.15 cents Nov. 10
amid broad-based technical
buying and hopes that Presidentelect Donald Trump will launch a
major infrastructure rebuild.
The December Comex copper
contract settled at $2.551 per
pound after touching $2.591 in
intraday trading, marking the
14th consecutive increase for the
contract and the highest close
since July 2015.
Investors have poured into
the base metals arena since
the conclusion of LME Week
in London, and the optimism
persisted this week due to
positive U.S., European and
Chinese manufacturing and labor
datasignaling that the worlds
largest economic regions are
finally recovering after billions
in stimulus and historic market
interventions.
(Wednesday) we heard that
commodity trading adviser
buying was extremely heavy, and
we suspect that technical buying
also set in given chart patterns
showing prices breaking out from
a multiyear downtrend, Edward
Meir, an analyst at New York-based
INTL FCStone Inc., said.
In addition, copper has been a
laggard in the base metals space
for much of the year, and it is
possible that fresh money going
into commodities could finally
be boosting its prospects given
its prominent role in a number of
commodity indices, he added.
The run-up in prices surprised
many market participants, who
had expected downward pressure
after Trump pulled off a stunning
victory in the race for the U.S.
presidency. But Trumps promise
to spend massively to overhaul

the crumbling U.S. infrastructure
could boost demand for metals.
The Republican sweep looks
to increase the chances of fiscal
stimulus, especially on U.S.
infrastructure, which should
support the base metals and we are
cautiously optimistic that this may
be the predominant driver in the
coming quarters, Bank of America
Merrill Lynch (BoA) Research said.
We note that trade and fiscal
policy could have a longer-lasting
influence on the sector, but there
(are) a host of factors that may have
a more imminent impact on prices,
including the uncertainty in the
coming weeks.
DALTON BARKER
NEWSROOM@AMM.COM
Capstone locks in
2017 price hedge
above $5,000/T
LONDON Canadian copper
miner Capstone Mining Corp.
has hedged around 40 percent
of its annual copper production
at a copper price above $5,000
per tonne ($2.27 per pound), the
company told investors Nov. 9.
Capstone will lock in 43,000
tonnes of 2017 copper production
at a minimum price of $5,025 per
tonne and a maximum of $5,585 per
tonne. It expects annual production
this year of 108,000 tonnes.
Capstone has also forwardsold 30,000 tonnes of copper
that will ship over the period
from December to June 2017 at
$4,900 per tonne, the company
said as prices rallied on bullish
projections for Chinese
infrastructure and property
spending in China, as well as
the potential for a U.S. industry
stimulus under a Trump
administration.
The copper price has jumped
nearly 16 percent since the start
of November, breaking through
MARKET PRICES
Prices are in cents per pound except as otherwise noted.
AMM Free Market
November 10
Revised
Prior Price
Copper cathode
260.20-260.70
11/10/16
251.15-251.65
Zinc
120.78-121.78
11/10/16
117.18-118.18
87.84-88.04
11/10/16
86.48-86.68
545.61-550.61
11/10/16
534.05-539.05
Aluminum
Nickel, melting
Comex copper settlement
254.95
11/10/16
245.90
No. 2 copper scrap
227.00*
11/10/16
218.00*
Silver, Handy and Harman (/troy oz)
1,856.00
11/10/16
1,870.50
* Nominal for spot sales
NOVEMBER 11, 2016
multiple technical levels this week

after Donald Trumps surprise
victory in the U.S. presidential
elections.
Capstones strategy over the
long term is to remain unhedged
on our copper production,
(but) we determined our most
prudent course of action was to
opportunistically protect our
business from near-term downside
risk, Capstone president and chief
executive officer Darren Pylot said.
Our actions ensure we can
continue to reduce debt in 2017
while retaining meaningful
exposure to copper prices,
particularly in the second half
of 2017 and beyond (when the
market is seen moving into
deficit), Pylot said.
The London Metal Exchanges
three-month copper contract
closed at $5,635 per tonne ($2.56
per pound) on Wednesday, up 5.3
percent from $5,352 per tonne
($2.43 per pound) Nov. 9, and up
15.5 percent from $4,878 per tonne
($2.21 per pound) Nov. 1.
But after rising sharply over the
past two weeks, base metal prices
could come under downward
pressure following such sharp
spikes.
Prices are now in danger of
running ahead of the fundamentals,
Metal Bulletin Research analyst
William Adams said.
The Vancouver, British
Columbia-based company
produced 84,730 tonnes of copper
from its Pinto Valley, Cozamin
and Minto mineswhich operate
in Arizona, Mexico and Canada,
respectivelyat an all-in cost
of $2.02 per pound ($4,450 per
tonne) over the first nine months
of the year (amm.com, Oct. 26).
Capstone also recorded a net loss
of $15 million during the period,
according to its third-quarter
earnings release.
Capstone has improved on its
performance over the same period
in 2015, when it lost $232 million
after producing 64,560 tonnes of
copper at an average cost of $2.90
per pound ($6,400 per tonne), well
above prevailing spot prices.
After returning to an $11.2million profit in the third quarter,
Capstone has now moved to lock
in prices to ensure that it can
deliver on its campaign to restore
its balance sheet following the
sustained losses.
Many copper miners turned
their back on protecting against
falling prices after incurring
multimillion-dollar losses on
their hedge books as prices took

off in the late 2000s. But after
seeing prices crash below the
marginal cost of production
in the past couple of years, the
question of whether hedging will
re-emerge has become a key point
of discussion as prices for mined
commodities have surged.
ARCHIE HUNTER
NEWSROOM@AMM.COM
A version of this article was
first published by AMM sister
publication Metal Bulletin.
Nobles metals
business back
to profit, with
new focus
SINGAPORE Noble Group
Ltd.s metals and mining business
returned to profit in the July
to September quarter after it
completed its exits from base
metals in North America and
Europe to focus on Asia and the
Middle East.
The segment reported
a $57-million profit before
interest and taxes, adjusted for
discontinuing or discontinued
business, compared with a
$20-million loss in the second
quarter of 2016 and a $51-million
loss a year earlier.
This took its profit for the year
through September to $50 million,
reversing a $53-million loss in the
same period last year, according
to Nobles third-quarter financial
report.
The Hong Kong-based company
is now focused on its vertically
integrated aluminum supply
chain, including its Jamalco
bauxite mining and alumina
refining asset in Clarendon,
Jamaica, while its base metals
business is concentrated on Asia
and the Middle East.
The buildout of this business
continues, albeit cautiously, with
a key focus on end customers,
while maintaining the strong
relationships we have in our key
origination markets, Noble said.
The company has also added
new zinc and copper flows to
Southeast Asia while it positions
the business for term contracts in
2017, it said.
Noble had said in the second
quarter that it had exited the
base metals businessnamely in
continued
AMM PAGE 9
NONFERROUS
copper, zinc, lead and nickelin
North America and Europe.
Metal and mining volumes
moved during the third quarter
were 7.6 million tonnes, up 10
percent year on year and 19
percent quarter on quarter. This
took the January to September
volume to 20.6 million tonnes,
down 21 percent from the same
period last year.
Operating income from supply
chains at Nobles metals segment
was $117 million in the third
quarter, an increase from $4
million in the second quarter and
an improvement from a loss of $30
million a year earlier. Operating
income rose more than fivefold
year on year to $151 million from
January to September.
Revenue, however, dipped
48 percent year on year to $965
million in the July to September
quarter, which took year-to-date
revenue to $3.786 billion. This is
down 43 percent from the same
period last year.
The summer months in
the Northern Hemisphere
are typically associated with
reduced activity for downstream
producers, resulting in lower
volumes both in physical activity
and the amount traded on
terminal markets, Noble said.
Aluminum prices trended lower,
with physical premiums also
declining because of tightening
LME spreads and inventory
flooding the market due to limited
financing opportunities, it noted.
While its metals business
has been able to participate
strongly in the improved market
environment, lower prices across
the commodity spectrum in the
early part of the year affected its
revenue, the company said.
Performance in metals remains
challenged amid the restructuring
and rationalization of the
business as well as working capital
constraints, it added.
The company continues to
pursue the same goals it laid
out previously, which were
to rationalize low-return or
loss-making businesses while
devoting resources to core
businesses in which it has a
competitive advantage and where
it expects continued strong returns

