Ministry Of Trade Increases Export Patokan Prices For Copper Consetrates To Seng In July 2024

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

JAKARTA - The Ministry of Trade (Kemendag) has raised the price of export benchmarks (HPE) for mining products in the period July 2024. Starting from copper concentrate to zinc.

The determination of the benchmark price is regulated in the Decree of the Minister of Trade Number 805 of 2024 concerning Export Patokan Prices on Mining Products Subjected to Exit Features issued on June 14, 2024.

Director General of Foreign Trade Budi Santoso said this increase was influenced by the level of demand for mining products in the world market so that it affected the determination of HPE.

"The majority of mining product commodities imposed by BK still experienced an increase in prices in the July 2024 period when compared to the previous period. The increase in the price of mining products was due to increased demand in the world market," he said in an official statement, Sunday, June 30.

The commodities that experienced price increases in this period were copper concentrate, lead concentrate, and zinc concentrate. As for the later iron concentrate, the price has decreased in this period," he continued.

In detail, mining products that experienced an average price increase for the July 2024 period were copper concentrate (Cumen 15 percent) with an average price of 3,919.08 US dollars per WE, an increase of 0.76 percent.

Then, the lead concentrate (Pb same as 56 percent) with an average price of 903.55 US dollars per WE or an increase of 0.66 percent, and a concentrat zinc (Zn Laughs 51 percent) with an average price of 811.19 US dollars per WE or an increase of 0.66 percent.

Meanwhile, concentrat besi laterit mengalami penurunan harga rata-rata pada periode Juli 2024.

Where the laterite iron concentrate (gulit, hematite, magnetite) (Femen's 50 percent and Al2O2 + SiO2 10 percent) are recorded at an average price of 49.79 US dollars per WE or a decrease of 3.26 percent.

Budi said that the determination of HPE mining products for the July 2024 period 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.

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

"Furthermore, HPE is set 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," he explained.