After 2016 in the first half of 2017, copper, lead, zinc and nickel all rose first and then fell, and then on June 14 after the Federal Reserve announced the second rate hike this year, the emergence of a Wave rebounded quickly; aluminum prices rose, tin prices high and volatile. The prices of LME copper, aluminum, lead, zinc, tin and nickel were 6.91%, 12.98%, 14.25%, 8.30%, 8.13% and 6.36% respectively as of June 30, respectively. Gold and lead prices rose by 14.25% and 12.98% respectively, while prices of nickel and tin declined by -8.13% and -6.36%, respectively (from January 3 to 2017, respectively) June 30, 2017 closing price-based).

Analysis on the Price Trend of Nonferrous Metals in the Second Half of

Copper: supply gap to support the formation of copper prices

According to the International Copper Research Group (ICSG) released in April the latest forecast, 2017 global refined copper supply of 23.778 million tons, refined copper demand for 23.895 million tons, the global market shortage of 147,000 tons. ICSG in October 2016 issued a report that: 2017 global refined copper supply 23.79 million tons, the global demand for refined copper 23.63 million tons, the global market supply surplus of 163,000 tons. (Especially in the first half of 2017, the world’s major copper producers have ushered in the strike tide, the global copper supply has a significant impact in early February the world’s largest copper mine in Chile Escondida copper mine continued to strike more than 40 days , March Peru’s largest copper mine CerroVerde copper mine strike, the world’s second largest copper mine Grasberg copper mine has suffered from the Indonesian government to restrict exports and workers strike, the above event caused 2017 global copper ore supply reduced by about 300,000 tons) and Demand forecast increases, leading to a shortage of market expansion.

As a result of the fall in metal prices, global mining investment slowed, new mines put into production is less than expected, leading to slowdown in copper supply in recent years. Therefore, from the supply and demand level, copper fundamentals are good, and because the global economy to the better, copper demand will continue to grow, while the supply growth is slightly less than demand, supply gap to expand the formation of strong support for copper prices.

Aluminum: supply side reform is expected to continue to push up aluminum prices

According to the International Aluminum Association (IAI) data, global electrolytic aluminum production in 2016 58.87 million tons, consumption of 59.6 million tons, the shortage of 730,000 tons; China’s electrolytic aluminum production 32.5 million tons, consumption of 32.7 million tons, shortage of 200,000 tons.

Global aluminum prices in 2005 experienced a sharp decline, resulting in lower than the cost of aluminum cash costs, in December 2015 14 domestic key electrolytic aluminum companies announced that production and commitment to no longer restart has shut down production capacity. Due to the high cost of restarting the electrolytic aluminum, the combined production reduces the short-term supply of electrolytic aluminum to a substantial reduction. China’s decline in production makes the domestic supply and demand changes, 2016 domestic aluminum prices rebounded, the highest spot aluminum prices rose to 15,580 yuan / ton, the largest rebound rate of 58%.

As the electrolytic aluminum enterprises to improve profitability, since 2016, the Chinese market supply of aluminum slightly more than the demand for the month, while the world except for China outside the region, it is the majority of the situation in short supply of aluminum. On the other hand, once the domestic supply side of the reform and environmental protection and limited production in place, the supply shortage is expected to lead to the shortage of aluminum, the supply of aluminum on the one hand, The price of further rise.

Lead and zinc: supply and demand gap remains

The latest data released by the International Lead and Zinc Research Group (ILZSG) in April 2017 predicted that global zinc production in 2017 was about 13.7 million tonnes, up 9.8 percent from the previous year; refined zinc production was about 14.08 million tonnes An increase of 6.5%, refined zinc production growth is lower than the mineral zinc 3 percentage points. ILZSG expects global refined zinc demand to be 14.3 million tonnes in 2017, with a shortage of 226,000 tonnes, which remains short for two consecutive years, but is lower than the 2016 shortage.

