JAKARTA (Scrap Monster): The tin trading platform of Indonesia has now introduced a new rule focusing on all members that would force them to export their tin ingots shipments in separate vessels which are not containing any other kind of metals which is to be exported. According to an official at the bourse, the number of illegal exports is increasing in Indonesia, and therefore the government is taking strict rules in order decrease the increase in the illegal shipment of tin.

 

As an implement to stop the illegal export of tin as well as to give the government more role in determining and controlling the price of tin, the government of Indonesia introduced a law, which stated that, all the tin producers to trade their produce in the Indonesia Commodity and Derivatives Exchange (ICDX), before they export the products. The commissioner at Indonesia Commodity and Derivatives Exchange (ICDX) stated that, the country has a law which states that, all the members should only ship their tin cargo in the vessel which contains nothing other than ICDX tin.

 

The new ICDX rule was introduced last week, and according to the officials, the rule doesn’t ban the producers from exporting in the vessels containing metals or commodities other than tin. The tin export rule which was implemented last year, had indeed affected the overall export of tin. Even so, some companies, came over the rule, by increasing the export of tin products other than tin ingots, tin wire, tin solder and tin alloy.