The government has raised the benchmark price of most mining products exports duty for December - Photo: Special.

JAKARTA (TheInsiderStories) – The government has raised the benchmark price of most mining products exports duty for December, the trade ministry has announced on Tuesday (12/03). It said the global fluctuations prices affected this month’s increase. The provision was stipulated in the trade minister regulation number 89 of 2019, dated 29 November 2019.

“The benchmark export prices of most mining products have increased due to international price fluctuations. Products of copper concentrate, lead concentrate, zinc concentrate, ilmenite concentrate, rutile concentrate, and bauxite have increased,” director general of foreign trade Indrasari Wisnu Wardhana said in an official statement.

In detailed, copper concentrates (Cu ≥ 15 percent) with an average price of US$2,355.41/WE or an increase of 1.07 percent from the previous month. Lead concentrate (Pb ≥ 56 percent) rise 0.89 percent at $882.63/WE, zinc concentrate (Zn ≥51 percent) went up 11.13 percent to $655.58/WE.

Then, ilmenite concentrate (TiO2≥ 45 percent) increased by 3.64 percent to $252.46/WE, rutile concentrate (TiO2≥ 90 percent) jumped 2.72 percent to $987.20/WE and washed bauxite (Al2O3≥ 42 percent) rise by 2.20 percent at $23.73/WE.

In the opposite, some products fall than prior month includes iron concentrate (hematite, magnetite) (Fe ≥ 62 percent ≤ 1percentTiO2) by 9.03 percent to 70.04 /WE, laterite iron concentrate (gutite, hematite, magnetite) with levels (Fe ≥ 50 percent (Al2O3 + SiO2) ≥ 10 percent) by 9.03 percent $35.79/WE.

Then, manganese concentrate (Mn ≥ 49 percent) down by 11.10 percent to $199.60/WE. Iron sand concentrate (Lamela magnetite-ilmenite) (Fe ≥ 56 percent) decreased by 9.03 percent to $41.82/WE, and Nickel (Ni <1.7 percent) down 7.73 percent to $23.31/WE.

“Meanwhile, iron sand concentrate (Lamela magnetite-ilmenite) pellets (Fe ≥ 54) with $117.98/WE did not change,” Wardhana said adding that the price determination was taken after account various inputs and coordination from various related agencies.

The price calculation for iron concentrate, laterite iron concentrate, iron sand concentrate, manganese concentrate, ilmenite concentrate, and rutile concentrate are sourced from Asian Metal and Iron Ore Fine Australian.

Whereas copper concentrate, iron sand concentrate pellet, lead concentrate, zinc, nickel and bauxite concentrate are sourced from the London Metal Exchange (LME), Wardhana ended.

Written by Lexy Nantu, Email: lexy@theinsiderstories.com