Peraturan Menteri Perdagangan 46/2025 (Peraturan Menteri Perdagangan Nomor 46 Tahun 2025 tentang Tata Cara Penetapan Harga Patokan Ekspor dan Harga Referensi atas Produk Pertambangan yang Dikenakan Bea Keluar) is an Indonesian regulation of the Minister of Trade that sets the procedure for fixing the export benchmark price (Harga Patokan Ekspor, HPE) and the reference price (Harga Referensi, HR) of mining products subject to export duty. It was signed by Trade Minister Budi Santoso on 17 December 2025 and took effect on its promulgation on 22 December 2025.^[1][2] It is part of the field described at mining and energy regulation in Indonesia and of trade and commodity regulation in Indonesia.

The regulation makes the HPE the basis of the export price used to calculate export duty, and the HR the basis for setting the duty rate. Both are fixed periodically by the Director General of Foreign Trade on the minister's behalf, after coordination with other ministries and agencies and, where one is made, a proposal from the Minister of Energy and Mineral Resources.^[3][4] It replaced Permendag 8/2023, which had governed export benchmark prices alone, together with its 2025 amendment.^[5] CRPG's regulatory tracker published an analysis of it in April 2026.^[6]

¶ Definitions and roles

Pasal 1 defines the HPE as a benchmark price set periodically by the minister responsible for trade after coordinating with other ministers and heads of agencies, and the HR as the international average price or the average price on a given domestic commodity exchange, used to set the export duty (Bea Keluar) rate. It defines the export price (Harga Ekspor) as the price used to calculate export duty that is set by the minister responsible for state finance, and mining products as non-renewable natural resources extracted from the earth in Indonesia.^[7] Two other benchmarks set by the Minister of Energy and Mineral Resources are defined because they feed into the HPE and HR: the metal mineral reference price (Harga Mineral Logam Acuan, HMA) and the coal reference price (Harga Batubara Acuan, HBA).^[7:1]

Under Pasal 2 the HPE is the basis for fixing the export price and the HR is the basis for fixing the export duty rate; the mining products covered are exports subject to export duty under other legislation.^[3:1]

¶ Setting the prices

Pasal 4 lists the matters to be weighed in setting the HPE or HR: domestic supply needs, the sustainability of natural resources, domestic price stability, the policy of downstream processing (hilirisasi) of mining products, international price developments, and the competitiveness of exported mining products.^[8] Under Pasal 5, the prices are based on one or more of the average international price, the average free-on-board price, the average domestic market price, the average price in importing countries, the HMA and the HBA, each calculated over a period that the Director General sets on the minister's behalf.^[8:1]

Pasal 6 sets the procedure. The Minister of Energy and Mineral Resources, or an official he designates, may propose an HPE or HR in writing no later than five days before the current price expires. The proposal is discussed by the Ministry of Trade with the energy ministry and other relevant ministries and agencies, after which the Director General recommends a price and the minister sets it, acting through the Director General. Where no proposal is made, the minister may set the price within the minister's own authority.^[4:1] Pasal 7 allows a price already set to be changed at any time through the same sequence of written proposal, interministerial discussion and decision, and Pasal 8 keeps the previous price in force until a new one is set.^[9]

¶ Transition and revocation

Pasal 9 keeps the HPE set under Permendag 8/2023, as amended by Permendag 10/2025, in force until a new HPE is set under the new regulation for processed or refined copper concentrate. Pasal 10 revokes Permendag 8/2023 and its 2025 amendment, and Pasal 11 brings the regulation into force on promulgation.^{[10][5:1][1:1]}

The HPE set under this procedure is also used outside customs law: the good-faith guarantee for smelter construction under PMK 3/2025 is calculated as five per cent of the volume of mining products sold abroad multiplied by the HPE.^[11]

¶ See also

• PP 24/2026
• Perpres 94/2025
• Permendag 19/2026

¶ External links

• Permendag No. 46 Tahun 2025 (JDIH BPK)
• CRPG: Setting Export Reference Prices for Indonesia's Mining Products: PERMENDAG 46/2025 (crpg.id, 12 April 2026) (free sign-in required on crpg.id)

¶ References