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UPDATE 1-S.Korea Says Buys Aluminum Ingot, Nickel Cathode

Vale Inco, Union To Hold New Strike Talks May 25-26

<p>SEOUL, May 20 -- South Korea has bought 3,000 tonnes of primary aluminum ingot and 300 tonnes of nickel cathode via tenders that closed on Thursday, the Public Procurement Service (PPS) said through its website (<a href="http://www.g2b.go.kr">www.g2b.go.kr</a>).</p>
<p>Details of tender results for the metals to be delivered to the port of Incheon are as follow:</p>
<p>-- world-wide origin aluminum ingot</p>
<p>
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            <div><span style="font-size: 10pt">TONNES</span></div>
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            <div><span style="font-size: 10pt">SELLER</span></div>
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            <div><span style="font-size: 10pt">PREMIUM</span></div>
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            <div><span style="font-size: 10pt">METAL PURITY</span></div>
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            <div><span style="font-size: 10pt">ARRIVAL</span></div>
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            <div><span style="font-size: 10pt">3,000</span></div>
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            <div><span style="font-size: 10pt">Glencore</span></div>
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            <div><span style="font-size: 10pt">$112</span></div>
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            <div><span style="font-size: 10pt">99.7 pct or more</span></div>
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            <div><span style="font-size: 10pt">July 31</span></div>
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</p>
<p>-- nickel cathode</p>
<p>
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            <div><span style="font-size: 10pt">TONNES</span></div>
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            <div><span style="font-size: 10pt">SELLER</span></div>
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            <div><span style="font-size: 10pt">PREMIUM</span></div>
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            <div><span style="font-size: 10pt">METAL PURITY</span></div>
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            <div><span style="font-size: 10pt">ARRIVAL</span></div>
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            <div><span style="font-size: 10pt">200</span></div>
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            <div><span style="font-size: 10pt">Daewoo Int'l</span></div>
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            <div><span style="font-size: 10pt">$670</span></div>
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            <td valign="top" width="133" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 99.6pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div><span style="font-size: 10pt">99.8 pct or more</span></div>
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            <div><span style="font-size: 10pt">June 30</span></div>
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            <div><span style="font-size: 10pt">100</span></div>
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            <div><span style="font-size: 10pt">Glencore</span></div>
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            <div><span style="font-size: 10pt">$1,095</span></div>
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            <td valign="top" width="133" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 99.6pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div><span style="font-size: 10pt">99.95 pct or more</span></div>
            </td>
            <td valign="top" width="77" style="border-right: windowtext 1pt solid; padding-right: 5.4pt; border-top: #ffffff; padding-left: 5.4pt; padding-bottom: 0cm; border-left: #ffffff; width: 57.6pt; padding-top: 0cm; border-bottom: windowtext 1pt solid; background-color: transparent">
            <div><span style="font-size: 10pt">June 30</span></div>
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</p>
<p>Note : Premiums are calculated over London Exchange cash prices on a cost, insurance and freight (CIF) basis. From Glencore, the state-run agency bought Norwegian nickel, the web site showed.</p>
<p>&nbsp;</p>

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