Indonesian government set the benchmark  price for crude palm oil (CPO) products for export duty is US$1,026.78 per metric ton (MT) of CPO in February 2021 - Photo: Special

JAKARTA (TheInsiderStories) – Indonesian government set the benchmark  price for crude palm oil (CPO) products for export duty is US$1,026.78 per metric ton (MT) of CPO in February 2021. The reference price has increased by 7.87 percent compared to January a $951.86 a MT of CPO.

“Currently, the CPO reference price has far exceeded the threshold of $750 per MT and for that, the government wearing the export levy of $93 a MT for February,” said the director general at trade ministry, Didi Sumedi in an official statement released on Sunday (01/31).

He added, the export levy higher than January amounting to $74 per MT of CPO. While, the reference price for cocoa beans of $2,537.37 a MT or down 3.81 percent from the previous month, which was $2,637.93 per MT.

This has an impact on the decline in the benchmark price for cocoa beans in February at $2,249 a MT, lowered 4.17 percent from the previous month at $2,347 per MT. The decreased has no impact on the export levy for cocoa beans, remains at 5 percent.

He also reported, the prices of several mining products showed a positive trend amid the COVID-19 pandemic, indicated by a price increase of some commodities due to higher demand in global markets. A number of mining products imposed by export levy are copper concentrate, iron concentrate, laterite iron concentrate, iron sand concentrate, iron sand concentrate pellet, manganese concentrate, lead concentrate, zinc concentrate, ilmenite concentrate, rutile concentrate, and bauxite which have been do the washing.

Compared to the previous month, the mining products experienced price increases in February was copper concentrate (Cu ≥ 15 percent) with an average price $3,111.97/WE or rose by 3.45 percent. Ferrous concentrates (hematite, magnetite) (Fe ≥ 62 percent and ≤ 1 percent TiO2) with around $148.03/WE or up by 19.34 percent.

Laterite iron concentrates (gutite, hematite, magnetite) with levels (Fe ≥ 50 percent and (Al2O3 + SiO2) ≥ 10 percent) with an average price of $75.64/WE or jumped by 19.34 percent. Then, manganese concentrate (Mn ≥ 49 percent) with an average price of $208.00/WE or an increase of 2.52 percent.

Iron sand concentrate (lamella magnetite-ilmenite) (Fe ≥ 56 percent) with average prices $88.39/WE or an increased by 19.34 percent, ilmenite concentrate (TiO2 ≥ 45 percent) was $339.00/WE or jumped by 4.26 percent, and rutile concentrate (TiO2 ≥ 90 percent) with an average price of $926.52/WE or rose by 6.16 from January.

The products had decreased compared to the previous month were lead concentrate (Pb ≥ 56 percent) with an average price of $818.19/WE or down by 2.72 percent, zinc concentrate (Zn ≥ 51 percent) $750.92/WE or dropped by 0.60 percent, and bauxite that has been washed (washed bauxite) (Al2O3 ≥ 42 percent) with the average price was $27.09/WE or decreased by 0.18 percent.

The ministry also reported, iron sand concentrate pellets (lamella magnetite-ilmenite) (Fe ≥ 56 percent) with average prices $88.39/WE increased by 19.34 percent, ilmenite concentrate (TiO2 ≥ 45 percent) was $339.00/WE or up by 4.26 percent, and rutile concentrate (TiO2 ≥ 90 percent) at $926.52/WE or rose 6.16 percent from January.

The products that had decreased were lead concentrate (Pb ≥ 56 percent) with an average price of $818.19/WE or dropped by 2.72 percent, zinc concentrate (Zn ≥ 51 percent) of $750.92/WE or down by 0.60 percent, and bauxite that has been washed (washed bauxite) (Al2O3 ≥ 42 percent) was $27.09/WE or decreased by 0.18 percent from the prior month.

In addition, the iron sand concentrate pellets (lamella magnetite-ilmenite) (Fe ≥ 54 percent) with an average price $117.98/WE did not change.

Written by Editorial Staff, Email: theinsiderstories@gmail.com