JAKARTA (TheInsiderStories) — Almost all export benchmark prices of the tariff imposed-mining products will be increased in December, amid shifting international price dynamics. Officials stipulated the price hike in Trade Minister Regulation number 107 for the year 2018.
Basic calculations for some benchmark price are based on Asian Metal, such as iron concentrate, laterite iron concentrate, iron sand concentrate, manganese concentrate, ilmenite concentrate, and rutile concentrate. While some others are sourced from London Metal Exchange, like copper concentrates, iron sand concentrate pellets, lead concentrates, zinc concentrate, nickel, and bauxite.
The export levy rose by a range of 0.06-8.42 percent. Iron concentrate, laterite iron concentrate, and sand iron concentrate prices surged by 8.42 percent. December’s average price of iron concentrate will be US$51.91/WE, laterite iron concentrate will be $26.52/WE, and sand iron concentrate will be $30.99/WE.
Ilmenite concentrate export benchmark price hiked by 2.16 percent to $209.09/WE and zinc concentrate increased by 0.28 percent to $683,97/WE. Meanwhile, copper concentrate has the smallest increase by 0.06 percent to $2,217.41/WE.
“Only lead concentrate, rutile concentrate, nickel, and bauxite have been declining,” said Director General of Foreign Trade, Oke Nurwan in a written statement.
The export benchmark price for lead concentrate, rutile concentrate, nickel, and bauxite also declined, ranging from 0.82-7.02 percent. Nickel prices had the highest downturn, declining by 7.02 percent to $16.93/WE.
Bauxite prices dropped by 4.86 percent to $26,41/WE. Additionally, lead concentrate and rutile concentrate decreased by 2.4 percent to $802,40/WE and 0.82 percent to $879,59/WE respectively.
In determining the benchmark price for mining products imposed with export tariff, Nurwan said that Trade Ministry has coordinated and received several suggestions from related institutions.
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