Not such a bad thing after all? “Australia’s Kupang Resources finds itself in a sweet spot after Indonesia passed a mining law banning raw mineral ore exports,” reports Reuters.
“Even before Indonesia made exporting certain ores illegal on Jan. 12 in the hope it will lead to development of a homegrown smelting and refining industry, Kupang was in the final stages of constructing a factory to process manganese ore into a semi-manufactured form in West Timor in Nusa Tenggara province.”
“Kupang’s manager of operations, Simon Youds, said locals have long mined the rich endowments of manganese ore found in West Timor and shipped it to places like China where it is refined and sold onwards for greater profit. Manganese is mostly used to harden crude steel.”
In metal price news for stainless steel and nickel…
Chinese stainless steel prices were mixed for the day. The price of Chinese ferro-chrome was unchanged. The price of Chinese ferro-moly remained essentially flat.
After falling 0.6 percent, the price of Chinese primary nickel reached a 30-day low. The price of Chinese 316 stainless coil saw little movement. The price of Chinese 304 stainless coil held steady. 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.
On the LME, the nickel spot price inched up 0.5 percent to $14,225 per metric ton. On the LME, the nickel 3-month price gained 0.3 percent to finish at $14,240 per metric ton. The Indian nickel cash price fell 0.2 percent.