OIL & GAS September 2017

Brent oil prices remained in a narrow range between US$50-53 per barrel during August, recovering from an average price of US$48.5/bbl in July. Bullish sentiment returned to markets after unexpectedly large declines in US crude stockpiles.

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LNG September 2017

Asia’s LNG imports continued to grow in June 2017, in part pushed by increasing LNG supply from Pacific Rim countries, particularly from Australia. Japan’s liquefied gas imports rose by 3.6% YoY in July 2017, according to data released by the country’s Ministry of Finance. The world’s largest consumer of LNG imported 6.82Mt last month, compared to 6.58Mt in July 2016.

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METALLURGICAL COAL September 2017

The August spot price for premium low volatile HCC averaged US$196/t FOB Australia, up 18% from July, as market tightness persisted throughout the month on the back of restricted Chinese domestic production and continued supply disruptions in Australia. Prices for lower grades of metallurgical coal continued their upward trajectories throughout the month.

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THERMAL COAL September 2017

The August spot price for premium Australian thermal coal averaged US$98/t FOB Newcastle, up 10% from July. The price steadily inceased to US$100/t over the course of the month on the back of continued tight Chinese domestic supply combined with increased demand.

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IRON ORE September 2017

The iron ore spot price (CFR China, 62% Fe fines) continued its upwards momentum in August, increasing 13.5% month on month to average US$76/t. This was supported by improving steel prices and decent margins driven by optimistic economic data for construction and infrastructure development, government policies, and rising coking coal prices.

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STEEL September 2017

Chinese rebar and HRC prices maintained their strength in August, averaging US$639/t and US$608/t respectively. The Chinese rebar price has been above HRC since February 2017 on several dynamics. China’s monthly real estate fixed asset investment (FAI) has trended around 5-7% year on year for the past 12 months – the lowest annual growth rate for 12 months.

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COPPER September 2017

The month-average copper cash price increased 8.4% in August to US$6,486/t (US$2.94/lb), and followed 4.6% and 2.1% increases in July and June, respectively. The monthly average for August 2017 was the highest level since November 2014.

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NICKEL September 2017

The LME nickel price for August averaged US$10,890/t (US$4.94/lb), up an impressive 14.7% on the July average. The price recovery from a mid-June low of US$8,739/t (US$3.96/lb) increased in pace in August, following 6.3% month-on-month price growth seen in July.

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ZINC & LEAD September 2017

After fluctuating during July, the LME zinc cash price increased 13% in August to close the month at US$3,141/t (US$1.42/lb). The zinc price is being driven by low market inventories and China’s manufacturing industry. China’s Purchasing Managers Index (PMI) for August rose 0.3 of a point to 51.7.

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ALUMINIUM September 2017

LME spot aluminium prices are at their highest point since 2014. Total LME stockpiles have continued a 4-year decline while SHFE stocks reach new high. Alumina prices were relatively stable throughout July, and closed the month on a high.

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