Chrome Daily Report on 2014.7.31

www.ferroalloynet.com●CHROME ORE PRICESInternational chrome ore market prices by origins on 31 July2014Item Spec.(Cr2O3) Origin Offering Transaction Change Basis Unit prices Change - CIF China USD/DMTChrome 42-44% prices CIF China South Africa 200-210 - 200-205 - 180-185 - USD/DMTore Concentrate by bulk - 165-170 CIF ChinaChrome 40-42% South Africa 180-185 - 190-195 - by USD/DMT - 175-180 containerore Concentrate - 288-292 - CIF China USD/DMTChrome 40-42% - 278-282 South Africa 165-175 - 250-260 - CIF China USD/DMTore Concentrate - 190-200 - CIF China USD/DMT - 170-175Chrome 38-40% South Africa 195-200 - 153-155 - CIF China USD/DMTore Lumpy - 133-138Chrome 36-38% South Africa 175-180 - 275-280 - CIF China USD/DMTore Lumpy - 235-245Chrome 46-48% Turkey 290-295 - CIF China USD/DMTore ConcentrateChrome 40-42% Turkey 280-285 - CIF China USD/DMTore LumpyChrome 38-40% Turkey 260-265 - CIF China USD/DMTore LumpyChrome 36-38% Oman 195-205 - CIF China USD/DMTore LumpyChrome 34-36% Oman 175-185 - CIF China USD/DMTore LumpyChrome 32-34% Oman 155-165 - CIF China USD/DMTore LumpyChrome 30-32% Oman 135-145ore LumpyChrome 40-42% Pakistan 275-285ore LumpyChrome 36-38% Pakistan 235-245ore Lumpy Tel: +86-28-85217008 Fax: +86-28-65008666-8008 E-mail: [email protected]

www.ferroalloynet.comChrome 30-32% Pakistan 160-165 - 160-165 - CIF China USD/DMTore Lumpy - 255-260 - CIF China USD/DMT - 190-200 - CIF China USD/DMTChrome 40-42% Iran 260-270 - 210-220 - CIF China USD/DMTore Lumpy - 250-260 - CIF China USD/DMT - 275-285 - CIF China USD/DMTChrome 45% - 250-260 - CIF China USD/DMT Philippines 190-200 - 240-250 - CIF China USD/DMT - 260-265 - CIF China USD/DMTore Concentrate - 235-245 - CIF China USD/DMT - 325-335 - CIF China USD/DMTChrome 42-44% Philippines 210-220 - 320-330 - CIF China USD/DMTore LumpyChrome 38-40% Albania 260-270ore LumpyChrome 280-285 40-42% lumpy AlbaniaoreChrome 40-42% Sudan 250-260ore LumpyChrome 240-250 40-42 Lumpy AustraliaoreChrome 48% Madagascar 260-265ore ConcentrateChrome 38-40% Madagascar 235-245ore LumpyChrome 325-335 48-50% friable IndiaoreChrome 48-50% 320-330 Indiaore concentrateChina imported chrome ore spot prices by ports on 31 July2014Item Yesterday's Up or Grade(Cr2O3%) Today's Price Unit Basis (VAT included) Price DownSouth 30.5-31.5 RMB/dmtu - Shanghai,zhanjiang,Tianjing 42% concentrate 30.5-31.5Africa chrome oreSouth 29-30 RMB/dmtu - Lianyungang 42% concentrate 29-30Africa chrome oreSouth Africa chrome 32.5-33.5 RMB/dmtu - Shanghai,Lianyungang,zhanjiang 44% concentrate 32.5-33.5oreSouth Africa chrome 38-39 38-39 RMB/dmtu - Shanghai,Lianyungang,zhanjiang 40% lumpy RMB/dmtu - Lianyungang,ShanghaioreSouth Africa chrome 38% lumpy 36-37 36-37 Tel: +86-28-85217008 Fax: +86-28-65008666-8008 E-mail: [email protected]

