Bahlil lahadalia, chairman of the Indonesian investment Minister / investment Coordination Committee (BKPM), said recently that the Indonesian government is considering imposing a ban on bauxite and tin exports this year to promote the development of the mineral industry downstream of the domestic industry chain.
Affected by this news, Shanghai aluminum closed up 2.06% at night, and LME aluminum closed up $49 to $2906 / ton. A-share aluminum mining companies rose sharply on Friday. As of press time, Chinalco rose 2.17%, Shenhuo shares rose more than 4%, and Minfa aluminum rose by the limit.
Indonesian officials said that the export ban on bauxite and tin was in line with the instructions previously issued by the Indonesian President on developing downstream industries and building new environmental protection industries based on renewable energy.
He revealed that Indonesia would stop exporting bauxite and tin in 2022. He believes that this move will encourage the development of downstream industries in Indonesia, which will contribute to Indonesia’s national income to the greatest extent.
Previously, the Indonesian government has stopped the export of nickel. Indonesian officials said the nickel export ban had proved effective in increasing the export of nickel derivatives, including stainless steel. “In 2022, Indonesia’s nickel exports reached only US $2 billion, while the downstream industry’s stainless steel exports soared to US $20 billion,” he said