Articles on: Metal Prices

With all the ups and downs in the construction and housing markets recently, it may be hard to make heads or tails of where prices are going to go with any consistency. For the latter half of 2011, most analysts generally agree that volatility will continue, especially in precious and base metals markets. On the construction side of things, countless indicators — two of which come from the USGS and Reed Construction Data — gauge the demand for new infrastructure as we move forward. Of critical importance: the US numbers (as the emerging world continues its growth tear with merely a hiccup or two).

First off, the USGS Mineral Industry Survey reported a 2 percent decrease in US secondary aluminum production in Q1 2011, down from the previous quarter (Q4 2010). US aluminum was also down 6 percent year-over-year. Although iron ore was down 11 percent in Q1 2011 from Q4 of last year, US production of the increasingly pricier raw material in Q1 jumped 25 percent year-on-year “because of increased demand for steel, as economic activity increased from its level in the same quarter 1 year ago, according to the USGS survey. And zinc, the only metal posting increases in both categories, was up 4 percent year-over-year, and 5 percent since Q4 2010 although the global zinc market remains in somewhat of a surplus.

Below is the extended USGS table of construction-related commodities by quarter:

Another source, Reed Construction Data (RCD), painted another forward-looking picture from April’s data based on the graphs below, highlighting the better performance of metals versus the field:

Source: Reed Construction Data

Jim Haughey, RCD’s chief economist, noted the significant increases in nonferrous pipe and tube and structural steel, as well as the effect of higher energy prices. “The spike in energy and food prices is now boosting prices for all items in the index via freight rates, fuel surcharges and higher business operating costs, he wrote, continuing, “construction inflation will probably dip below overall inflation in the next few months but will be back above the overall inflation pace in the second half of the year because of the high share of commodity imports in the construction material price equation.

–Taras Berezowsky

 

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Rising commodity prices are undoubtedly on everyone’s mind, from producers to distributors to buyers (not to mention investors), and even the latest major commodity selloffs in silver, gold, copper and oil are not quite enough to make anyone in the metals industry believe that commodity prices will stay down for long.

At a recent metal industry forum hosted by Grant Thornton and Winston & Strawn LLP in their Chicago office, executives from Ryerson, Inc., GE and others spoke about the current condition of “Today’s Metals Industry. (I can’t resist mentioning the deliciously cheesy subtitle: “Steeling Itself for 2011 and Testing Its Mettle for the Future.) While MetalMiner has already covered much of what they spoke about GDP numbers, auto demand, the OCTG market, wind power, and the China effect, for example — one seemingly under-reported issue that came up related to how inventories are playing into pricing now and in the future.

For context, the graphs below show the inventory levels of steel and aluminum for US service centers as surveyed by the Metal Service Center Institute (MSCI):

Data source: MSCI

Data source: MSCI

Both steel and aluminum inventories shot up from December 2010 to the end of January (mainly due to seasonal restocking), but during Q1 2011, MSCI reported year-over-year steel inventory increases of roughly a quarter every month, and aluminum inventory increases of roughly a third every month. Steel inventory peaked over 8 million tons at the end of March.

When posed with the question of how inventory levels have changed during the upturns and downturns at the Chicago metals forum, Brian Deck, vice president of finance and treasurer of Ryerson, recapped the past couple years of the industry. In 2008, demand was strong and supply was tight, but by the summer, things really got overheated, he said. MSCI data showed 2-3 months of inventory at the time, but service centers ended up holding 4-5 months worth of inventory, according to Deck. The economic value loss that middlemen took was huge, and the market took most of 2009 to rectify. 2010 inventories were replenished to a degree, but current levels are lower than they’ve historically been.

“Right now, OEMs are tight on inventory, service centers remain tight, and this bodes well for higher commodity prices, Deck said. He continued, “Service centers are living hand to mouth. The mom and pop [centers] will take positions, buy 6 months of inventory, but the big guys are not taking positions.

Greg Eck, senior vice president of metals and mining for GE Capital in the Americas, also weighed in by saying that historically, the ebb and flow of inventory had to do with imports from Turkey, Russia, and others, and purchasers were literally watching metals devalue as they were shipping. According to Eck, a GE-commissioned CFO survey showed that 80 percent have had a fundamental shift in inventory philosophy since the ’08 crash and ’09 recession.