over a cycle, it noted.
Nobles net debt was at $3.417
billion at the end of September,
compared with $3.92 billion at the
end of June.
The company booked an
overall net loss of $42.5 million
in the first three quarters of
this year, compared with a
$193.9-million profit in the
corresponding period last year.
VIVIAN TEO
NEWSROOM@AMM.COM
A version of this article was
first published by AMM sister
publication Metal Bulletin.
Global nickel
mart to enter
deficit in 17: BofA
NEW YORK The global
nickel market could enter into
a meaningful deficit in 2017
depending on the number of
nickel mines that the Filipino
government shuts and the length
of those closures, according to
Bank of America Merrill Lynch
(BofA).
The fall in supply will also result
in higher nickel prices, analysts
at New York-based BofA wrote in
a Nov. 9 research note. Prices are
expected to average $10,019 per
tonne ($4.54 per pound) in 2016,
and then rise to $12,250 per tonne
($5.56 per pound) in 2017.
The leading factor driving the
possibility of a deficit is a fall in
production, evidenced by an
estimated 5.6-percent year-onyear decline in global output in
2016. The decrease in output is
primarily due to a fall in Chinese
nickel pig iron production, which
is well under peak levels from a few
years ago.
While Chinese producers offset
supply issues that stemmed from
Indonesias export ban by turning
to Filipino miners, now they must
contend with the threat that the
Filipino government poses to its
countrys nickel mines.
Many nickel mines in the
Philippines have been suspended
due to environmental concerns
and are currently under threat

to be shut. In the worst possible
outcome, Chinas (nickel pig
iron) facilities could lose access
to around 180,000 tonnes of
feedstock, sufficient to put the
global market into one of the
biggest deficits on record, the
analysts wrote.
Meanwhile, demand for nickel
in China has been firm, due to an
extraordinarily strong stainless
steel market, according to the
report. Production of stainless
steel has surged by 9 percent year
to date in China, compared with
the same period last year.
The leading factor behind the
robust market is the combined
monetary and fiscal stimulus
that the government introduced.
While Chinese authorities have
begun to selectively remove some
policy support, with growth rates
in certain sectors slowing in
recent months, analysts believe
the government would avoid
introducing a rapid decline ahead
of the National Congress in the fall
of 2017.
As such, public infrastructure
should prevent a complete slump,
analysts wrote in the report.
Another factor that could
influence a deficit is a fall in recent
months of nickel inventories in
warehouses on the London Metals
Exchange and the Shanghai
Futures Exchange, according
to the report. While analysts
acknowledged this decrease is
partly due to a switch of reported
into unreported stocks, it is also
because of the ongoing decline in
nickel production growth.
And while stainless steel
production outside of China
has scarcely contributed to
commodity demand in recent
years, if governments were to
increase fiscal stimulus, an
economic expansion could result
and lead to an increase in global
demand for stainless steel.
Analysts warn that risks to
their price upside include a
faster than anticipated ramp-up
of Indonesian nickel pig iron
production and ongoing subdued
demand for stainless steel.
MILLICENT DENT
MILLICENT.DENT@AMM.COM
Socit Le Nickel
furnace restarted
at limited capacity
NEW YORK One of the furnaces
at Socit Le Nickels Doniambo
nickel smelter in New Caledonia
was restarted Nov. 1 after a
series of explosions forced its
shutdown, according to a company
spokesman.
The furnace is running at
limited capacity until repairs
are completed, communication
manager Olivier Beligon told
AMM via e-mail Nov. 9, adding
that he was unable to provide
further details.
The furnace, one of three, had
originally been shut Oct. 31 due to
deflagrations caused by the liquid
metal coming into contact with
humidity (amm.com, Nov. 3).
New Caledonia-based Socit
Le Nickel, a subsidiary of Parisbased Eramet SA, has forecast
production of 53,000 to 55,000
tonnes of nickel this year, which
is approximately 5 percent of total
global output.
MILLICENT DENT
MILLICENT.DENT@AMM.COM
Correction
Due to an error in a BMI Research report, articles published in the Nov. 7 and
Nov. 10 editions misstated the projected global tin supply deficits as 9.4 million
tonnes in 2020 and 900,000 tonnes in 2016. This should have been 9,400
tonnes in 2020 and 900 tonnes in 2017.
NOVEMBER 11, 2016
AMM PAGE 10
November 17-18, 2016

Hilton Rosemont/Chicago O'Hare
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In Mexico,
concerns
linger over
Trumps wall,
Nafta
PITTSBURGH Market
participants throughout the
Mexican metals supply chain
are concerned about what the
unexpected election of Donald J.
Trump as the next U.S. President
will mean for the country and its
relationship with its northern
neighbor.
Concerns include immigration,
the construction of a border wall,
changes to the North American
Free Trade Agreement (Nafta) and
the potential negative impacts
on the Mexican peso and the
automotive industry.
Two of his major platforms
would directly affect Mexico. He
wants to build a wall and have
Mexico pay for it and he wants
to redraft Nafta, said a Mexican
scrap processor, adding that
Trumps election was unexpected
south of the border.
A lot of success in Mexico
is the interchange (with) ... the
U.S. If (Trump) creates barriers,
it will cause relations to stall.
Japanese automakers are now
coming into Mexico building
plants and are wondering what
kind of restrictions could there
be exporting cars to the U.S., the
scrap processor said.
A source in the Bajio region said
that while Nafta could use some
tweaking, it should remain intact.
Trumps election means bad
news for Mexico-U.S. relations, if
he wants to change all the current
conditions ... that both nations
have built with Nafta. I believe that
Nafta needs some improvements
to protect employees (in both
countries), ... but it is not a good
idea to cancel it, he said.
What I hope happens is
not that Nafta gets repealed or
renegotiated, but that it gets
enforced so the U.S. can also
benefit, said a service center
executive. I think the uncertainty
will negatively affect the Mexican
peso at the beginning. As time goes
by, I think the immigration from
Mexico (to the U.S.) will encounter
more rules and regulations which
NOVEMBER 11, 2016
Comex gains drive big shifts in copper scrap discounts

PITTSBURGH U.S. copper scrap
discounts have swung higher amid
substantial Comex gains, although
market sources said they are
experiencing difficulties moving
material due to soft year-end
demand.
The market is running but I
cant sell scrap. Right now mills
are already bought for November
and now its December, which is
the toughest month to sell in as
everyone wants to get inventories
down, one supplier source said.
A second supplier shared a
similar view, noting increased
competition to move material
amid fading consumer appetites
and rising supplies.
Copper is defying logic, one
market source said. Spreads have
widened tremendously as few
domestic consumers are quoting
spreads. They are only buying for
January delivery at the moment
and probably will be done soon.
Other suppliers are taking to
the sidelines due to the difficulties
moving metal and recent sharp
price gains.
Everyone is unloading (copper,)
but some (consumers) are starting
shutdowns, so theyre not buying
squat. Weve been trying to dump
metal to lock in the price. Were
in a wait-and-see (mode) now,
waiting for the bottom, the second
supplier said.
As year-end approaches,
some consumers said theyre not
interested in gobbling up material,
especially with what some see as
growing supply concerns.
Due to multiple consumers
being out of the market for
late-year purchases, a severe glut of
copper scrap exists, one consumer
said, noting that some buyers are
finished with purchases for the
year and looking out toward 2017
purchases.
There is no pressure to buy, a
second consumer said, citing rapid
gains in Comex that currently
appear to be defying market
fundamentals. All I can imagine is

there is a flight to commodities to
avoid equities and currency.
Comexs December-delivery
copper contractwhich jumped
3.3 percent Nov. 9 to $2.4595 per
pound (amm.com, Nov. 9)
continued to climb Thursday with
another 3.7-percent gain, settling
at $2.551 per pound after breaching
the $2.59 mark in intraday trading.
This remained the highest close for
the contract since July 2015.
Brass mill scrap discounts for
No. 1 copper increased a penny
on the high side, while those for
refiners No. 1 copper jumped 2
cents overall and discounts on
refiners No. 2 copper scrap logged
a 3-cent increase in AMMs latest
assessment.
Brass ingot makers discounts
also logged gains, with those for
No. 1 bare bright moving to 3 to 6
cents per pound vs. 2 to 4 cents
previously. The discounts for No.
1 rose to 8 to 11 cents from 6 to 8
cents, for No. 2 to 28 to 30 cents
from 23 to 25 cents, and for light
copper to 33 to 36 cents per pound
from 30 to 32 cents per pound.
Brass prices also climbed, with
will not be good for Mexico either,

he added.
The executive said that he
presently sees discrimination
against U.S. finished steel products
exported into Mexico. Even
though we have a free-trade
agreement, it has become virtually
impossible for Mexican companies
to import steel products into
Mexico. Since January 2015,