Unlike zinc, lead production increased from 2016 to 2017. According to ILZSG forecast, global lead production in 2017 is about 4.92 million tons, up 3.6% over the previous year; refined lead production is about 11.391 million tons, up 1.4% over the previous year; global refined lead demand is about 11.339 million tons, supply and demand Basic balance.

Experienced a sharp rise in the year 2016, the first half of 2017 lead and zinc prices continue to maintain the shock rose. Due to lead and zinc concentrate processing fees continued low, mining enterprises considerable profits, in March the mining enterprises have accelerated the release of production capacity, the first quarter of 2017 lead and zinc concentrate production increased slightly. According to statistics, 2017 foreign zinc concentrate production capacity is expected to 40 million -60 million tons, but the current can not be expected to recover in the first half of the zinc mine, the global concentrate supply is still tight. Therefore, the short term, the supply is still a gap, but with the high price of the operation, lead and zinc enterprises to increase profits, there may be resumption of production, supply shortage situation will gradually ease.

Tin: a slight increase in supply and demand, the price to stabilize the main

According to the International Tin Association (ITRI) statistics, 2016 global refined tin production of 3,413,000 tons, consumption of 3.522 million tons. The Malaysian Smelting Company (MSC) estimates that global refined tin production in 2017 is 3.497 million tonnes, with consumption of 3.551 million tonnes and a shortage of about 5,000 tonnes, which is less than the 2016 shortage. As the tin price is currently high, the mine is profitable, so the possibility of further reductions in the mine is small, and with the rebound in tin prices, the supply of recycled tin will also increase, on the whole, the supply of tin in 2017 more than 2016 years.

Demand, China’s demand for tin accounted for the world’s leading position. In addition to the needs of other countries outside China remained at the current level, the global demand for tin growth is mainly in China. ITRI ​​expects China’s tin consumption to grow by 12,000 tonnes by 2020, 1.6% compound growth and low growth rate. MSC estimates that global refined tin consumption growth is around 1% in 2017, with limited growth. Despite the limited growth and demand growth or less than the growth rate of production, but in 2017 the global refined tin is still a shortage, the price will be some support, but tin prices still need to get further release of demand.

Nickel: economic recovery to expand supply and demand gap

Since 2011, electrolytic nickel has experienced a five-year excess supply, nickel prices also continued to fall in 2016, the global nickel market into a stage shortfall, the first quarter of 2017, the supply and demand gap continued to expand, on the one hand, nickel ore supply reduction And the contraction of smelting production, on the other hand is the increase in demand. Short-term may be due to domestic steel industry environmental protection and other factors lead to decline in demand, in the long term, benefit from China’s all the way along the policy and the global economic recovery, nickel demand will be with the steel industry demand will also be improved Synchronous growth, so the nickel price is still room for recovery.

In summary, due to the global economy continues to good momentum, the developed economies show growth momentum, domestic and foreign markets, non-ferrous metal supply and demand gap is still expected in the second half of the overall price of non-ferrous metals will show a strong trend.

Due to the gap between the pesticide formulations, Chinese manufacturers mainly export pesticide technology in the international market. The problem is that Chinese industry has long been in the eyes of thorns, it will reduce the motivation of technical formula and slow down the development of positive. According to the sources, the government is working to study higher tax proposals for pesticide formulations, which will lead to a large number of exports, and in the international market, China has better competitiveness, new investment and technological innovation.

As early as November 2016, the Chinese government disclosed that it would increase the export tax rebate of more than 400 goods. The idea of ​​this step is that this is an improvement in the international market for Chinese exporters. However, pesticide formulations are not included and continue to make them lag behind the vendor’s preference for pesticide technology.

Traditionally, China is seen as a low-value pesticide exporting country. Increased value of pesticide formulations in the international market is rare. However, in the production of a huge increase in pesticide formulations of Chinese manufacturers will change the situation. A major reason for Chinese manufacturers to stick to pesticide technology is higher export tax rebates.

