Iron concentrate trade begins

      On September 15, Mongolian Inventory Change JSC has began the primary buying and selling of iron focus after increasing the mining merchandise alternate.

Mongolrostsvetmet and Darkhan Metallurgical Plant are scheduled to promote a complete of 78,800 tons of iron focus in three rounds of buying and selling. As for the minimal asking value, focus with 58 p.c content material is 56 USD, and iron focus with 65 p.c content material is 90 USD to 93 USD. By the decision of the Board of Administrators of Mongolian Inventory Change, “Procedures for establishing and implementing requirements for buying and selling contracts for iron ore and concentrates” have been permitted, and Mongolrostsvetmet and Darkhan Metallurgical Plant have been registered as sellers and signed contracts.

After that, the federal government introduced that it was making ready to commerce silver and copper on the alternate. Minerals traded on the alternate might be taken out via a particular border crossing.

Supervisor of Copper and Steel Group of Erdenes Mongol LLC Ts.Tugsbuyan stated, “Erdenes Mongol is beginning the method of buying and selling mining merchandise at worldwide market costs, together with buying and selling of iron ore for the primary time with the assistance of MSE. We export three kinds of iron ore focus. In 2023, multiple million tons of iron ore focus is predicted to be traded on the alternate. At present, seven batches of 21,000 tons of iron focus with a content material of 65 p.c have been ordered for buying and selling. I might like to precise my gratitude to the administration and colleagues of MSE for his or her assist till this day.” Govt Director of Darkhan Metallurgical Plant G.Dugarjav said, “We’re witnessing the historic strategy of buying and selling iron ore think about the inventory alternate for the primary time in Mongolia. The principle benefit of buying and selling merchandise on the alternate is that the product is offered at the next value than the nominal value. Beforehand, we used to cost 50 p.c of the bottom value for our trades, however by buying and selling our merchandise on the Mongolian Inventory Change, we’ve got an enormous benefit of 100% settlement and elevated money stream. On the similar time, by creating an open and clear market system for the circulation of wealth within the economic system, MSE is bringing nice progress to the nation’s economic system.”