the statistic bureau has an agenda to releases the export import data Indonesia in March - Photo by Trade Ministry Office

JAKARTA (TheInsiderStories) – International price fluctuations has affected the benchmark price of mining products for the November 2020 period, said trade ministry on Thursday (10/30). Compared to the previous period, mining products experienced an increase in average prices in the period November 2020 is manganese concentrate (Mn≥49 percent) with an average price US$213.63/WE or up 1.04 percent

Then, ilmenite concentrate (TiO2≥45 percent) with an average price of $289.35/WE, jumped 1.96 percent from previous month. And washed bauxite (Al2O3 ≥ 42 percent) with an average price of $23.88/WE or increased 1.12 percent from month ago.

However, said the director general for foreign trade at the ministry, Didi Sumedi, copper concentrate, iron concentrate, laterite iron concentrate (gutite, hematite, magnetite), lead concentrate, zinc concentrate, iron sand concentrate, and concentrate rutile has decreased due to the unstable industry as a result of the

Price of products have been decreased compared to the previous period were copper concentrate (Cu≥15 percent) with an average price of $2,850.77/ WE or down by 1.77 percent. Ferrous concentrates (hematite, magnetite) (Fe≥62 percent and ≤1 percent TiO2) with an average price of 103.10/WE or down 6.40 percent; laterite iron concentrate (gutite, hematite, magnetite) with levels (Fe≥50 percent and (Al2O3 + SiO2) ≥10 percent) with an average of $52.68/WE, dropped 6.40 percent from October.

Lead concentrate (Pb≥56 percent) at a price an average of $740.22/WE, fell by 6.64 percent from prior month. Zinc concentrate (Zn≥51 percent) at $597.68/WE or decreased by 7.05 percent compared to previous month.

iron sand concentrate (lamella magnetite-ilmenite) (Fe≥56 percent) with an average price of $61.56/WE or a dropped by 6.40 percent and rutile concentrate (TiO2≥90 percent) at $848.44/WE or down 0.89 percent. While, iron sand concentrate pellets (lamella magnetite-ilmenite) (Fe≥54) with an average price $117.98/WE did not change.

Currently, Indonesian miner are obliged to carry out further exploration accompanied by the preparation of mineral and coal reserve fund through Law Number 3 of 2020 concerning minerals and coal. The government still calculate the amount of the reserve funds. 

Some input from the Indonesian Geological and Mining Association is around 1 percent of the net profit, he adds. Currently, several countries have set the amount of reserve funds around 2.5 – 10 percent of the miner’ net profit.

Developed countries have even set a higher percentage of the allocation of these mandatory funds. The government, Arif revealed, also considered the scale of the company as a determinant of the amount of the funds and it hoped will not interfere their cash flow.

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