Trade ministry issues export reference price of mineral concentrates for July
Monday, June 30 2014 - 06:01 AM WIB
The Ministry of Trade has issued the export reference price (better known here as HPE) on certain mineral concentrates for the period of July, the ministry said in a statement.
Director General for Foreign Trade at the ministry Bachrul Chairi said that the ministry has issued Regulation No 29/M-DAG/PER/6/2014 on the export reference price on Thursday.
?The issuance of the HPE for the period of July 2014 is conducted after noting the official suggestions and the results of meeting of related technical-institutions, particularly in responding to the development of commodity prices bot at domestic and offshore markets,? he said in the statement on Friday.
The export reference price will be used as the basis in determining the export duty of the mineral concentrates by the government.
Under the export ban on mineral ores slapped on Jan. 12 of this year, there are some so-called mineral concentrates still allowed to be exported until 2017 as long as they meet the minimum purity requirement and pay export tariff.
The concentrates include copper, zinc, lead, manganese, ilmenite, iron ore and titanium.
The director general said that the HPE is calculated by using a formula based on Asian Metal and London Metal Exchange prices.
The export reference price for copper in July has been determined at an average of US$1,857.20/WMT, for iron ore (gutit/laterite) at an average of $27.35/WMT, manganese at an average of $169.46/WMT, lead at an $867.17/WMT, Zinc at an average of $501.56/WMT. The prices are mostly lower than the levels in June, the statement said.
For concentrates of iron (hematite, magnetit, pirit), iliminate and titanium, their export reference prices for July are still similar with the prices in June.
Editing by Reiner Simanjuntak