Aluminum Cost Rising as Indonesia Decides to Halt Bauxite Ore Exports From June 2023

metal blocksMOSCOW (Sputnik) – The price of aluminum is rising on Wednesday following the announcement that Indonesia will halt bauxite ore exports from June 2023, trading data shows. Indonesian President Joko Widodo said earlier in the day that the government will impose a ban on exports of bauxite ore and encourage the development of processed bauxite in the country starting from June 2023. As of 08:37 GMT, the cost of one tonne of aluminum rose 0.99% to $2,399.5. Bauxite ore is one of the main components in the aluminum industry. Indonesia is the sixth largest producer of bauxite in the world and has the fifth largest reserves.

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