Export Export Export Prices For Mining Products Rise In August 2023

Illustration (Photo: Doc. Antara)

JAKARTA Export Patokan Prices (HPE) of all mining products imposed by Customs and Exit (BK) for the August 2023 period have increased when compared to the period 19 to 31 July 2023.

This increase was due to an increase in demand for mining products in the world market. The HPE was determined through the Decree of the Minister of Trade Number 1263 of 2023 concerning the Determination of Export Patokan Prices on Mining Products Subjected to Import Duty on July 25, 2023.

"All mining product commodities subject to exit duties for the August 2023 period experienced an increase in prices after previously showing a decline in the previous period," said Director General of Foreign Trade Budi Santoso, in Jakarta, Wednesday, August 2.

Furthermore, Budi said the commodities that experienced an increase were copper concentrate, later iron concentrate, lead concentrate, and zinc concentrate.

The HPE increase for copper concentrate (Cu 15 percent) with an average price of USD 3,252.26/WE, is 0.41 percent; laterite iron concentrate (gutet, hematite, magnetite) (Fe 50 percent and Al2O2 + SiO2 10 percent) with an average price of 49.28 US dollars per WE (4.49 percent); lead concentrate (Pb polit, hemat, magnetite) with an average price of 872.01 US dollars per WE (2.07 percent); as well as zinc concentrate (Zn ming 51 percent) with an average price of 589.87 US dollars per WE (0.54 percent).

Budi revealed that the HPE determination for the August 2023 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.

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

"Furthermore, the HPE was determined after a coordination meeting between related agencies consisting of 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," concluded Budi.