Global fluctuations affect benchmark export prices of May 2019

Jakarta (ANTARA) – Fluctuating global prices have impacted the benchmark export prices of mining products subject to export tax for May 2019.

The benchmark export prices (HPE) of mining products have risen and plummeted owing to the fluctuating international prices, Director General of Foreign Trade from the Ministry of Trade Oke Nurwan remarked in a statement received in Jakarta, Friday.

The provision of HPE is stipulated in Trade Ministerial Regulation No. 31 of 2019 on determining the HPE for mining products subject to export levy, effective from May 1.

Nurwan explained that the HPE provision for May 2019 was outlined after taking into account several penned feedback and coordinating with the concerned agencies.

Export taxes are imposed on mining products: copper concentrate, iron concentrate, laterite iron concentrate, iron sand concentrate, iron sand concentrate pellet, manganese concentrate, lead concentrate, zinc concentrate, ilmenite concentrate, rutile, and nickel and bauxite concentrate that had been washed.

With the regulation coming into effect, the benchmark export prices of several commodities shifted in comparison with April 2019.

The rise in HPE of 0.22 percent was witnessed in manganese concentrate; zinc concentrate, 8.90 percent; and rutile concentrate, 0.37 percent.

Meanwhile, the HPE of some mining products tumbled, including copper concentrate, with a 0.63 percent drop; lead concentrate, 4.81 percent; ilmenite concentrate, 0.79 percent; and bauxite concentrate, 0.05 percent.

Stability in HPE was observed for iron concentrate, laterite iron concentrate, iron sand concentrate, iron sand concentrate pellet, and nickel.

Calculations of the HPE basic prices for iron concentrate, laterite iron concentrate, iron sand concentrate, manganese concentrate, ilmenite concentrate, and rutile concentrate are based on the Asian Metal prices index.

Furthermore, the HPE basic prices for copper concentrate, iron sand concentrate pellet, lead concentrate, zinc concentrate, nickel, and bauxite concentrate are computed on the basis of the London Metal Exchange prices index.

Source: ANTARA News