TABLE OF CONTENTS. No. Title Media Source Page

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Daily News Update Page 1

"Later, if something significant happens and then there are some additional considerations (production), maybe this can be used as a discussion to be discussed at the Ministry of EMR," said Tri in a webinar titled Coal Commodity Trends and Implications in Indonesia's Transition which was held by IESR, Thursday (30/6).

As is known, European countries are starting to explore additional coal supplies, including from Indonesia, to meet their energy needs. This happened during the war between Russia and Ukraine, which caused gas supplies to the European region to start running low. Germany is one of the European countries that has submitted its coal demand to Indonesia.

Tri said that selling coal to the export market is a business-to-business (B2B) domain. Tri welcomes any coal company that wants to apply for a revised work plan and budget (RKAB) to increase production plans to meet coal demand from Germany and other export markets.

Permintaan Batubara dari Eropa Naik, Pemerintah Belum Berencana

Tambah Kuota Produksi

Reporter: Muhammad Julian | Editor: Tendi Mahadi

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EMERINTAH belum memiliki rencana untuk menaikkan kuota produksi batubara nasional di tengah maraknya permintaan tambahan dari pasar ekspor.

Koordinator Pengawasan, Penerimaan Mineral dan Batubara Direktorat Jenderal Minerba Kementerian Energi dan Sumber Daya Mineral (ESDM), Tri Winarno mengungkapkan, pihaknya masih melakukan evaluasi terhadap produksi batubara nasional.

“Nanti apabila terjadi sesuatu yang signifikan lalu ada beberapa pertimbangan tambahan (produksi), mungkin ini bisa dijadikan diskusi dilakukan pembahasan di Kemen- terian ESDM,” kata Tri dalam webinar ber- tajuk Tren Komoditas Batubara dan Implikasi Pada Transisi Indonesia yang digelar IESR, Kamis (30/6).

Seperti diketahui, negara-negara Eropa mulai menjajaki tambahan pasokan batubara, termasuk dari Indonesia, untuk memenuhi kebutuhan energinya. Hal ini terjadi seturut Perang Rusia dan Ukraina yang menye- babkan pasokan gas ke kawasan Eropa mulai menipis itu. Jerman menjadi salah satu negara Eropa yang sudah menyampaikan permintaan batubaranya ke Indonesia.

Tri berujar, penjualan batubara ke pasar ekspor merupakan ranah business-to-business (B2B). Tri mempersilakan bila ada perusahaan batubara yang ingin mengajukan permohonan revisi rencana kerja dan anggaran belanja (RKAB) untuk meningkatkan rencana produksi guna memenuhi permintaan batubara dari Jerman maupun pasar ekspor lainnya.

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"Companies that can fulfill this request and will submit a revised RKAB can then be processed before July 31, 2022," said Tri.

This year, the Ministry of EMR has launched a national coal production plan of 663 million tons. Until May 2022, the realization of the national coal production volume has reached 249 million tons.

"Export volume is 167 million tons or 34 percent of the target with a value of around US$ 19 billion and DMO (domestic market obligation) 65 million tons or 39 percent of the target," said Tri.

“Perusahaan yang dapat memenuhi permintaan tersebut dan akan mengajukan revisi RKAB maka dapat diproses sebelum tanggal 31 Juli 2022,” ujar Tri.

Tahun ini, Kementerian ESDM mencanang- kan rencana produksi batubara nasional sebesar 663 juta ton. Sampai Mei 2022 lalu, realisasi volume produksi batubara nasional sudah mencapai 249 juta ton.

“Ekspor volume 167 juta ton atau 34% dari target dengan nilai sekitar US$ 19 miliar dan DMO (domestic market obligation) 65 juta ton atau 39% dari target,” tandas Tri.

The Largest Nickel Mine Transfer Value to MDKA Adds Rp 550

Billion to Rp 6.2 Trillion P

T BATUTUA Tambang Abadi (BTA), a subsidiary of PT Merdeka Copper Gold Tbk (IDX: MDKA) agreed to increase the purchase transfer price of 55.67 percent of PT Hamparan Logistik Nusantara (HLN), the world's largest nickel resource concession holder by Rp550 billion to Rp6.2 trillion.

This is stated in the second amendment to the agreement on the transfer of HLN to BTA which was uploaded on the Indonesia Stock Exchange (IDX) page, Thursday (30/6/2022).

Previously, on May 17, 2022 MDKA stated that BTA officially controlled 55.67 percent of PT Hamparan Logistik Nusantara (HLN), the largest nickel resource concession holder in the world.

"BTA has effectively become a shareholder of HLN with an ownership of 55.67 percent of the total issued and paid-up capital of HLN," wrote the management of MDKA.

Nilai Pengalihan Tambang Nikel Terbesar Kepada MDKA Tambah Rp550 Miliar Jadi Rp6,2 Triliun P

T BATUTUA Tambang Abadi (BTA), anak usaha PT Merdeka Copper Gold Tbk (IDX:

MDKA) sepakat menambah harga pengalihan pembelian 55,67 persen PT Hamparan Logistik Nusantara (HLN), pemegang konsensi sumber daya nikel terbesar di dunia sebesar Rp550 miliar menjadi Rp6,2 triliun.

Hal itu tertuang dalam amandemen kedua perjanjian pengalihan HLN kepada BTA yang diunggah pada laman Bursa Efek Indonesia (BEI), Kamis(30/6/2022).

Sebelumnya, pada tanggal 17 Mei 2022 MDKA bahwa BTA resmi menguasai sebanyak 55,67 persen PT Hamparan Logistik Nusan- tara (HLN), pemegang konsensi sumber daya nikel terbesar di dunia.

“BTA telah efektif menjadi pemegang saham HLN dengan kepemilikan sebesar 55,67 persen dari seluruh modal yang ditempat- kan dan disetor dari HLN,” tulis manajemen MDKA.

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Previously, PT Provident Capital Indonesia as controller would hand over control of HLN to MDKA.

"The value of the agreement or the total price of the stock share is Rp5.359 trillion,"

wrote the management of MDKA.

To note, Provident Capital Indonesia currently holds a 99.96 percent stake in Hamparan Logistik Nusantara.

Interestingly, Hamparan Logistik Nusan- tara recently completed the acquisition of a 95.3 percent stake in PT J&P Indonesia (JPI) and a 99 percent stake in PT Jcorps Industri Mineral (JIM) from PT JCorp Cahaya Semesta. Pasardana

Sebelumnya, PT Provident Capital Indonesia sebagai pengendali akan menyerahkan penguasaan HLN kepada MDKA.