www.ferroalloynet.comoreTurkey chrome ore 42% lumpy 50-51 50-51 RMB/dmtu - Lianyungang,Shanghai,Tianjin 46.5-47.5 RMB/dmtu - Lianyungang,Shanghai,TianjinTurkey chrome ore 48% concentrate 46.5-47.5 41-42 RMB/dmtu - Lianyungang,Tianjin,Shanghai 37-38 RMB/dmtu - Lianyungang,Tianjin,ShanghaiOman chrome ore 38% lumpy 41-42 49-50 RMB/dmtu - Lianyungang,Shanghai,Tianjin 49-50 RMB/dmtu - Lianyungang,Shanghai,TianjinOman chrome ore 34% lumpy 37-38 31-32 RMB/dmtu - Lianyungang 50-51 RMB/dmtu - Lianyungang,Shanghai,TianjinIndia chrome ore 50% fragile 49-50 50-51 RMB/dmtu - Lianyungang,Shanghai,Tianjin 50-51 RMB/dmtu - Lianyungang,Shanghai,TianjinIndia chrome ore 50% concentrate 49-50 42-43 44-45 RMB/dmtu - Lianyungang,Shanghai,TianjinBrazil chrome ore 42% concentrate 31-32 44-45 RMB/dmtu - Lianyungang,Shanghai,Tianjin 40-41 RMB/dmtu - LianyungangAlbanian chrome ore 42% lumpy 50-51 35-36 RMB/dmtu - Lianyungang,Shanghai,TianjinIran chrome ore 42% lumpy 50-51 43-44 RMB/dmtu - Fangcheng portPakistan chrome 50-51 32-33 42-43 42% lumpyoreMadagascar chrome 46-48%ore concentrateAustralia chrome ore 40-42% lumpy 44-45Zimbabwe chrome 44-45ore 42% lumpy 40-41Zimbabweore chrome 46-48% concentrateVietnam chrome ore 45% concentrate 35-36Philippines chromeore 42% lumpy 43-44 RMB/dmtu - Lianyungang(MgO>Al2O3 )Philippines chrome RMB/dmtu - Lianyungang,Shanghai,Tianjin 45% concentrate 32-33ore(RMB prices*grade-A-B)/(1+17%VAT)/exchange=Price CIF China A=traders'profit B=portchargesChina imported chrome ore transaction prices by ports on 31July 2014China imported chrome ore transaction prices by ports Tel: +86-28-85217008 Fax: +86-28-65008666-8008 E-mail: [email protected]

www.ferroalloynet.comItem Grade(Cr2O3%) Today's Price Yesterday's Unit Up or Basis (VAT included) price DownSouth Africa chrome 30-31 RMB/dmtu - Tianjin,Shanghai,zhanjiang 42% concentrate 30-31oreSouth Africa chrome 29-30 RMB/dmtu - Lianyungang 42% concentrate 29-30oreSouth Africa chrome 32-33 RMB/dmtu - Shanghai,Lianyungang,zhanjiang 44% concentrate 32-33oreSouth Africa chrome 37-38 37-38 RMB/dmtu - Shanghai,Lianyungang,zhanjiang 40% lumpyoreSouth Africa chrome 35-36 35-36 RMB/dmtu - Lianyungang,Shanghai 38% lumpyoreTurkey chrome ore 42% lumpy 49-50 49-50 RMB/dmtu - Lianyungang,Shanghai,TianjinTurkey chrome ore 48% concentrate 46-47 46-47 RMB/dmtu - Lianyungang,Shanghai,TianjinOman chrome ore 38% lumpy 41-42 41-42 RMB/dmtu - Lianyungang,Tianjin,ShanghaiOman chrome ore 34% lumpy 36-37 36-37 RMB/dmtu - Lianyungang,Tianjin,ShanghaiIndia chrome ore 50% fragile 48-49 48-49 RMB/dmtu - Lianyungang,Shanghai,TianjinIndia chrome ore 50% concentrate 48-49 48-49 RMB/dmtu - Lianyungang,Shanghai,TianjinBrazil chrome ore 42% concentrate 30-31 30-31 RMB/dmtu - LianyungangAlbanian chrome ore 42% lumpy 49-50 49-50 RMB/dmtu - Lianyungang,Shanghai,TianjinIran chrome ore 42% lumpy 49-50 49-50 RMB/dmtu - Lianyungang,Shanghai,Tianjin 49-50 RMB/dmtu - Lianyungang,Shanghai,TianjinPakistan chrome ore 42% lumpy 49-50 41-42 RMB/dmtu - Lianyungang,Shanghai,TianjinMadagascar chrome 46-48% 41-42 43-44 RMB/dmtu - Lianyungang,Shanghai,Tianjinore concentrate 43-44 43-44 RMB/dmtu - LianyungangAustralia chrome ore 40-42% lumpy 39-40 RMB/dmtu - Lianyungang,Shanghai,Tianjin 34-35 RMB/dmtu - Fangcheng portZimbabwe chrome ore 42% lumpy 43-44 42-43 RMB/dmtu - Lianyungang 31-32 RMB/dmtu - Lianyungang,Shanghai,Tianjin 46-48% 39-40Zimbabwe chrome ore concentrateVietnam chrome ore 45% concentrate 34-35Philippines chrome ore 42-43 42% lumpy(MgO>Al2O3 )Philippines chrome ore 45% concentrate 31-32 Tel: +86-28-85217008 Fax: +86-28-65008666-8008 E-mail: [email protected]

