Tuesday, July 16, 2024

Majority of mining commodity export prices rise in July 2024

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The Ministry of Trade has reporeds that the prices of most mining commodities subject to export duties have increased due to rising global demand, influencing the export reference prices (HPE).

The average price increases for mining products in July 2024 include copper concentrate (Cu ≥ 15 percent) up by 0.76 percent to US$3.919,08 (Rp64 million) per WMT, lead concentrate (Pb ≥ 56 percent) up by 0.66 percent to US$903.55 per WMT, and zinc concentrate (Zn ≥ 51 percent) up by 0.66 percent to US$811.19 per WMT.

These reference prices are set forth in the Minister of Trade’s Decree No. 805/2024 on Export Reference Prices for Mining Products Subject to Export Duties, issued on June 14, 2024.

“Most mining commodity prices subject to export duties have increased in July 2024 compared to the previous period. This price increase is due to rising demand in the global market,” Director General of Foreign Trade, Budi Santoso, said in a press statement on Monday, July 1, 2024.

Budi also mentioned that there is a mining commodity HPE that experienced a decrease in July 2024, specifically laterite iron ore concentrate (gutit, hematite, magnetite) (Fe ≥ 50 percent and Al2O2 + SiO2 ≥ 10 percent), which fell by 3.26 percent to US$49.79 per WMT.

The establishment of the HPE for mining products for July 2024 was made upon receiving written input from the Ministry of Energy and Mineral Resources (ESDM) as the relevant technical authority.

Before providing their input, the Ministry of ESDM calculated the data based on prices obtained from Asian Metal, the London Bullion Market Association (LBMA), and the London Metal Exchange (LME).

The HPE was then established in a coordination meeting involving the Coordinating Ministry for the Economy, the Coordinating Ministry for Maritime Affairs and Investment, the Ministry of Trade, the Ministry of ESDM, the Ministry of Finance, and the Ministry of Industry.

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