Ultimately, what all this means is that there’s a lot of volatility in the market that is becoming harder and harder to offset. Lars Luedeman, a director at Grant Thornton, whose clients are mainly in the auto sector, warned not to lose sight of risk. If you have middle market companies with a broad range of products, he said, “you can’t eliminate that risk totally. Within two months, prices can move pretty quickly. If there is slowdown in China, it will quickly impact the markets here and have negative impact on inventory levels.

Recently, Steel Market Update wrote that for flat rolled steel, “the MSCI had U.S. service centers holding 1.9 months supply of flat rolled steel well below the 2.4-3.0 levels normally held at the service center level. According to the publication, this means that domestic mills believe the service centers are forced to buy steel “within a relatively short period of time. Much of this data points to the fact that inventories are a pretty important driver of prices. Import/export activity should play a key role as we get into the summer months.

–Taras Berezowsky

Just as we finally began wondering when the commodity bubble would burst, some troubling signs in the precious metals market namely silver and gold are pointing to potentially big selloffs in other industrial metal and non-metal commodities. Reuters reported that silver suffered its biggest one-day drop in 29 months on Monday, down to $42.58 an ounce, and gold also slipped from its high perch. But yesterday, silver tumbled even further. The metal finished down $3.50, or 7.6 percent. That means it lost more than 12 percent over two days, according to the Wall Street Journal. Sell orders began spreading through the Asian market. ETF holdings of silver have also dropped almost 4 million ounces last week, Reuters said. Ultimately, could this isolated drop be a harbinger of a more commodity-wide tumble?

Let’s take silver first, for instance. The drop basically can be attributed to three things: inflation, interest rates, and by extension, the strength of the US dollar. The Wall Street Journal reported that George Soros’ investment firm, which has been buying up silver and gold over the past couple of years, has begun selling more quickly due to less concern over deflation now that the threat seems minimized, those metals are not as valuable to hold. Most of the rest of the crowd buys as a hedge against inflation, which many, including Alan Fournier of Pennant Capital and Keith Anderson, who runs Soros’ firm, seem less afraid of these days. That’s mainly because the US Federal Reserve, they think, will imminently raise their interest rates, making the US dollar pricier and lessening the inflation threat.

Others are not so optimistic as far as the dollar’s concerned. “The U.S. dollar is significant in the price development of the precious metals,” said Quantitative Commodity Research analyst Peter Fertig to Reuters. “With the divergence of monetary policy in the U.S. and the euro zone in particular, I expect the dollar is going to weaken further in the medium term,” he said.

Rhiannon Hoyle, writing in another Journal piece, says that the sell-off has been “largely attributed to a hike in trading deposit requirements, or margins, by CME Group Inc, which operates the New York Mercantile Exchange and took action on speculative trade precisely because of the volatility. Essentially, it’s costing a lot of money in collateral (at least $16,200) to trade silver futures contracts; just one contract runs $212,880, according to the WSJ.

From this, Hoyle also brings up a very important point: the trading of silver is not acting upon the fundamentals. Hoyle writes that there is a surplus of silver, and that speculative activity has singlehandedly accounted for the highest prices we’ve ever seen. With all the drivers out there sovereign debt in Europe and political uncertainty in the Middle East, as just two examples the implicit point could be that we haven’t looked beyond traders making bets on where world economies and their currencies will go.

For industrial silver buyers, of course, the lower prices could be a good thing (even though overall volume of silver usage cannot really compare with other industrial metals); however, the price drop may portend more trouble for those in other metal industries.

Copper, for example, has been suffering a bit as well, but for industrial demand and supply reasons rather than investment demand. China’s PMI has fallen overall in April, according to Reuters, even though the property sector index indicated growth for the seventh straight month. The copper price stood at $9194.75 per ton on Tuesday, its lowest since mid-March, and hit a seven-week low on Wednesday at $9,155 a ton.

Even oil has taken a hit. Light sweet crude futures (June delivery) settled down 2.2 percent, to $111.05 a barrel on the NYMEX, while Brent crude fell 2.1 percent to settle at $122.45 a barrel. Several analysts attributed this drop directly to the fall in silver. “When I saw silver just plummet toward the end of the day, I knew we were going to follow it,” said Raymond Carbone, president of oil brokerage Paramount Options, in a WSJ article. Peter Donovan, vice president at Vantage Trading in New York, agreed. “It’s almost like this silver [market] has turned into a little bit of an indicator for some guys,” he was quoted as saying.