www.ferroalloynet.com(RMB prices*grade-A-B)/(1+17%VAT)/exchange=Price CIF China A=traders'profit B=port charges●CHROME ORE MARKET NEWSNUM welcomes platinum industry breakthroughsTHE National Executive Committee (NEC) of the National Union of Mineworkers (NUM) welcomed theagreements recently reached with mining companies that culminated in the end of some strike action by workers.The NEC at the Elijah Barayi Memorial Training College in Johannesburg on 24-25 July 2014.It is the highest decision-making body of the union apart from the Central Committee and the National Congress.The NEC welcomed the signing of a three-year ground breaking wage agreement with the Royal BafokengPlatinum.\"The NEC wishes to express its sincere gratitude to its members in the manner in which they conductedthemselves during the negotiation phase up until the signing of the agreement.\"The struggle for a living wage continues and it shall be won through experience and discipline both theseelements have shortened the bargaining turn around which is important and consistent with our history andvision,\" Livhuwani Mammburu, Acting NUM National Spokesperson, said.He said the wage agreement between NUM and Royal Bafokeng Platinum (RB Plat) Mines demonstrated thematurity and commitment to working with stakeholders to find solutions to address these issues and to deliversustainable benefits for all involved.\"The NEC is also happy that NUM has ended the marathon wage negotiations with Aquarius with a 3 yearagreement.\"NUM is still locked in wage negotiations process with Kumba Iron Ore, De Beers, Petra Diamonds and Eskom.The NEC meanwhile condemned he recent attack in the platinum belt which includes the shooting of SamancorChrome mine worker in Kroondal last Wednesday and the murder of Bongani 'Bahyi' Mehlonkomo killed inMarikana last Tuesday.\"The NEC calls for law enforcement agencies to do their work and apprehend the culprits,\" said Mammburu.Zimbabwe mines act to be amendedTel: +86-28-85217008 Fax: +86-28-65008666-8008E-mail: [email protected]

www.ferroalloynet.comGovernment says it is in the process of amending some provisions of the Mines and Minerals Act to enable it torepossess under-utilised mining claims which are being held for speculation.This follows concerns that only a tenth of the 10 000 mining claims issued were being utilised.Mines and Mining Development Minister Walter Chidhakwa told The Herald yesterday that his ministry hadlodged its proposals for the Amendment Bill to the Attorney-General's Office legal drafting department.\"We are in the process of drafting a Bill which will enable us to repossess all underutilised claims for reissuing.\"A number of mining companies are not utilising the claims issued to them,\" he said.\"Currently the document is in the Attorney-General's Office for drafting, it shall be presented in Parliament so thatwe may have a law which allows the ministry to claim all under utilised mining claims.\"Minister Chidhakwa said geological survey teams were currently visiting mining companies surveying the numberof claims they hold, they were utilising, the minerals found and claims that were not being utilised. \"Our teams ofgeologists are on the ground as we speak and the exercise will take at least two years to complete,\" he said.Noront eyeing Cliffs' chromite assetsNoront Resources Ltd. would consider acquiring Cliffs Natural Resources Inc.’s chromite assets in the Ring ofFire region of northern Ontario should the mining company’s management choose to divest them.New York-based hedge fund Casablanca Capital LP, which has claimed victory in its months-long battle to securea majority of Cliffs’ 11 director positions, previously vowed it would explore a sale of the Cleveland-based miner’snon-iron-focused assets if it gained control.Toronto-based Noront has \"been keeping an eye\" on the situation at Cliffs in light of the proposed assetdivestment, president and chief executive officer Alan Coutts told.Odisha exports up by 44pct in FY 2014It is reported that exports of goods from Odisha have zoomed by 44.22% in 2013 to 2014 to INR 17661.39 crore,mainly on account of increased mineral exports. The state had exported INR 12245.99 crore worth of goods in theprevious year.According to the provisional data collected for 2013 to 2014 by the Directorate of Export Promotion and Marketing,the export of minerals have surged by 97.62% to INR 6226.64 crore from INR 3150.76 crore in 2012 to 2013.The mineral exports had declined in 2012 to 2013 compared to 2011 to 2012 due to stringent measures takenboth by the state and Union government to discourage exports and curb illegal mining.Tel: +86-28-85217008 Fax: +86-28-65008666-8008E-mail: [email protected]

