TABLE OF CONTENTS. No. Title Media Source Page

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Daily News Update Page 1

Director of Coal Business Development, Directorate General of Mineral and Coal, Ministry of Energy and Mineral Resources (MEMR) Lana Saria explained, IUPK holders as a continuation of the Coal Mining Concession Work Agreement (PKP2B), are subject to tiered rates according to the Reference Coal Price (HBA).

The IUPK holders are also divided into two types, namely the IUPK as a continuation of the PKP2B Generation 1 and the IUPK as a continuation of the PKP2B Generation 1 Plus.

Catat ya, Kenaikan Setoran Batu Bara Cuma Berlaku Buat IUPK!

Verda Nano Setiawan, CNBC Indonesia

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EMERINTAH telah menerbitkan Peraturan Pemerintah (PP) No.15 tahun 2022 tentang Perlakuan Perpajakan dan atau Penerimaan Negara Bukan Pajak di Bidang Usaha Pertambangan Batu Bara.

Peraturan ini telah ditetapkan Presiden Joko Widodo (Jokowi) pada 11 April 2022 dan diundangkan oleh Menteri Hukum dan Hak Asasi Manusia Yasonna H. Laoly pada tanggal yang sama, yakni 11 April 2022.

Adapun pada Pasal 23 PP ini disebutkan bahwa PP ini mulai berlaku setelah tujuh hari terhitung sejak tanggal diundangkan.

Artinya, per Senin, 18 April 2022 Peraturan Pemerintah No.15 tahun 2022 ini sudah diberlakukan efektif.

Peraturan Pemerintah ini secara khusus mengatur setoran alias tarif royalti atau Penerimaan Negara Bukan Pajak (PNBP) batu bara progresif mengikuti besaran kenaikan Harga Batu Bara Acuan (HBA) bagi pemegang Izin Usaha Pertambangan Khusus (IUPK) sebagai kelanjutan operasi/perjanjian.

Direktur Pembinaan Pengusahaan Batu Bara Direktorat Jenderal Mineral dan Batu Bara Kementerian Energi dan Sumber Daya Mineral (ESDM) Lana Saria menjelaskan, pemegang IUPK sebagai kelanjutan Perjan- jian Karya Pengusahaan Pertambangan Batu Bara (PKP2B), dikenakan tarif berjenjang sesuai Harga Batu Bara Acuan (HBA).

Adapun pemegang IUPK ini juga terbagi ke dalam dua jenis, yakni IUPK sebagai kelanjutan dari PKP2B Generasi 1 dan IUPK sebagai kelanjutan dari PKP2B Generasi 1 Plus.

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The government sets five layers for determining coal royalty rates for IUPK holders, including the following:

IUPK from PKP2B Generation 1:

HBA is less than US$ 70 per tonne, royalty rate is 14%.

HBA is between US$ 70 - US$ 80 per tonne, royalty rate is 17%.

HBA is more than US$ 100 per tonne, royalty rate is 28%.

IUPK from PKP2B Generation 1 Plus:

HBA is less than US$ 70 per tonne, royalty rate is 20%.

HBA is more than US$ 100 per tonne, royalty rate is 27%.

Lana explained that the tiered tariff up to five layers aims to maintain the economic stability of mining activities, so that when prices are high, the state will receive an increase in state revenues. However, when prices are low, business actors are not burdened by high PNBP rates.

She said the tariffs were for general sales or coal exports. Meanwhile, for coal sales for domestic purposes, such as for power plants and industry, the PNBP rate for coal is set at an average of 14% at any HBA.

"For domestic coal sales, PNBP is locked at 14 percent," she said.

Pemerintah menetapkan lima layer untuk penentuan tarif royalti batu bara untuk pemegang IUPK, antara lain sebagai berikut:

IUPK dari PKP2B Generasi 1:

HBA kurang dari US$ 70 per ton, tarif royalti 14%.

HBA antara US$ 70 - US$ 80 per ton, tarif royalti 17%.

HBA lebih dari US$ 100 per ton, tarif royalti 28%.

IUPK dari PKP2B Generasi 1 Plus:

HBA kurang dari US$ 70 per ton, tarif royalti 20%.

HBA lebih dari US$ 100 per ton, tarif royalti 27%.

Lana menjelaskan, tarif berjenjang sampai lima layer tersebut bertujuan untuk menjaga stabilitas keekonomian kegiatan pertambangan, sehingga pada saat harga tinggi negara mendapatkan peningkatan penerimaan negara.

Namun, pada saat harga rendah, pelaku usaha tidak terbebani tarif PNBP yang tinggi.

Dia mengatakan, besaran tarif tersebut untuk penjualan umum atau ekspor batu bara.

Sementara untuk penjualan batu bara untuk kepentingan dalam negeri, seperti untuk pembangkit listrik dan industri, tarif PNBP batu bara dipatok rata sebesar 14% pada HBA berapa pun.

"Untuk penjualan batu bara di dalam negeri, PNBP dikunci di 14%," katanya.

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"The domestic price is set at 14% because we set the price, US$ 70 per ton for power generation and US$ 90 per ton for industry," she explained.

Lana said that the implementation of progressive coal tax and royalty provisions for IUPK holders as a continuation of the operation/agreement will apply retroac- tively from January 1, 2022, especially for IUPKs issued before the year this PP was enacted.

"The IUPK issued at the same time as the year this PP was enacted, then the implementation of the provisions in this PP will take effect in the following year (1 January 2023)," she said.

Since the provision of this coal royalty rate only applies to IUPK holders as a continuation of operations, it means that the new coal royalty rate regulation only applies to at least three IUPK holders as a continuation of the operation/agreement.

As is known, the government has granted an extension of operations to IUPK for three coal companies until the end of 2021.

The three IUPKs include PT Arutmin Indonesia, PT Kaltim Prima Coal (KPC), both of which are subsidiaries of PT Bumi Resources Tbk (BUMI), and PT Kendilo Coal Indonesia.

So, what about the holders of IUP and Coal Mining Concession Work Agreements (PKP2B)?

Fate of IUP and PKP2B Royalty Tariffs Lana admits that the implementation of the progressive coal royalty rate in PP No. 15 of 2022 only applies to IUPK holders.

Meanwhile, for holders of Mining Business Permits (IUP) and IUPKs (not from continuing operations/agreements), coal PNBP rates still follow the provisions of the existing laws and regulations, namely 3%, 5% and 7% according to coal calories.

"14% untuk dalam negeri dipatok sama karena harganya kita patok, US$ 70 per ton untuk pembangkit listrik dan untuk industri US$ 90 per ton," jelasnya.

Lana menyebut, pelaksanaan ketentuan perpajakan dan royalti batu bara progresif bagi pemegang IUPK sebagai kelanjutan operasi/perjanjian tersebut akan berlaku surut sejak 1 Januari 2022, khususnya untuk IUPK yang diterbitkan sebelum tahun diundangkannya PP ini.

"IUPK yang diterbitkan bersamaan dengan tahun diundangkan PP ini, maka pelaksanaan ketentuan dalam PP ini akan berlaku pada tahun berikutnya (1 Januari 2023),"

tuturnya.

Karena ketentuan tarif royalti batu bara ini hanya berlaku bagi pemegang IUPK sebagai kelanjutan operasi, maka artinya aturan baru tarif royalti batu bara ini baru berlaku pada setidaknya tiga pemegang IUPK sebagai kelanjutan operasi/perjanjian.