Mexican Customs has enacted a
series of additional prerequisites
that must be on the mill test
reports and has enacted an
automatic permit. What it really
means is that most steel products
are automatically subject to severe
scrutiny all because a producer is
looking for protectionism against
No. 1 composition solids and

composition borings and turnings
both up 4 cents overall, radiators
up 2 cents and yellow brass solids
up 3 cents per pound.
Crazy times as copper is
up (again). We are buying very
limited and targeted items as we
are carefully managing inventory
going into year-end, a third
supplier said.
While the outcome of the
presidential election was cited
as the driver of the most recent
Comex jump, sources were quick to
point to weeks of previous gains.
Copper was already on the
move long before the election. We
have had (14) straight days of up
Comex. So what makes (14) days
of up copper happen? ... Technical
reasons and maybe the much
lower (London Metal Exchange)
warehouse stocks, one consumer
source said.
LME copper stocks stood at
274,950 tonnes at the start of
business Thursday, down 27.5
percent from the Sept. 28 close at
379,175 tonnes.
BRAD MACAULAY
BMACAULAY@AMM.COM
COPPER AND BRASS SCRAP

Brass mill scrap discounts*
11/09/2016
No. 1 copper
Refiners copper scrap discounts*
11/02/2016
3 to 5
3 to 4
11/09/2016
11/02/2016
No. 1 copper
9 to 11
7 to 9
No. 2 copper
27 to 29
24 to 26
11/09/2016
11/02/2016
3 to 6
2 to 4
Brass ingot makers scrap discounts*

No. 1 bare bright
No. 1
8 to 11
6 to 8
No. 2
28 to 30
23 to 25
Light copper
33 to 36
30 to 32
No. 1 comp. solids
174 to 178
170 to 174
Comp. borings, turnings
171 to 174
167 to 170
Radiators
153 to 155
151 to 153
Yellow brass solids
141 to 143
138 to 140
Brass ingot makers scrap prices (in cents per pound)
*Discounts, in cents, based on the most actively traded Comex copper contract.
Source: AMM.
imported material, he said.

The threat of a border wall was
also on many sources minds. I
feel strongly that Trump should
take a trip to the industrial areas of
Mexico and see if we should really
worry about a wall. There are flags
from all over the world here. The
creation of jobs in Mexico is not
continued
AMM PAGE 12
SCRAP
going to stop, the infrastructure in
place is worth billions and billions
of dollars, said a supplier into the
automotive industry.
A U.S. supplier of steel into
Mexico believes the wall will not
be built. Ive asked a couple of
our guys down there and their
general thinking is that they dont
believe in all the rhetoric will
develop into a physical wall. There
was a lot of posturing for the vote.
Their thought is that a Republican
victory is good for jobs in the U.S.,
which will eventually be good for
the Mexican economy, he said.
A steelmaking source believes
Trump needs to recognize that a
wall would be a Band-Aid. I guess
well find out if his promises of
building a wall and overhauling
Nafta were simply demagoguery
or not. We can only reduce
immigration by addressing
the root cause of it (poverty,
violence, corruption). Any other
attempts like building a wall
are only temporary solutions
that can eventually collapse and
have other social and political
ramifications, he said.
Others had a sense of humor
about Trumps victory and
the proposed wall. I work for
a transportation company
handling large movements of
steel from Canada to Mexico. Are
we going to hit the wall? quipped
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
11/04/16
Prior Wk
Year Ago
Alabama
$190.00
$190.00
$180.00
Chicago
198.00
198.00
180.00
Philadelphia
185.00
185.00
160.00
Pittsburgh
207.00
207.00
180.00
Composite
$195.00
$195.00
$175.00
11/04/16
Prior Wk
Year Ago
$205.00
$205.00
$190.00
Cleveland
210.00
210.00
190.00
Pittsburgh
202.00
202.00
182.00
Composite
$205.67
$205.67
$187.33
11/04/16
Prior Wk
Year Ago
$180.00
$180.00
$160.00
Philadelphia
161.00
161.00
145.00
Pittsburgh
188.00
188.00
152.00
Composite
$176.33
$176.33
$152.33
NO. 1 BUSHELING
calculation date
Chicago
NO. 1 HEAVY MELT

calculation date
Chicago
NOVEMBER 11, 2016
one source, while another

suggested that the United States
build a wall around Trump and
put mirrors on the inside.
The erosion of the peso would
make it cheaper for Americans to
purchase from Mexico but would
hurt the Mexico economy, said
a Monterrey recycler. After the
election, the (U.S.) dollar gained
around 2 pesos (per dollar) ...
and here in Monterrey this is
something that is going to affect
the Mexican economy. Mexicans
that live in the border are used to
going to the United States to shop.
One Mexican service center
executive attributed Trumps
campaign promises to naivete.
Trump has demonstrated that he
has no idea about macroeconomics
or globalization. In his mind he
thinks that he can make the U.S.
100 percent autonomous, but this
is an impossible idea in our current
global economy.
The automotive sector in both
countries could be affected by
Nafta revisions, sources said. Will
Ford (Motor Co.) and other auto
industries remain in Mexico or
look for other nations where the
labor cost is still cheap? asked a
welding equipment supplier.
I think itll really hurt
automotive overall. Without
Nafta, our trading power will be
lessened. New trade deals will
have to be madewhich will take
months or years to enactand
hurt us more in the interim, said
a U.S. automaker supplier source
that imports from Mexico. We
import tens of thousands tons
a year from Mexico in steel as
a country. Those material and
logistic costs will both go up due
to operating outside of Nafta if
we dont order from Mexico. So
American manufacturing will be
less competitive.
You would think that this
would increase demand at
American mills and add more
jobs because more steel is needed,
right? Well, based on how they
have dealt with sharp increases
in demand in the past .... theyll
just order more from China or
Vietnam, the supplier source
added.
Regardless of their attitude
towards him, Mexican players
plan to closely follow Trumps
decisions. Here in Mexico the
first reaction was of fear and
uncertainty. Once the news
digested, the general position is
of caution and attention to the
actions of government of Trump.
We have no other option than

to adapt to the new situation
and hope that moderation and
common sense will prevail in this
new administration, said a San
Luis Potos-area recycler.
A second steelmaker said that
the election promises and hype
will eventually subside. Im pretty
confident that both countries
will find a way to deal with this
and stay (closely connected) for
many more years. One of the main
principles of the United States
is democracy, and this has been
reflected at the ballots. I think that
Mexico will suffer at first, but then
will be a stabilization time, maybe
after the first 100 days of Trumps
administration, he said.
Others expect no disruption
even if Nafta was cancelled. Its
not the end of the world. The dust
will settle and well be back to
business as usual. It may take a
couple of months though, kind
of what happened with Brexit.
You can say and do anything
while campaigning but its
different when you take office, and
especially the Oval Office, said a
Nuevo Leon recycler.
There was a sense of
understanding among Mexican
participants as to why U.S. voters
made the choice. In Monterrey,
it happened almost the same
with the elections of our actual
governor. He won because we
were tired of the same politicians,
looking for a change and not even
caring that the candidate was not
the best one. We just wanted to be
noticed, to send a message of we
are done with this. We desperately
wanted something new, said a
steel fabricator.
We think that Trump won
because the unhappiness of
the people who were seeking
change (and) not because they
felt sympathetic with Trump.
They feel unsatisfied with their
actual politicians and Clinton
represents ... the old school, the
fabricator added.
LISA GORDON
LGORDON@AMM.COM
OmniSource
powers down
North Carolina
shredders
PITTSBURGH OmniSource
Corp. has rationalized its North
Carolina assets by powering
down two auto shredders and
committing to move one shredder
to Roanoke, Va.
The wholly owned subsidiary
of Fort Wayne, Ind.-based Steel
Dynamics Inc. has closed its
Wilmington auto shredding
and metal recycling operation.
The Wilmington shredder was
idled in 2013 and then operated
intermittently, as it made more
sense to shred on site instead of
transporting feedstock to a sister
shredder (amm.com, May 11, 2015).
The Wilmington shredder was
a feasible operation when U.S.
scrap exports totaled upward of 20
million tonnes per year, according
to a source. U.S. ferrous scrap
exports totaled 11.7 million tonnes
in 2015 (amm.com, Sept. 27).
The Smithfield shredder is
idle as of this week. The facility
remains open to service industrial
accounts as well as to buy material
from the general public.
The companys Greensboro
facility, which was a buying center,
has also been closed.
The decisions are part of the
companys strategy to adjust to
challenging market conditions.
It will still have a North Carolina
shredding presence in Kernersville
as well as numerous yards
throughout the state.
The company confirmed
that it will relocate the
6,000-horsepower Wilmington
shredder to its Steel Dynamics
Roanoke Bar division (amm.com,
Oct. 4), with an anticipated startup
by the end of 2017.
LISA GORDON
LGORDON@AMM.COM
AMM PAGE 13
GLOBALLY SPEAKING
PRICE DASHBOARD*
FERROUS SCRAP SNAPSHOTS
CRITICAL WATCHLIST
Turkish domestic, export rebar up with raw material prices
Updated Nov. 10, 2016, price in tonnes
Turkey's domestic and export reinforcing bar prices continue to climb in tandem with rising billet and ferrous scrap tags. Prices
in the country's domestic rebar market reached $425 to $435 per tonne ex-works Nov. 10, up from $408 to $430 per tonne a
week earlier.
Export prices for Turkish rebar rose to $430 to $450 per tonne f.o.b. from $410 to $420 per tonne in the same comparison.
Sources told AMM that a recent sale to the United States closed at $455 to $465 per tonne c.f.r. on a theoretical weight basis.
International raw material prices continue to rally, forcing Turkish steelmakers to pay even more for the scrap they purchased
from domestic sources. The price for home-sourced auto bundle (DKP-grade) scrap jumped to Turkish lira 720 to 755 ($228 to
$239) per tonne delivered to the mill Nov. 7 from TRY685 to 715 ($217 to $227) per tonne the previous week. Shipbreaking scrap
prices also climbed, hitting $245 to $250 per tonne delivered compared with $235 to $236 per tonne in the same comparison.
BILLETS
CHINA
ex-works
TURKEY
import c.f.r.
2,520 yuan
140
$402.50
$30
($370.59
$20.59)
CIS
export f.o.b.
Black Sea
$362.50
$20
CIS billet export prices rocket amid international scrap gains