www.ferroalloynet.comOdisha accounts for about 93% of chromite and nickel, 52% of bauxite, 44% of manganese, 33% of iron ore and24% of the coal deposits of the country. The mining revenue is also the key revenue driver for the stategovernment in the non tax segment.Exports of metallurgical goods continues to have the lion’s share in the export basket. In 2013-14, metallurgicalgoods worth INR 6308.13 crore were exported to different countries compared to INR 5382.60 crore in theprevious fiscal, about 17.2% rise.Odisha exported INR 865.90 crore of engineering, chemical and allied products, INR 1942.80 crore of marineproducts, INR 2306.10 crore of software, INR 0.64 crore of handloom items and 0.26 crore of handicraft products.Textile and pharmaceutical merchandise worth INR 10 crore and INR 0.92 crore, respectively, were alsoexported.Sea food exports have surged due to strong international demand for Indian shrimps and weakening of Indianrupee against the dollar.Exports from Odisha in 2012 to 2013 had witnessed a drop of about 24.41% at INR12245.99 crore in 2012 to 2013 compared to INR 16207. 34 crore in 2011 to 2012.●CHROME ORE MARKET ANALYSISChrome ore CIF prices remain stable though ferrochromeprices drop againwww.ferroalloynet.com: Baosteel, JISCO and Tsingshan have all cut ferrochrome tender prices by 50. Generallyspeaking, chrome ore CIF prices will have slight decrease. However, chrome ore CIF prices remain stable andfirm at the moment.On the one hand, chrome ore suppliers think the only factor that can affect chrome ore prices is demand andsupply. Surely, China has large demand for chrome ore even though the downstream market prices are low. Sosuppliers are trying their best to hold prices. On the other hand, mine owners have cut chrome ore production inthis year as a result of low prices offered by buyers. In order to keep certain profits, suppliers have to cut chromeore supply.That's why chrome ore CIF prices are always stable no matter how low ferrochrome prices drop to.Chrome ore market morning review on 31 July 2014www.ferroalloynet.com: Today, South African chrome ore 40-42% concentrate foreign transaction price is180-185(bulk), 165-170(container), chrome ore 42-44% concentrate price is 200-205, South African chrome orelumpy 38% transaction is 175-180, Oman chrome ore lumpy 36-38% is 190-200, Turkey chrome ore concentrate46-48% transaction is 288-292, 40-42% lumpy is 278-282, Iran chrome ore lumpy 40-42% transaction is 255-260,Tel: +86-28-85217008 Fax: +86-28-65008666-8008E-mail: [email protected]