Seperti diketahui, pemerintah telah mem- berikan perpanjangan operasi menjadi IUPK bagi tiga perusahaan batu bara hingga akhir 2021.

Tiga IUPK tersebut antara lain PT Arutmin Indonesia, PT Kaltim Prima Coal (KPC) yang keduanya merupakan anak usaha PT Bumi Resources Tbk (BUMI), dan PT Kendilo Coal Indonesia.

Lantas, bagaimana dengan pemegang IUP dan Perjanjian Karya Pengusahaan Pertambangan Batu Bara (PKP2B)?

Nasib Tarif Royalti IUP dan PKP2B

Lana mengakui bahwa penerapan tarif royalti batu bara progresif dalam PP No. 15 tahun 2022 itu hanya berlaku bagi pemegang IUPK.

Sementara untuk pemegang Izin Usaha Per- tambangan (IUP) dan IUPK (bukan dari kelanjutan operasi/perjanjian), tarif PNBP batu bara masih mengikuti ketentuan peraturan perun- dang-undangan yang telah ada sebelumnya, yakni 3%, 5%, dan 7% sesuai kalori batu bara.

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"Yes," she said when asked if it meant that the coal royalty rate for IUP holders was still set at 3%, 5% and 7% according to the calorie level.

Based on PP No. 81 of 2019 concerning Types and Tariffs for Types of Non-Tax Revenues Applicable to the Ministry of Energy and Mineral Resources, coal production/royalty fees are stipulated as follows:

- Open Pit Mine:

a. The calorie level is less than or equal to 4,700 Kcal/kg, the rate is 3% of the selling price per ton.

b. The calorie level is between 4,700 - 5,700 Kcal/kg, the rate is 5% of the selling price per ton.

c. The calorie level is above or equal to 5,700 Kcal/kg, the rate is 7% of the selling price per ton.

- Underground Mine:

a. The calorie level is less than or equal to 4,700 Kcal/kg, the rate is 2% of the selling price per ton.

b. The calorie level is between 4,700 - 5,700 Kcal/kg, the rate is 4% of the selling price per ton.

c. The calorie level is above or equal to 5,700 Kcal/kg, the rate is 6% of the selling price per ton.

As for PKP2B holders, he also said that the coal royalty rate for PKP2B holders is still applied in accordance with the provisions of the PKP2B until the end of the PKP2B period. Lana said that the coal royalty rate for PKP2B holders is usually set at 13.5%.

According to her, the amount of tax for PKP2B holders can reach 45%, both Income Tax (PPh), Value Added Tax (VAT) and others. This is still higher than the current income tax regulation of 22%. (wia)

"Iya," ucapnya saat ditanya apakah artinya tarif royalti batu bara bagi pemegang IUP masih ditetapkan sebesar 3%, 5%, dan 7%

sesuai tingkat kalori.

Berdasarkan PP No.81 tahun 2019 tentang Jenis dan Tarif atas Jenis PNBP yang Berlaku pada Kementerian Energi dan Sumber Daya Mineral, iuran produksi/ royalti batu bara antara lain ditetapkan sebagai berikut:

- Open Pit (Tambang Terbuka):

a. Tingkat kalori kurang dari atau sama dengan 4.700 Kkal/kg, tarifnya 3% dari harga jual per ton.

b. Tingkat kalori antara 4.700 - 5.700 Kkal/

kg, tarifnya 5% dari harga jual per ton.

c. Tingkat kalori di atas atau sama dengan 5.700 Kkal/kg, tarifnya 7% dari harga jual per ton.

- Underground (Tambang Bawah Tanah):

a. Tingkat kalori kurang dari atau sama dengan 4.700 Kkal/kg, tarifnya 2% dari harga jual per ton.

b. Tingkat kalori antara 4.700 - 5.700 Kkal/

kg, tarifnya 4% dari harga jual per ton.

c. Tingkat kalori di atas atau sama dengan 5.700 Kkal/kg, tarifnya 6% dari harga jual per ton.

Adapun untuk pemegang PKP2B, dia pun mengatakan bahwa tarif royalti batu bara bagi pemegang PKP2B ini masih diberlakukan sesuai dengan ketentuan PKP2B sampai dengan berakhirnya jangka waktu PKP2B. Lana menyebut, tarif royalti batu bara bagi pemegang PKP2B biasanya dipatok 13,5%.

Adapun besaran pajak bagi pemegang PKP2B ini menurutnya bisa mencapai 45%, baik Pajak Penghasilan (PPh), Pajak Pertam- bahan Nilai (PPN) dan lainnya. Ini masih lebih besar dibandingkan aturan Pajak Penghasilan yang berlaku saat ini sebesar 22%. (wia)

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Smelter Investment is Increasing, Nickel Ore Demand

Potentially Increases

Reporter: Filemon Agung | Editor: Anna Suci Perwitasari

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NVESTMENT in the nickel processing and refining industry is predicted to increase this year and in the years to come.

Secretary General of the Indonesian Nickel Miners Association (APNI) Meidy Katrin Lengkey said that investment trends are increasingly attractive.

On the other hand, the Russian-Ukrainian conflict also contributed to an increase in demand and prices for nickel ore.

"In the end, Indonesia and the Philippines were the ones who got the jackpot.

Incidentally, there are many requests for processed factory production in Indonesia," said Meidy to Kontan, Wednes- day (20/4).

She continued, the need for nickel ore has the potential to increase as smelter investment increases in the future.

Of the total demand for nickel ore last year which reached 70 million tons, this year's demand has the potential to reach 100 million tons.

Kontan noted that the Ministry of Energy and Mineral Resources (MEMR) targets as many as 2 new integrated smelters to be operational this year.

The two integrated smelters in question are the East Halmahera Ferronickel Plant (P3FH) PT Aneka Tambang Tbk (ANTM) located in North Maluku, and the smelter owned by PT Sebuku Iron Lateritic Ores (SILO) in South Kalimantan.

Investasi Smelter Kian Marak, Kebutuhan Bijih Nikel Berpotensi Meningkat

Reporter: Filemon Agung | Editor: Anna Suci Perwitasari

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NVESTASI industri pengolahan dan pemurnian nikel diprediksi semakin meningkat di tahun ini dan tahun-tahun mendatang. Sekretaris Jenderal Asosiasi Penambang Nikel Indonesia (APNI) Meidy Katrin Lengkey mengungkapkan tren investasi kian menarik.

Di sisi lain, konflik Rusia-Ukraina pun turut mendorong kenaikan permintaan dan harga bijih nikel.

"Akhirnya yang mendapat jackpot itu Indonesia dan Filipina. Kebetulan untuk produksi pabrik olahan di Indonesia lagi banyak permintaan juga, " ungkap Meidy kepada Kontan, Rabu (20/4).

Dia melanjutkan, kebutuhan bijih nikel berpotensi mengalami peningkatan seiring maraknya investasi smelter ke depannya.

Dari total kebutuhan bijih nikel tahun lalu yang mencapai 70-an juta ton, permintaan tahun ini berpotensi menembus 100 juta ton.

Kontan mencatat, Kementerian Energi dan Sumber Daya Mineral (ESDM) menargetkan sebanyak 2 smelter terintegrasi anyar bisa beroperasi tahun ini.