Overall, big banks and analysts (UBS, Barclays, etc.) are generally either neutral or bullish on the precious metal sector, especially silver and gold, because the pressing macro issues like debt imbalances and civil strife are not going away anytime soon. Stepping back to look at the big picture, we also don’t expect overly huge corrections for silver for the rest of 2011 as long as gold keeps rising.

–Taras Berezowsky

The aluminum price has remained strong this year, even as the price of other metals such as copper have fallen. The steady if unspectacular rise in the price may lead one to believe the fundamentals for the metal are sound. In fact, nothing could be further from the truth, and the next two years could be a particularly volatile period for a number of reasons.

Global production has been rising strongly. HSBC estimates output will rise 8 percent this year, mainly driven by China at 10.8 percent and the Middle East at 24.6 percent. Chinese domestic output has returned to near record levels of 17 million tons per year in February this year, as smelters ( idled in the 4th quarter due to power constraints) have been brought back on stream; even so, capacity is still only running at about 80 percent and with the cost of production well under the market price, the main constraint holding idled capacity from coming back on stream is power supply. A combination of high coal prices and low water levels are severely hindering generators from producing as much electricity as the power-hungry economy requires. According to a Reuters article, China has warned that power shortages this summer could be the worst for years, with power generation and transmission systems unable to cope with the train crash of rising demand meeting coal shortages and low water levels.

Source: Reuters

Meanwhile in the rest of the world, output has been rising, as this graph from Reuters shows, particularly in the Middle East where output in March 2011 was running over 30 percent higher than in March last year. That’s down to the simultaneous commissioning of two new smelters, the 585,000-ton per year Qatalum plant in Qatar and the 700,000-ton per year EMAL plant in Abu Dhabi.

Global aluminum demand appears to be steadily returning, forecast to rise by 9.0 percent in 2011 on top of 12.6 percent last year, according to HSBC. Events in Japan will dent demand there this year, but stimulate demand next year as reconstruction gathers pace.

Amazingly, with some 4.6 million tons of headline inventory plus even larger stocks held off-market, we can still talk positively about falling stocks weeks, with the bank predicting cover falling from 9.1 weeks last year to 8.6 this year, 8.1 next and 7.3 by 2014. The result in the bank’s estimate will be a gradually rising price out to at least 2013 with an average of US $2,535 per metric ton ($1.15/lb) for this year, US$2,600 ($1.18/lb) next year and US$2,645 ($1.20/lb) in 2012.

There are risks to these numbers both on the upside and the down, and in large part the swingo-meter is driven by China.

(Continued in Part Two.)

–Stuart Burns

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Earlier this week we mentioned that platinum is again on the rise, and prospects for the metal are looking good. However, in the wake of the supply chain nightmare the Japan tsunami caused the effects of which are still shaking markets should we be concerned that platinum demand will drastically decrease?

After all, platinum’s place in the auto industry is central to the metal’s industrial activity. Johnson Matthey, for example, supplies one in three auto catalysts globally, according to recent Bloomberg BusinessWeek report, and each one contains approximately 4 grams (0.13 troy ounces) of a PGM. But Japan’s big auto companies, accounting for a good chunk of global production, are in dire straits. Toyota reported that its March output in Japan dropped 62.7 percent year-on-year; Nissan’s fell 52.4 percent domestically, and Honda Motor’s fell 62.9 percent, according to Industry Week. These numbers caused S&P to drop its rating for these companies, as well as for three big suppliers, Aisin Seiki, Denso, and Toyota Industries. Toyota doesn’t expect for things to turn around until December at the earliest, potentially clouding the global auto market’s outlook.

But the situation for the three big Japanese auto companies may not cut into platinum demand as far as we think. Barclays estimated that the Toyota, Honda, Nissan plant closures cut demand for platinum-group metals by about 90,000 ounces so far, equal to about 0.5 percent of combined annual usage, according to Bloomberg. Other car makers should take up the slack — J.D. Power Automotive Forecasting predicted global car and truck sales to be up 6.1 percent this year, to 76.7 million units. Besides, “consumption [of platinum] will be deferred rather than lost, the bank said in a report April 15. Leon Esterhuizen of RBC Capital Markets echoed this sentiment. “Impala [Platinum] said recently that all of its Japanese clients continue to take metal even though they offered them the opportunity not to take metal right now, he said in a recent podcast. “That sort of tells you that the people who are fundamentally involved in this market understand that there is probably going to be a shortage of metal – even if you’re not using it right now, you better take it and you better start building stockpiles.”

