The ministry's Director General of Foreign Trade Budi Santoso remarked that the price rise was due to increasing demand for mining products, such as copper concentrate, laterite iron concentrate, and zinc concentrate, in the world market.
"Majority of the mining product commodities subject to export duties for February 2024 period experienced an increase in price as compared to the previous period," Santoso noted in a statement from Kemendag in Jakarta, Friday.
"Meanwhile, lead concentrate in this period is still experiencing a decline," he said.
The increase in mining prices has an impact on the determination of Benchmark Price (BP) for mining products that are subject to Export Duty for the February 2024 period.
Mining products that experienced an average price increase in the February 2024 were copper concentrate (Cu ≥ 15 percent), with an average price of US$3,329.80 per WE, or an increase of 0.73 percent.
Other mining products that recorded an increase in average price included laterite iron concentrate (Fe ≥ 50 percent and Al2O2 + SiO2 ≥ 10 percent), with an average price of US$61.14 per WE, or a rise of 2.22 percent, and zinc concentrate (Zn ≥ 51 percent), with an average price of US$660.57 per WE, or rose 1.92 percent.
Meanwhile, the mining product that experienced a decrease in average price in February 2024 was lead concentrate (Pb ≥ 56 percent), with an average price of 841.96 dollars per WE, or a decline of 2.39 percent.
Determination of BP for mining products for February 2024 was carried out by first requesting written inputs and suggestions from the Ministry of Energy and Mineral Resources (ESDM) as the relevant technical ministry.
The ESDM Ministry made a proposal after calculating data based on price developments obtained from Asian Metal, London Bullion Market Association (LBMA), and London Metal Exchange (LME).
Subsequently, the determination of BP was carried out after a coordination meeting between related ministries: Trade Ministry, ESDM Ministry, Coordinating Ministry for Economic Affairs, Coordinating Ministry for Maritime Affairs and Investment, Finance Ministry, and Industry Ministry.
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Translator: Maria Cicilia Galuh Prayudhia, Cindy Frishanti Oct
Editor: Tia Mutiasari
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