“Nilai Perjanjian atau harga total peng- ambilan bagian saham adalah sebesar Rp5,359 triliun,” tulis manajemen MDKA.

Untuk diketahui, Provident Capital Indonesia saat ini memegang 99,96 persen saham Hamparan Logistik Nusantara.

Menariknya, Hamparan Logistik Nusantara baru-baru ini telah menyelesaikan akuisisi 95,3 persen porsi saham kepemilikan di PT J&P Indonesia (JPI) dan 99 persen porsi saham pada PT Jcorps Industri Mineral (JIM) dari PT JCorp Cahaya Semesta. Pasardana

Thanks to China and Korea, Coal Prices 'Soaring'

Maesaroh, CNBC Indonesia

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OAL prices rose again after undergoing a negative period. In trading on Thursday (30/6/2022), the price of August contract stone on the Newcastle ICE market closed at US$ 368.95 per ton. Up 2.5%.

The strengthening of the coal price yesterday improved the performance of the black stone which has been moving in a negative trend since last Friday.

Throughout last Friday to Wednesday this week, coal prices continued to weaken, except on Tuesday (28/6/2022) where coal prices rose slightly by 0.15%.

In a week, coal prices have fallen 7.1%

point-to-point. In a month the price of coal has also weakened 1.9%.

Berkat China dan Korea, Harga Batu Bara 'Mengangkasa'

Maesaroh, CNBC Indonesia

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ARGA batu bara kembali menguat setelah menjalani periode negatif. Pada perdagangan Kamis (30/6/2022), harga batu kontrak Agustus di pasar ICE Newcastle ditutup di US$ 368,95 per ton. Melonjak 2,5%.

Menguatnya harga batu bara kemarin memperbaiki kinerja si batu hitam yang bergerak dalam tren negatif sejak Jumat pekan lalu. Sepanjang Jumat pekan lalu hingga Rabu pekan ini, harga batu bara terus melemah, kecuali pada Selasa (28/6/2022) di mana harga batu bara menguat tipis 0,15%.

Dalam sepekan, harga batu bara sudah merosot 7,1% secara point to point. Dalam sebulan harga batu bara juga sudah melemah 1,9%.

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Reporting from Montel News, the strengthening of coal prices was driven by still high demand from Europe and Asia.

Supply at the global level has increased but fears of supply disruptions have made market participants worried that prices will creep up again.

The price increase was mainly due to high- calorie bricks imported from Australia.

"The high-calorie coal market is tight again due to concerns over the supply and demand balance for 2022 after the (gas) crisis in Europe," the Singapore-based analyst told Montel News.

According to him, European importers are now eyeing coal from Australia and Indonesia to replace supplies from Russia.

Australia is the world's largest exporter of metallurgical or coking coal while Indonesia is the largest exporter of thermal coal.

Both countries are currently faced with weather problems in increasing coal production. The Australian Bureau of Meteorology expects heavy rains in the next few weeks in the east coast region, which is a major hub for coal exports. This condition can disrupt export traffic so that supply is running low.

Meanwhile, coal demand from Japan and South Korea is expected to increase due to the summer. "Demand from Japan and South Korea is also quite strong because they are facing the summer season. So demand is increasing while supply is less able to keep up," said a trader from Singapore. Japan and South Korea are facing a hot summer that makes electricity use increase.

Japan has even asked its people to reduce the use of electricity such as air conditioning so that the electricity supply does not reach a critical stage.

Dilansir dari Montel News, kembali menguat- nya harga batu bara didorong oleh permintaan yang masih tinggi dari kawasan Eropa dan Asia. Pasokan di tingkat global sudah meningkat tetapi adanya kekhawatiran gangguan persediaan membuat pelaku pasar khawatir sehingga harga kembali merangkak naik.

Kenaikan harga terutama terjadi pada batu bata berkalori tinggi yang diimpor dari Australia. "Pasar batu bara berkalori tinggi kembali ketat karena adanya kekhawatiran keseimbangan pasokan dan permintaan untuk 2022 setelah krisis (gas) di Eropa,"

tutur analis yang berbasis Singapura, kepada Montel News.

Menurutnya, importir Eropa kini mengincar batu bara dari Australia dan Indonesia untuk menggantikan pasokan dari Rusia. Australia merupakan eksportir terbesar di dunia untuk batubara metalurgi atau kokas sementara Indonesia adalah eksportir terbesar untuk batu bara thermal.

Kedua negara ini tengah dihadapkan pada persoalan cuaca dalam meningkatkan produksi batu bara. Biro meteorologi Australia memperkirakan akan ada hujan deras dalam beberapa minggu ke depan di wilayah pesisir timur yang merupakan hub utama ekspor batu bara. Kondisi tersebut bisa mengganggu lalu lintas ekspor sehingga pasokan menipis.

Sementara itu, permintaan batu bara dari Jepang dan Korea Selatan diperkirakan meningkat karena musim panas. "Permin- taan dari Jepang dan Korea Selatan juga cukup kuat karena tengah menghadapi musim panas. Jadi permintaan meningkat sementara pasokan kurang bisa meng- imbangi," tutur trader dari Singapura.

Jepang dan Korea Selatan tengah menghadapi musim panas yang membuat penggunaan listrik meningkat. Jepang bahkan sampai meminta masyarakatnya mengurangi penggunaan listrik seperti AC agar pasokan listrik tidak sampai pada tahap genting.

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Temperatures in Tokyo hit 35.1 degrees Celsius earlier this week.

Meanwhile, South Korea plans to postpone limiting their coal-fired power generation capacity throughout July-August this year.

This step is taken to anticipate the high demand for electricity in the summer while reducing the use of LNG. Coal power plants contribute about 40 percent of the Ginseng country's electricity production while LNG power plants account for around 25 percent.

Coal demand from China is also expected to increase following the easing of the quarantine. The easing is expected to accelerate Beijing's economic recovery as well as increase coal demand.

The Bamboo Curtain Country's coal production in January-May reached 1.81 billion, or an increase of 10.4% over the same period last year. Their imports also fell 13.6% to 96 million tonnes in the first five months of this year.

However, China boosted imports in large quantities throughout this June, especially from Russia. They take advantage of low prices to increase supply. Reporting from CNBC International, coal imports from Russia for 28 days in June had reached 6.2 million tons, a 55% jump compared to the same period last year. Their imports also increased compared to May which was recorded at 5.5 million tons.

