Mongolia is switching things up and have recently “passed a law aimed at reviving foreign investment by easing restrictions on investors in key sectors such as mining and by providing greater certainty on the taxes they must pay,” reports Reuters.
“The new regulations take effect on Nov 1 and replace two previous laws, including one that imposed restrictions on foreign investments in strategic sectors after state-owned Aluminum Corp of China (Chalco) made a bid to take control of Mongolia-focused coal miner SouthGobi Resources in 2012.”
A 1.6 percent decline in European 1050 aluminum made it the biggest mover of the week on the weekly Aluminum MMI®. European 5083 plate prices ticked up 0.2 percent over the past week. The week finished with no movement for Korean 3003 coil premium over 1050 sheet. Korean 5052 coil premium over 1050 sheet remained unchanged for the week.
Chinese aluminum prices were mixed for the week. The cash price of Chinese aluminum increased 0.8 percent this week. The price of Chinese aluminum scrap rose 0.5 percent over the past week. This was the fourth week in a row of increasing prices. Chinese aluminum bar traded sideways last week.
The 3-month price of aluminum rose 1.3 percent on the LME over the past week to $1,820 per metric ton. On the LME, a 1.3 percent gain landed the cash price of primary aluminum at $1,773 per metric ton. The cash price of primary Indian aluminum rose 0.9 percent after falling 0.5 percent during the previous week.
The Aluminum MMI® collects and weights 12 global aluminum price points to provide a unique view into aluminum price trends. For more information on the Aluminum MMI®, how it’s calculated or how your company can use the index, please drop us a note at: info (at) agmetalminer (dot) com.