The Ministry of Trade's recent market analysis has revealed a notable trend in the pricing dynamics of key mining commodities, indicating a prevailing decrease in prices across a majority of products during the initial weeks of March 2024.

This downward price trajectory has been attributed to a confluence of factors, primarily characterized by a subdued demand for these commodities in the global marketplace. As a result, the determination of Export Reference Prices (HPE) for mining products subjected to export duties in March 2024 reflects this prevailing market sentiment.

A closer examination of the pricing data reveals that several vital mining products have experienced a discernible decline in their average prices during this period. Notably, copper concentrate (Cu ≥ 15 percent), iron laterite concentrate (Fe ≥ 50 percent and Al2O2 + SiO2 ≥ 10 percent), and zinc concentrate (Zn ≥ 51percent) have all recorded notable price decreases, reflecting a challenging market environment characterized by subdued demand dynamics. Conversely, lead concentrate (Pb ≥ 56 percent) has witnessed a modest price increase, underscoring the nuanced pricing dynamics within the mining sector.

The determination of HPE for mining products in March 2024 was preceded by a meticulous process involving input and proposals from the Ministry of Energy and Mineral Resources (ESDM), serving as the technical authority in this domain. Leveraging comprehensive data sourced from reputable institutions such as Asian Metal, London Bullion Market Association (LBMA), and London Metal Exchange (LME), the Ministry of ESDM provided invaluable insights to inform the pricing decisions.

This collaborative effort culminated in a thorough deliberation involving key stakeholders, including the Ministry of Trade, ESDM, the Coordinating Ministry for the Economy, the Coordinating Ministry for Maritime Affairs and Investment, the Ministry of Finance, and the Ministry of Industry. The collective endeavor aimed to ensure a judicious and equitable determination of Export Reference Prices that align with prevailing market dynamics while fostering a conducive environment for sustainable growth and development within the mining sector.