JAKARTA (TheInsiderStories) – Indonesian government elevated benchmark price for several types of mining productscrude palm oil, and cocoa beans, said the government official on Thursday (05/02).

According to the director general of foreign trade Oke Nurwan, based on MinisterTrade Regulation Number 31 Year 2019, dated April 25, the average price increase of manganese concentrate is 0.22 percent US$294.14/WE. Then, zinc concentrate with an average price $824.06/WE, up 8.90 percent from last month. While, rutile concentrate of $896.46/WE or rose 0.37 percent from April.

“The benchmark price of mining product exports has increased and decreased. This is due to international price fluctuations,” she noted in an official statement.

While products that experienced a decline including copper concentrate with an average price of $2,332.41/WE or down 0.63 percent, lead concentrate at $813.53/WE or down 4.81 percent, ilmenite concentrate at $216.31/WE or down by 0.79 percent, and bauxite at $25.19/WE or down 0.05 percent.

“For iron concentrate, laterite iron concentrate, sand concentrate and iron sand pellet concentrate, and Nickel does not change,” she explained.

While copper concentrates, iron sand concentrate pellets, lead concentrates, zinc, nickel and bauxite concentrates are based on the price of the London Metal Exchange (LME), Nurwan described

In addition, she said, the reference price of the CPO product for in May rose 0.91 percent to $568.12 per metric ton (MT), which was price at $573.31/MT in previous month.

“At present the CPO reference price remains at the level below $ 750/MT. For this reason, the government imposes a CPO export duty of $0/MT for the period May 2019, ” Nurwan stated.

Meanwhile, the reference price of cocoa beans at $2,328.05/MT, up 4.49 percent from March at $2,228.03/MT. This had an impact on strengthening the benchmark price of cocoa bean exports in May to $2,045/MT, or lift 5.03 percent from the previous month of $1,947/MT.

“Increasing the reference price of CPO and cocoa beans is due to the strengthening of international prices. This increase does not affect the export duty of cocoa beans which is still 5 percent,” Nurwan reveled.

Then, benchmark export prices and export duties for wood products and leather products have not changed from the previous month’ period. Export duties for wood products and leather products are listed in Appendix II Letter A Minister of Finance Regulation No. 13/PMK.010/2017.

Written by Daniel Deha, Email: daniel@theinsiderstories.com