Export prices for billet from the Commonwealth of Independent States (CIS) spiked on Nov. 10, fueled by rising coking coal and
international ferrous scrap trading tags. Prices were reported at $355 to $370 per tonne f.o.b. Black Sea Nov. 7, up from $340
to $345 per tonne f.o.b. previously. Sources intimated that prices have shot up once again, with a new deal rumored to have
been transacted at $390 per tonne f.o.b.
Several transactions between CIS suppliers and Turkish mills were reported at $370 to $380 per tonne c.f.r. last week. Current
offers for CIS billet are pegged at $400 to $405 per tonne c.f.r.
Feng Hsin, Shagang lift scrap buying prices
SOUTH EAST
ASIA
import c.f.r.
$375.00
$15
IRON ORE
MB 62% FE IODEX
delivered Qingdao
$74.12
$8.66
FOREX WATCHLIST (to US$1)

Updated 12pm, Nov. 10, 2016
Feng Hsin Steel Co. Ltd. increased its domestic scrap purchase and rebar selling prices by $16 per tonne Nov. 8, with the latest
move pushing the combined increase in both prices to $48 per tonne since mid-October. The Taiwanese steelmaker is now
paying New Taiwan 6,500 to 7,100 ($206 to $225) per tonne for mainstream grades of scrap delivered to its mills in Taichung.
At the same time, Feng Hsin Steel Co. Ltd. raised it rebar selling price to NT$14,100 ($448) per tonne ex-works.
Jiangsu Shagang Group Co. Ltd., Chinas largest ferrous scrap consumer, upped its domestic scrap purchase price by $12 per
tonne the same day, the second adjustment by the steelmaker this month. Prices now stand at 1,770 yuan ($261) per tonne for
heavy scrap delivered to the mill.
EURO
0.9192
CAD
1.3486
TRY
3.2545
CNY
6.7987
YEN
106.47
RUPEE
66.8554
TURKEY WATCHLIST
CIS pig iron prices seen keeping pace with other raw materials
Offers for CIS-origin pig iron stood at $350 per tonne f.o.b. in the Baltic Sea and Black Sea regions Nov. 10, up from $310 to $318
per tonne f.o.b. the previous week. Buyers are said to be resisting the higher offers.
Low-manganese pig iron deals to Europe and Asia were priced at $325 per tonne f.o.b., according to AMM sister publication
Metal Bulletin. The price of high-manganese pig iron is expected to climb when a major supplier returns with offers after taking
a short time out to mull prices for November production material.
CHINESE STEEL EXPORTS - SEPTEMBER 2016
REBAR
export f.o.b.
HOT-ROLLED COIL
export f.o.b.
$440.00
$25
$455.00
BILLET
export f.o.b.
MERCHANT BAR
export f.o.b.
$405.00
$25
$450.00
$5
(in tonnes)
Year to date
Steel and iron products
Bars and rods
Angles, shapes and sections
Sheets and plates
Wire
September
August
2016
2015
% change
8,800,000
9,010,000
85,120,000
83,110,000
2.4%
2,980,000
2,950,000
33,990,000
31,710,000
7.2%
390,000
400,000
3,970,000
4,140,000
4.1%
4,250,000
4,340,000
36,510,000
36,360,000
0.4%
190,000
220,000
1,780,000
1,710,000
4.1%
Source: Compiled by AMM from China Customs Administration data.
COMPILED BY MEI LING TOH

MEI.TOH@AMM.COM
NOVEMBER 11, 2016
CHINA WATCHLIST
REBAR
export f.o.b.
HOT-ROLLED COIL
export f.o.b.
$382.50
$25
$442.50
$27.50
PLATE export f.o.b.

$402.50
$15
* T he trend directions above reflect
week-on-week changes.
AMM PAGE 14
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!
Shredder 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
AMM STEEL PRICES

PRICES EFFECTIVE THURSDAY, NOVEMBER 10, 2016
NOTICE
AMM proposes discontinuing its price for imported
hot-dipped galvanized steel 0.019 inch thick with a G60
coating effective Nov. 16. 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*
$386-$395
Hot-rolled
$25.00
Wire rod (low carbon)
$404-$417
Cold-rolled (Class I)
$36.00
Merchant bar
$530-$550
Hot-dipped galvanized (base price)
$36.50
Beams
$480-$520
Hot-dipped galvanized*
$40.50
Reinforcing bar, Grade 60, No. 5
Hot-rolled coil
$440-$460
Plate
$465-$480
Galvalume
$37.50
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
$580-$620
Electrogalvanized
$42.50
Aluminized (Type 1)
$41.50
3 x 3 x 1/4" angle
$30.50
Motor lamination
$39.00
$660-$700
* The price for hot-dip galvanized sheet represents

a base price plus a G90 coating on material 0.040
inch (1 millimeter) thick.
PLATE
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
$500-$505
(rev. 11/04/16)
China export galvanized coil
$575-$580
(rev. 11/04/16)
China export wire rod
$395-$400
(rev. 11/04/16)
Turkey export rebar
$430-$450
(rev. 11/10/16)
Turkey export wire rod
$450-$460
(rev. 11/10/16)
CIS export hot-rolled coil
$425-$435
(rev. 11/07/16)
CIS export cold-rolled coil
$490-$500
(rev. 11/07/16)
India export galvanized coil
$730-$740
(rev. 11/04/16)
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
Cold-Rolled Coil
CARBON GRADE PLATE

Cut-to-length
$23.25
Coiled
$22.00
STRIP MILL PLATE
48-inches
$24.00
60-inches
$24.50
72-inches
$24.75
ALLOY PLATE
8 x 11.5 channels
$29.75
1/2 x 4" flat
$30.25
COLD-FINISHED
$43.00
1" round, 12L14 (carbon)
$51.50
1" round, 4140 (alloy)
$62.50
(special bar quality)

1" round, 1000 series (carbon)
$29.00
1" round, 4100 series (alloy)
$34.50
ROD
Mesh quality low carbon
$21.00-$22.00
Industrial quality low carbon
$22.00-$23.00
PIPE AND TUBE
High carbon
$24.00-$25.50
Market prices in US$/short ton.