In fact, many foreign manufacturers are using pesticide technology to higher tax rebates to negotiate low prices, cheap products into the higher value of the formulation and sale to the Chinese market. This situation has been depressed by Chinese manufacturers, resulting in high tax rebates in recent years.

Now, in mid-April 2017, the China Crop Protection Industry Association has finally released these departments and departments are actively committed to increasing the export tax rebate for pesticide formulations.

For China’s pesticide industry, the higher development of export tax rebates may increase exports and strengthen the position in the international market. In addition, domestic manufacturers are increasingly active in handling their pesticide technology, hoping to make it a value-added formula to improve China’s industry. Manufacturers can expect higher profits and ensure a healthy and beneficial development. In addition, overseas companies may consider relocating the relocation of the factory to China to obtain tax rebate benefits.

According to the CCM study, the export tax rebate for pesticide technology increased last year in December 2014, from 9% to 13%. However, the formula continues to maintain the previous 5%.

Long-term export tax rebate pesticide and the imbalance between the original drug has become a boost pesticide enterprises, improve the international market competitiveness of a major obstacle.

More importantly, 2016 witnessed a difficult period for China’s pesticide exports, whose value and amount were reduced, according to market intelligence firm CCM. Compared with 2015, the country’s export value of 5.6 billion US dollars, down about 23%. Exports of 137,200 tons, a decrease of about 9%.

Since the beginning of 2015, China’s pesticide export and export value has been declining, which can be explained by factors such as the high inventory of traders in many countries, mainly due to the persistence of agricultural prices, higher dollar, and dramatic changes in weather

The total production of pesticides was 3.74 million tons by 2015, totaling 1.51 million tons (about 40% of total output), down 8.06% year on year, while exports fell by 16.87% to $ 728 million. At the same time, imports fell by 14.20% to 57,600 tonnes, down 8.90% from the $ 678 million import value.

Recently, the northern region 90 chlorinated slag price of 6100-6300 yuan / ton, less months down 200 yuan / ton, and the price of the callback is also a long omen. In June, China’s titanium ore prices have been down, downstream buyers hope that the price of titanium slag has also been adjusted. But because of titanium slag production costs did not decrease, the price adjustment is minimal, but the symbolic price cuts.

At present, domestic titanium prices have declined, ranging from 200 yuan to 500 yuan / ton range, but the titanium slag industry titanium alloy price reduction is relatively small. Coupled with the recent cost of titanium slag accessories rose sharply. Among them, the electrode price from 11,000 yuan / ton to 26,000 yuan / ton, reducing agent prices from 1,000 yuan / ton to 1,400 yuan / ton. Roughly calculated down, titanium raw material costs reduced by about 400 yuan / ton, but the cost of accessories rose more than 500 yuan / ton. Therefore, the cost of titanium slag not only did not decline but a slight increase.

“Fertilizer ‘zero growth’ policy, coupled with the continued downturn in agricultural prices and other factors, a large number of elements of fertilizer demand to enter the growth bottleneck period, potash demand may occur in 2017 stagnation in the crisis to find opportunities.” This is June 27 Beijing held in 2017 China Potash industry high-end summit and market situation analysis will be the message.Stannous Sulphate

According to the China inorganic salt association potassium potash fertilizer industry branch secretary Chen Guofu introduction, with the domestic enterprises to improve production capacity, especially in Qinghai, Xinjiang two potash fertilizer production base leading enterprises leading role, domestic potash self-sufficiency has reached more than 50% , Long-term dependence on the import situation has been a structural change. At present, has formed a large import of potash fertilizer, domestic production for sale, border trade spot transactions tripartite potash consumption trend.

