Indonesia's President To Make Decision On Export Ore Mess; Nickel Spot Price Improves

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Well, what is your prediction for the mineral export confusion?

“Indonesia’s president will make the final decision in a furious debate over next month’s scheduled ban on the export of unprocessed metal ore, an issue that pits nationalist-minded lawmakers against officials desperate not to lose revenue,” reports Reuters.

“From next month, mining companies must process their ore before shipping it overseas, in a measure that aims to boost the value of exports from Indonesia, the world’s top exporter of nickel ore, thermal coal and refined tin.”

“But smelting capacity is nowhere near ready, which means much of Indonesia’s output of metal ore will grind to a halt unless the processing requirements are relaxed.”

In metal price news…

The nickel spot price saw a 0.7 percent increase on Tuesday, December 10, reaching $13,830 per metric ton on the LME and making it the biggest mover for the day. After a 0.5 percent increase, the 3-month price of nickel finished the day on the LME at $13,890 per metric ton. After improving for two days, the cash price of primary Indian nickel declined 0.3 percent .

* Get the complete prices every day on the MetalMiner IndX℠

Chinese stainless steel prices closed flat for the day. The price of Chinese ferro-chrome saw essentially no change for the fifth day in a row. The price of Chinese ferro-moly continues to hover for the fifth day in a row.

The price of Chinese 316 stainless coil remained essentially flat. For the fifth day in a row, the price of Chinese 304 stainless coil remained essentially flat. The price of Chinese 316 stainless steel scrap was unchanged. The price of Chinese 304 stainless steel scrap held steady. The price of Chinese primary nickel held steady.