The Ministry of Finance (MoF) estimated the quoted copper export price in April at USD 5,178 per ton but copper prices have plummeted this year due to the COVID-19 pandemic. However, copper demand is rising and the price is recovering slightly, as the business operation of China, the main consumer, resumes. Oyu Tolgoi investor Rio Tinto said in a report that China’s copper turnover has been recovering but supply is being cut off due to uncertainty in other parts of the world. In addition, the MoF calculated the export price of zinc at USD 1,905 per ton. Since the beginning of this year, the standard price of zinc has fallen by 18 percent. Mongolia’s main zinc exporter Tsairt Mineral LLC said, “Export is proceeding normally, but the price slump is the big challenge.” The average aluminum export price in April was estimated at USD 1,610 per ton. Among the major base metals, aluminum had the biggest loss. The fluorspar concentrate price was up to USD 385, while fluorspar ore is estimated at USD 324 per ton. Since the beginning of this year, Mongolia’s fluorspar exports have increased by 28 percent to 176,100 tons, amounting to USD 44.3 million. “If COVID-19 condition in Russia worsens further it could be adversely affected on export,” said General Director of Baylag Jonsh LLC. Furthermore, it is estimated that the coking coal price is USD 177, soft coking coal is USD 74.8 and coking coal concentrate is USD 126.59 from April export.

Published Date:2020-04-23