Indonesia Rejects Gov't Bid To Ease Export Ban; Indian Nickel Cash Price Drifts

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Things haven’t been easy, to say the least…”Indonesian lawmakers rejected a government bid to water down a planned ban on shipments of unprocessed metals on Thursday, dashing Jakarta’s attempts to keep much-needed export revenue flowing in,” reports Reuters.

“The government, faced with a current account deficit at a near-record high, has been scrambling to ease nationalistic resource rules that were passed more than a year ago, including the ban on mineral ore exports from January 2014.”

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“‘I have tried to propose exceptions for ore exports, but the DPR (parliament) commission refused them,’ Energy Minister Jero Wacik said after a meeting with the parliament’s mining committee. ‘There will be no exceptions.'”

In metal price news…

The day’s biggest mover was the Indian nickel cash price which dropped by 0.8 percent on Wednesday, December 4 to close. On the LME, the spot price of nickel fell 0.3 percent to $13,345 per metric ton. The nickel 3-month price saw a 0.3 percent decline on the LME to $13,410 per metric ton.

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Chinese stainless steel closed mixed on Wednesday. The price of Chinese ferro-chrome was unchanged. The price of Chinese ferro-moly saw little movement.

The price of Chinese primary nickel rose 0.1 percent. The price of Chinese 316 stainless coil held steady. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat . The price of Chinese 316 stainless steel scrap continues hovering around CNY 16,100 ($2,643) per metric ton for the fifth day in a row. The price of Chinese 304 stainless steel scrap saw essentially no change for the fifth day in a row, remaining around CNY 16,400 ($2,692) per metric ton.