According to statistics, 2017 1 to 4 months, the country’s total imports of pots of fertilizer 3.61 million tons, an increase of 1 million tons over the same period in 2016, an increase of 33.6%. At the same time, the domestic potash production reached 1.988 million tons (pure), an increase of 8.5%, the market supply is sufficient, the country’s largest potash production enterprises to restore full production status, and many small businesses affected by the price downturn, mostly in Discontinued state. On the one hand is the future of international potash production capacity will continue to expand, adequate supply, on the other hand is the domestic potash fertilizer enterprises are facing electricity and natural gas prices, taxes, freight and other rising costs and higher export tariffs and many other adverse factors.Sodium selenite

In this regard, the industry said that potash as scarce resources, lower prices will not only squeeze trade profits, but also affected the normal operation of domestic potash production enterprises, likely to cause downstream demand side mistakenly market. The face of the new situation of agricultural development, how to tap the market potential will be the fertilizer industry can become the reform of this ‘dividend’ share the key. “In Qinghai Salt Lake Industrial Co., Ltd. President Xie Kangmin view, the current domestic part of the potash fertilizer production enterprises in order to achieve the current profit, the completion of business indicators, most of the use of more diversified means to speed up the consumption of resources, he called on the relevant departments Potash industry status, co-ordinate the allocation of resources and the market, as soon as possible domestic potash into the national strategic reserves to ensure that the market supply and potash industry sustainable and healthy development.

Agricultural prices in the doldrums led to weak demand for fertilizer, but SDIC Xinjiang Lop Nur Potash Co., Ltd. Deputy Director of Market Planning Feng Li said that with the increase from eating to eat needs, facilities, agriculture, large-scale cultivation and water and fertilizer integration And the production of high-quality agricultural products to be popular, the proportion of direct application of potassium sulfate fertilizer in the future will gradually increase the demand for fully water-soluble potassium sulfate and granular potassium sulfate will gradually increase in the agricultural supply side of the deepening of the reform background, the future Years of potassium sulfate in the domestic agricultural market will still have a greater demand for space, China’s resource-based potassium sulfate industry opportunities and challenges coexist.

From July 1 onwards, the value-added tax rate of dimethyl ether from the original 13% to 11%. In other words, according to the current market price of 3100 yuan (t price, the same below) calculation, the production cost per ton of dimethyl ether will be reduced by 62 yuan, which has been in the doldrums of the dimethyl ether industry is a good. But the integrated status of dimethyl ether industry, this good enough to make it out of the woods.

“At present, the upstream methanol weak order, the cost of support is weak; downstream by the liquefied petroleum gas market lower impact, poor sales, is expected to decline in the second half of the dimethyl ether difficult to change, dimethyl ether industry struggling.” Fushun Petrochemical Company Dimethyl ether engineer Zhang Pengyu And other market people to judge.

Market confidence frustrated

“This year, the dimethyl ether market on a word: fell, but did not expect this round of the arrival of such anxious, so much, the market mentality once again suppressed.” For the recent round of dimethyl ether plummeted, Liaoning Dimethyl ether dealer Wang Qiang face helpless.

The first half of this year, the dimethyl ether market has been shocks down. From the beginning of the 4000 ~ 4100 yuan, all the way below 3100 yuan, the price fell by a quarter. Moreover, the recent stabilization of dimethyl ether has ushered in a round of shocks, playing business by surprise. On June 13 alone, the average price of dimethyl ether fell 2.2%. At present, the mainstream sales price in Hebei region 3080 ~ 3120 yuan; Henan mainstream transaction price of 3020 ~ 3170 yuan, Shandong mainstream transaction price 3100 ~ 3200 yuan; Shanxi mainstream transaction price 3010 ~ 3110 yuan. At the same time, the early maintenance of Zhangjiagang Jiutai Energy, Texas Shengde source, Kai Yue chemical DME equipment, the market turnover, the market volume increased, so that the already sluggish market again by the impact of market prices continued to fall, pessimism enveloped, the industry generally Confidence in the market outlook, by buying up or not buying mentality, downstream buyers generally on the sidelines, on-demand procurement, and further affect the recent direction of dimethyl ether.