Kedua smelter terintegrasi yang dimaksud adalah Pabrik Feronikel Halmahera Timur (P3FH) PT Aneka Tambang Tbk (ANTM) yang berlokasi di Maluku Utara, dan smelter milik PT Sebuku Iron Lateritic Ores (SILO) di Kalimantan Selatan.

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Apart from the above targets, as many as 5 stand-alone smelters are also scheduled to operate this year, so there will be 7 new smelters operating this year if things go according to plan.

The five stand-alone smelters are the Mixed Hydroxide Precipitate (MHP) product PT Smelter Nickel Indonesia in Banten, lead bullion smelter PT Kapuas Prima Citra in Central Kalimantan, Zinc Ingot smelter PT Kobar Lamandau Mineral in Central Kalimantan, grade alumina smelter PT Well Harvest Winning AR (Phase II) in West Kalimantan, and PT Alchemist Metal Industry's Pig Iron smelter in North Maluku.

The seven smelters will fulfill the 21 domestic smelters that have been completed in the previous country. In detail, the 21 smelters consist of 15 Nickel mineral refining facilities, 2 Bauxite mineral refining facilities, 1 Iron mineral refining facility, 2 Copper mineral refining facilities, and 1 Manganese mineral refining facility.

Hope the government's attention

In the midst of the investment trend and higher demand for nickel ore, business players believe that there are still a number of things that deserve the government's attention.

Meidy said, referring to the prevailing regulations, the sale and purchase price of nickel ore has been set following the Mineral Benchmark Price (HPM) in accordance with the Minister of EMR Regulation Number 11 of 2020.

However, currently many processing industries prefer to buy with a lower HPM in March than the HPM in April.

Di luar target di atas, sebanyak 5 smelter yang berdiri sendiri alias stand alone juga dijadwalkan dapat beroperasi pada tahun ini, sehingga akan ada 7 smelter anyar yang beroperasi pada tahun ini jika ber- jalan sesuai rencana.

Kelima smelter stand alone tersebut adalah smelter dengan produk Mixed Hydroxide Precipitate (MHP) PT Smelter Nikel Indonesia di Banten, smelter timbal bullion PT Kapuas Prima Citra di Kalimantan Tengah, smelter Zinc Ingot PT Kobar Lamandau Mineral di Kalimantan Tengah, smelter grade alumina PT Well Harvest Winning AR (Fase II) di Kalimantan Barat, dan smelter Pig Iron PT Alchemist Metal Industry di Maluku Utara.

Ketujuh smelter tersebut akan menggenapi 21 smelter di dalam negeri yang sudah selesai dibangun di dalam negeri sebelumnya. Secara terperinci, 21 smelter tersebut terdiri atas 15 fasilitas pemurnian mineral Nikel, 2 fasilitas pemurnian mineral Bauksit, 1 fasilitas pemurnian mineral Besi, 2 fasilitas pemurnian mineral Tembaga, dan 1 fasilitas pemurnian mineral Mangan.

Berharap perhatian pemerintah

Di tengah tren investasi dan permintaan bijih nikel yang kian tinggi, pelaku usaha menilai masih ada sejumlah hal yang patut jadi perhatian pemerintah.

Meidy mengungkapkan, merujuk pada beleid yang berlaku, harga jual-beli bijih nikel sudah dipatok mengikuti Harga Patokan Mineral (HPM) sesuai Peraturan Menteri ESDM Nomor 11 Tahun Tahun 2020.

Kendati demikian, saat ini banyak industri pengolahan lebih memilih untuk membeli dengan HPM bulan Maret yang lebih rendah ketimbang HPM bulan April.

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"The government must take steps on how to take advantage of the momentum with the extraordinary nickel price so that there is revenue for the state and the government must make regulations that are adjusted to the conditions of the process in the field," concluded Meidy.

"Pemerintah harus mengambil langkah bagaimana memanfaatkan momentum dengan harga nikel yang luar biasa sehingga ada penerimaan untuk negara dan pemerintah harus membuat aturan yang disesuaikan dengan kondisi keadaan proses di lapangan, " pungkas Meidy.

Still On Fire! Coal Prices Up Nearly 3%

Maesaroh, CNBC Indonesia

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OAL has not yet come down from the hiking trail. On Wednesday (20/4) trading, the May contract coal price closed at US$

345.6 per ton. Up 2.86% compared to the previous day.

The increase in coal prices on Wednesday also extended the positive record, namely the persistence of coal prices above US$

300 which has been going on since April 12, 2022.

Overall, coal prices have jumped 7.21%

point to point in a week. In a month, coal prices also shot up 56.6% and soared 292.1% in a year.

The high price of coal is driven by tight supply. The decisions of the European Union and Japan to ban coal imports from Russia have increased competition for supplies.

Even without an import ban, coal supply was already tight because a number of major producers such as Indonesia, Australia and South Africa experienced production problems due to weather and logistics.

Masih On Fire! Harga Batu Bara Naik Hampir 3%

Maesaroh, CNBC Indonesia

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ATU bara belum juga turun dari jalur pendakian. Pada perdagangan Rabu (20/4), harga batu bara kontrak Mei ditutup pada level US$ 345,6 per ton.

Menguat 2,86% dibandingkan hari sebelumnya.

Kenaikan harga batu bara pada pada Rabu kemarin juga memperpanjang catatan positif yakni bertahannya harga batu bara di atas US$ 300 yang sudah berlang- sung sejak 12 April 2022.

Secara keseluruhan, harga batu bara sudah melonjak 7,21% point to point dalam sepekan. Dalam sebulan, harga batu bara juga melesat 56,6% dan melambung 292,1% dalam setahun.

Masih tingginya harga batu bara didorong ketatnya pasokan. Keputusan Uni Eropa dan Jepang yang melarang impor batu bara dari Rusia membuat persaingan untuk mendapatkan pasokan meningkat.

Tanpa larangan impor pun, pasokan batu bara sebelumnya sudah ketat karena sejumlah produsen utama seperti Indonesia, Australia, dan Afrika Selatan mengalami persoalan produksi karena cuaca dan logistik.

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Referring to Mining.com, Whitehaven Coal Ltd, one of Australia's largest coal companies, estimates that coal prices will remain high throughout this year and in 2023 due to supply problems.

Major coal consumers such as South Korea and Japan find it difficult to find alternative coal suppliers. This condition puts pressure on the coal market.

"Labor issues, Covid-19 and weather have disrupted coal mining operations and port activities," said Whitehaven Coal, in their Quarterly Report.

Referring to the International Energy Agency (IEA) data, in 2020, global trade in thermal coal reached 978 million tons.

Indonesia is the largest exporter of thermal coal with a contribution of up to 40%.

Australia is in second place with a share of 20%, followed by Russia (18%), South Africa (8%), Colombia (5%), and the United States (2.5%).

"It is clear that we cannot ignore the impact of the loss of supply of 110 million tons. The loss of supply puts pressure on the coal market even greater. Whereas previously supply was also very, very tight," said Whitehaven CEO Paul Flynn, as quoted from Mining.com.

The high price of coal has forced several countries such as China and India to continue to import black gold from Russia in the midst of many countries that prohibit imports from the Red Bear Country.

India's coal imports from Russia totaled 1.08 million tonnes in March 2022, more than double what was recorded in February. China imported 1.4 million tons of metallurgical coal from Russia in March, a drastic jump compared to those recorded in February 2022 (1.1 million tons) or March 2021 (550,000 tons).

