NICKEL MARKET

Product: Primary Nickel April 30.04.2010

2005 2006 2007 2008 2009 2010 2011
Parameter Total Total Total Fact Forecast Forecast Forecast Graph
Fact Fact Fact Fact Fact Initial* Previous Current Trend Previous Current Trend

1. Price ($/mt)
Next Month Trend
average 13 081 18 676 19 968 20 703 Average 25 800
20 079 20 752
1.1. Price 14 733 24 287 37 181 21 027 9 259 14 750 14 750 18 443 Range: min 23 700 15 837 15 984
min
max 15 760 23 108 23 108 23 831 Range: max 28 300 25 000 25 000
3. Demand (kt) ***
Average expectation Quaterly "Balance" and "Price forecast" (2007-2009)
3.1. Change in industrial demand, year-to-year, % (avg expectation) 0% 11% -6% -3% -2% 9% 10% 10% = 6% 7% 80 47 982 50 000

3.1.1. Change in demand Stainless Steel TOTAL, kt -8% 14% -6% -8% 1% 10% 12% 19% 7% 8% 70
Sectors

60 40 000
3.1.2. Change in demand Alloy and Sp. Alloy TOTAL, kt 10% 9% 5% 0% -13% 1% 1% 3% 7% 6% 50
41 448

30 226 29 453
3.1.3. Change in demand Plaiting TOTAL, kt 10% -5% 5% -1% -4% 4% 4% 7% 5% 3% 40 28 863
25 730
30 000
30 21 612
20 020 20 006 20 128
3.2.1. Change per Europe total -3% 8% -10% -5% -20% 8% 9% 11% 5% 6% 20 18 980
17 614 17 455
20 000
10 12 885
10 885 10 459
Europe

Stainless Steel -13% 11% -17% -9% -18% 7% 10% 13% 9% 7% 0

Alloy and Special Alloy 14% 9% 4% 2% -11% 1% 1% 1% = 5% 6% -10 IQ II Q III Q IV Q IQ IIQ IIIQ IV Q IQ IIQ IIIQ IV Q IQ IIQ IIIQ IV Q
10 000

-20 fact fact fact fact

Plating 6% 3% -1% 2% -8% 6% 6% 6% = 4% 3% -30 0

2007 2008 2009 2010

3.2.2. Change per Asia total 3% 11% 5% -5% 23% 8% 9% 6% 6% 8%
Balance forecast Price Forecast
Stainless Steel 0% 18% 2% -9% 23% 10% 12% 13% 9% 8%
Asia

Alloy and Special Alloy 4% 9% 7% 2% -14% 2% 2% 8% 7% 7% = kt Average expectation annual "Balance" and "Price forecast" (2005-2011)
$ / mt
37 181
Plating 5% -1% 7% 0% -3% 4% 4% 9% 4% 2% 100 40 000

3.2.3. Change per America total 2% 7% -8% -4% -18% 10% 10% 13% 6% 5% 80 35 000

-15%
America

60 24 287 30 000
Stainless Steel -12% 20% -13% -11% 23% 21% 24% 6% 4% 20 703
40 21 027 14 700
Alloy and Special Alloy 8% 9% 3% -2% -3% 2% 2% -3% 12% 5% 20 752 20 692 20 288 20 352 18 221
25 000

Plating 32% -18% 0% -3% -19% 3% 3% 13% = 13% 13% = 20 14 733 20 000

0 15 000
3.3. Austenitic ratio (200+300+duplex grade) world, % (avg expectation) 75,0% 76,3% 72,1% 71,7% 73,1% 74,0% 73,5% 73,6% 74,2% 74,1% 2005 2006 2007 2008 2009 2010 (f) 2011 (f) 2012 2013 2014 2015
-20 10 000
3.3.1. Europe (+ Africa&CIS), austenitic ratio, % 75,9% 76,7% 72,6% 72,3% 72,3% 70,7% 70,7% 70,9% 70,8% 70,9%
Region

-40 5 000
3.3.2. Asia, austenitic ratio, % 75,8% 77,2% 73,3% 72,0% 75,2% 75,8% 75,8% 75,4% 76,9% 76,3%
-60 0
3.3.3. America, austenitic ratio, % 66,3% 71,7% 64,5% 67,6% 74,1% 70,1% 70,1% 70,1% = 68,3% 68,3% = Market Balance Price Forecast

3.4. Change in 300-series production, % (avg expectation) -4% 15% -14% -6,3% -5,4% 5% 5% 12% 7% 9%
3.5. Scrap ratio world, % (avg expectation) 47,8% 47,6% 45,9% 47,7% 40,9% 42,2% 42,0% 42,3% 45,5% 43,4% 3 000
Average expectation of change in World annual Aust output and Aust ratio (2005-2009)
77%
76,3%
3.5.1. Europe (+ Africa&CIS), scrap ratio, % 49,9% 50,2% 49,9% 51,6% 49,8% 50,3% 50,3% 50,3% = 51,7% 50,8% 2 000 75,0% 76%
Region

73,1% 75%
3.5.2. Asia, scrap ratio, % 44,3% 43,4% 41,8% 41,4% 35,3% 36,4% 36,4% 35,6% 34,6% 37,5% 1 000
72,1% 73,56% 74%
71,7%
3.5.3. America, scrap ratio, % 62,9% 62,5% 59,4% 62,1% 63,1% 60,8% 60,8% 59,8% 63,5% 60,1% 0 73%

4. Supply (kt) *** -1 000 2005 2006 2007 2008 2009 2010 72%

71%
4.1. Change in industrial supply (avg expectation) 2% 5% 6% -3,0% -6% 7% 7% 6% 9% 8% -2 000
70%

5. Market balance (kt) -3 000 69%

5.1. Production/consumption balance (avg expectation) 25 -42 72 90 50 20 10 -3 12 8 Change in aust prod Aust Ratio

* Initial - Market participant's expectation in the begining of current year

** Current premium
*** Year-to-year, (2006-to-2007, etc) Trend (via previus period): Trend comments
Dramatic increase Price - Trend starting begining year
Big increase Premium - Trend starting begining year

Small increase Index - Trend starting begining year

= No change Other - Trend via average last year
Small decrease
Big decrease
Dramatic decrease