"Although domestic demand is still low and their production is increasing, China is still importing large amounts of coal from Russia due to price discounts," Pranay Shukla, of S&P Global Market Intelligence, told CNBC International.

Suhu di Tokyo mencapai 35,1 derajat celcius pada awal pekan pekan ini.

Sementara itu, Korea Selatan berencana menunda pembatasan kapasitas pembangkit listrik batu bara mereka sepanjang Juli- Agustus tahun ini. Langkah tersebut dilakukan untuk mengantisipasi tingginya permintaan listrik pada musim panas sekaligus mengurangi penggunaan LNG.

Pembangkit listrik batu bara berkontribusi sekitar 40% terhadap produksi listrik Negeri Ginseng sementara pembangkit listrik LNG sekitar 25%.

Permintaan batu bara dari China juga diperkirakan akan meningkat menyusul pelonggaran karantina. Pelonggaran tersebut diharapkan bisa mempercepat pemulihan ekonomi Beijing sekaligus meningkatkan permintaan batu bara.

Produksi batu bara Negeri Tirai Bambu pada Januari- Mei mencapai 1,81 miliar, atau naik 10,4% dibandingkan periode yang sama tahun lalu. Impor mereka juga turun 13,6% menjadi 96 juta ton pada lima bulan pertama tahun ini.

Namun, China menggenjot impor dalam jumlah besar sepanjang Juni ini, terutama dari Rusia. Mereka memanfaatkan harga murah untuk meningkatkan pasokan.

Dilansir dari CNBC International, impor batu bara dari Rusia selama 28 hari pada Juni sudah mencapai 6,2 juta ton, melonjak 55% dibandingkan periode yang sama tahun lalu. Impor mereka juga meningkat dibandingkan bulan Mei yang tercatat 5,5 juta ton.

"Meskipun permintaan dalam negeri masih rendah dan produksi mereka meningkat, China tetap mengimpor batu bara dari Rusia dalam jumlah besar karena ada diskon harga," tutur Pranay Shukla, dari S&P Global Market Intelligence, kepada CNBC International.

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Daily News Update Page 8 Source: CNBC International

Bumi Resources (BUMI) Boosts Coal Production in Semester II-

2022, This is the Cause

Reporter: Muhammad Julian | Editor: Anna Suci Perwitasari

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T BUMI Resources Tbk (BUMI) will boost production in the second half of 2022. This is done by the coal company to pursue a production target of 81 million - 86 million tons until the end of 2022.

BUMI Director and Corporate Secretary Dileep Srivastava said the La Nina phenomenon and high rainfall since December 2021 had an impact on the realization of the company's production performance in the first half of 2022.

Therefore, BUMI hopes to "compensate" for the less than optimal production performance in semester 1-2022 in the second half.

Bumi Resources (BUMI) Genjot Produksi Batubara di Semester

II-2022, Ini Penyebabnya

Reporter: Muhammad Julian | Editor: Anna Suci Perwitasari

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T BUMI Resources Tbk (BUMI) akan meng- genjot produksi di paruh kedua tahun 2022.

Hal tersebut dilakukan perusahaan batubara itu untuk mengejar target produksi 81 juta - 86 juta ton sampai tutup tahun 2022 mendatang.

Direktur dan Sekretaris Perusahaan BUMI Dileep Srivastava mengatakan, fenomena La Nina dan curah hujan yang tinggi sejak Desember 2021 lalu telah berdampak pada realisasi kinerja produksi perusahaan di paruh pertama tahun 2022.

Oleh karenanya, BUMI berharap bisa ‘meng- kompensasi’ kinerja produksi semester 1-2022 yang kurang optimal pada paruh kedua mendatang.

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"Hopefully production in semester II-2022 can be normal," said Dileep to Kontan.co.id (30/6).

BUMI's production target figure in 2022 exceeds the realization of BUMI's production the previous year. In 2021, the realization of BUMI's coal production will reach approximately 79 million.

So far, BUMI has not released data on BUMI's production figures for the first semester of 2022.

"Our expectation is that BUMI's coal realization in the first semester of 2022 will reach 42-45% of the existing production guidance in the range of 81 million tons - 86 million tons," concluded Dileep.

“Semoga saja produksi di semester II-2022 bisa normal,” ujar Dileep kepada Kontan.co.id (30/6).

Angka target produksi BUMI di tahun 2022 melebihi realisasi produksi BUMI tahun sebelumnya. Di tahun 2021, realisasi produksi batubara BUMI mencapai kurang lebih 79 juta.

Sejauh ini, BUMI belum merilis data angka produksi BUMI untuk periode semester I- 2022.

“Ekspektasi kami, realisasi batubara BUMI di semester I-2022 mencapai 42%-45%

dari panduan produksi yang ada dalam kisaran 81 juta ton - 86 juta ton,” pungkas Dileep.

Exceptional Condition, Credit to Mining No Problem

Author: Leo Dwi Jatmiko

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HE RAPID expansion of credit disburse- ment to the mining sector, including coal, needs to be seen as a natural thing in the midst of the energy crisis caused by the protracted war between Russia and Ukraine.

Doddy Ariefianto, a Banking Economics observer from Binus University, assessed that the high distribution of bank credit to the mining and coal sectors is normal.

Currently, the world is facing an extraordinary situation, where the supply of commodities has stagnated due to the Russo-Ukrainian war.

The limited supply of this commodity has caused a number of countries to experience an energy crisis due to the lack of raw materials. To be able to revive energy and survive,...

Kondisi Luar Biasa, Kredit ke Pertambangan Tidak Masalah

Author: Leo Dwi Jatmiko

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ELESATNYA penyaluran kredit ke sektor pertambangan, termasuk batu bara, perlu dilihat sebagai hal yang wajar di tengah kondisi krisis energi akibat perang Rusia dan Ukraina yang berkepanjangan.

Pengamat Ekonomi Perbankan dari Binus University Doddy Ariefianto menilai tingginya penyaluran kredit perbankan ke sektor pertambangan dan batu bara merupakan hal yang lumrah. Saat ini dunia sedang menghadapi situasi extraordinary, di mana suplai komoditas tersendat akibat perang Rusia-Ukraina.

Keterbatasan suplai komoditas ini menye- babkan sejumlah negara mengalami krisis energi karena bahan baku minim. Untuk bisa menghidupkan energi dan bertahan,...

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To be able to revive energy and survive, with limited raw material conditions, a number of countries choose to be pragmatic by returning to fossil energy such as coal.