Merujuk Mining.com, Whitehaven Coal Ltd, salah satu perusahaan terbesar batu bara Australia, memperkirakan harga batu bara mash akan tetap tinggi sepanjang tahun ini dan tahun 2023 karena persoalan pasokan.

Konsumen batu bara utama seperti Korea Selatan dan Jepang kesulitan mencari alternatif pemasok batu bara. Kondisi ini membuat pasar batu bara dalam tekanan.

"Persoalan tenaga kerja, Covid-19 dan cuaca telah mengganggu operasi tambang batu bara dan aktivitas di pelabuhan,"

tutur Whitehaven Coal, dalam Quarterly Report mereka.

Merujuk Data Badan Energi Internasional (IEA), pada tahun 2020, perdagangan global batu bara thermal mencapai 978 juta ton. Indonesia adalah eksportir terbesar untuk thermal batu bara dengan kontribusi hingga 40%. Australia ada di posisi kedua dengan porsi 20%, disusul kemudian dengan Rusia (18%), Afrika Selatan (8%), Kolombia (5%), dan Amerika Serikat (2,5%).

"Kita jelas tidak mungkin mengabaikan dampak dari hilangnya pasokan 110 juta ton. Hilangnya pasokan memuat tekanan ke pasar batu bara makin besar. Padahal, sebelumnya pasokan juga sangat sangat sangat ketat," tutur CEO Whitehaven Paul Flynn, seperti dikutip dari Mining.com.

Mahalnya harga batu bara membuat beberapa negara seperti China dan India tetap mengimpor emas hitam dari Rusia di tengah banyaknya negara yang melarang impor dari Negara Beruang Merah.

Impor batu bara India dari Rusia mencapai 1,08 juta ton di Maret 2022, lebih dari dua kali lipat dibandingkan yang tercatat di Februari. China mengimpor batu bara metalurgi dari Rusia sebanyak 1,4 juta ton di Maret, melonjak drastis dibandingkan yang tercatat di Februari 2022 (1,1 juta ton) atau Maret 2021 ( 550.000 ton).

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China's coal production did increase 14.8%

(year on year/YoY) in March to 395.79 million tons. They also target coal production of 12 million per day.

However, China's low-quality coal is not suitable for steel processing. The Bamboo Curtain country is still dependent on imports for their metallurgical coal. CNBC INDONESIA RESEARCH TEAM (mae/mae)

Produksi batu bara China memang meningkat 14,8% (year on year/YoY) di Maret menjadi 395,79 juta ton. Mereka juga menargetkan produksi batu bara sebesar 12 juta per hari.

Namun, batu bara produksi China ber- kualitas redah tidak cocok untuk pengolahan baja. Negara Tirai Bambu pun masih meng- gantungkan pasokan impor untuk batu bara metalurgi mereka. TIM RISET CNBC INDONESIA (mae/mae)

High Price Predicted to Persist, Trimegah Sekuritas Raises Coal

Issuer's Stock Target

Parluhutan Situmorang

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RIMEGAH Sekuritas has revised up its financial performance growth target for listed companies in the coal sector, in line with the forecast that the selling price of this commodity will remain high this year.

Trimegah Sekuritas analysts Willinoy Sitorus and Hasbie said the average selling price of coal is estimated to be higher than the original projection. The average selling price of coal for the 2022-2024 period was revised up from US$ 105/90/80 per ton to US$ 200/160/130 per ton.

“We predict the high selling price of coal will continue for at least the next 1-2 years.

This is supported by continued sanctions on imports of Russian goods, increased global focus on the use of ESG triggers a decline in coal supply and reduces investment interest in this industry, thereby triggering a decline in supply," he wrote in research published in Jakarta, today.

Harga Tinggi Diprediksi Bertahan, Trimegah Sekuritas Naikkan Target Saham Emiten

Batu Bara

Parluhutan Situmorang

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RIMEGAH Sekuritas merevisi naik target pertumbuhan kinerja keuangan emiten sektor batu bara, seiring dengan perkiraan harga jual komoditas ini tetap tinggi sepanjang tahun ini.

Analis Trimegah Sekuritas Willinoy Sitorus dan Hasbie mengatakan, rata-rata harga jual batu bara diperkirakan lebih tinggi, dibandingkan proyeksi semula. Rata-rata harga jual batu bara periode 2022-2024 direvisi naik dari semula US$ 105/90/80 per ton menjadi US$200/160/130 per ton.

“Kami memprediksi harga jual tinggi batu bara berlanjut setidaknya dalam 1-2 tahun ke depan. Hal ini didukung berlanjutny sanksi terhadap impor barang Rusia, peningkatan fokus dunia terhadap penggunaan ESG memicu penurunan suplai batu bara dan menurunkan minat investasi terhadap industri ini, sehingga memicu penurunan suplai,” tulisnya dalam riset yang diterbitkan di Jakarta, hari ini.

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The expectation remains that the high selling price of coal, he said, is triggered by the increase in world demand, supported by coal, which is the cheapest energy source in the world, compared to gas. The increase in demand for coal is also supported by the growth in demand for electrical energy.

Regarding the issuance of PP No. 15 of 2022 regarding the coal royalty scheme for Special Mining Business Permits (IUPK), according to him, the royalty tax rate was adjusted from 13.5% to be based on the coal price level. Coal prices < US$ 70/ton are subject to a 14% royalty, prices ranging from US$ 70-80 are subject to a 17% tariff, prices ranging from US$ 80-90 with 23%, and prices of US$ 90-100 at 25%, above US$ 100 at 28%.

However, he said, the effective tax rate fell from 45 percent to 22 percent and was subject to profit sharing of 10 percent of net profit after tax. Profit sharing reaches 6% for the central government and 4% for local governments.

These various factors prompted Trimegah Sekuritas to maintain its recommendation to buy a number of shares of listed coal companies. PT Indika Energy Tbk (INDY) shares are recommended to buy with a target price of Rp 4,800 and PT Adaro Energy Tbk (ADRO) shares are recommended to buy with a target price of Rp 5,300.

Trimegah Sekuritas also targets a recommendation to buy shares of PT Indo Tambangraya Megah Tbk (ITMG) with a target price of Rp 42,000. A buy recommendation was also given for PT Bukit Asam Tbk (PTBA) shares with a target of Rp 5,100. Editor : Parluhutan

Ekspektasi tetap tingginya harga jual batu bara, ungkap dia, dipicu peningkatan permintaan dunia didukung batu bara merupakan sumber energi termurah di dunia, dibandingkan gas. Peningkatan permintaan batu bara juga didukung atas pertumbuhan permintaan energi listrik.

Terkait penerbitan PP No 15 tahun 2022 terkait skema royalti batu bara untuk Izin Usaha Pertambangan Khusus (IUPK), menurut dia, tarif pajak royalti disesuaikan dari 13,5% menjadi berdasarkan tingkat harga batu bara. Harga batubara < US$

70/ton dikenakan royalti 14%, harga berkisar US$ 70-80 dikenai tarif 17%, harga berkisar US$80-90 dengan 23%, dan harga US$90-100 pada 25%, di atas US$

100 pada 28%.

Namun, ungkap dia, tarif pajak efektif turun dari 45% menjadi 22% dan dikenakan bagi hasil 10% laba bersih setelah pajak. Bagi hasil mencapai 6% untuk pemerintah pusat dan 4% untuk pemerintah daerah.