Domestic
Cold-heading quality
National mills
$39.75
$28.00
OCTG J55 casing
$820
Line pipe X52
$840
Standard pipe A53 Grade B
$820
OCTG seamless casing P110
$995
W8 x 8
OCTG J55 casing
$690
STRUCTURAL TUBING
Line pipe X52
$600
Standard pipe A53 Grade B
$590
OCTG seamless casing P110
$860
Import
BEAMS
$32.50
Market prices in $/short ton

ASTM A500 Grade B
$730.00-$770.00
400
300
475
200
$546
$462
Apr. 25
CHINA: HOT-ROLLED BAND AND COLD-ROLLED COIL

Cold-Rolled Coil Hot-Rolled Band
Oct. 24
WORLD EXPORT MARKET: HOT-ROLLED BAND
$464
500
600
100
$331
$361
$253
Oct. 26
Apr. 25
Oct. 24
CHINA: REBAR
450
450
400
400
350
$417
350
300
250
300
250
$24.00-$25.00
HOT-ROLLED
600
$592
500
(base prices)
National mills
700
Hot-Rolled Band
$757
Oct. 26
MERCHANT PRODUCTS
(dollars per tonne)
850
350
1" round, 1018 (carbon)
WORLD EXPORT PRICES
UNITED STATES: HOT-ROLLED BAND AND COLD-ROLLED COIL
975
725
$670-$700
*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

1,100
BARS
IMPORT PRICES
$294
200 Oct. 26
200
Apr. 25
Oct. 24
$323
$261
150 Oct. 26
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.
Apr. 25
Oct. 24
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 11, 2016
AMM PAGE 16
AMM NONFERROUS SCRAP PRICES

COPPER
No. 1 heavy copper and wire

NO. 2 HEAVY COPPER AND WIRE
Light copper
RED BRASS SOLIDS
Red brass turnings, borings
Cocks and faucets
Brass pipe
YELLOW BRASS SOLIDS
Mixed yellow brass turnings, borings
Yellow brass rod ends
Yellow brass rod turnings
70-30 brass clips
AUTO RADIATORS (UNSWEATED)
High-grade bronze gears
High-grade low lead bronze
Manganese bronze solids
Miscellaneous nickel-"silver" solids
Manganese bronze turnings
ALUMINUM
Boston
Buffalo
Chicago Cincinnati Cleveland
Detroit
Houston
L.A.
N.Y.
Philly
Pburgh
S.F.
St. Louis
Montreal
Toronto
165-175
152-162
142-152
149-159
114-124
......
117-127
98-108
77-87
117-127
107-117
123-133
112-122
151-161
......
126-136
126-136
71-81
181-191
164-174
144-154
156-166
101-111
114-124
119-129
112-122
74-84
119-129
109-119
120-130
129-139
153-163
......
123-133
128-138
78-88
176-191
167-182
147-162
157-167
132-142
120-130
125-135
113-123
85-95
115-125
110-120
121-131
120-130
144-154
139-149
119-129
124-134
84-94
181-191
167-182
147-157
156-166
116-126
109-119
129-139
107-117
84-94
119-129
114-124
120-130
116-126
143-153
133-143
128-138
133-143
88-98
171-186
162-177
147-162
152-162
132-142
115-125
135-145
106-116
85-95
115-125
115-125
136-146
115-125
139-149
149-154
124-134
119-129
79-89
177-187
163-173
146-156
141-146
111-121
117-127
127-137
113-123
94-104
130-140
122-132
143-153
115-125
156-166
151-161
131-141
141-151
86-96
194-204
181-191
155-165
173-183
134-144
122-132
147-157
140-150
102-112
130-140
137-147
143-153
147-157
161-171
151-161
141-151
136-146
86-96
164-179
150-165
140-155
148-158
129-139
112-122
127-137
110-120
72-82
122-132
122-132
123-133
115-125
151-161
......
121-131
131-141
71-81
178-188
164-179
144-159
142-152
132-142
115-125
125-135
118-128
65-75
120-130
120-130
126-136
123-133
149-159
......
119-129
129-139
69-79
181-196
167-182
142-157
157-167
127-137
115-125
120-130
113-123
85-95
120-130
120-130
126-136
120-130
144-154
134-144
129-139
134-144
89-99
176-191
162-172
139-149
170-180
128-138
123-133
143-153
129-139
106-116
136-146
126-136
132-142
133-143
152-162
152-162
137-147
132-142
82-92
193-203
179-189
162-172
164-174
152-162
140-150
140-150
128-138
100-110
143-153
128-138
159-169
135-145
......
144-154
139-149
139-149
77-87
236-246
218-228
198-208
166-176
116-126
161-171
161-171
149-159
101-111
169-179
161-171
162-172
136-146
167-177
157-167
160-170
160-170
105-115
224-239
215-225
186-201
167-177
117-127
152-162
......
148-158
97-102
......
......
......
120-130
163-173
......
156-166
......
101-111
Atlanta
Boston
Buffalo
Detroit
Houston
L.A.
N.Y.
Philly
Pburgh
S.F.
St. Louis
Montreal
Toronto
45-50
43-48
40-42
43-46
39-41
40-41
47-50
45-47
45-47
45-47
41-42
39-43
43-46
41-43
39-44
36-38
32-35
33-36
53-57
47-50
49-53
38-41
35-38
35-38
39-41
37-42
34-39
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
181-196
167-182
152-167
151-161
126-136
109-119
129-139
117-127
84-94
124-134
124-134
125-135
131-141
143-153
133-143
138-148
118-128
83-93
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
17-22
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
......
......
36-39
41-44
37-41
46-51
35-38
23-26
......
31-35
......
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
37-42
35-38
......
27-31
Boston
45-48
......
......
25-27
Buffalo
44-49
45-47
21-23
32-36

43-48
......
42-47
41-43
......
43-47
......
......
20-25
20-24
......
25-29
Detroit
39-43
40-44
......
25-29
Houston
39-44
40-44
......
28-32
L.A.
......
......
......
......
N.Y.
39-44
......
17-19
20-24
Philly
41-46
......
......
26-29
Pburgh
......
......
20-22
22-26
S.F.
35-40
36-40
16-20
19-23
St. Louis
46-50
45-49
......
......
Montreal
51-56
48-49
29-30
35-39
Toronto
43-48
......
......
......
Atlanta
Boston
Buffalo
Detroit
Houston
L.A.
N.Y.
Philly
Pburgh
S.F.
St. Louis
Montreal
Toronto
35-40
29-34
29-34
......
30-32
31-33
31-33
35-40
35-40
34-39
31-33
31-36
37-42
30-35
30-35
38-43
35-39
36-38
34-36
32-36
38-43
39-44
34-39
......
34-39
33-38
33-38
......
......
......
......
......
......
......
......
......
37-42
35-40
34-39
......
41-46
38-43
38-43
41-47
34-39
33-38
30-35
39-45
......
34-39
......
......
(rev. 11/01/16)
HEAVY SOFT LEAD

Mixed hard lead
Undrained,whole old batteries
WHEEL WEIGHTS
ZINC
Atlanta
182-192
169-179
149-164
151-161
136-146
104-114
114-124
120-130
69-79
119-129
114-124
120-130
124-134
133-143
123-133
113-123
118-128
73-83
(rev. 11/01/16)
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. 11/01/16)
(rev. 11/01/16)
New zinc die cast

OLD ZINC DIE CAST
Old zinc scrap
Zinc die cast automotive grilles
NICKEL
37-41
30-35
30-35
38-43
......
......
......
......
......
......
......
......
(rev. 11/01/16)
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
360-410
300-350
335-385
275-325
335-385
275-325

360-410
300-350
360-410
300-350
360-410
300-350
360-410
300-350
360-410
300-350
335-385
......
360-410
......
360-410
......
360-410
300-350
335-385
......
335-385
......
335-385
275-325
335-385
......
195-235
165-205
165-205
195-235
195-235
195-235
195-235
195-235
165-205
195-235
195-235
195-235
165-205
165-205
......
......
185-230
155-200
155-200
185-230
185-230
185-230
185-230
185-230
155-200
185-230
185-230
185-230
155-200
......
......
......
205-245
185-225
185-225
205-245
205-245
205-245
205-245
205-245
185-225
......
205-245
205-245
......
185-225
......
......
260-285
230-255
230-255
260-285
260-285
260-285
260-285
260-285
230-255
260-285
260-285
260-285
230-255
230-255
230-255
230-255
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
251.00*
REFINERS' COPPER SCRAP
No. 1 copper
245.00*
No. 2 copper
227.00*
BRASS INGOT MAKERS' SCRAP
(rev. 11/10/16)
Copper
No. 1 bare bright
249.00-252.00*
No. 1
244.00-247.00*
No. 2
225.00-227.00*
Light copper
219.00-222.00*
No. 1 comp. solids (rev. 11/09/16)
174.00-178.00
Comp., borings, turnings

(rev. 11/09/16)
Radiators (rev. 11/09/16)
Yellow brass solids (rev. 11/09/16)
153.00-155.00
141.00-143.00
* Nominal for spot sales.
171.00-174.00
SMELTERS' LEAD SCRAP

Buying prices heavy soft lead (cwt), including delivery
to smelter
(rev. 11/01/16)
Scrap lead
$74.00-$77.00
Remelt lead
$77.00-$79.00
Whole batteries
$33.00-$35.00
Cable lead
$80.00-$82.00
SMELTERS' ZINC SCRAP
(rev. 11/01/16)
New zinc clippings
70.00-73.00
Old zinc (clean)
54.00-57.00
Galvanizers' dross
61.00-64.00
SECONDARY SMELTERS'
ALUMINUM SCRAP
Buying prices delivered to Midwest smelters in full
truckloads containing several grades
(rev. 11/10/16)
Mixed low copper clips
56.00-59.00
Mixed high copper clips
55.00-58.00
Mixed high zinc clips
51.00-54.00
1-1-3 sows
58.00-60.00
Siding, painted
55.00-57.00
Mixed clips
54.00-56.00
Old sheet
53.00-55.00
Old cast
55.00-57.00
Turnings, clean and dry

