Mining Product Prices Rise In July 2024, Global Demand Is High

Illustration - Examination of ferronickel seeds belonging to PT Aneka Tambang (ANTAM) which is ready to be exported at Pomala Port, Kolaka, Southeast Sulawesi. (ANTARA PHOTO)

JAKARTA - The Ministry of Trade (Kemendag) reports that the majority of mining product commodities subject to exit duties (BK) still show price increases in the period July 2024.

According to the Director General of Foreign Trade, Budi Santoso, this price increase was influenced by the high demand for mining products in the world market, which had an impact on determining the Export Patokan Price (HPE).

"The majority of mining product commodities imposed by BK are still experiencing price increases in the July 2024 period when compared to the previous period," Budi said in a statement in Jakarta, citing ANTARA, Saturday, June 29.

Commodities that experienced price increases in this period, namely copper concentrate, lead concentrate, and zinc concentrate, while for laterite iron concentrate, the price has decreased.

Mining products that experienced an average price increase for the July 2024 period were copper concentrate (Cu Laughs 15 percent) with an average price of 3,919.08 US dollars per WE, an increase of 0.76 percent, a lead concentrate (Pb Laughs 56 percent) with an average price of 903.55 US dollars or an increase of 0.66 percent, and a zinc concentrate (Zn Laughs 51 percent) with an average price of 811.19 US dollars per WE, an increase of 0.66 percent.

Meanwhile, mining products that experienced a decrease in the average price for the July 2024 period were laterite iron concentrate (gulit, hematite, magnetite) (Fe Laugh 50 percent and Al2O2 + SiO2 10 percent) with an average price of 49.79 US dollars per WE or a decrease of 3.26 percent.

The determination of HPE mining products for the period July 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.

Prior to providing the proposal, the Ministry of Energy and Mineral Resources carried out data calculations based on prices obtained from data from Asian Metal, the London Bullion Market Association (LBMA), and the London Metal Exchange (LME).

Furthermore, HPE was appointed in a coordination meeting between related agencies consisting of the Coordinating Ministry for Economic Affairs, the Coordinating Ministry for Maritime Affairs and Investment, the Ministry of Trade, the Ministry of Energy and Mineral Resources, the Ministry of Finance, and the Ministry of Industry.