Berbagai faktor tersebut mendorong Trimegah Sekuritas untuk mempertahan- kan rekomendasi beli sejumlah saham emiten batu bara. Saham PT Indika Energy Tbk (INDY) direkomendasikan beli dengan target harga Rp 4.800 dan saham PT Adaro Energy Tbk (ADRO) direkomendasikan beli dengan target harga Rp 5.300.

Trimegah Sekuritas juga menargetkan rekomendasi beli saham PT Indo Tambangraya Megah Tbk (ITMG) dengan target harga Rp 42.000. Rekomendasi beli juga diberikan untuk saham PT Bukit Asam Tbk (PTBA) dengan target Rp 5.100. Editor : Parluhutan

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Coal Prices Soar, PLN Claims Supply for Power Plants is Safe

Anisa Indraini - detikFinance

P

T PLN (Persero) ensures that the supply of coal for its power plants is safe, even though global commodity prices have soared.

PLN President Director Darmawan Prasodjo said the coal supply, which had experienced a crisis, was now in a safe condition.

"Coal supply is safe even though international prices continue to rise, but we continue to monitor day to day. Our average coal stock, which has experienced a crisis, is currently over 21 days, supply is safe," said Darmawan at PLTU Suralaya, Banten, Wednesday (20/4/2022).

Darmawan also advised employees at the Main Distribution Unit (UID) throughout Indonesia to maintain the electricity supply system properly. He warned that during Eid there would be no blackouts.

"We will guard the place of worship, the location for Eid prayer, even in the field.

Don't let the preacher give a sermon, stop because the electricity goes out," said Darmawan.

"In this process, our success is if the name PLN is silent, no one mentions the name PLN. Even if PLN is forgotten, it means we are successful because there are no blackouts, no disturbances. If there are disturbances or blackouts, the name is PLN instead of bouncing, instead it means that it is not successful," he added.

Harga Batu Bara Melonjak, PLN Klaim Pasokan buat

Pembangkit Aman

Anisa Indraini - detikFinance

P

T PLN (Persero) memastikan pasokan batu bara untuk pembangkit listriknya dalam kondisi aman, meski harga komoditas tersebut secara global melonjak.

Direktur Utama PLN Darmawan Prasodjo mengatakan pasokan batu bara yang sempat mengalami krisis kini sudah dalam kondisi aman.

"Pasokan batu bara aman walaupun harga Internasional naik terus, tapi kami terus lakukan monitoring day to day. Rata-rata stok batu bara kami yang sempat mengalami krisis, saat ini di atas 21 hari, pasokan aman" kata Darmawan di PLTU Suralaya, Banten, Rabu (20/4/2022).

Darmawan juga berpesan kepada para pegawai di Unit Induk Distribusi (UID) seluruh Indonesia agar menjaga sistem pasokan listrik dengan baik. Dia mewanti- wanti agar saat Lebaran nanti tidak ada pemadaman listrik.

"Rumah ibadah, lokasi solat Idul Fitri nanti kita jaga walaupun di lapangan. Jangan sampai khatibnya sedang memberi khutbah, terhenti gara-gara listriknya mati," kata Darmawan.

"Dalam proses ini suksesnya kita kalau nama PLN silent, tidak ada yang nyebut nama PLN. Bahkan kalau PLN terlupakan itu berarti kita sukses karena tidak ada pemadaman, tidak ada gangguan. Kalau ada gangguan atau pemadaman, namanya PLN malah mantul-mantul, malah disebut itu berarti tidak sukses," tambahnya.

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Later, there will be security locations that will be prioritized for electricity supply, namely places of worship (big mosques), hospitals, airports, squares, governor's offices, regents/mayors' offices, the State Palace, MPR Building, and shopping malls.

(aid/hns)

Nantinya terdapat lokasi pengamanan yang jadi prioritas pasokan listrik yakni lokasi ibadah (masjid besar), rumah sakit, bandar udara, alun-alun, kantor gubernur, kantor bupati/walikota, istana Negara, Gedung MPR, hingga pusat perbelanjaan mal. (aid/hns)

Coal Prices Are Estimated To Still Be Solid, These Are The

Driving Factors

Reporter: Akhmad Suryahadi | Editor:

Tendi Mahadi

C

OAL prices are expected to remain solid going forward. Trimegah Sekuritas analysts Hasbie and Willinoy Sitorus raised the assumption of coal prices in 2022–

2024, from US$105, US$ 90 and US$ 80 per tonne to US$ 200, US$ 160 and US$ 130 per tonne.

According to Trimegah Sekuritas, there are a number of factors that support coal prices to remain high in the future.

First, the imposition of prolonged Russian trade sanctions. It should be noted, Russia is the third largest thermal coal exporter in the world, with a total export of 149 million tons in 2021 or accounts for 16% of global thermal coal exports . Energy consulting firm Woodmac previously estimated that Russia's thermal coal exports would increase to 151 million tonnes by 2022.

On the other hand, Woodmac estimates that global thermal imports will increase by 9 million tons to 981 million tons in 2022. If Russian coal exports are reduced or even stopped completely, the global coal supply-demand balance will be disrupted.

Harga Batubara Diperkirakan Masih Solid, Ini Faktor

pendorongnya

Reporter: Akhmad Suryahadi | Editor:

Tendi Mahadi

H

ARGA batubara diperkirakan masih akan solid ke depan. Analis Trimegah Sekuritas Hasbie dan Willinoy Sitorus menaikkan asumsi harga batubara pada 2022–2024, dari semula US$105, US$ 90, dan US$ 80 per ton menjadi US$ 200, US$ 160, dan US$ 130 per ton.

Menurut Trimegah Sekuritas, terdapat sejumlah faktor yang mendukung harga batubara masih akan tinggi ke depan.

Pertama, pengenaan sanksi perdagangan Rusia yang berkepanjangan. Perlu dicatat, Rusia merupakan eksportir batubara termal terbesar ketiga di dunia, dengan total ekspor 149 juta ton pada tahun 2021 atau menyumbang 16% dari ekspor batubara termal global.

Perusahaan konsultan di bidang energi, Woodmac, sebelumnya memperkirakan bahwa ekspor batubara termal Rusia akan meningkat menjadi 151 juta ton pada 2022.

Di sisi lain, Woodmac memperkirakan bahwa impor termal global akan meningkat sebesar 9 juta ton menjadi 981 juta ton pada 2022. Jika ekspor batubara Rusia dikurangi atau bahkan dihentikan seluruhnya, keseimbangan supply-demand batubara global akan meng- alami gangguan.

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Hasbie and Willinoy said that this issue is not only limited to EU sanctions on Russian coal exports, but also the banking system.

It should be noted that the majority of coal transactions are carried out through letters of credit (LC).

However, some banks have stopped issuing LCs to cover purchases of commodities from Russia. As a result, coal prices rose, even though coal prices should have declined after winter.

Second, increasing awareness of environmental, social and corporate governance (ESG) aspects. Coal is not an ESG friendly business and has been blacklisted for the past few years. As a result, the sector's cumulative capital expenditure decreased from US$ 38 billion-US$ 29 billion in 2012- 2013 to only around US$ 19 billion-US$ 20 billion in 2018-2021. The resulting output and production capacity tends to stagnate, although consumption has remained at the same level for the last 10 years.

On the other hand, support from financial institutions for thermal coal investment remains limited, especially from European banks.

Third, coal is a cheaper energy option compared to gas. The price of thermal coal has increased almost 3.8 times compared to its historical price for 10 years from US$

80 per tonne to US$ 300 per tonne.