"Pragmatic. If not how? want to live in the dark? This returns to an extraordinary situation. When there is an abyss in front, look for one without a chasm," said Doddy, Thursday (30/6/2022).

He said being flexible is a natural thing as long as there are values that are still held by a company. By returning to fossil energy, the credit extended by banks to the mining and quarrying sector accelerated.

As for the future trend of financing to the mining and quarrying sector, Doddy could not tell yet because the growth trend is related to the conditions of the Ukraine- Russia war. No one knows when the war will end.

"So during the war, yes, like this [mining credit grows] but when conditions are normal, everything will return to the SDG path, which is sustainable," said Doddy.

For your information, referring to a Bank Indonesia report, investment credit growth in the mining sector slowed from 67.3 percent yoy in April 2022 to 57.9 percent yoy in May 2022.

Meanwhile, working capital credit growth slowed from 42.5 percent yoy to 38.9 percent yoy in May 2022.

BI data also revealed that despite the slowdown, credit growth to the mining and quarrying sector, both investment credit and working capital, was the highest growth in May 2022 compared to credit growth to other sectors.

In another development, as reported by Bloomberg, western countries have agreed...

Untuk bisa menghidupkan energi dan bertahan, dengan kondisi bahan baku yang terbatas, sejumlah negara memilih bersikap pragmatis dengan kembali ke energi fosil seperti batu bara.

“Pragmatis. Kalau tidak seperti itu bagaimana?

mau hidup dalam kegelapan? ini kembali pada situasi extraordinary. Ketika ada jurang di depan, maka cari yang tidak ada jurang,” kata Doddy, Kamis (30/6/2022).

Dia mengatakan bersikap fleksibel merupakan hal yang wajar selama ada nilai yang tetap dipegang oleh sebuah perusahaan.

Dengan kembali ke energi fosil, kredit yang disalurkan perbankan pun ke sektor pertambangan dan penggalian melesat.

Adapun mengenai tren ke depan pembiayaan ke sektor pertambangan dan penggalian, Doddy belum dapat memberitahu sebab tren pertumbuhan tersebut terkait dengan kondisi perang Ukraina-Rusia. Belum ada yang menge- tahui kapan perang tersebut akan berakhir.

“Jadi selama kondisinya perang, ya seperti ini [kredit pertambangan tumbuh] namun saat kondisinya normal, semua akan kembali ke jalur SDG, yang berkelanjutan,” kata Doddy.

Sekadar informasi, merujuk laporan Bank Indonesia, pertumbuhan kredit investasi di sektor pertambangan melambat dari 67,3 persen yoy pada April 2022, menjadi 57,9 persen yoy pada Mei 2022. Sementara itu pertumbuhan kredit modal kerja melambat dari 42,5 persen yoy, menjadi 38,9 persen yoy pada Mei 2022.

Data BI juga mengungkapkan meski mengalami perlambatan, pertumbuhan kredit ke sektor pertambangan dan penggalian, baik kredit investasi maupun modal kerja, adalah pertumbuhan tertinggi pada Mei 2022 dibandingkan dengan pertumbuhan kredit ke sektor lainnya.

Pada perkembangan lain, dilansir dari Bloomberg, negara barat bersepakat...

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western countries have agreed to cancel their commitment to stop financing fossil fuel projects, following the energy crisis due to the Russian war in Ukraine. In the end, the members of the Group of 7 (G7) agreed on a compromise to cancel commitments to stop financing fossil fuels.

Leaders have also failed to set a deadline to stop using coal, the price of which is heating up due to a surge in demand everywhere. Editor : Muhammad Khadafi

negara barat bersepakat membatalkan komitmen penyetopan pembiayaan proyek bahan bakar fosil, menyusul krisis energi akibat perang Rusia di Ukraina. Pada akhir- nya, para anggota Group of 7 (G7) menye- pakati sebuah kompromi untuk membatalkan komitmen penyetopan pembiayaan bahan bakar fosil.

Para pemimpin juga gagal menetapkan tenggat untuk menghentikan penggunaan batu bara yang harganya kini kian memanas karena lonjakan permintaan dimana-mana.

Editor : Muhammad Khadafi

Government Encouraged to Invest in Nickel Through SOE

Imam Suhartadi

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NERGY Economics observer from Gadjah Mada University, Fahmy Radhi, said that the decision of President Joko Widodo (Jokowi) to stop the export of mining raw materials was very appropriate and strategic. This is a mineral downstream step.

On the other hand, Fahmy also said that of course this would cause problems, including in low grade nickel whose capacity if downstreamed is still very limited.

"This will be difficult for nickel entrepreneurs, because nickel is the main raw material for batteries, even though the battery industry in Indonesia is also limited," explained Fahmy in Jakarta, Thursday (30/6).

However, according to Fahmy, there is good news from nickel. The reason is, in addition to the existing mining, a factory in the electric battery in Batang is currently being built whose production reaches 3.5 million units or equivalent to 200 gigawatts per year.

Pemerintah Didorong Investasi di Nikel Melalui BUMN

Imam Suhartadi

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ENGAMAT Ekonomi Energi Universitas Gadjah Mada Fahmy Radhi mengungkapkan kalau keputusan Presiden Joko Widodo (Jokowi) menghentikan ekspor bahan mentah pertambangan sangat tepat dan strategis. Hal itu sebagai langkah hilirisasi mineral.

Di sisi lain, Fahmy juga menyebut kalau tentu hal ini akan menimbulkan per- masalahan termasuk di nikel kadar rendah yang kapasitasnya jika dihilirisasi masih sangat terbatas.

"Ini akan menyulitkan bagi pengusaha nikel, karena nikel ini bahan baku utama untuk baterai, padahal industri baterai di Indonesia juga terbatas," jelas Fahmy di Jakarta, Kamis (30/6).

Namun menurut Fahmy, ada berita baik dari nikel. Pasalnya, di samping penam- bangan eksisting, saat ini sedang dibangun pabrik di baterai listrik di Batang yang produksinya mencapai 3,5 juta unit atau setara dengan 200 gigawatt per tahun.

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"If the one in Batang is operational, that's when the problem with nickel will be reduced, including the downstream nickel, I predict that several nickel companies/

entrepreneurs will appear in the future,"

predicted Fahmy.

On the other hand, Fahmy believes that apart from relying on private entrepreneurs, it is very important if the government invests especially in SOE in the mining sector. According to him, if there is no smelter and the export ban continues, it will create new problems.

