MoF introduces benchmark prices for mineral products
5 өдөр, 10 цаг өмнө
- The price of copper stands at USD 6,062 per ton
The Ministry of Finance (MoF) introduced the benchmark prices for mineral products to be exported in January. Particularly, the price of zinc per ton was estimated the same as the London Metal Exchange (LME)’s price of December, equalling USD 2,273.41. The price of copper stands at USD 6,062 per ton. Analysts at Goldman Sachs, Morgan Stanley, and Standard Chartered are optimistic about the outlook for 2020. The main consumer China’s demand may grow 2.6 percent this year, according to Citigroup. The Ministry of Finance estimates that in January the price of fluoride concentrate to be at USD 406-415 per ton and fluorite ore at USD 264-324. Mongolia is the third-largest exporter of fluorite in the world after China and Mexico. Demand is likely to continue to rise along with the price, reports Baylag Jonsh LLC, a fluorite exporter. The price for iron ore with a 60 percent concentration is estimated at USD 78.98. According to Bloomberg Intelligence, Iron ore prices are likely to drop in 2020. Experts predict an increase in supply of Brazil and Australia this year. Demand for steel is likely to decline following the slowdown in Chinese economic growth; analysts say that is a signal of reduced iron ore consumption. The price for raw coal is assumed to be USD 106.87 per ton, weak coking coal USD 76.95, and lignite coal USD 68.12. The price for processed coking coal comprises USD 114.55, according to the MoF. The supply of coking coal is projected to grow in 2020. Bloomberg Intelligence estimates that the extraction of large Australian deposits will increase and exports by 15 million tons by 2020-2022. Mongolia's coking coal export is expected to reach 39 million tons in 2020 and 44 million tons by 2021, analysts at Bloomberg Intelligence have anticipated.