Mongolia's state-run miner Erdenes Tavan Tolgoi JSC (ETT) conducted its inaugural listing on the Mongolian Stock Exchange on March 19 for the sale of 128,000 tonnes of coking coal in 20 lots destined for China's Mandula port.
Three buyers participated in the electronic coal auction, conditional on delivery to Mandula port. The starting bid was set at $143.7/t and eventually closed at $160.2/t. This marked ETT has sold 3.93 million tonnes of coal on the stock exchange, totaling $519 million.
Previously, coal trading on the exchange was conducted with delivery to China's Ganqimaodu port. With the successful coal trades on delivery to Mandula port, Mongolia has opened up a new avenue for export, creating opportunities for increased coal exports.
In 2023, the Mongolian Stock Exchange traded a total of 14.9 million tonnes of coal and 604,800 tonnes of iron ore concentrate, generating sales of $2.2 billion.
By far, the exchange has over 270 registered buyers, with over 90% originating from China's mainland, and the rest from Kazakhstan, China's Hong Kong, and South Korea.
(Writing by Alex Guo Editing by Harry Huo)
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