"The government is also encouraging SOEs to establish smelters and encourage the battery industry, apart from exports, if it is related to electric cars, it will be very good, so from upstream to downstream," said Fahmy.

According to him, this is certainly in line with Jokowi's plan, which expects industrial linkages, namely smelterization and batteries, including for electric cars.

"If everything is ready, it will provide convenience and an electric car or battery is cheaper than countries that do not have nickel and battery companies. Once again this is very important and must be pushed to mining SOEs," concluded Fahmy. Editor : Imam Suhartadi

"Kalau yang di Batang sudah beroperasi, saat itulah masalah terhadap nikel akan berkurang, termasuk hilirisasi nikel tadi, saya perkirakan nanti akan muncul beberapa perusahan/pengusaha nikel,"

prediksi Fahmy.

Di sisi lain, Fahmy berpendapat selain mengandalkan pengusaha swasta, sangat penting jika pemerintah berinvestasi apalagi kepada BUMN di bidang tambang.

Menurutnya, kalau tidak ada smelter dan larangan ekspor tetap berjalan akan menimbulkan masalah baru.

"Pemerintah ikut mendorong BUMN untuk mendirikan smelter dan mendorong industri baterai, selain untuk ekspor, jika terkait mobil listrik akan sangat bagus, sehingga dari hulu ke hilir," ungkap Fahmy.

Menurutnya hal ini tentu sangat sesuai dengan rencana Jokowi yang mengharapkan keterkaitan industri, yakni ada smelterisasi dan ada baterai, termasuk untuk mobil listrik.

"Kalau semuanya sudah siap, akan memberikan kemudahan dan mobil listrik atau baterai lebih murah dibanding negara yang tidak punya nikel dan perusahan baterai.

Sekali lagi ini sangat penting dan harus didorong ke BUMN tambang," pungkas Fahmy. Editor : Imam Suhartadi

Price Drops 18% in a Month, Nickel Not 'Sexy'?

Robertus Andrianto, CNBC Indonesia

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HE NICKEL market has been less volatile this month. Its performance during June was the worst since November 2019.

Whereas in early 2022, nickel prices were in a bullish trend.

Harga Anjlok 18% dalam Sebulan, Nikel Kurang 'Seksi'?

Robertus Andrianto, CNBC Indonesia

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ASAR nikel kurang bergairah bulan ini.

Kinerjanya selama Juni jadi yang terburuk sejak November 2019. Padahal di awal 2022, harga nikel berada dalam tren bullish.

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The world nickel price on Thursday (30/6/2022) at 16:30 WIB was recorded at US$ 23,220/ton, down 1.8% compared to yesterday's closing price.

Throughout June 2022, world nickel prices fell 18.36% point-to-point (ptp), making it the worst since November 2019 which fell 17.87% ptp.

Rising central bank interest rates and uncertainty in China's economy after the Covid-19 lockdown weighed on nickel's pace throughout the month.

"The base metals remain pressured by the challenging demand outlook related to China's Covid-19 lockdown and the tightening of monetary policy which raises recession concerns over the trade-off between inflation and growth," Standard Chartered wrote in a note.

"We expect the base metals complex to continue to take cues from macro developments, US dollar moves, external market moves and risk appetite trends."

Federal Reserves (The Fed) chairman Jerome Powell said he would not allow the economy to fall into an "era of higher inflation". Even if it means raising interest rates harms economic growth.

"The time is kind of running on how long you're going to stay in a low inflation regime. The risk is that because of the many shocks you start switching to a higher inflation regime, and our job is to actually prevent that from happening and we're going to prevent that from happening," Powell said at a European Central Bank conference.

This makes the world nickel price still under pressure due to the attitude of the United States (US) central bank which is committed to fighting inflation which has reached 8.6%. CNBC INDONESIA RESEARCH TEAM (ras/ras)

Harga nikel dunia pada Kamis (30/6/2022) pukul 16:30 WIB tercatat US$ 23.220/ton, anjlok 1,8% dibandingkan harga penutupan kemarin.

Sepanjang Juni 2022, harga nikel dunia merosot 18,36% secara point-to-point (ptp), jadi yang terburuk sejak November 2019 yang jatuh 17,87% ptp.

Kenaikan suku bunga bank sentral dan ketidakpastian ekonomi China setelah lockdown Covid-19 membebani laju nikel sepanjang bulan.

"Logam dasar tetap tertekan oleh prospek permintaan yang menantang terkait dengan penguncian Covid-19 China dan pengetatan kebijakan moneter yang meningkatkan kekhawatiran resesi atas trade-off antara inflasi dan pertumbuhan," tulis Standard Chartered dalam sebuah catatan.

"Kami mengharapkan kompleks logam dasar untuk terus mengambil isyarat dari perkembangan makro, pergerakan dolar AS, pergerakan pasar eksternal dan tren selera risiko."

Ketua bank sentral Amerika Serikat (Federal Reserves/The Fed) Jerome Powell menyata- kan tidak akan membiarkan ekonomi jatuh ke dalam "era inflasi yang lebih tinggi". Bahkan jika itu berarti menaikkan suku bunga mem- bahayakan pertumbuhan ekonomi.

"Waktunya agak berjalan pada berapa lama Anda akan tetap berada dalam rezim inflasi rendah. Risikonya adalah karena banyaknya guncangan, Anda mulai beralih ke rezim inflasi yang lebih tinggi, dan tugas kami adalah benar-benar mencegahnya. dari terjadi dan kami akan mencegah hal itu terjadi," kata Powell pada konferensi Bank Sentral Eropa.

Ini membuat harga nikel dunia masih bisa tertekan karena sikap bank sentral Amerika Serikat (AS) yang berkomitmen melawan inflasi yang mencapai 8,6% tersebut. TIM RISET CNBC INDONESIA (ras/ras)

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Energy Crisis Triggers Many Countries to Scramble for Coal

Supply from Indonesia

Author: Edo Fernando, Editor: Ocky PR.

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HE PLAN put forward by the Ministry of Energy and Mineral Resources (MEMR) to boost production targets in the Work Plan and Budget (RKAB), received a positive response from the Indonesian Coal Mining Association (APBI). The increasing demand at a time when energy supply is disrupted is one of the main reasons.

APBI said that currently many countries have ordered coal supplies from Indonesia, which is triggered by winter conditions that will occur throughout the second half of this year. In fact, a number of countries such as Poland, the Netherlands, Italy, Spain and Germany have made transac- tions to purchase coal.

