ICDX conducts maiden tin bar export
Monday, September 23 2013 - 01:32 AM WIB
The newly-launched Indonesia tin exchange, managed by the Indonesia Commodity and Derivatives Exchange (ICDX) began its maiden tin bar export on Saturday at a volume of 149,993 tons, Kontan reported Monday.
The export, conducted via the Pangkalbalam port in Bangka, forms part of the physical delivery settlement for transaction of tin bars at ICDX. Registered tin exporters which act as sellers include PT Mitra Stania Prima (MSP), PT Refined Bangka Tin (RBT), and PT Inti Stania Prima (ISP).
Meanwhile, the buyers were Toyota Tsusho Corp, Westin Trade Global Ltd, and Uni Bros Metal Pte Ltd.
RBT, ISP, and tin miner PT Timah have registered their plans with the ICDX for the next tin bar export schedule. A new Ministry of Trade regulation has obliged all tin bar export to be conducted via the new ICDX platform, which has been protested by traders at the Jakarta Future Exchange. (*)