Indonesia isn’t making things easy and “won’t back down from preventing exports by mining companies refusing to put up sureties they will build smelters, the country’s director-general of minerals and coal says,” reports The Wall Street Journal.
“Mining companies must place cash equal to 5% of the cost of constructing a smelter in local banks to show they are “serious,” Director General of Minerals and Coal at the Ministry of Energy and Mineral Resources Sukhyar said late on Thursday.”
“‘The money will be returned after smelter construction is completed,’ Mr. Sukhyar said. Companies promising to build smelters can still export ore.”
“Indonesia banned ore exports on Jan. 12.”
In metal price news for copper…
The Japanese copper cash price closed Friday, February 7, halting its three-day flat run with a 2.5 percent drift. The price of US copper producer grade 110 inched up 1.0 percent. The price of US copper producer grade 122 gained 1.0 percent to finish. After a 1.0 percent increase, the price of US copper producer grade 102 finished the day.
Chinese copper prices were flat for the day. The price of Chinese copper bar held steady. The Chinese copper cash price remained essentially flat. For the fifth day in a row, the price of Chinese copper wire remained essentially flat. The price of Chinese bright copper scrap continues to hover for the fifth day in a row.
Closing out a three-day flat streak, the primary copper cash price moved up 0.2 percent on the LME to $7,109 per metric ton. Also on the LME, the 3-month price of copper remained essentially flat at $7,060 per metric ton.