China Leaves Import and Export Tariffs Untouched for Copper Products in 2023

The implementation of Indonesia's ban on bauxite exports since June last year has led to bauxite surplus, brought challenges to consume domestically as the Indonesia's alumina plants have limited capacity. Ronald Sulistyanto, Chairman of the Indonesian Bauxite and Iron Ore Entrepreneurs Association (Asosiasi Pengusaha Bauksit dan Bijih Besi Indonesia - APB3I), highlighted the struggle to secure external investment for alumina plant projects, while some entrepreneurs are forced to cut costs or halt production. However, there is hope for relief through potential relaxation of the export ban policy. Efforts are underway to boost alumina production capacity, although challenges persist in addressing the surplus bauxite issue.

The fuel depot explosion in Conakry, Guinea, during the week ending December 28th, caused fuel sale restrictions and sparked worries about Guinean bauxite output stability and potential impacts on domestic alumina production.

In September, China's import volume of spodumene concentrate skyrocketed to 490,000 mt, up 119% MoM and 105% YoY.

According to the US Census Bureau data, India’s aluminium scrap imports from the United States during the first half of 2023 ended June 30 totalled 231,000 tonnes, registering an increase of 4,000 tonnes or 1.76 per cent from 227,000 tonnes a year ago.

According to General Administration of Customs, in the first five months of this year, China imported 481 million mt of iron ore, an increase of 7.7%.

This is a roundup of global macroeconomic news last night and what is expected today.

On March 29, China Economic Information Service and Zhejiang Seaport Group officially released the Xinhua·Ningbo Zhoushan Port Iron Ore Price Index. According to the index, the estimated value of iron ore has moved upwards recently.

India's trade minister said India is open to trade in rupees with countries facing dollar shortages.

Safe-haven assets rallied as hedge funds betting on bearish yen ended up being wrong.

Recently, the People's Bank of China and the Central Bank of Brazil signed a memorandum of cooperation on the establishment of RMB clearing arrangements in Brazil.