Ministry Of Trade Increases Export Rates For Cs Mining In May 2024

Director General of Foreign Trade Budi Santoso. (Photo: Doc. ANTARA)

JAKARTA - The Ministry of Trade (Kemendag) has raised the Export Patokan Price (HPE) for mining products for the period of May 2024. Mining products that increase from copper concentrate to zinc concessions.

The increase is regulated in the Decree of the Minister of Trade Number 572 of 2024 concerning the Determination of Export Patokan Prices for Mining Products Subjected to Exit Features issued on April 29, 2024.

Director General of Foreign Trade Budi Santoso explained, in the period May 2024, the price of mining products subject to exit duties (BK) had again experienced price fluctuations.

He said this price fluctuation was influenced by the level of demand for mining products in the world market and ultimately affected the determination of the Export Patokan Price (HPE).

The price fluctuation for mining product commodities imposed by the BK occurred again in the May 2024 period. The copper concentrate and zinc concentrate commodities still show an upward trend in prices like the previous period with a significant increase," he said in an official statement, Thursday, May 2.

"Meanwhile, for concentrat iron laterite and lead concentrate commodities, prices have decreased," he continued.

Budi also detailed mining products that experienced an average price increase in the May 2024 period, namely the copper concentrate (Cu more than 15 percent) with an average price of 3,689.77 US dollars per WE, an increase of 7.93 percent.

"Then the zinc concentrate (Zn more than 51 percent) with an average price of 676.71 per WE or an increase of 6.68 percent," he explained.

Meanwhile, Budi continued, mining products that experienced an average decline in prices in the May 2024 period were laterite, quantite, hematite, and magnetite iron concentrates (Fe more than 50 percent and Al2O2+ SiO2 more than 10 percent) with an average price of 46.51 US dollars per WE or a decrease of 9.32 percent.

"And a lead concentrate (Pb of more than 56 percent) with an average price of 852.33 US dollars per WE or a decrease of 0.85 percent," he said.

Budi said that the determination of HPE mining products for the period of May 2024 was carried out by first asking for input or written proposals 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 from various data sources from the Asian Metal, London Bullion Market Association (LBMA), and the London Metal Exchange (LME)," he said.

Furthermore, Budi said, HPE was deposited with a coordination meeting between related 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.

Keputusan Menteri Perdagangan Nomor 572 Tahun 2024 tentang Harga Patokan Ekspor Atas Produk Pertambangan Yang Dikenakan Bea Keluar periode 1 hingga 31 Mei dapat diunduh melalui https://jdib.kemendag.go.id/peraturan/detail/2992/1.