On the supply side, then, fears of shortages for the rest of the year remain. Platinum miners are digging deeper than ever to reach the reserves; GFMS Ltd. estimates companies are able to extract 3.83 grams of the metal from every ton of rock. Production in South Africa is slated to decrease 8.4 percent since 2006, and catalytic converter demand will increase 64 percent this year over 2009, Barclays says. Finally, ETF asset flows are red-hot for platinum. As of April 26, ETF Securities’ physical holdings of platinum, for example, increased 5.6 percent since the beginning of the month, up to 487,168 ounces (right around 15 tons), according to their daily flow data.

With bullish analysts calling for platinum to increase to $2100 per ounce by year’s end, and Bloomberg’s survey predicting a 14-percent rally to a three-year high of $2,050 an ounce by Dec. 31 (it hovers at around $1835 these days), the fundamentals appear sound enough for us to say the $2,000 benchmark sounds about right. The only thing that could pull the price back from that benchmark enough might be the hit that inflation could put on Chinese consumers, forcing Chinese auto sales to be a bit less robust in the second half of this year. Otherwise, look for platinum to keep its high profile for a bit longer.

–Taras Berezowsky

Interesting goings-on in the metals world:

Chinese To Build Steel Plant in US — China looks to get around more anti-dumping restrictions by producing more of its steel on US soil. The new Tianjin Pipe Group Plant will cost $1 billion and is expected to produce 500,000 tons of pipe.

New BMW Line Features Aluminum, CFRP aluminum and electric cars are paired up, with the new models i3 and i8 to feature aluminum chassis and passenger cells made of carbon composite material.

Barrick to Buy Equinox for $7.69 Billion, Topping Minmetals Bid Barrick Gold Corp., the world’s top gold company, outbid China’s state-owned Minmetals to secure it’s takeover of Equinox, the Australian copper producer. The mines in Zambia and Saudi Arabia now under Barrick’s control will raise the company’s copper output. This is Barrick’s second-largest acquisition, according to Bloomberg.

Platinum’s prospects to get better and better Leon Esterhuizen of RBC Capital Markets weighs in on why continued supply side worries and growing US car demand may make platinum prices rocket in 2012.

–Taras Berezowsky

We know that 2011 began with a rocky start the Middle East uprisings in Egypt, Tunisia and Libya turned the status quo upside down, the sovereign debt of European nations such as Portugal, Ireland and Greece continues to stoke concerns, and the Japanese earthquake and tsunami in early March caused immense devastation and spawned global supply chain havoc, not to mention the huge debates on the future of nuclear energy

So where will the year go for specific metals? We took a survey of stories by metal to try and figure out what’s important and why:

Aluminum: Output’s up in China and US while prices stay afloat

According to Reuters, China’s daily aluminum production was up 12 percent in February compared to the year before. An official of the China Nonferrous Metals Industry Association also said earlier in March that China will continue to see an aluminum surplus in the next five years production will likely rise 24 percent in 2011 to 25 million tons. Meanwhile, the Aluminum Association reported that US production rose 10.5 percent last month compared to March of last year, and was up 4.8 percent from February’s annual production rate.

Why this is important: Although output looks to continue rising, prices should remain steady or even increase — because of Middle East concerns and worries about power supply in China. (Prices were up to $2720 by April 11, the highest since August 2008.)

Copper: Will China’s demand pullback affect Dr. Copper?

Key developments in the copper world over the last month or so included a number of moves by BHP Billiton (approving a $554 million investment at the world’s No. 1 copper mine in Chile to improve access to better ore grades, and intending to expand Australia’s Olympic Dam mine), according to Reuters.

Why this is important: The International Copper Study Group (ICSG) said at the end of March that “annual copper mine production capacity is expected to reach 24.1 million tons in 2014, rising at an average rate of 4.9 percent a year in the 2011 to 2014 period. So even though the short term demand in China looks uncertain, there is plenty of room for growth in the years to come. Prices should continue to be strong.

Steel: Apparent demand on the up and up

The World Steel Association is rather bullish on global steel demand in the next few years. According to Xinhua, the association says a record demand of 1.4 billion tons will hit in 2012, and its short-range outlook indicated increases in steel use by around 6 percent for both this year and next.

