Indonesia’s Constitutional Court upheld the country’s ban on exports of raw mineral ores imposed in January, rejecting a challenge from mining companies.
The court ruled the prohibition was acceptable to ensure ore supplies to domestic smelters. The Indonesian Association of Mineral Entrepreneurs and companies with mining business licenses filed a request in January to seek revision of articles in the 2009 law that formed the legal basis of the ban. Chief Justice Hamdan Zoelva said the ruling was final.
On Tuesday, December 2, the day’s biggest mover was the price of Chinese 304 stainless coil, which saw a 6.3% decline to CNY 16,400 ($2,665) per metric ton. The price of Chinese primary nickel increased 0.6% to CNY 111,700 ($18,149) per metric ton. The price of Chinese 304 stainless steel scrap showed little movement yesterday at CNY 9,550 ($1,552) per metric ton. The price of Chinese 316 stainless steel scrap flattened at CNY 13,100 ($2,128) per metric ton after two days of downward movement. The price of Chinese 316 stainless coil remained steady at CNY 23,700 ($3,851) per metric ton.
Chinese ferro-chrome held its value on Tuesday at CNY 11,050 ($1,795) per metric ton. At CNY 90,500 ($14,704) per metric ton, the price of Chinese ferro-moly was essentially unchanged.
After falling for two days, the Indian nickel cash price rose 1.5% to INR 1,023 ($16.52) per kilogram. After a 0.7% increase, the nickel spot price finished the day on the LME at $16,200 per metric ton. On the LME, the 3-month price of nickel rose 0.6% to $16,250 per metric ton.