www.ferroalloynet.comPakistan chrome ore lumpy 40-42% transaction is 275-280, Albania chrome ore lumpy 40-42% transaction is275-285 (USD/ ton, CIF).South African chrome ore concentrate 42-44% mainstream ports transaction price is 32-33, South Africa chromeore concentrate 40-42% transaction price 29-31, South Africa 36-38% chrome ore lumpy is 35-36. Oman chromeore lumpy 38% transaction price is 41-42, 32% lumpy ore is 34-35. Turkish chrome ore lumpy 40-42% transactionprice is 49-50, chrome ore concentrate 46-48% transaction price is 46-47. Iran chrome ore lumpy 42%transaction price is 49-50. Pakistan chrome ore lumpy 42% price is 49-50. Albania chrome ore lumpy 40-42%price is 49-50. Indian chrome ore 50% concentrate transaction price is 49-50. Australia chrome ore lumpy 40-42%is 42-43 (yuan/dmtu).●FERROCHROME PRICESChina ferrochrome export price on 31 July 2014Item Unit Pice BasisHigh Carbon Ferrochrome Cr60%min C6-8.5% 1.20-1.24Low Carbon Ferrochrome Cr60%min C0.5% 1.78-1.82Low Carbon Ferrochrome Cr60%min C0.25% 1.80-1.82Micro Carbon Ferrochrome Cr60%min C0.15% Si1.0-1.5% 2.04-2.06Micro Carbon Ferrochrome Cr60%min C0.10% Si1.0-1.5% 2.06-2.08Micro Carbon Ferrochrome Cr60%min C0.06% Si1.0-1.5% $/lb 2.10-2.12 FOB ChinaMicro Carbon Ferrochrome Cr60%min C0.05% Si1.0-1.5% 2.12-2.15Micro Carbon Ferrochrome Cr60%min C0.03% Si1.0-1.5% 2.40-2.43Micro Carbon Ferrochrome Cr60%min C0.025% Si1.0-1.5% 2.43-2.46Nitrided FerrochromeCr60% N3-4% Cr60% N3-4% 3.60-3.66High Nitrided Ferrochrome Cr60% N8-10% 2.78-2.80International ferrochrome imported prices on 31 July 2014Item Origin Spec. Price ($ USD/Lb,CFR)High carbon ferrochrome South AfricaHigh carbon ferrochrome India CR50% SI3% 0.81-0.82High carbon ferrochrome Kazakhstan CR62% SI2% 0.82-0.83High carbon ferrochrome Russian CR70% 0.93-0.94 SI0.5% CR70% 0.92-0.93 Tel: +86-28-85217008 Fax: +86-28-65008666-8008 E-mail: [email protected]

www.ferroalloynet.com SI0.5%Chinese HC ferrochrome market price by regions on 31 July2014 Offers on TransactionItem Specification Cr 50% prices on Region basis Cr 50% basisHC Inner fecr55c1000 6400-6500 6350-6450 MongoliaFerrochromeHC Shanxi fecr55c1000 6450-6550 6400-6500FerrochromeHC Sichuan fecr55c1000 6450-6550 6400-6500FerrochromeHC Guizhou fecr55c1000 6450-6550 6400-6500FerrochromeHC Xinjiang fecr55c1000 6400-6500 6350-6450FerrochromeHC Gansu fecr55c1000 6350-6450 6300-6400FerrochromeHC Qinghai fecr55c1000 6350-6450 6300-6400FerrochromeHC Ningxia fecr55c1000 6350-6450 6300-6400FerrochromeHC fecr55c1000 6600-6700 6550-6650 LiaoningFerrochromeHC fecr55c1000 6650-6750 6550-6650 JilinFerrochromeHC Hunan fecr55c1000 6450-6550 6400-6500FerrochromeHC Henan fecr55c1000 6550-6650 6450-6550FerrochromeHC Guangxi fecr55c1000 6550-6650 6450-6550FerrochromeHC Tianjin fecr55c1000 6600-6700 6500-6600FerrochromeHC Shangdong fecr55c1000 6600-6700 6500-6600Ferrochrome Tel: +86-28-85217008 Fax: +86-28-65008666-8008 E-mail: [email protected]

