Author: Paul Ploumis24 Jun 2014 Last updated at 08:39:13 GMT
JAKARTA (Scrap Monster): Indonesia will make strict tin export regulations and set standards on the content and package of non-ingot products in order to stop in accurate declaration of shipments from the biggest shipper in the world.
Deputy Trade Minister Bayu Krisnamurthi said that there would be a minimum specification based on international standards. He added that they had seen indications that refined tin ingots were considered as other tin products and there had been a great increase in the shipment of tin ingots.
Last year, Indonesia has increased the minimum export content and made compulsory that tin ingots should be trade through Indonesian Commodity and Derivatives Exchange before the shipment. This is also applicable to solder and other products from 2015 January. This is for creating a benchmark and challenging the LME as the global price setter.
Krisnamurthi said that the government would issue the new rules as early as possible and would maintain the policy for the ingots as much. The first five month shipment were 34, 456 tonnes, when the total exports increased 145% to 12, 770 metric tons in April-May. The shipment was 22% less than that of same period in the previous year. Solder and other products contributed 21 percent of export in the period of January-May.