Upstream methanol fell

The upper reaches of methanol is also stumble endlessly, due to early parking maintenance devices have been restarted and new capacity increases, coupled with the general downturn in the general, weak demand, the market supply surplus situation is difficult to change.

“In the absence of obvious positive stimulation, the market is basically in the supply of excess situation.” Zhongyu information analyst Qi Hongfei analysis. This year, the methanol market trend has always been stagnant. June 14, the methanol commodity index was 78.45, down 19.5% from the beginning of the year. Recently, by the impact of lower international oil prices, methanol lost cost support, in the low shock. At the same time, due to the continued release of domestic methanol production capacity, the contradiction of supply surplus is still outstanding. On the other hand, a large number of new production capacity has been put into operation, such as the new Phoenix 200,000 tons / year, Shandong (Figure), the number of new production capacity will be put into operation, Ming water 600,000 tons / year, Hualu Hengsheng 1 million tons / year methanol plant also plans to put into operation recently. In addition, methanol imports have increased expectations, will give the surplus market caused further impact.

At the same time, the main downstream consumer market, methanol generally into the off-season, while the impact of environmental supervision, formaldehyde and other industries to reduce operating rates, enterprises on demand procurement. The largest downstream consumption of methanol, polyolefin industry has entered a centralized maintenance period, the demand is very limited, it is difficult to form a strong support for the methanol market.

At present, dimethyl ether lost the cost of methanol support, manufacturers more homeopathic cut prices to stimulate demand, further exacerbate the market outlook for dimethyl ether.

Low price competition for liquefied petroleum gas

“Recently, by the weak international crude oil situation, the domestic liquefied petroleum gas market continued to slump, around the liquefied petroleum gas prices fell sharply in the dimethyl ether and liquefied petroleum gas prices narrowed the situation, many users turn to the use of liquefied petroleum gas, so that dimethyl Ether market affected. “Zhang Pengyu introduction.

Dimethyl ether itself is oxygen-rich combustion, no residue after burning, is a clean energy, and liquefied petroleum gas have a certain alternative relationship, in recent years gradually into the field of civilian gas. Because of its cost savings than liquefied gas savings of about 10%, so many users take into account the economy and the use of dimethyl ether as fuel. Recently, the domestic liquefied petroleum gas market continued to slump, the price of liquefied petroleum gas around the decline, June 14 liquefied petroleum gas market average price of 3429.41 yuan, down 1.64% from the beginning. As a result, the price difference between the ether from the peak of 2,500 yuan gradually reduced to several hundred dollars, and even individual areas were upside down phenomenon. A large number of users to the procurement of liquefied petroleum gas, the demand for dimethyl ether significantly reduced.

On the whole, the mainstream price of dimethyl ether market with the raw material methanol and liquefied petroleum gas prices fell with the expected obvious, the future or will continue to weak trend, local enterprises bear the cost of pressure or will be down or down production, the dimethyl ether industry The day is still bad.

Pesticides are an indispensable part of summer farming, but the recent pesticide market has entered the off-season, the market, the price of seeds and fertilizers all began to rise, except for the general decline in pesticide prices.

When the summer season, pesticide prices do not rise or fall

“Such as herbicides, the previous prices are in the 3 yuan per bottle or so, but this year down, only 2.5 yuan.” Salesman Yang Fan said that the recent mainstream varieties of pesticides prices are not up or down the phenomenon, such as grass Phosphine, imidacloprid, fungicides, etc., are in a stable trend.

Analysis pointed out that although the summer season is now, but in fact the pesticide market sales off-season. Because the early inventory is still more, now in the supply of slightly larger than the demand for the state. First, pre-supply more foot, the second is now demand orders down, the accumulation of inventory increased. From May demand has begun to weaken, and now the demand is already low.