www.ferroalloynet.comHC Jiangsu fecr55c1000 6600-6700 6500-6600 zhejiang ShanghaiFerrochromeHC fecr55c1000 6600-6700 6500-6600FerrochromeHC fecr55c1000 6600-6700 6500-6600Ferrochrome●FERROCHROME NEWSJindal Stainless Ltd to consider Q1 results on August 8, 2014The next meeting of the Board of Directors of Jindal Stainless Ltd will be held on August 08, 2014, to consider andapprove unaudited financial results of the Company for the 1st quarter ended June 30, 2014.As per Company's Insider Trading Policy for Prevention of Insider Trading, the Trading Window for dealing insecurities of the Company will remain closed for all the Directors and Designated Employees of the Companyfrom August 01, 2014 till August 11, 2014 (both days inclusive).Shares of JINDAL STAINLESS LTD. was last trading in BSE at Rs.49.05 as compared to the previous close of Rs.51.45. The total number of shares traded during the day was 53655 in over 937 trades.The stock hit an intraday high of Rs. 51.4 and intraday low of 48.65. The net turnover during the day was Rs.2677577.Glencore-Merafe settles Q3 Europe benchmark ferrochromeprice at 2.5% lower than Q2Glencore-Merafe Chrome Venture and European stainless steelmakers have settled the term price forJuly-Septemberferrochrome sales at 119 cents/lb, down 2.5% from the Q2 price of 122 cents/lb, MerafeResources said Wednesday. The term price is viewed as a benchmark in Europe.Merafe Resources has a 20.5% stake in Glencore-Merafe Chrome Venture, the world's largest ferrochromeproducer, with the rest held by Glencore Xstrata.TISCO cuts HC ferrochrome inquiry price for August 2014Today, TISCO starts HC ferrochrome inquiry for August. The inquiry price is 6250 RMB/T, 50% basis (by cash,with tax and freight), down 50 RMB/T over last month.●FERROCHROME MARKET ANALYSISTel: +86-28-85217008 Fax: +86-28-65008666-8008E-mail: [email protected]

www.ferroalloynet.comHC ferrochrome prices by large steel mills during Jan-Aug2014www.ferroalloynet.com: HC ferrochrome prices by large steel mills during Jan-Aug 2014Low and micro carbon ferrochrome market prices remainstablewww.ferroalloynet.com:In August, low and micro carbon ferrochrome purchase prices keep decreasing.Supported bychrome ore and silicon cost, low and micro carbon ferrochrome market prices remain stable.Presently, producers mainly offer 11700-11900 for low carbon ferrochrome, 12000-12200 for micro carbonferrochrome (C0.10), 12200-12300 for micro carbon ferrochrome (C0.06), RMB/MT 60% basis including taxex-works.Silicon chromium prices are firm. International chrome ore prices also keep strong. It is hard to find cheaperresources.International HC ferrochrome prices remain stablewww.ferroalloynet.com: Despite ferrochrome plants in South Africa want to increase the ferrochrome prices,affected by the sluggish ferrochrome market in China, prices are not duly upward. In South Africa and India, highcarbon ferrochrome factory said now ferrochrome prices in China are low, so they reduce the amount of exportsto China, price offers remain stable.Tel: +86-28-85217008 Fax: +86-28-65008666-8008E-mail: [email protected]

www.ferroalloynet.comAt present, South African mainstream offer is 0.81-0.82 USD/LB, Indian mainstream offer is 0.82-0.83USD/pounds. Kazakhstan mainstream offer is 0.93-0.94 USD/LB; imported HC ferrochrome spot prices are:South African mainstream offer is 6400-6500RMB/Ton 50% basis, Indian mainstream offer is 6500-6600RMB/Ton 50% basis, Kazakhstan mainstream offer is 7600-7700 CNY/Ton 50% basis.According to some ferrochrome exporters, they plan to reduce their exports to support ferrochrome prices.However, the decreasing ferrochrome exports from South Africa support Chinese ferrochrome plants supply. Thedomestic ferrochrome supply in China keeps increasing. International HC ferrochrome prices are difficult toincrease.Ferrochrome market morning review on 31 July 2014www.ferroalloynet.com: Today, high carbon ferrochrome mainstream price is 6450-6550 RMB/Ton, 50% basis(ex-factory, with tax), mainstream transaction price is 6350-6450 RMB/Ton, 50% basis (ex-factory, with tax); lowsilicon (silicon content<2.0) HC ferrochrome mainstream price is 6550-6650 RMB/Ton, 50% basis (ex-factory,with tax). Currently imported HC ferrochrome offer: South African mainstream offer is 0.81-0.82 USD/LB, Indianmainstream offer is 0.82-0.83 USD/pounds. Kazakhstan mainstream offer is 0.93-0.94 USD/LB; imported HCferrochrome spot prices are: South African mainstream offer is 6400-6500RMB/Ton 50% basis, Indianmainstream offer is 6500-6600 RMB/Ton 50% basis, Kazakhstan mainstream offer is 7600-7700 CNY/Ton 50%basis.Tel: +86-28-85217008 Fax: +86-28-65008666-8008E-mail: [email protected]