JAKARTA – The Ministry of Commerce (MoD) has increased the export reference price (HPE) of mining products in the period July 2024. From copper concentration to zinc.
The setting of the reference price is regulated in the Decree of the Minister of Commerce No. 805 of 2024 on the Export Reference Price for Dutiable Mineral Products, published on June 14, 2024.
The Director General of Foreign Trade, Budi Santoso, said that this increase was influenced by the level of demand for mining products in the global market so that it affects the determination of the HPE.
“The majority of mining commodities carried by BK are still seeing higher prices in the July 2024 period compared to the previous period. The increase in the price of these mining commodities is due to the increase in demand in the global market,” he said in an official statement on Sunday, June 30.
“The products that saw an increase in prices during this period, namely copper concentrate, lead concentrate and zinc concentrate. Regarding laterite iron concentrates, it has seen a decline in prices during this period,” he continued.
In detail, the mining products which experienced an average increase in price for the period of July 2024 are a copper concentrate (Cu 15%) with an average price of 3,919.08 US dollars per EES, an increase of 0 .76%.
Next, lead concentrate (Pb 56%) with an average price of 903.55 US dollars per OEM or increased by 0.66%, and zinc concentrate (Zn 51%) with an average price of 811.19 dollars by OEM or increased by 0.66%.
Meanwhile, laterite iron concentration saw an average price decline during the period from July 2024.
When laterite (kutite, hemamitite, magneite) iron concentration (Fe 50% and Al2O2 + SiO2 10%) was recorded with an average price of 49.79 US dollars per OEM, down 3.26%.
Budi said the determination of HPE mining products for the July 2024 period was carried out by first requesting a written input or proposal from the Ministry of Energy and Mineral Resources (ESDM) as the relevant technical agency .
Before giving the proposal, he continued, the Ministry of Energy and Mineral Resources carried out calculations of price data obtained from Asian Metals Data, London Market Association ( LBMA) and the London Metal Exchange (LME).
“Furthermore, the HPE was designated during a coordination meeting between relevant agencies consisting of the Coordinating Ministry of Economic Affairs, the Coordinating Ministry of Maritime Affairs and Investment, the Ministry of Commerce, the Ministry of energy and mineral resources, the Ministry of Finance and the Ministry of Industry,” he explained.
Tag: Ministry of Trade, Economy