High grade
54.00-56.00
Mixed grade (max. 5% Zn)
49.00-51.00
Aluminum-copper radiators
108.00-113.00
Nonferrous auto shred (90%
58.00-60.00
alum.) *
* Unmixed full truckload, "twitch" grade
DOMESTIC ALUMINUM PRODUCERS
Buying prices for processed used aluminum cans in
carload lots, f.o.b. shipping point
(rev. 11/10/16)
Used beverage can scrap
67.00-68.00
MILLS, SPECIALTY CONSUMERS' BUYING PRICES
(rev. 11/10/16)
Segregated low copper alloy clips
5052
75.00-78.00
3105
69.00-72.00
Mixed low copper alloy clips
65.00-68.00
Painted siding
63.00-65.00
Nonferrous scrap price changes were made for

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

Metal Exchanges page.
NOVEMBER 11, 2016
AMM PAGE 17
AMM SCRAP IRON AND STEEL PRICES

NOTICE
NOTICE
AMM proposes discontinuing its consumer price assessment

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

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

AMM Midwest Ferrous Scrap Index changes were made
CONSUMER BUYING PRICES
Estimated domestic consumer buying prices in US$/gross ton; delivered mill price. (a) Appraisal price NA--Not available
Canadian currency; in net tons
Alabama
Chicago
Cincinnati
Cleveland
11/08/16
11/08/16
11/08/16
11/07/16
11/07/16
11/07/16
11/08/16
11/07/16
11/07/16
11/08/16
11/08/16
11/08/16
......
195
205
205
210
203
206
203
191
225
203
203(a)
172
207.00
No. 2 heavy melt
185
......
190
......
......
......
......
......
......
......
......
......
......
No. 1 bundles
207
225
240
230
242
216
......
220
222
......
......
253
......
No. 2 bundles *
......
155
160
......
......
......
......
121
102
......
82(a)
......
......
No. 1 busheling
225
235
235
230
240
221
223
220(a)
237
223
240(a)
239
237.33
No. 1 industrial bundles
......
......
......
......
......
......
......
......
242
......
......
......
......
Shredded auto scrap
220
228
228
235
240
220
225
221
241
225
240(a)
193
227.50
80
130
155
125
83
138
100
155
105
100
......
......
......
Cast iron borings
......
......
132(a)
......
......
......
......
......
95
......
......
......
......
Cut structural/plate, 2' max
......
......
314(a)
......
......
......
......
290(a)
......
......
......
......
......
Cut structural/plate, 3' max.
230
......
......
......
......
......
......
225
257
......
......
......
......
205
230
228
220
225
220
215
201
246
215
225(a)
191
......
Foundry steel, 2' max.
......
......
219
......
177
235
......
265(a)
180
......
185(a)
......
......
DATE REVIEWED:
NO. 1 HEAVY MELT
MACHINE SHOP TURNINGS
Cupola cast
CLEAN AUTO CAST
N. Carolina/
Detroit
Virginia Philadelphia
Ark/Tenn
Border
Pittsburgh
South
Carolina Youngstown
Hamilton,
Ontario Composites
......
......
259
......
100
285(a)
......
180(a)
213
......
......
......
......
......
......
294
......
255
315(a)
......
218(a)
262
......
......
......
......
Unstripped motor blocks
......
......
214
......
285
......
......
180(a)
335
......
......
......
......
Heavy breakable cast
......
......
204
......
85
......
......
123(a)
173
......
......
......
......
Drop broken machinery cast
......
......
274
......
213
......
......
228(a)
......
......
......
......
......
Rail crops, 2' max.
......
......
244(a)
......
348
......
......
230(a)
325
......
......
......
......
Random rails
......
......
214(a)
......
......
......
......
170(a)
245
......
......
......
......
Steel car wheels
......
......
235
......
260
......
......
......
......
......
......
......
......
Rerolling rails
......
......
252(a)
......
......
......
......
......
......
......
......
......
......
......
......
205
......
200
200
......
......
165
......
......
......
......
STEEL (TIN) CAN BUNDLES
* Shredders may also be considered consumers for this grade
AMM INDEXES
DEALER SELLING PRICES
Ferrous Scrap Export Index ($/tonne, evaluated 11/09/16)
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)
252.57
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)
256.33
No. 1 bundles
......
......
......
195
......
Midwest Ferrous Scrap Index ($/gross ton, evaluated 11/10/16)
11/08/16
11/08/16
No. 1 busheling
185
218
167
200
175
208.13
Shredded auto scrap
183
215
160
200
280(a)
No. 1 busheling
229.89
Machine Shop Turnings
Shredded steel scrap
225.86
No. 1 heavy melt
MB Iron Ore Index ($/tonne, evaluated 11/10/16)

MBIO Index
74.12
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:
11/02/16
11/01/16
11/02/16
11/02/16
10/03/16
No. 1 heavy melt
135
110
160
165
90
90
60
65
130
110
55
......
No. 1 busheling
......
120
......
......
105
......
Machine shop turnings
......
40
95
......
40
30
Mixed cast
125
......
170
165
......
......
Unstripped motor blocks
130
95
175
160
100
65
75
65
130
130
50
75
140
120
165
170
100
100
Houston Seattle/Portland
DATE REVIEWED:
11/07/16
11/07/16
No. 1 heavy melt
30
30(a)
No. 1 busheling
30
......
Shredded auto scrap
30
30(a)
Machine shop turnings
20
30(a)
Cut structural/plate, 5' max
30
30(a)
No. 2 bundles
Auto bodies
To become a price contributor see Metal Exchanges page.
Cut structural/plate 5' max.
S.F. Seattle/Portland
10/03/16
NOVEMBER 11, 2016
AMM PAGE 18
AMM STAINLESS STEEL SCRAP PRICES

DEALER BUYING PRICES

Boston
Buffalo
Chicago
Cleveland
Detroit
Houston
L.A.
N.Y.
Pburgh
S.F.
Southeast
Montreal
11/08/16
11/08/16
11/08/16
11/08/16
11/08/16
11/08/16
11/08/16
11/08/16
11/08/16
11/08/16
11/08/16
11/08/16
33-34
37-38
47-50
40-42
38-53
42-54
35-40
47-48
42-45
35-46
34-35
72-81
304 solids, clips
27-28
33-34
31-35
28-30
30-38
30-38
25-30
31-32
32-35
25-30
20-35
52-62
304 turnings
21-22
16-17
25-28
20-25
20-32
27-35
15-20
21-22
25-30
15-20
15-30
47-54
304 new clips (prompt industrial scrap)
......
33-34
31-35
28-30
30-38
......
25-30
31-32
32-35
25-30
20-35
52-62
2-3
......
8-9
4-5
3-7
......
......
4-5
5-6
......
5-9
......
829-851
1,053-1,120
896-941
851-1,187
941-1,210
784-896
1,053-1,075
941-1,008
784-1,030
762-784
1,613-1,814
DATE REVIEWED:
DEALERS' BUYING PRICES (/lb.) Canadian currency

316 solids, clips
DEALERS' BUYING PRICES (US$/gross ton) Canadian currency

316 solids, clips
739-762
304 solids, clips
605-627
739-762
694-784
627-672
672-851
672-851
560-672
694-717
717-784
560-672
448-784
1,165-1,389
304 turnings
470-493
358-381
560-627
448-560
448-717
605-784
336-448
470-493
560-672
336-448
336-672
1,053-1,210
......
739-762
694-784
627-672
672-851
......
560-672
694-717
717-784
560-672
448-784
1,165-1,389
45-67
......
179-202
90-112
67-157
......
......
90-112
112-134
......
112-202
......
BROKER/PROCESSOR BUYING PRICES

