Indonesian Govt Gives Vale and Others Permits to Ship Minerals

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The first permits have been received. “Vale Indonesia and PT Aneka Tambang (Antam) were among the first group of companies to receive government approval to export processed mineral ore and refined metal under a new mining law, a senior government official said,” reports Reuters.

“Bachrul Chairi, director general of foreign trade, said a total of nine companies were given export permits as of Thursday, allowing one of the world’s largest mining industries to resume shipping some minerals and metals.”

“Around $500 million worth of monthly metal ore and concentrate exports have ground to a halt in Indonesia due to confusion surrounding the implementation of the Jan. 12 mining law, which includes a mineral ore export ban and a progressive tax on concentrate shipments.”

“Before the ban, Indonesia was the world’s top exporter of nickel ore. It is also a major producer of refined tin, thermal coal, iron ore and bauxite.”

In metal price news for stainless steel and nickel…

On Thursday, February 20, the day’s biggest mover was the cash price of primary Indian nickel, which saw a 0.9 percent decline. On the LME, the spot price of nickel inched up 0.5 percent to $14,470 per metric ton. At $14,500, the nickel 3-month price finished the market day on the LME up 0.3 percent per metric ton.

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Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome saw little movement. The price of Chinese ferro-moly saw essentially no change for the fifth day in a row.

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The price of Chinese primary nickel weakened by 0.1 percent. The price of Chinese 316 stainless coil remained essentially flat. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat. The price of Chinese 316 stainless steel scrap saw essentially no change for the fifth day in a row. The price of Chinese 304 stainless steel scrap held steady.