Demand in the off-season, the price is expected to rise late

The past two years, the scale of agricultural cultivation and agricultural planting structure adjustment, making the pesticide market more and more sluggish. Yang Fan said that the first farmer is less farming, leading to fewer customers to buy pesticides. In addition, the development of green agriculture, but also makes the use of pesticides less and less. “Now because the government to vigorously promote the scale of planting changes, the use of relatively few farmers, so that planting less, buy pesticides are also less.” Similarly, pesticide vendor Feng Sheng also said that because of fear of losing customers, now , Even if the purchase price of pesticides have risen, their retail price did not dare to mention up.

Is expected from the end of August, the downstream enterprises began to replenish orders, this time there is a slow demand, and if the demand pick up, the price may rise.

Domestic acrylic production capacity after a few years after the rapid expansion of the 2016 began to fall phenomenon, then no new capacity put into operation, and Beijing Oriental (80,000 tons / year), and the Group (40,000 tons / year), Jilin Petrochemical (35,000 tons / year), Shenyang wax (80,000 tons / year) and other devices in the long-term parking idle state. According to statistics, as of the end of December 2016, the domestic acrylic (crude acrylic acid, the same below) the effective production capacity of 2.9 million tons / year or so, compared to 2015 reduced by 300,000 tons / year or so. The industry capacity utilization rate of a serious decline in 2016 operating rate remained at only about 50% level.

Acrylic demand from the point of view, the downstream three major applications in 2016 are showing a trend towards a better. (SAP) is subject to the aging of the domestic population and the impact of the second child policy, the demand for diaper stably increased; the use of water-based paint in the increasingly stringent environmental requirements, there is a gradual replacement of solvent-based paint trends; Adhesives in terms of benefits in recent years, the rapid growth of the express delivery industry brought about the demand for tape. It can be said that the demand for acrylic downstream is still steady development, but the upstream capacity expansion rate far exceeds the demand.

As the most promising downstream of the future of acrylic SAP industry, the prospects continue to improve. From the global point of view, about 51% of acrylic acid is used in the production of acrylic acid esters, 33% for high-purity acrylic acid (raw materials for SAP production), compared to 65% of domestic use for acrylic acid, high purity acrylic acid only 20% SAP’s development has the potential to be tapped. According to statistics, as of the end of 2016, the global SAP production capacity of about 3.8 million tons, the main capacity in the Japanese catalyst, BASF, Germany Evonik and Japan’s three major transnational large companies in the hands of the four total production capacity of the world The total capacity of more than 50%, capacity scale, concentration and technology have obvious advantages. In contrast, the domestic side of the plan to the sole proprietorship or joint venture company’s production capacity is only about half of the production enterprises have dozens of small industry, scattered, relatively backward technology situation at a glance.

SAP’s main downstream applications include absorbent hygiene products, agricultural and industrial use, health supplies are the main driving force of the SAP market, including baby diapers, adult incontinence, female sanitary napkins. China has about 87% of SAP for the production of absorbent hygiene products, of which baby diapers for the largest consumer areas, consuming about 67% of the SAP. The most important areas are often well-known international super absorbent resin production enterprises occupy the domestic new brands want to enter, can be described as difficult.

China’s absorption of health care products market to maintain the growth momentum, especially baby diapers and adult incontinence products. However, compared with the world level, the proportion of Chinese baby diapers and adult incontinence products is still small, in the two children policy liberalization, the aging of the population under the stimulation of the above two huge growth potential. With the population growth, people’s income level, the consumption of these products will continue to expand.

At present, China’s SAP industry is full of challenges, this is due to foreign well-known brands of high water absorbent resin supply influx, leading to the domestic market as a whole is extremely competitive. On the other hand, due to the domestic acrylic market presents a situation of excess capacity, so many acrylic production enterprises began to extend the downstream high absorbent resin industry, the domestic super absorbent resin market, the growing number of emerging brands, the market price showed a low Trend.