Departing from this condition, APBI also hopes that the government will provide support, for example through the provision of mining equipment and marine fleets such as barges, so that domestic coal production can increase.

If you look at the whole month of January to April, it is difficult to meet the coal production target due to bad weather that hit a number of black gold producing areas.

Meanwhile, on the other hand, demand has also increased unexpectedly due to the conflict between Russia and Ukraine, and has an impact on other countries, especially those in Europe.

Not only European countries proposed to increase coal supply, India and Pakistan also gave the same response. Currently,...

Krisis Energi Picu Banyak Negara Berebut Pasokan

Batubara Dari Indonesia

Penulis: Edo Fernando, Editor: Ocky PR.

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ENCANA yang diutarakan Kementerian Energi dan Sumber Daya Mineral (ESDM) untuk menggenjot target produksi di Rencana Kerja dan Anggaran Belanja (RKAB), mendapat sambutan positif dari Asosiasi Pertambangan Batubara Indonesia (APBI). Meningkatnya permintaan di saat pasokan energi ter- ganggu menjadi salah satu alasan utamanya.

Pihak APBI mengatakan bahwa saat ini sudah banyak negara yang melakukan pemesanan pasokan batubara dari Indonesia, yang dipicu oleh kondisi musim dingin yang bakal terjadi sepanjang paruh kedua tahun ini. Bahkan, sejumlah negara seperti Polandia, Belanda, Italia, Spanyol sampai Jerman sudah melakukan transaksi pembelian batu bara.

Berangkat dari kondisi ini, APBI pun berharap agar pemerintah mau memberikan dukungan, misalnya melalui penyediaan alat pertambangan serta armada laut seperti tongkang, agar produksi batubara dalam negeri bisa meningkat.

Jika melihat sepanjang bulan Januari sampai dengan April, target produksi batu bara dirasa sulit untuk dipenuhi akibat cuaca buruk yang melanda sejumlah wilayah produsen emas hitam tersebut. Sementara di sisi lain, permintaan juga meningkat secara tidak terduga akibat konflik yang terjadi antara Rusia dan Ukraina, dan berimbas ke negara lain utamanya yang ada di wilayah Eropa.

Tidak hanya negara Eropa saja yang mengajukan kenaikan pasokan batubara, India dan Pakistan juga memberikan respon yang sama.

Saat ini...

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Currently, the problem of supplying coal for the raw material for the electricity industry of the two countries is in turmoil.

In fact, the Indian government specifically will visit Jakarta at the end of this month, to discuss the purchase of coal. Meanwhile, the Pakistani government seems to have gone first, by holding a meeting with the APBI.

The Ministry of EMR further explained that the German government has officially submitted a request for coal, which amounts to 150 million tons for this year.

While other countries are waiting for the submission process.

Saat ini masalah pasokan batu bara untuk bahan baku industri listrik kedua negara itu sedang bergejolak. Bahkan secara khusus pemerintah India akan berkunjung ke Jakarta pada akhir bulan ini, guna mem- bahas pembelian batu bara. Sementara, pemerintah Pakistan rupanya lebih dulu, dengan menggelar pertemuan bersama pihak APBI.

Lebih lanjut pihak Kementerian ESDM men- jelaskan bahwa pemerintah Jerman sudah secara resmi mengajukan permintaan batu bara yang jumlahnya mencapai 150 juta ton untuk tahun ini. Sementara negara lainnya sedang menunggu proses pengajuan.

China Continues to Dredge Russian Coal at Massive

Discounts

Anto Kurniawan

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HIPMENTS of Russian coal to China have been increasing, although overall shipments to China have been declining, according to new data from S&P Global Market Intelligence. Russia's seaborne coal shipments to China jumped 55% to 6.2 million tonnes in the first 28 days of June compared to the same period last year.

That's according to S&P's Commodities at Sea database. Then in May, Russia's seaborne supply to China also rose 20%

year to year (YoY) to 5.5 million tons.

Domestic production in China has also increased. The latest data from China's National Bureau of Statistics shows. that between January and May, crude coal production rose 10.4% YoY to 1.81 billion tonnes. Meanwhile, the import figure fell to around 96 million tons or decreased by 13.6 percent from last year.

China Terus Mengeruk Batu Bara Rusia dengan Harga

Diskon Besar-besaran

Anto Kurniawan

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ENGIRIMAN batu bara Rusia ke China telah meningkat, meskipun pengiriman secara keseluruhan ke China telah menurun, berdasarkan data baru dari S&P Global Market Intelligence.

Pengiriman batu bara lintas laut Rusia ke China melonjak 55% menjadi 6,2 juta ton dalam 28 hari pertama bulan Juni dibandingkan dengan periode yang sama tahun lalu.

Semua itu menurut database S&P’s Commo- dities at Sea. Lalu pada bulan Mei, pasokan lintas laut Rusia ke China juga naik 20% secara year to year (YoY) menjadi 5,5 juta ton.

Produksi dalam negeri di China juga meningkat. Data terbaru dari Biro Statistik Nasional China menunjukkan. bahwa antara Januari dan Mei, produksi batu bara mentah naik 10,4% YoY menjadi 1,81 miliar ton.

Sementara angka impor turun menjadi sekitar 96 juta ton atau menyusut sebesar 13,6% dari tahun lalu.

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"Despite low demand and higher domestic coal production, China has been buying significantly higher levels of Russian coal since May 2022," S&P Global Market Intelligence Associate Director Pranay Shukla told CNBC.

"This is because Russia has offered very large discounts on prevailing international coal prices," he continued.

Russia is a major producer and exporter of coal globally. But since its invasion of Ukraine, Moscow has been forced to sell coal at discounted prices after countries like Japan banned imports of Russian commodities.

"Overall coal imports to mainland China were lower due to reduced demand as the lockdown was implemented in line with the strict 'Zero COVID' policy," Shukla said in an email.

"In addition, the record high international coal prices, as well as the increase in domestic coal production in China, are also the reasons," he explained.

Accordingly, data from S&P shows Russia's seaborne coal shipments to China in March fell 40% on a year-on-year basis, due to the Omicron outbreak in China. Previously there was an increase in April when the discount on Russian coal started.

Global Sanctions Against Russia

In April, the G7 pledged to stay away from Russian energy as they stepped up sanctions against Russia. Alongside Japan, the European Union (EU) also announced a ban on Russian coal in its fifth sanctions package in April, but the ban has been pushed back to August.

During last week's summit, the rich countries belonging to the G-7 strengthened their commitment to support Ukraine indefinitely. The group is also...