Why this is important: Steel prices may continue their upward momentum after down years after the crash in 2008, especially if the US housing market improves to augment Chinese consumption of the metal.

Gold: $1500 bucks an ounce??

Yep, the benchmark is here.

Why this is important: Stock markets are down all over the world, and S&P just downgraded the US’ debt rating, pushing gold higher if anything, gold’s activity serves as the counterpoint to where industrial commodities could be going. (It may not be pretty, but at least it may be able to tell us something.)

And finally, Silver: Quote of the Week

Perhaps just as astounding as gold’s rise is silver’s meteoric increase. At the CME Group Gold and Silver Dinner, Guy Adami, well known as the original Fast Money Five on CNBC, made it known that anyone betting against gold or silver in this extremely bullish market would lose out big time. He started off his keynote with this: “Anyone who is short silver is going to get their face ripped off.

Why this is important: Silver futures are trading at higher numbers (pushing 81,000 contracts the other day) than ever before, causing quite a stir in the investment community. Also, we must look to inflation control measures to see where metals positions may end up.

–Taras Berezowsky

On April 8, Cliffs Natural Resources announced “it has reached a negotiated settlement with ArcelorMittal USA Inc., and related parties, with respect to the companies’ previously disclosed arbitrations and litigation regarding, among other matters, price reopener entitlements for 2009 and 2010 and pellet nominations for 2010 and 2011, via this press release. In short, Cliffs will receive between $250 and $270 million from ArcelorMittal, in essence an acknowledgment that current spot market conditions justify Cliffs asking for a price adjustment. What we found most enlightening about the settlement involves the anticipated price realization for domestic iron ore. According to this post on Forbes, Cliffs’ revenue will have increased by about $8 per ton of iron ore pellets sold. That suggests Cliffs sells a little over 31 million tons of iron ore pellets annually. Yet their annual report says the company produced 26.2 million tons in North America (see chart below):

Source: Cliffs Natural Resources

Therefore, our math suggests Cliffs’ North American iron ore division would receive more than $10 per ton of iron ore pellets sold. The Forbes post goes on to say, “the additional [$8] would push our 2011 estimate for North American iron ore revenue per ton to around $130, whereas we might suggest it could be slightly higher.

But no matter.

The interesting point involves the comparison of the iron ore market in North America and the iron ore market for the rest of the world — in particular, Asia. According to The Steel Index, 62% iron ore fines (arguably of lower quality than iron ore pellets from the USGS) CFR Tianjin were $181.50 as of April 15, yet the domestic market still appears more than 25 percent below the China spot market (we could argue more than 25 percent below the China spot market price if we compare apples to apples, which we did not).

All of this brings us to another point, one MetalMiner has repeatedly written about on these pages does pricing in Asia impact North American pricing? Our answer yes and no and it depends.

Are raw material input prices converging, or perhaps better said, do raw material input prices correlate to one another? Will these inputs eventually become fungible? My educated guess is yes, but we’d have to do some historical charting to test that hypothesis. Over time, that may become the case. I think what we find rather interesting about this settlement involves the current noted delta between North American iron ore prices and China CFR Tianjin prices. The delta still appears quite wide.

At nearly 40% of the cost to produce one ton of steel (assuming one includes both iron ore and iron ore transport), iron ore pricing alone gives North American producers an enormous cost advantage to their Chinese brethren.

Which begs the next question how can the Chinese continue to ship so much steel to the US? We’ll save that for another day.

–Lisa Reisman

Followers of this site might agree that we talk a lot about drivers of pricing for various metals.

Sometimes it helps to examine those drivers in context of the big picture for a particular metal market. Say for example, steel.

FREE Download: The Monthly MMI® Report – covering Steel/Iron Ore markets.

When we look at steel markets, we end up talking about things like: the BDI (Baltic Dry Index), the cost of iron ore, coking coal, scrap, electricity prices, auto sales, housing starts, the Architecture Billings Index (ABI), building permits, etc. We could easily name another 25 indicators that coordinate with steel price movements and market trends.

However, we sometimes forget about context.

So when the AISI published its report, Profile of the American Iron and Steel Institute, we took a look to see what bits of data would best serve a steel-buying audience. Based on our review, two parts of the report have great relevance to steel buying organizations.

