Ministry Of Trade: The Majority Of Natural Mining Products Lower Prices In February 2024

Illustration. (Photo: Doc. Antara)

JAKARTA - The Ministry of Trade (Kemendag) said that the majority of mining product commodities subject to exit duties (BK) experienced a price reduction compared to the February 2024 period.

The Director General of Foreign Trade, Ministry of Trade, Budi Santoso said, the decline in prices was due to the decline in demand for these products in the world market. This has an effect on the determination of the Export Patokan Price (HPE) for mining products imposed by the BK for the March 2024 period.

"The majority of mining product commodities imposed by export duties for the March 2024 period experienced a decline in prices compared to the previous period," Budi said in a statement in Jakarta, quoted from Antara, Saturday, March 2.

Mining products that experienced an average decline in prices in the March 2024 period, namely a copper concentrate (Cumen 15 percent) with an average price of 3,304.43 US dollars per WE or a decrease of 0.75 percent, a laterite iron concentrate (gute, hemat, magnetite) (Fe 50 percent and Al2O2 + SiO2 10 percent) with an average price of 58.81 US dollars per WE or a decrease of 3.81 percent, and a zinc concentrate (Zn 51 percent) with an average price of 634.17 US dollars per WE or a decrease of 4.00 percent.

Meanwhile, mining products that experienced an average price increase in the March 2024 period, namely lead concentrate (Pb. 56 percent) with an average price of 868.81 US dollars per WE, an increase of 3.19 percent.

The determination of HPE mining products for the period March 2024 was carried out by first asking for written input/proposal from the Ministry of Energy and Mineral Resources (ESDM) as the relevant technical agency.

The Ministry of Energy and Mineral Resources has submitted a proposal after calculating data based on prices obtained on developments from the Asian Metal, London Bullion Market Association (LBMA), and the London Metal Exchange (LME).

Furthermore, HPE was determined after a coordination meeting between relevant agencies, namely the Ministry of Trade, the Ministry of Energy and Mineral Resources, the Coordinating Ministry for Economic Affairs, the Coordinating Ministry for Maritime Affairs and Investment, the Ministry of Finance, and the Ministry of Industry.