However, this increase was still lower than the gas price which increased by around 5.3 to 6 times.

Hasbie and Willinoy believe that every country that wants to control its inflation rate, especially European countries, will consider using coal as their alternative energy source because it is cheaper. It should be noted that Russia accounts for about 40% of the EU's natural gas imports.

Hasbie dan Willinoy menyebut, isu ini tidak hanya terbatas pada sanksi Uni Eropa terhadap ekspor batubara Rusia, tetapi juga pada sistem perbankan. Perlu dicatat bahwa mayoritas transaksi batubara dilakukan melalui letter of credit (LC).

Namun, beberapa bank telah menghentikan penerbitan LC untuk menutupi pembelian komoditas dari Rusia. Akibatnya, harga batubara naik, meskipun harga batubara seharus- nya menurun setelah datangnya musim dingin.

Kedua, meningkatnya kesadaran terhadap aspek Environmental, social and corporate governance (ESG). Batubara bukanlah bisnis yang ramah ESG dan telah masuk daftar hitam selama beberapa tahun terakhir.

Akibatnya, belanja modal kumulatif sektor tersebut menurun dari semula US$ 38 miliar- US$ 29 miliar pada 2012-2013 menjadi hanya sekitar US$ 19 miliar-US$20 miliar pada 2018-2021. Output dan kapasitas pro- duksi yang dihasilkan cenderung stagnan, meskipun konsumsi tetap pada tingkat yang sama selama 10 tahun terakhir.

Di sisi lain, dukungan dari lembaga keuangan untuk investasi batubara termal tetap terbatas, terutama dari bank-bank Eropa.

Ketiga, batubara merupakan pilihan energi yang lebih murah dibandingkan dengan gas.

Harga batubara termal telah meningkat hampir 3,8 kali lipat dibandingkan dengan harga historisnya selama 10 tahun dari semula US$ 80 per ton menjadi US$ 300 per ton. Namun, peningkatan tersebut masih lebih rendah dibandingkan dengan harga gas yang naik sekitar 5,3 kali sampai 6 kali lipat.

Hasbie dan Willinoy meyakini, setiap negara yang ingin mengendalikan tingkat inflasinya, terutama negara-negara Eropa, akan mem- pertimbangkan untuk menggunakan batubara sebagai sumber energi alternatif mereka karena lebih murah. Perlu dicatat bahwa Rusia menyumbang sekitar 40% dari impor gas alam Uni Eropa.

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Fourth, electricity demand will increase in the long term, especially from emerging markets and countries in Asia Pacific. This will push coal prices above their 10-year historical average.

The world population is projected to increase from 7.7 billion people in 2019 to nearly 10 billion people in 2050. As many as 3 of the 5 most populous countries in the world are the largest coal consumers, namely Indonesia, India and China. These three countries also have huge coal reserves.

"Overall, population growth will stimulate higher demand for electricity, and this will be one of the keys to growth in gross domestic product (GDP)," wrote Hasbie and Willinoy in their research, Tuesday (19/4).

Keempat, permintaan listrik akan naik dalam jangka panjang terutama dari pasar negara berkembang dan negara di Asia Pasifik. Ini akan mendorong harga batubara berada di atas rata-rata historisnya selama 10 tahun.

Populasi dunia diproyeksi akan meningkat dari 7,7 miliar orang pada tahun 2019 menjadi hampir 10 miliar orang pada tahun 2050. Sebanyak 3 dari 5 negara berpen- duduk terpadat di dunia merupakan konsumen batubara terbesar, yakni Indonesia, India, dan China. Ketiga negara ini juga memiliki cadangan batubara yang sangat besar.

“Secara keseluruhan, pertumbuhan populasi akan merangsang permintaan listrik yang lebih tinggi, dan ini akan menjadi salah satu kunci pertumbuhan produk domestik bruto (PDB),” tulis Hasbie dan Willinoy dalam riset, Selasa (19/4).

China takes advantage of Ukraine war, buys cheap

Russian coal

Anto Kurniawan

C

HINA took advantage of the Ukraine war by taking coal at a huge discount, whose imports more than doubled by March 2022.

In addition, imports of fuel used to make steel also rose to 1.4 million tons in March from 590,000 a year earlier. Beijing has moved to take advantage of the cheap prices following Russia's invasion of Ukraine.

The action taken by China in the midst of calls for an energy embargo by Western countries and their allies such as Japan and the European Union. This condition makes Russian companies scramble to find buyers.

China Ambil Keuntungan di Tengah Perang Ukraina, Batu

Bara Murah Rusia Diborong

Anto Kurniawan

C

HINA mengambil keuntungan dari perang Ukraina dengan mengambil batu bara dengan diskon besar, dimana impornya mencapai lebih dari dua kali lipat pada bulan Maret 2022.

Selain itu impor bahan bakar yang digunakan untuk membuat baja juga naik menjadi 1,4 juta ton di bulan Maret dari 590.000 di tahun sebelumnya. Beijing telah bergerak untuk mengambil keuntungan dari harga murah setelah invasi Rusia ke Ukraina.

Aksi ambil kesempatan yang dilakukan China di tengah seruan embargo energi yang dilakukan negara Barat dan sekutunya seperti Jepang dan Uni Eropa. Kondisi itu membuat perusahaan Rusia berebut mencari pembeli.

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Overall, coal imports fell 31% year-on-ear, driven by falling demand for thermal coal, which is used for power generation. Coal is by far the most common source of energy in China, representing more than half of total consumption despite efforts over the past few decades to reduce its use.

Quoted from the Telegraph, China has moved to increase domestic coal mining, but its mines produce lower quality materials that are not suitable for use in steel mills. This condition forced them to depend on foreign imports.

Chinese authorities have also considered increasing energy imports from Russia even further despite Western opposition.

Last month, it was recorded that China had imported 321,380 tonnes of liquefied natural gas from Russia, roughly the same amount as in March last year. Although overall there was a 17% YoY decline in gas imports, driven by soaring prices.

Beijing's willingness to work with Moscow will fuel frustration in the West, as it undermines the effectiveness of the sanctions launched over the past two months. India is also taking advantage of the disruption to procure fuel at discounted prices.

Brent crude was trading at around $108 a barrel on Wednesday afternoon. By mid- March, traders had been selling Ural blends – the most common Russian variety – at a discount of $25 to $30 a barrel.

Meanwhile the European Union (EU) is buying 5.2 billion euros of Russian coal in 2021. Gradually phasing out coal use is a major part of Brussels' plans to cut Europe off from Russian energy.

Secara keseluruhan, impor batu bara turun 31% secara year-on-ear, didorong oleh jatuhnya permintaan batu bara termal, yang digunakan untuk pembangkit listrik. Batu bara sejauh ini merupakan sumber energi paling umum di Cina, mewakili lebih dari setengah total konsumsi meskipun ada upaya selama beberapa dekade terakhir untuk mengurangi penggunaannya.

Dikutip dari Telegraph, China telah bergerak untuk meningkatkan penambangan batu bara domestik, tetapi tambangnya meng- hasilkan kualitas material yang lebih rendah yang tidak cocok untuk digunakan di pabrik baja. Kondisi itu memaksa mereka ber- gantung pada impor asing.

Pihak berwenang China juga telah memper- timbangkan untuk meningkatkan impor energi dari Rusia lebih jauh meskipun ada tentangan dari Barat.

