ASIATODAY.ID, JAKARTA – The Ministry of Trade of the Republic of Indonesia has determined the benchmark export price (HPE) for mining commodities subject to export duties for the period June 2024.
Director General of Foreign Trade at the Ministry of Trade, Budi Santoso, said that all mining product commodities that are subject to export duties will show an increase in prices in the June 2024 period because they are influenced by the level of demand for these commodities in the global market.
“This increase is influenced by the level of demand for these mining commodities on the world market, thereby influencing the determination of Export Benchmark Prices (HPE),” said Budi in his statement, quoted on Sunday, June 16 2024.
The HPE for the June 2024 period is regulated in Minister of Trade Decree No. 781/2024 concerning HPE for Mining Products Subject to Export Duty. This decision was issued and takes effect from 14 June 2024 to 30 June 2024.
Mining commodities that experienced an increase in average prices for the period June 2024 were copper concentrate, iron laterite, lead and zinc. In detail, copper concentrate (Cu ≥ 15%) with an average price of US$ 3,890.35/WE or an increase of 5.69% and laterite iron concentrate (gutite, hematite, magnetite) (Fe ≥ 50% and Al2O2 + SiO2 ≥ 10%) with an average price of US$ 51.47/WE or an increase of 10.65%.
Then, lead concentrate (Pb ≥ 56%) with an average price of US$ 897.64 /WE or an increase of 5.32% and zinc concentrate (Zn ≥ 51%) with an average price of US$ 805.84 /WE or an increase of 19.08%.
Budi said that the determination of HPE for mining products in this period was carried out after requesting input and written proposals from the Ministry of Energy and Mineral Resources.
“Before making this proposal, the Ministry of Energy and Mineral Resources calculated data based on prices obtained from data from Asian Metal, the London Bullion Market Association (LBMA), and the London Metal Exchange (LME),” he said.
The HPE is then determined in a coordination meeting between related agencies consisting of the Ministry of Trade, Ministry of Energy and Mineral Resources, Coordinating Ministry for Economic Affairs, Coordinating Ministry for Maritime Affairs and Investment, Ministry of Finance, and Ministry of Industry. (ATN)
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