"Meskipun permintaan terbilang rendah dan produksi batu bara domestik yang lebih tinggi, China telah membeli batu bara Rusia yang jauh lebih tinggi sejak Mei 2022,"

ungkap Direktur Asosiasi S&P Global Market Intelligence, Pranay Shukla kepada CNBC.

"Ini karena Rusia telah menawarkan diskon yang sangat besar pada harga batu bara internasional yang berlaku," sambungnya.

Rusia merupakan produsen dan eksportir utama batu bara secara global. Tetapi sejak invasinya ke Ukraina, Moskow terpaksa menjual batu bara dengan harga diskon setelah negara-negara seperti Jepang me- larang impor komoditas Rusia.

"Secara keseluruhan impor batu bara ke China daratan lebih rendah karena berkurangnya permintaan seiring penerapan lockdown sejalan dengan kebijakan 'Zero COVID' yang ketat," kata Shukla dalam sebuah email.

"Selain itu, rekor harga batu bara internasional yang tinggi, serta peningkatan produksi batu bara domestik di China, juga menjadi alasannya," terangnya.

Dengan demikian, data dari S&P menunjukkan pengiriman batu bara lintas laut Rusia ke China pada bulan Maret turun 40%

secara Year to Year, karena wabah Omicron terjadi di China. Sebelumnya terjadi peningkatan pada bulan April ketika diskon batu bara Rusia dimulai.

Sanksi Global Terhadap Rusia

Pada bulan April, G7 berjanji untuk menjauh dari energi Rusia saat mereka meningkatkan sanksi terhadap Rusia. Di samping Jepang, Uni Eropa (UE) juga mengumumkan larangan batu bara Rusia dalam paket sanksi kelimanya pada April, tetapi larangan itu telah diundur ke Agustus.

Selama KTT pekan lalu, negara-negara kaya yang tergabung dalam G-7 memperkuat komitmen mereka untuk mendukung Ukraina tanpa batas waktu. Kelompok itu juga...

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The group is also seeking to impose new sanctions, including a proposal to cap Russia's oil prices.

Oil prices have risen this year as a result of the Russia-Ukraine war and tighter global supplies. Several countries and major oil companies have also stopped buying Russian oil. The European Union, for example, plans to cut Russia's oil imports by 90% before the end of the year.

Overall, S&P Global Market Intelligence estimates that global shipments of coal from Russia will increase in the second quarter, alongside shipments from Indonesia, another major coal exporter.

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Kelompok itu juga berusaha untuk men- jatuhkan sanksi baru, termasuk proposal untuk membatasi harga minyak Rusia.

Harga minyak sendiri telah naik tahun ini sebagai akibat dari perang Rusia Ukraina dan pasokan global yang lebih ketat.

Beberapa negara dan perusahaan minyak besar juga telah berhenti membeli minyak Rusia. Uni Eropa misalnya, berencana untuk memotong impor minyak Rusia sebesar 90% sebelum akhir tahun.

Secara keseluruhan, S&P Global Market Intelligence memperkirakan, pengiriman global batu bara dari Rusia akan meningkat pada kuartal kedua, di samping pengiriman dari Indonesia, eksportir batu bara utama lainnya. (akr)

Copper poised for worst quarter since March 2020 on growth fears

By Brijesh Patel

C

OPPER prices slipped on Thursday and were set for their biggest quarterly percentage drop since March 2020, hit by worries about a potential recession following a series of interest rate hikes and a slowdown in demand due to lockdowns in top consumer China.

Three-month copper on the London Metal Exchange fell 0.9% to $8,324 a tonne, as of 0721 GMT.

The metal, which is seen as a gauge for the health of the global economy, dropped to its lowest since February 2021 last week and has fallen more than 19% this quarter.

The most-traded August copper contract in Shanghai ended daytime trading down 0.2% at 63,850 yuan ($9,538.11) a tonne.

"The Chinese economy has slowed down as the major metal consuming country was under a lockdown and on the other hand, policy tightening around the world continues to weigh on the complex," said Kunal Shah, head of research at Nirmal Bang Commodities.

"We may see some stimulus packages by China and it's going to support metals. However, we are not expecting very big bull run as the demand side is looking bleak to us."

(Reporting by Brijesh Patel in Bengaluru Editing by Rashmi Aich, Subhranshu Sahu and Amy Caren Daniel)

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Metso Outotec addresses pump upgrade and replacement potential with MD Low Riders

Posted by Daniel Gleeson

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ETSO Outotec says it has strengthened its MD series of mill discharge pumps with compact-size Low Rider pumps for easy replacements and upgrades.

This new cost-efficient pump range is targeted especially for installations with limited space, with the pumps designed to fit the footprint of an existing installation, it says.

Timo Torvinen, Vice President of Pumps Business & Product Management at Metso Outotec, said: “I am happy to see this new addition to our offering of Planet Positive MD series pumps.

With its reduced mechanical footprint, the MD Low Rider is a perfect replacement for any pump type or make. It can be installed at a fraction of the usual site modification cost and complexity.”

The Metso Outotec MD Low Rider series covers sizes from MD400 (400 mm inlet) to MD700 (700 mm inlet), in high chrome and rubber options.

All MD Low Rider pumps are designed to use the existing hydraulic components with a newer and shorter drive end, Metso Outotec said. This reduces the overall weight of the pump, while allowing for for complete pump change-outs. They also use the proven MD hydraulics and wet-end components, the OEM added.

Thiess awarded contract extension by QCoal

Published by Jessica Casey, Assistant Editor

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HIESS has been awarded a AUS$450 million contract extension by QCoal to continue operations at the QCoal Northern Hub, which comprises Sonoma, Cows, Drake and Jax mines, located near Collinsville, Queensland.

Commencing in July 2022, the three-year contract will see Thiess continue to provide full mining services including statutory control of the site, all mining activities, maintenance and asset management, and rehabilitation works.

Thiess Executive Chair and CEO, Michael Wright, said: “We are proud of our long association with QCoal which has included a joint focus on mining efficiency, sustainability and ongoing rehabilitation works. This extension reflects our team’s track record of safe and consistent delivery of mining services for QCoal. We look forward to continuing to work collaboratively with QCoal for the next three years and beyond.”

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Thiess Executive General Manager for Australia, Shaun Newberry, added: “We’re excited to continue our work at the QCoal Northern Hub where we have consistently provided innovative and low-cost mining solutions. Thiess has been part of the Collinsville community since 1995 and we are delighted to remain a significant regional employer and contributor to the local economy.”