Pada bulan lalu tercatat China telah mengimpor 321.380 ton gas alam cair dari Rusia, jumlah yang kira-kira sama seperti pada Maret tahun lalu. Meski secara keseluruhan terjadi penurunan 17% secara YoY untuk impor gasnya, didorong oleh melonjaknya harga.

Kesediaan Beijing untuk bekerja dengan Moskow akan menyulut frustrasi di Barat, karena hal itu merusak efektivitas sanksi yang diluncurkan selama dua bulan terakhir.

India juga memanfaatkan gangguan tersebut untuk mendapatkan bahan bakar dengan harga diskon.

Minyak mentah Brent diperdagangkan pada posisi di sekitar USD108 per barel pada Rabu sore. Pada pertengahan Maret, para pedagang telah menjual campuran Ural – varietas Rusia yang paling umum – dengan diskon USD25 hingga USD30 per barel.

Sementara itu Uni Eropa (UE) membeli 5,2 miliar euro batu bara Rusia pada tahun 2021. Menghentikan penggunaan batu bara secara bertahap menjadi bagian utama dari rencana Brussels untuk menghentikan Eropa dari energi Rusia.

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Holger Schmieding, an economist at Berenberg, said it would take time "to allow EU members to find alternative sources". It will also give Russia time to redirect its exports. (akr)

Holger Schmieding, seorang ekonom di Berenberg, mengatakan bahwa bakal memakan waktu "memungkinkan anggota UE untuk menemukan sumber alternatif".

Ini juga akan memberi Rusia waktu untuk mengarahkan kembali ekspornya. (akr)

Running Out of Energy, Nickel Prices Drop After 'Speeding' 4

Days

Robertus Andrianto, CNBC Indonesia

T

HE RALLY for four consecutive days stopped, nickel prices were observed to weaken in today's trading.

On Wednesday (20/4/2022) at 15:27 WIB, the world nickel price was recorded at US$

33,565/ton, down 0.6% compared to yesterday's closing price.

However, the pace of nickel prices is still overshadowed by positive sentiment from the shrinking world nickel supply.

Inventories in LME-monitored warehouses continue to shrink. As of April 14, 2022, nickel stocks were recorded at 72,534 tons.

This number has decreased by 28,722 tons or 26% since the beginning of the year (year-to-date/ytd). Compared to its peak in April 2021, LME nickel stocks have shrunk by 73%.

Meanwhile, supply constraints also hit China, the world's largest nickel consumer and processor. The cause of the decline in inventories in China was due to the obstacles to shipments from the Philippines due to the weather. Even though it has entered the end of the rainy season, the delivery has not been stable.

Kehabisan Bensin, Harga Nikel Turun Usai 'Ngebut' 4 Hari

Robertus Andrianto, CNBC Indonesia

R

ELI selama empat hari beruntun ter- henti, harga nikel terpantau melemah pada perdagangan hari ini.

Pada Rabu (20/4/2022) pukul 15:27 WIB harga nikel dunia tercatat US$ 33.565/ton, turun 0,6% dibandingkan harga penutupan kemarin.

Namun demikian, laju harga nikel masih dibayangi sentimen positif dari susutnya persediaan nikel dunia.

Persediaan di gudang yang dipantau LME terus menyusut. Per 14 April 2022, stok nikel tercatat 72.534 ton. Jumlah tersebut telah turun 28.722 ton atau 26% sejak awal tahun (year-to-date/ytd). Jika di- bandingkan dengan puncaknya pada April 2021, stok nikel LME telah susut 73%

Sementara itu, kendala pasokan juga menimpa China, negara konsumen dan pengolah nikel terbesar di dunia. Penyebab persediaan di China turun karena ham- batan pengiriman dari Filipina akibat cuaca. Meskipun sudah memasuki peng- hujung musim hujan, tetapi pengiriman belum stabil.

(19)

China as a nickel processor is facing supply problems from the ban on exports of Indonesian nickel ore and the stalled imports of nickel ore from the Philippines.

Although China can still process nickel in Indonesia, the loss of refined nickel from Russia is weighing on world supply.

Refined nickel produced by Russia in 2021 will be recorded at 185.2 thousand tons based on data from Fitch Solution. The second largest in the world after China.

Meanwhile, Indonesia's processed nickel production was recorded at 65.9 thousand tons.

So that the world's nickel supply is threatened to continue to shrink this year amid the demand for stainless steel and also the need for electric vehicle (EV) batteries.

Processed nickel is semi-finished nickel that is used as a raw material for industry after being smelted from nickel ore. When nickel supply is limited, the nickel price will soar due to scarcity. CNBC INDONESIA RESEARCH TEAM (ras/ras)

China sebagai pengolah nikel mendapatkan masalah pasokan dari larangan ekspor bijih nikel Indonesia dan macetnya impor bijih nikel dari Filipina. Meskipun China masih bisa mengolah nikel di Indonesia, tapi kehilangan nikel olahan dari Rusia membebani pasokan dunia.

Nikel olahan yang diproduksi oleh Rusia pada 2021 tercatat 185,2 ribu ton berdasarkan data Fitch Solution. Terbesar kedua di dunia setelah China. Sementara itu produksi nikel olahan Indonesia tercatat 65,9 ribu ton.

Sehingga pasokan nikel dunia terancam tetap menyusut tahun ini di tengah permintaan dari stainless steel dan juga kebutuhan untuk baterai kendaraan listrik (EV).

Nikel olahan adalah nikel setengah jadi yang jadi bahan baku untuk industri setelah dilebur dari bijih nikel. Saat pasokan nikel terbatas, maka harga nikel akan melonjak karena kelangkaan. TIM RISET CNBC INDONESIA (ras/ras)

Metso Outotec to deliver 100th Anode Casting Shop to Indonesian copper smelter

Posted by Daniel Gleeson

M

ETSO Outotec says it will deliver its 100th Anode Casting Shop to PT Smelting’s (PTS) copper smelter in Gresik, East Java, Indonesia.

The OEM, which says it has been a frontrunner in the development of anode casting technology for several decades, says the Gresik project is a true milestone for the company.

Today, most of the world’s copper anodes are produced with Metso Outotec’s proprietary anode casting technology, it stated.

Sami Maaniittu, Director, Anode Casting, Metso Outotec, said the system to be delivered to PTS is one of the world’s largest Twin Wheel Anode Casting Shops with a guaranteed capacity of 120 t/h.

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Metso Outotec’s predecessor companies started the development and testing of automatic anode casting already in 1969 in Harjavalta, Finland.

“Before that, castings were made manually with controlled ladle tilting,” Maaniittu said. “The first anode weighing and casting machine was delivered to the USA in 1972, and a year later, the first complete anode casting shop was installed at the Harjavalta Smelter in Finland.”

Metso Outotec’s Twin Wheel Casting concept, paving the way for today’s standard, was developed in the 1990s. The equipment design significantly improves casting capacity and provides more efficient use of floor space, according to the company. The wheels are supported on large centre bearings and driven by double drive systems developed to eliminate the backlash effect in the wheel movement and to ensure even quality.

The first Twin Wheel Anode Casting Shop systems were delivered in 1997. Since then, the Twin Wheel has become the first choice of high-capacity anode casting shops, according to Metso Outotec.