Chicago
Cleveland
Detroit
Houston
N.Y.
Pburgh
Southeast
11/08/16
11/08/16
11/08/16
11/08/16
11/08/16
11/08/16
11/08/16
316 solids, clips
62-66
63-64
61-64
62-65
61-64
63-65
63-66
304 solids, clips
46-50
47-48
46-51
47-51
47-48
46-48
47-50
304 turnings
39-43
41-42
40-42
41-46
40-41
38-42
41-44
430 bundles, solids
13-17
......
14-14.5
10-18
......
13-16
10-17
7-12
......
......
......
......
7-13
7-13
10-15
......
12-12.5
7-14
......
12-13
12-14
6-10
......
8-9
......
......
6-10
6-10
316 solids, clips
1,389-1,478
1,411-1,434
1,366-1,434
1,389-1,456
1,366-1,434
1,411-1,456
1,411-1,478
304 solids, clips
1,053-1,120
DATE REVIEWED:
BROKER/PROCESSOR BUYING PRICES (/lb.)
430 turnings
409 bundles, solids
409 turnings
BROKER/PROCESSOR BUYING PRICES (US$/gross ton)
1,030-1,120
1,053-1,075
1,030-1,142
1,053-1,142
1,053-1,075
1,030-1,075
304 turnings
874-963
918-941
896-941
918-1,030
896-918
851-941
918-986
430 bundles, solids
291-381
......
314-325
224-403
......
291-358
224-381
430 turnings
157-269
......
......
......
......
157-291
157-291
409 bundles, solids
224-336
......
269-280
157-314
......
269-291
269-314
409 turnings
134-224
......
179-202
......
......
134-224
134-224
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$/gross ton.
Boston
L.A.
N.Y.
Philly
S.F.
11/08/16
11/08/16
11/08/16
11/08/16
11/08/16
304 solids, clips
......
36.8-39
49-50
49-50
36.8-39
304 turnings
......
20-21.2
31-32
31-32
20-21.2
11-12
8.3-8.9
10-11
10-11
8.3-8.9
......
824-874
1,098-1,120
1,098-1,120
824-874
......
448-475
694-717
694-717
448-475
246-269
186-199
224-246
224-246
186-199
DATE REVIEWED:
STAINLESS STEEL SCRAP PRICES (/lb.)
316 solids, clips
67-69
304 solids, clips
50-51
304 turnings
42.5-46
430 bundles, solids
19.2-20.3
409 bundles, solids
15.2-16.3
CONSUMER BUYING PRICES (US$/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

Consumer buying price changes were made for: Pittsburgh
To become a price contributor see Metal Exchanges page.
NOVEMBER 11, 2016
AMM PAGE 19
METAL EXCHANGES
LONDON METAL EXCHANGE
NEW YORK FUTURES
Settlement price (*) is the same as the first-session cash asking price. Prices in US$/tonne.
Stocks represent total tonnes in LME warehouses at the end of the preceding day.
11/10/16
Bid
Ask
(in China yuan/tonne)
COMEX COPPER
(prices effective 11/10/16)
(/pound)
11/09/16
Bid
SHANGHAI FUTURES EXCHANGE
Comex, high grade, electrolytic cathode
Ask
ALUMINUM -- HIGH GRADE
Settlement (eff. 11/10/16)
1st session
Spot (Nov)
254.95
Cash
1,772.00
1,772.50*
1,736.50
1,737.50*
Dec
255.10
3 months
1,772.50
1,773.00
1,738.50
1,739.00
Mar
256.10
Stocks
2,111,650
Stocks
2,116,600
May
256.60
ALUMINUM -- ALLOY (380-1, DIN 226, ADC 12)
Opening stocks, short tons
1st session
Cash
1,560.00
1,570.00*
1,550.00
1,560.00*
3 months
1,570.00
1,580.00
1,570.00
1,580.00
Stocks
13,680
Stocks
13,680
ALUMINUM-ALLOY (North American Special)

1st session
Cash
3 months
1,710.00
1,711.00*
1,710.00
1,711.00*
1,720.00
1,725.00
1,730.00
1,735.00
Stocks
79,740
Stocks
79,560
72,336
COMEX GOLD
(US$/troy ounce)
Comex settlement (99.5%, eff. 11/10/16)

Nov
$1,265.50
Dec
$1,266.40
Feb
$1,269.70
Apr
$1,272.80
COMEX SILVER
(/troy ounce)
COBALT
Comex settlement (99.5%, eff. 11/10/16)
1st session
Cash
28,900.00
29,200.00*
28,750.00
29,250.00*
Nov
1,871.60
3 months
28,900.00
29,200.00
28,750.00
29,250.00
Dec
1,873.70
Stocks
590
Stocks
609
Jan
1,877.30
COPPER -- GRADE A
Mar
1,885.10
1st session
PLATINUM AND PALLADIUM
Cash
5,618.00
5,619.00
5,334.00
5,335.00
3 months
5,634.00
5,635.00*
5,351.00
5,352.00*
Stocks
274,950
Stocks
282,600
LEAD
1st session
Cash
3 months
2,154.00
2,168.00
Stocks
2,155.00*
2,170.00
187,650
2,126.00
2,140.00
Stocks
2,127.00*
2,140.50
(US$/troy ounce)
(Nymex settlement prices, eff. 11/10/16)
Platinum (99.95%), Jan
$982.20
Platinum (99.95%), Apr
$986.00
Palladium (99.95%), Dec
$696.50
Palladium (99.95%), Mar
$698.05
NATURAL GAS
187,725
(/mmBtu)
MOLYBDENUM
1st session
Cash
14,750.00
15,250.00*
14,750.00
15,250.00*
3 months
14,750.00
15,250.00
14,750.00
15,250.00
Stocks
Stocks
Henry Hub, Dec
$263.20
HOT-ROLLED COIL
(US$/short ton)
NICKEL
1st session
Cash
11,700.00
11,710.00*
11,445.00
11,450.00*
3 months
11,710.00
11,725.00
11,480.00
11,490.00
Stocks
364,410
Stocks
363,162
STEEL BILLET
Nov
$492.00
Dec
$521.00
Jan
$541.00
Feb
$541.00
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
21,900.00
21,905.00*
21,695.00
21,700.00*
3 months
21,675.00
21,700.00
21,550.00
21,575.00
Stocks
3,100
Stocks
3,035
ZINC -- SPECIAL HIGH GRADE

1st session
Cash
2,531.00
2,531.50*
2,451.50
2,452.00*
3 months
2,546.00
2,548.00
2,465.00
2,466.00
Stocks
447,450
Stocks
447,800
NOVEMBER 11, 2016
(US$/gross ton)
Nov
$229.89
Dec
$255.00
Jan
$255.00
Feb
$255.00
TO BECOME A PRICE CONTRIBUTOR

AMM invites you to become a pricing/assessment contributor. Please send your name,
company, contact details and metals/categories of interest to the Editor-in-Chief, Bristol
Voss, at bristol.voss@amm.com. An AMM metals specialist in your category will follow
up by phone or e-mail to establish the details of how and how frequently you would
be willing to provide input. AMM reports on more than 1,200 proprietary steel, scrap,
ferrous and nonferrous categories.
Aluminum
Copper
Lead
Zinc
14,890
43,950
17,320
20,990
EXCHANGE RATES
Selling prices in US dollars at 11:00 am in NY, based on
Reuters quotes.
$ per
per $
Euro
1.0878
0.9193
Canada (dollar)
0.7421
1.3475
Japan (yen)
0.009378
106.6350
Britain (pound)
1.2520
0.7987
China (yuan)
0.1470
6.8019
Mexico (peso)
0.0489
20.4611
Russia (Ruble)
0.0154
64.9911
Switzerland (franc)
1.0129
0.9873
Australia (dollar)
0.7593
1.3170
South Africa (Rand)
0.0714
14.0143
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 20
AMM MARKET GUIDE

PRECIOUS METALS
(all precious metal prices effective 11/10/16)
GOLD
(US$/troy ounce)
London A.M.
$1,280.90
London P.M.
$1,267.50
Handy and Harman (bullion base)

