Russian Central Bank Kept Its Benchmark Interest Rate Unchanged

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 the Yahoo Finance, the International Energy Agency released a monthly report on the 11th local time, saying that the "OPEC+" production cuts may reduce inventories for the rest of the year, thereby pushing up oil prices. According to the current production estimates of "OPEC+", crude oil inventories may decrease by 2.2 million barrels per day in the third quarter and 1.2 million barrels per day in the fourth quarter.

The alloy, with a wide application in the construction sector, has been developed in collaboration with the University of Bahrain.

The National Development and Reform Commission issued a notice on improving the government’s integrity performance mechanism and optimizing the development environment of the private economy.

The Central Bank of the Russian Federation announced on August 9 local time that it will not purchase foreign exchange in the domestic market from August 10 to the end of 2023 in order to reduce financial market volatility.

On Wednesday (August 9), local time, European natural gas prices rose by as much as 40%, the largest increase since March 2022, due to possible strikes at some Australian plants and increased risks of liquefied natural gas (LNG) supply shortages.

Paul Voss, Director of the European Aluminum Association (EAA) said he thinks that the United States and the West may still sanction aluminum products imported from Russia.