China clears its backlog of stranded Australian coal — but don’t expect Beijing to buy more soon

Su-Lin Tan - @SuLin_Tan

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HINA has finished clearing a backlog of stranded Australian coal amounting to over $1 billion, China customs data shows.

But analysts say it’s not likely that Chinese coal buyers will start purchasing new supplies of Australian coal anytime soon. That’s because coal inventories have been building up, local production is higher, and there are now higher supplies from exporters such as Russia purchased at a discount.

Since October, Beijing has been unloading cargoes of Australian coal stranded outside Chinese ports after the world’s second largest economy experienced one of its worst power outages on record.

Power cuts swept across China after power stations reduced their production of electricity to stave off losses as coal prices soared.

In 2020, China placed restrictions on Australian coal exports and other goods following a diplomatic fallout between the two countries. Many vessels en route to China became stranded off the coast of China and were unable to dock.

At the height of the crisis, more than 50 vessels could be seen sitting outside ports, according to tracking conducted by commodities intelligence group Kpler and Bloomberg.

By March, however, over 14 million million tonnes of coal worth around $1.3 billion had been discharged and cleared, China customs data showed.

Over 8 million tonnes was coking coal which is essential for the production of steel, while about 6 million tonnes were thermal coal which generates electricity.

There has since been no further imports of Australian coal, according to China customs.

Despite thawing relations between the two nations, analysts say sufficient coal inventory locally and lower demand for coal — especially in the Chinese steel industry — means there is less likelihood China will need to restart purchases of Australian coal in the short term.

Due to a slowdown in the Chinese economy brought on by Covid lockdowns, demand for steel has also been weaker in recent months.

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“There may be some demand for the very high quality [Australian] coking coal in the medium term and certainly the longer term, but right now I’m not sure the Chinese would be keen to pay current prices given how weak the steel market and steel margins are,” commodity strategist at Astris Advisory KK Japan Ian Roper said.

Australia-China trade fight

Up until the coal restrictions were imposed, Australia was China’s largest overseas supplier of thermal coal and a major supplier of coking coal, alongside other producers such as Indonesia and Mongolia.

Political relations between the two nations soured after Canberra pushed for an independent investigation into the origins of the coronavirus amid concerns for transparency without consulting Beijing.

After that, China imposed anti-dumping duties on Australian barley and wine and stopped buying some goods including coal.

While the Chinese restrictions reduced some trade between the two countries, most of their bilateral trade worth $250 billion Australian dollars ($172.35 billion) remained intact.

There were some recent signs of thawing relations between the two countries following the election of the new Australian government, raising hopes among exporters and importers that normal trading could resume.

After the Australian elections, Chinese Premier Li Keqiang congratulated Australia’s new Prime Minister Anthony Albanese, who acknowledged the message with a return note.

The two countries’ defense ministers also met on the sidelines of the Shangri-La Dialogue in Singapore earlier this month.

Can Australia, China reset trade ties?

In the meantime, both markets have adjusted to the restrictions of Australian coal imports to China.

Australia has found new buyers and is shipping coal otherwise intended for China to other countries.

Meanwhile, China has sought increased supplies from producers such as Mongolia and Indonesia, and is now using coal from little-used exporters such as Colombia and South Africa and buying cheap coal from Russia.

China has also ramped up its domestic coal production following the blackout crisis, and increased local inventory.

The latest data from the National Bureau of Statistics of China showed that between January and May, raw coal production rose 10.4% year-on-year to 1.81 billion tonnes, while imports dropped to around 96 million tonnes — down 13.6% compared to a year ago.

Steel production in China has fallen in recent months due to a slowdown in construction activity as Covid lockdowns spread. As a result, coking coal inventories in particular have risen.

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In the long term, Beijing — which has pledged to cut emissions — plans to reduce steel production to meet its targets by 2030 and 2060, thus reducing demand for coal.

In other words, the sector is also changing — especially given the global drive toward climate change, said Export Council of Australia chair Dianne Tipping.

And even if some Chinese demand returns, it may not be possible for Australia to sell to China if alternate markets have been found and new contracts of supply to other buyers are in place, Tipping added.

That said, at the right price, Australian exporters would still be motivated to sell to China when driven by market forces, Tipping said.

Atilla Widnell, managing director at trade consultancy Navigate Commodities, agreed.

Sales will happen when there are enough commercial benefits for both parties, he said.

“China will likely have one eye on captive cheap Mongolian and Russian low- to mid-range coking coals, while keeping an eye on more attractive prices for premium Australian material,” Widnell said.

“Given the lack of affordable premium volumes available to China, this might encourage respective administrations to thaw relations sooner rather than later.”

Metals set for worst quarter since 2008 on global downturn angst

Bloomberg News

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ASE metals headed for the worst quarterly slump since the 2008 global financial crisis as China’s economy recovered only gradually and fears of a world recession intensified.

The London Metal Exchange Index has tumbled 23% since the end of March, although the decline has been magnified due to prices spiking that month following Russia’s invasion of Ukraine. Tin has been the worst performer, plummeting 38%, while aluminum is down by around a third, and copper has fallen by about a fifth. It will be the first quarterly decline for the entire index since the start of the pandemic.

A gauge of Chinese factory activity expanded in June for the first time since February, as virus controls were eased. The improvement was fairly muted, however, and a weak property market continues to weigh on metals demand. The Covid Zero policy also remains intact, despite relaxation of quarantine rules, meaning there’s a constant risk of more restrictions if case numbers pick up again.

China’s lockdowns have also caused severe knock-on impacts in Japan, where industrial output slumped 7.2% in May, undershooting estimates of a 0.3% decline. The nation is Asia’s biggest importer of aluminum, and stockpiles of the metal in major ports have swelled to the highest in more than six years as automotive demand slumps due to supply-chain constraints.

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The looming threat of a recession in the US, and perhaps even globally, also continues to hang over the market. Federal Reserve Chair Jerome Powell and other central bankers warned the world is shifting to a regime of higher inflation at the European Central Bank’s annual forum in Portugal. At the very least, major economies are heading for a slowdown that will curb construction activity.

Zinc pared some of its declines Thursday on the London Metal Exchange, trading 2.8% lower to $3,265 a ton at 10:02 a.m. local time. Copper fell 0.9% to $8,324 a ton, while aluminum was 0.9% lower. Despite the chunky quarterly drop, the LMEX gauge is only down about 13% so far this year.

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