Handy and Harman (fabricated form)
$1,267.50
$1,406.925
Engelhard (bullion base)
$1,280.62
Engelhard (fabricated form)
$1,376.67
IRIDIUM
(US$/troy ounce)
Johnson Matthey
$675.00
PLATINUM
(US$/troy ounce)
Engelhard (unfab.)
$986.00
Engelhard (fab.)
$1,086.00
Johnson Matthey
$988.00
PALLADIUM
(US$/troy ounce)
Engelhard (unfab.)
$695.00
Engelhard (fab.)
$795.00
Johnson Matthey
$694.00
RUTHENIUM
(US$/troy ounce)
Johnson Matthey
$40.00
RHODIUM
(US$/troy ounce)
Johnson Matthey
$815.00
SILVER
(/troy ounce)
Engelhard (bullion base)
1,865.00
Engelhard (fabricated form)
2,238.00
Handy and Harman (bullion base)
1,856.00
Handy and Harman (fabricated form)
2,320.00
Heraeus Precious Metals
1,858.00
Metalor USA Refining
1,851.00
LBMA
1,875.00
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
80.56
Spot(/lb)
3-month (/lb)
80.56
Midwest Premium (rev. 11/09/16)
7.30-7.50
AMM Free Market, /lb
87.84-88.04
6063 extrusion billet upcharge
9.50-10.50
Domestic producer estimated prices ($/lb)
C355.2
1.12
A356.2
1.07
6061 (extrusion hom.)
0.84-0.85
6063 (extrusion hom.)
0.92-0.93
SECONDARY ALUMINUM
AMM Free Market, /lb, delivered Midwest (rev. 11/10/16)
A380.1
82.00-83.00
319.1
86.00-88.00
356.1
90.00-92.00
A360.1
89.00-90.00
A413.1
88.00-90.00
COPPER
Premium (rev. 11/03/16)
5.25-5.75
AMM free market cathode, /lb
260.20-260.70
LEAD
9.00-13.00
AMM free market price, /lb
106.69-110.69
MB battery premium, /tonne
90.00-120.00
NICKEL
Melting material
15.00-20.00
545.61-550.61
Plating material
47.74-52.38
578.35-582.99
TIN
Grade A premium (US$/tonne)
(rev. 11/10/16)
$550.00-$600.00
AMM free market price
$22,450.00-$22,500.00
US$/tonne
/lb
1,018.33-1,020.59
ZINC
Special high grade premium
(rev. 11/10/16)
6.00-7.00
120.78-121.78
SHG average week ending
116.83
11/04/16
ZINC - DIE CASTING ALLOYS
(rev. 11/10/16)
Premium
Price, /lb
Nos. 3 and 7
17.00-19.00 131.78-133.78
No. 5
19.00-21.00 133.78-135.78
No. 2
21.00-23.00 135.78-137.78
Zinc-aluminum foundry alloys
No. 8
20.00-22.00 134.78-136.78
No. 12
22.00-24.00 136.78-138.78
No. 27
27.00-29.00 141.78-143.78
ANTIMONY
(rev. 11/09/16)
MB free market, US$/tonne
$7,400.00-$7,600.00
BISMUTH
(rev. 11/09/16)
MB free market, US$/lb
$4.50-$4.75
CADMIUM
(rev. 11/09/16)
MB free market
min 99.95%, /lb in warehouse
59.00-66.00
min 99.99%, /lb in warehouse
60.00-69.00
CHROMIUM METAL
(rev. 11/04/16)
MB free market, US$/tonne
$6,800.00-$7,100.00
COBALT
(rev. 11/09/16)
MB free market
High grade, US$/lb in warehouse
$13.15-$13.95
Low grade, US$/lb in warehouse
$12.95-$13.60
GERMANIUM
(rev. 11/09/16)
MB free market, US$/kg
$610.00-$710.00
INDIUM
(rev. 11/09/16)
MB free market, US$/kg
$200.00-$245.00
MAGNESIUM
MB Europe free market, US$/tonne
(rev. 11/04/16)
$2,350.00-$2,450.00
AMM free market (US), US$/lb
(rev. 11/01/16)
$1.93-$1.95
MERCURY
(rev. 10/28/16)
MB free market, US$/flask
$940.00-$1,250.00
SELENIUM
(rev. 11/09/16)
MB free market, US$/lb
$8.00-$9.50
SILICON METAL
(rev. 11/09/16)
AMM free market, /lb
90.00-95.00
TITANIUM
Estimated market prices in US$/lb, f.o.b. shipping point.
Sponge, imported for consumption, including tariff
Japan, rotor quality (rev. 11/01/16) *
$4.38
Ingot, 6AI-4V (rev. 11/01/16)
$8.00-$8.25
Plate, alloy, AMS 4911
1/2 inch x 48-in x 120-in
(rev. 11/01/16)
$25.00-$26.00
Bar, alloy, AMS 4928
1-in. dia. round
(rev. 11/01/16)
$19.00-$21.00
Plate, commercially pure,
ASTM-B265 Grade 2,
1/2-in x 96-in x 240-in
(rev. 11/01/16)
$10.75-$11.25
Sheet, commercially pure,
ASTM-B265 Grade 2,
1/8-in x 36-in x 96 in
(rev. 11/01/16)
$13.50-$14.00
FERROALLOYS
FERROCHROME
(rev. 11/10/16)
High carbon
98.00-105.00
Low carbon
0.05%C-65% min Cr
206.00-210.00
0.10%C-62% min Cr
177.00-183.00
0.15%C-60% min Cr
174.00-176.00
FERROMANGANESE
(rev. 11/10/16)
High carbon
AMM free market, US$/long ton
$970.00-$1,025.00
Medium carbon
82.00-84.00
Low carbon
91.00-94.00
SILICOMANGANESE
(rev. 11/10/16)
47.00-52.00
FERROSILICON
(rev. 11/10/16)
71.00-75.00
MOLYBDENUM
(rev. 11/10/16)
AMM free market
Canned molybdic oxide, US$/lb
$6.80-$7.00
FERROMOLYBDENUM
(rev. 11/10/16)
AMM free market, US$/lb
$8.00-$8.50
TUNGSTEN
(rev. 11/04/16)
MB free market, APT, US$/mtu
$198.00-$205.00
VANADIUM PENTOXIDE
(rev. 11/04/16)
MB free market,
min 98% V2O5, US$/lb
$4.50-$4.65
FERROVANADIUM
(rev. 11/10/16)
AMM free market, US$/lb
$10.50-$11.50
To become a price contributor

see Metal Exchanges page
MANAGING DIRECTOR
Raju Daswani (646) 274-6257
rdaswani@amm.com
EDITORS
Jo Isenberg-OLoughlin executive editor
(646) 274-6230 jisenberg@amm.com
Thorsten Schier North American steel and
ferrous scrap editor
(646) 274-6240 tschier@amm.com
Tom Jennemann North American nonferrous and
nonferrous scrap editor
(973) 204-3383 tom.jennemann@fastmarkets.com
NEWS TEAM
Lisa Gordon correspondent, scrap
(412) 880-4992 lgordon@amm.com
Michael Cowden correspondent, steel
(773) 643-1244 mcowden@amm.com
Nat Rudarakanchana pricing reporter
(212) 224-3944 nat.rudy@amm.com
Brad MacAulay reporter, nonferrous scrap
(412) 765-2585 brad.macaulay@amm.com
Grace Lavigne pricing reporter
(212) 224-3908 grace.lavigne@amm.com
Kirk Maltais reporter, aluminum
(212) 224-3907 kirk.maltais@amm.com
NOVEMBER 11, 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
NEWS DESK
Renate Foster Mas chief copy editor
(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
PRODUCTION
Raveendra Karanth production manager/
pricing administrator
(646) 274-6252 rkaranth@amm.com
Dany Pea production associate
(212) 224-3940 dpena@amm.com
Aracely Lopez production pricing associate
(646) 274-6215 aracely.lopez@amm.com
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(412) 765-3581 (Intl.)
custserv@amm.com
ADVERTISING SALES
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publisher, AMM magazine
(646) 274-6250 mconnors@amm.com
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marketing assistant
(212) 224-3937 adelaida.montilla@amm.com
Francine Krieger regional sales manager
(212) 224-3946 francine.krieger@amm.com
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11 11 2016

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GL

DiMicco leading Trumps

Key post. It's "not a given" that ex-Nucor

USTR, a cabinet member, is the

Midwest ferrous scrap gains seen continuing

who were getting increasingly

A sale in Fry Steel's future CME shatters volume

exporter source who also deals in

Mexico concerned about

CME Group Inc. posted a singleday volume of 44,516,949

Market participants throughout

METAL IS OUR SPECIALTY,

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NUMBER OF THE DAY

Contracts traded across all of

NOVEMBER 11, 2016

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Midwest ferrous scrap

prices beyond a $30-per-ton bump.

consumer is now paying as much as

$225.86 per ton from $201.48 per

AMM MIDWEST FERROUS SCRAP INDEX

No. 1 Heavy Melt

Shredded Steel Scrap

NO. 1 HEAVY MELT

SHREDDED STEEL SCRAP

(dollars per gross ton)

(dollars per gross ton)

(dollars per gross ton)

NOVEMBER 11, 2016

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nothing. ... But if Turkish scrap is

specifying countries of origin.

US wire rod tags

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these scrap-based price gains,

annual sales before the downturn

Allen. The company became Fry

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of $16.5 billion to $17.5 billion.

our 2018 and 2020 goals, he

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producer saw adjusted

UAW to work with

When evaluating an enterprise resource planning (ERP) software

Simplify Your Shop Floor with Electronic

Today's global manufacturing markets demand fast response times,

Download your free copy of both Whitepapers now:

NOVEMBER 11, 2016

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NOVEMBER 11, 2016

Midwest premium gets post-LME Week boost

premiums has been hard to

the U.S. presidential election,

LME THREE-MONTH CONTRACT

Source: Metal Bulletin.

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to spend massively to overhaul

AMM Free Market

No. 2 copper scrap

Silver, Handy and Harman (/troy oz)

* Nominal for spot sales

NOVEMBER 11, 2016

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

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

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

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

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

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

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

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

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

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

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