The first involves a complete listing of AISI members, capabilities, locations and products (hint: a great domestic steel sourcing guide). The second relates back to our discussion on drivers and metrics within the steel industry. In particular, this chart shows where in 2010, steel shipments went by industry:

Source: AISI (American Iron and Steel Institute)

As we look at this pie chart, it becomes easy to see why certain metrics have relevance within the steel industry. But what we find most interesting involves the metrics that tend not to garner much media attention. This week, we turn to something tracked by the Gerdau Market Update site, involving state fiscal metrics (yes, quick, where does that fit in the above referenced pie chart?)

Editor Peter Wright points to state fiscal receipts. Though his report cites rising state revenues for Q4 2010 vs. Q4 2009, he concludes, “Steel business activity that is driven by state or local budgets will not recover for several years,” as this chart shows. This metric impacts the construction portion of the pie chart.

Taking an 80-20 look at the pie chart, certainly by spending some time tracking metrics that serve as the measures of the health of the construction sector (and by that we include residential, commercial as well as institutional construction, read: power plant, schools, etc.), we can get our arms around a good portion of total steel spend.

Next, we look at automotive demand. For that we regularly report on monthly auto sales, but for those of you nerds out there who like more granular data, we love the automotive reports from the Consumer Metrics Institute, particularly the weekly index:

Source: Consumer Metrics Institute

So, poring over metrics that tell the story for construction and automotive gets us about 66 percent of the way there. That leaves an additional 14 percent that we really need to pay attention to. The 12 percent of shipments that went into the machinery and equipment sectors get us nearly there. Here the drivers, or metrics, may appear a bit more elusive.

But this is where we pay close attention to the ISM national manufacturing indexes as well as the manufacturing indexes coming from the regional Federal Reserve Board offices, durable goods orders and capacity utilization.

Next week, we’ll identify and discuss a few additional metrics pertaining to the steel industry.

FREE Download: The Monthly MMI® Report – covering Steel/Iron Ore markets.

(Continued from Part One.)

Electricity accounts for about 40 percent of average smelting costs for Chinese aluminum producers, against 30 percent elsewhere. Electricity cost pressures have been rising steadily; around 80 percent of China’s power comes from burning coal, which it produces and also imports from Australia. Coal prices have been rising relentlessly partly due to global demand, but not helped by the floods in Australia. Cancellation of nuclear power plant extensions in Germany are the tip of the iceberg in terms of a global reappraisal of nuclear as a source of power, and gas prices inasmuch as they are related to the oil price have also been on the rise, particularly outside the shale-rich gas market of the US. The theory goes, not unreasonably, that as energy prices rise, smelters’ margins will be cut, forcing closures and reducing supply; as supply is reduced, shortages will arise and metal prices will rise, hence energy prices will support aluminum prices.

The largest swing producer is China, as we said in Part One. Power costs to smelters are already reckoned to be some of the highest in the world and smelters have shown their willingness in recent years to idle and restart capacity as the market demands. But sources polled by MetalMiner say that even if Beijing does push through electricity price increases for smelters, a cost increase will only be applicable for those smelters that buy power from the grid — many don’t have their own captive power deals. Furthermore, the current metal price is well above the costs of production, even with the proposed electricity cost increase, so while margins would be squeezed, aluminum production would still be profitable.

What all this means for the gravity-defying aluminum price is very difficult to say. A recent Reuters survey for the aluminum market asking if the market was expected to be in surplus or deficit this year resulted in an average surplus figure of a 383,000 tons manageable without driving a dramatic price fall. But the forecasts ranged between a deficit of 1.056 million tons and a surplus of 1.558 million tons, underlining just how hard even the experts are finding it to predict how much capacity will be available to meet the predicted 8-9 percent growth in demand.

With a gradually cooling, China (no bad thing as it will ease inflation pressures), a slowly recovering global economy and likely continued high energy costs on the back of unrest and growing demand, we don’t see a lot of downside to the aluminum price for 2011.

–Stuart Burns

**Sign-up for a Free Trial to Harbor Aluminum!

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When: June 20 22, 2011

Where: Swissotel Chicago

For: Aluminum buying organizations, metals traders, ETF investors, et al.

Price: $1665 through April 26; $1765 after

*Discount: All MetalMiner attendees will receive a $200 discount by typing in the letters “MM before their names on the registration form!

Click here to see the brochure and register for the event!

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