In 2017, SAP industry ushered in some new opportunities: First of all, China has increased the import tariffs on SAP products, and further enhance our domestic SAP brand market share; Secondly, many domestic SAP manufacturers in 2017 launched a new Products, with the improvement of product quality, more and more domestic domestic SAP brand into the well-known downstream enterprises at home and abroad. In addition, in April 2017, the China Petroleum and Chemical Industry Association Chemical New Materials Committee of Super Absorbent Resin (SAP) Working Group set up the first session of the General Assembly and the first high-absorbent resin industry development meeting held in Dalian City, the meeting And adopted the SAP Working Group regulations and organizational structure.

With the integration of acrylic and SAP industry continues to advance, the industry scale and technical level is also growing, excess capacity and market demand between the contradictions to further improve, I believe the acrylic and SAP industry will usher in a new development opportunities.

India’s Ministry of Commerce and Industry anti-dumping Bureau issued a notice on June 16, said its domestic industry applications, decided to China, the European Union, Kenya, Pakistan, Iran, Ukraine and the United States imports of soda ash initiated anti-dumping sunset review.

The survey is mainly related to the Indian Customs 283620 under the heading of the product, the investigation period from April 2016 to March 2017. Stakeholders may submit information to the Indian investigating authorities within 40 days from the date of filing.

An industry association executive said on Monday that about 12 new nickel smelters had ceased to operate in Indonesia, while other smelters were losing their jobs.

Jonatan Handojo, vice chairman of the Indonesian Smelter Association, said the thirteen smelters were “forced to stop production, as nickel prices fell to about $ 8,000 per tonne.” The thirteen smelters produced a total of 750,000 tonnes of nickel pig iron.

London Metal Exchange (LME) three-month nickel once hit a one-year low of $ 8,680 a tonne, which has fallen more than 10% this year.

Handojo added that in Indonesia, there are 12 other nickel smelters that can continue to produce, but they have suffered losses.

Indonesia introduced a policy in 2014 to limit the export of nickel ore, thus helping the construction of new smelters. That year, nickel hit a record high of $ 21,625 per tonne. The country at the beginning of this year canceled these provisions, allowing the export of nickel ore and bauxite in some cases.

Indonesian state miner Aneka Tambang resumed nickel ore exports last month.

Philippine and Indonesia’s nickel ore supply increased expectations, has been to make refined nickel prices under pressure.

In the world’s largest nickel supplier – the Philippines’ nickel ore production fell 51% in the first quarter, affected by the rain and the former environmental minister Regina Lopez ordered the suspension of mine operations.

But Lopez was removed from the legislators in May, and the successor of President Rodrige Duterte was welcomed by the miners. The country’s finance minister, Carlos Dominguez, has pledged to investors that they will no longer be able to shut down the mining operations.

According to the Russian satellite network on June 19 reported that the Russian oil company (Rosneft) experts in the La Putufi sea Hartanga Bay continental shelf drilling a exploration wells, found that the earth is full of oil.

Russian Minister of Environment and Natural Resources Sergei East Scoye said on June 18 that the oil field discovered by state-owned natural gas company Rosneft could be the largest oil and gas field on the continental shelf.

Earlier in the day, Rosneft said in a statement that the company had believed that they had discovered a fairly large new offshore oil field in the eastern part of the Arctic Ocean after the development of the approved Hartan block.

“I would like to extend my heartfelt congratulations to my colleagues that we can say that the oil field is very large and may be the largest oil field on the continental shelf,” he said in his social networking site Facebook.

Reported that in November 2015, Rosneft was allowed to carry out oil and gas development near the waters of Hatanga. In early April 2017, the company began drilling a drilling called “Central Olginskaya-1″.

The authorized development area is located at Khatangsky Bay on the sea of ​​Lapu Pfeiffer in the north of the Krasnoyarsk region. The area is very broad, about 17,217 square kilometers. Rosneft has 28 approved development sites on the bottom of the Arctic Ocean, with reserves of 34 billion tons of oil.

Since 2012, Rosneft has invested 100 billion rubles (about $ 11.8 billion) in the development of the Arctic Ocean,