Metals- Myanmar mining ban plan
Tin prices settled more than 10% higher yesterday, and traded to their highest level since 21 February on news of a mining ban in Myanmar, a major producer of the soldering metal. Myanmar’s Wa State, the country’s largest ethnic armed group, which controls the tin-mining area, will suspend mining resources exploration from August, according to Bloomberg. Myanmar has the world’s third largest reserves of tin, behind China and Indonesia, according to the US Geological Survey. China is particularly dependent on Myanmar tin ore, which accounted for 77% of China’s tin ore imports in 2022, according to Chinese customs data. Prices on the Shanghai Futures Exchange closed 10.5% higher at their daily limit.
Read next: Asia Morning Bites - 18.04.2023| FXMAG.COM
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Norsk Hydro warned of delivery delays as trade union members at its Karmoy and Ardal facilities go on strike from Monday. The strike action will gradually affect operations at the facilities and shipping activities will be strictly limited for both sites, the company said in a press release.
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