Today, most of the anode casting shops supplied by Metso Outotec are fully electric without any hydraulic systems. Their high level of automation ensures premium anode quality with excellent weight accuracy and low reject rate combined with high capacity and availability, the company said. Metso Outotec Anode Casting Shops are safe and easy to operate and feature low energy consumption.

In addition to full anode casting systems, Metso Outotec offers a variety of modular updates for the existing installations, including automation and services.

Column: Tin price still flying high despite resurgent production

Reuters

G

LOBAL refined tin production surged by 11% to 378,400 tonnes last year, according to the International Tin Association (ITA).

The world’s tin supply is dominated by a handful of big producers, many of which were forced to halt or curtail operations during pandemic lockdowns in 2020. Most of them staged a strong recovery in 2021.

The collective production rebound, however, hasn’t done much to cool the tin price.

The London Metal Exchange (LME) tin market was briefly rocked by the after-shocks of last month’s suspension of nickel trading. LME three-month tin slumped from a record high of

$51,000 to $39,080 per tonne as positions were closed out to meet margin calls.

But the price has since regained a foot-hold above $40,000, last trading at $42,955 per tonne.

Prior to last year’s super-charged rally, the previous all-time high had been the peak of

$33,600 recorded in 2011.

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Tin is still showing every sign of scarcity pricing, attesting both to the strength of current demand and the scale of the supply-chain depletion that has occurred over the last couple of years.

LME tin price, stocks and spreads

Pandemic recovery

The world’s top 10 producers accounted for 57% of global output last year and seven of them recorded higher output relative to the previous year, according to the ITA.

Bolivia’s EM Vinto hiked production by 70% and Peru’s Minsur by 27% reflecting heavy pandemic lockdown hits to production in 2020.

China’s smelters also bounced back from covid-19 disruption, led by Yunnan Tin, the world’s largest single operator, which increased production by 10% to 82,000 tonnes.

Global Top 10 Producers – ITA

(22)

The two main exceptions to the recovery trend were Malaysia’s MSC and Indonesia’s PT Timah.

MSC was roiled by the second year of covid-19 lockdowns and associated technical issues, which culminated in the company declaring force majeure on deliveries to customers.

PT Timah’s output dropped a sharp 42% to 26,500 tonnes in 2021, according to the ITA, meaning a slide from second to third place among the top global producers.

Indonesian exports, by contrast, grew by 14% to almost 75,000 tonnes last year, which suggests that PT Timah’s decline in reported output was due to a swing of the country’s regulatory pendulum back in favour of the private sector.

Muted stocks rebuild

There are tentative signs that the production recovery is alleviating some of the extreme supply-chain tightness that has gripped the tin market since the start of 2021.

LME warehouses in Antwerp and Baltimore have seen deliveries on to warrant of 785 tonnes and 445 tonnes respectively so far this month.

The inflows appear to have been triggered by another LME time-spread spasm, which saw the cash premium flex out to more than $1,000 per tonne at the start of April.

But they show there has been some stocks replenishment in two markets that had been acutely short of metal.

LME-registered stocks of tin in the United States went to zero in February 2021, while those in Europe stood at just 85 tonnes before this month.

Physical premiums in both regions have retreated from their mid-2021 highs but only partially so.

Fastmarkets currently assesses the U.S. Midwest premium at $2,450 per tonne over the LME cash price, down from $3,950 last August but still a long way off the $600 level that was trading at the start of 2021.

That speaks to continued supply-chain stress and the limited nature of the stocks rebuild so far.

Despite this month’s inflows, LME inventory of 2,685 tonnes is up by only a modest 640 tonnes since the start of January and by any historical yardstick remains very low at just two days worth of global usage.

The problem is that LME stocks have been simultaneously leaving Asian locations such as Port Klang and Singapore, quite possibly to China, which flipped back to being a net importer in the first quarter of the year.

The country sucked in 1,946 tonnes of metal in March, the highest monthly total since July 2020.

The world’s largest producer exported 14,000 tonnes last year, helping to plug yawning supply gaps elsewhere, but so far this year China is actively competing for the rest of the world’s supply.

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Daily News Update Page 23 Fastmarkets Assessments of US and European tin premiums

Sitting tight

Stocks are struggling to rebuild and physical premiums remain high because demand is still red hot, particularly for tin solders used in circuit boards.

Semiconductor industry sales, a proxy for demand from tin’s largest single usage sector, continue to boom. Global sales were up 32.4% year-on-year in February, according to the latest figures from the Semiconductor Industry Association. It was the eleventh consecutive month of growth coming in above 20%.

Tin production may be rising but it’s still evidently struggling to match demand growth, preventing any significant easing of supply-chain and LME market tightness.

It’s why the LME tin price is still stubbornly holding at a level that prior to 2021 would have been thought outrageously high.

The market is signalling it needs more supply. The world’s largest producers are responding but it’s evident they need to do still more. (Editing by Kirsten Donovan)

Brazil’s Vale reports iron ore, copper and nickel production decline in Q1

By Vladimir Basov

B

RAZILIAN mining giant Vale reported yesterday that its iron ore fines production totaled 63.9 Mt in 1Q22, 4.1 Mt (or 6%) lower than in 1Q21 and 18.5 Mt (or 22%) lower than in 4Q21.

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The company said that on a quarter over quarter basis, production was lower mainly due to the heavy rainfall level in January in Minas Gerais; delays in obtaining licenses, impacting ROM availability, mainly in Serra Norte; and a performance below expectation in S11D and Sossego.

Vale added that a major maintenance undertaken during the quarter should benefit production on a year to go, allowing the company to maintain its expected annual iron ore production guidance range for the year of 320-335 Mt.

Production of finished nickel was 45.8 kt in 1Q22, 5.4% lower than 1Q21, explained by Sudbury mines ramping up during 1Q22 after the labor disruption; the remaining impact of the incident at Totten mine; the ramp-up of VBME project; and unscheduled maintenance on Onça Puma electric furnace.

Despite that, Vale said that Sudbury mines achieved pre-strike rates in February with Totten mine resuming operations in the quarter. Also, Onça Puma maintained a similar performance quarter-over-quarter. As a result, the company expects its nickel production for the year to be in line with its guidance of 175-190 kt.

Production of copper was 56.6 kt in 1Q22, 26.0% lower than 1Q21. The decrease was largely caused by lower Sossego production, which operated for 24 days during the quarter, due to scheduled SAG mill maintenance.

The maintenance, which was originally scheduled be completed in 1Q22, is now planned to be concluded by mid-May, in order to bring forward the replacement of the SAG mill discharge trunnion, which was planned for a future maintenance.

Given additional unplanned maintenance required at Sossego, at this point Vale expects copper production to be closer to the low end of its guidance of 330-355 kt of copper in 2022.

Silver demand to rise 5% this year – industry report

By: Creamer Media Reporter

G

LOBAL silver demand is forecast to rise by 5% this year on the back of structural advancements in industrial fabrication, which is expected to achieve another record in 2022.

The 2022 demand growth forecast comes on top of an impressive 19% gain in 2021, when total demand reached 1.05-billion ounces, the Silver Institute’s ‘World Silver Survey 2022’

states.

Produced by London-based independent precious metals consultancy Metals Focus, the report notes that the 2021 increase reflected the effects of a resumption of industrial operations and the re-opening of businesses as economies began to recover from Covid.

Silver’s use in photovoltaics increased by 13% to 113.7-million ounces as global solar installations grew, while electronic and electrical demand overall rose by 9% to 330-million

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