PT Antam has been granted an export quota of 850,000 tonnes of bauxite for 2017, a spokesman for the company confirmed.
China’s state-owned Shandong Lubei Enterprise Group booked 450,000 tonnes of the ore from PT Antam, a source familiar with the matter said.
The Indonesian miner’s bauxite has a wide specification, with alumina content ranging from 45-49% and total silica content ranging from 4-13%, according to market sources.
The initial 55,000-tonne cargo, which is part of the total booking of 450,000 tonnes for shipment to Shandong Lubei, is believed to have contained a high alumina content and attracted a high price as a result.
“I estimate that Shandong Lubei bought this initial cargo at around $56 [per tonne] cif China,” a...