The country's crude iron ore production jumped 5% from a year ago to 124.7 million tonnes (on a 58–65% Fe content basis tonnage is closer to 25m–30m) in June, data from the National Bureau of Statistics showed Wednesday. Year to date crude iron ore output is up 9.2%.

Number two producer Rio Tinto said in March 30m tonnes of domestic Chinese capacity had already returned to the market compared to the 140 million that exited over the previous three years.

China's refined copper production was up 12% percent from the same time last year to 768,000 tonnes, the highest rate in 18 months. If this rate of production is sustained 2017 would comfortably outpace last year's total of 8.44m tonnes of refined copper production.

China's smelters working at capacity helps to explain the decline in imports of refined metal. Data released last week showed China imported 2.23 million tonnes of copper in the first half of this year, down 18.4% compared to same period last year.

However, imports of copper concentrate continued to grow from record levels reached last year. June imports came in at 1.4m tonnes, up 4.4% compared to the same month last year, while imports for the first six months totalled 8.3 million tonnes, up 3.6%.

Zinc production was flat at 544,000 tonnes in June and down 1.2% for the first six months of the year, while lead production declined 4% to 437,000 tonnes for the month. For the first six months of the year, lead output is up 5% compared to H1 2016.

Data released on Monday showed Chinese steel output last month rose 5.7% from the year before to a record 73.23 million tonnes, surpassing April's all-time high of 72.78 million tonnes as Shanghai rebar prices hit three-and-half year highs.

Aluminium production jumped 7.4% year-on-year to 2.93 million tonnes in June, exceeding December's record of 2.89 million tonnes.

China is responsible for producing half the world's steel, consume more than 70% of the seaborne iron ore trade and some 45% of world copper output.

Congratulating the President on his election, Ambassador Galt expressed readiness to strengthen bilateral relations as 2017 marks the 30th anniversary of diplomatic relations between the US and Mongolia.

For his part, President Kh.Battulga proposed two certain issues for cooperation. The new President sought the US assistance in bringing back offshore money to Mongolia.

Secondly, the President addressed the issue of export of Mongolian-made knitted and sewn products to the US. He mentioned about a 1992 decision concerning tax-exempt export of knitted and sewn products to the country, saying that Mongolian companies couldn’t use the opportunity that time. The President inquired about possibilities to restart this business.

Ambassador Galt expressed willingness to help Mongolia fight corruption and expose illegal money in offshore regions, and said the issue regarding export will be studied. The Ambassador also informed the President of the US’ interest in working with Mongolia in agriculture and renewable energy spheres, adding that the first projects and programs are being realized. The Millennium Challenge Corporation’s Second Compact Agreement with Mongolia was also mentioned.

The sides discussed means of further solidifying bilateral relationship and possibilities of constructive economic cooperation. 
Kh.Aminaa

Total foreign trade turnover increased by USD 1.3 billion, in which, exports increased by USD 913.3 million, and imports, by USD 431.5 million against the same period of 2016.

In the first half of 2017, foreign trade surplus reached USD 1.2 billion, representing increase of USD 481.8 million from USD 693.3 million in the same period of 2016. The export rise of USD 913.3 million was due to increase of USD 960.9 million in mineral products export, particularly an increase of USD 989.2 million in coal export; however, export of precious metals decreased by USD 100.0 million.

The import increase of USD 431.5 million mainly reflected USD 148.2 million increase in mineral products import, especially, USD 108.0 million increase in diesel import and USD 30.1 million increase in petrol import, USD 99.1 million rise in machinery, equipment, electric appliances, USD 96.3 million increase in transport vehicles, their spare parts and USD 40.3 million in base metals.
Source: National Statistics Office
B.Amarsaikhan

With the decision, excise tax on gasoline with 90 or less octane is now MNT 160 thousand per ton and 90 or more octane is MNT 180 thousand per ton. Gasoline imported through Ereentsav border crossing will be paying MNT 30 thousand, while the diesel fuels will be paying MNT 50 thousand.

Ts.Dashdorj, Minister of Mining and Heavy Industry ordered B.Lkhagva, Head of the Authority for Fair Competition and Consumer Protection, to take actions on sustaining supply, import and retail price of gasoline and diesel fuel, as well as monitoring the implementation.

80 to 90 percent of the total fuel imports pass through Sukhbaatar, Zamiin-Uud and Altanbulag border crossings. When increasing the excise tax, the Government considered it possible for fuel importing entities to not increase retail price.

For instance, the research proved the possibilities for AI-80, AI-92, gasoline and diesel fuel importers to earn 0.5-6 percent net profit without increasing retail price. And can increase them up to 3-9 percent by better management and cutting cost.

The exchange rate of MNT against USD has weakened in the second half of last year, increasing the revenues of importing entities and setting the condition of retail price increase. Therefore, the Government is taking immediate actions and lowered the excise tax to stabilize the prize.

Since the situation has changed now, the Government decided to increase the excise tax without changing the price.
B.Tugsbilig

The decision comes amid suspicion that the major German automaker faked emissions test results.

Daimler officials made the announcement on Tuesday. They predict that the recall will cost about 220 million euros, or over 250 million dollars.

Prosecutors searched Daimler's offices in May over the alleged use of a type of software that keeps emissions of harmful substances low during tests.

Local media outlets reported this month that more than 1 million vehicles were affected.

Daimler Chairman Dieter Zetsche said in a statement that the public debate about diesel engines is creating uncertainty among customers.

He said that Daimler has decided to undertake additional measures to reassure drivers of diesel cars and to boost confidence in diesel technology.

The decision was made after ‘KT Corporation’ of the Republic of Korea made an offer to the Government of Mongolia on selling its 40 percent or 10 million 348 thousand 111 shares at the rate USD 2 million 550 thousand.

‘Mongolia Telecom Company’ operates 6 departments, 15 divisions, 4 branches in Ulaanbaatar and 23 branches in provinces, employing 856 staff. The Government of Mongolia owns 54.67 percent of its shares, and ‘KT Corporation’ owns 40 percent while 5.33 percent is owned by Mongolian and foreign nationals.

The company’s performance covers 25 percent of landline telephone market and 11.3 percent of broadband internet market. 
Kh.Aminaa