SHANGHAI, Jun. 5 (SMM) – Indonesia’s Ministry of Trade said recently in Jakarta that the government will cut the base export prices of mineral products in June due to volatile prices in international market. 

The base export prices of 1.7% nickel ore will be cut by 6.83% or $13.35 per wmt. 

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SMM attributes two factors behind its cut. First, the monthly nickel average price on the LME has been moving lower since the beginning of 2017, with May’s price off 4.94% from April’s. Second, mainstream nickel ore prices in China, key consumer of Indonesian nickel ore, drifted lower with demand weakening. 

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