ICDX to start operation of tin bonded logistics in August
Tuesday, July 11 2017 - 02:10 AM WIB
The Indonesia Commodity and Derivatives Exchange (ICDX) is set to start operating a tin bonded logistics center in Pangkal Pinang, Bangka Belitung, next month, Kontan reported on Tuesday.
The paper quoted ICDX Logistik Berikat (ILB) President Director Hendry Chandra as saying that the upcoming operation of the tin bonded logistics center comes following the issuance on June 13 of Director General of Custom and Excise regulation on bonded logistics center.
He said that the ICDX tin bonded logistics center in Bangka Belitung?s Pangkal Pinang, the country?s top tin producing province, has a capacity of 10,000 metric tons, and can be further expanded including opening up similar facility in other areas. Tin trade via the ICDX currently stands at 5,000-6,000 per month.
The tin bonded logistics center promises cheaper and secure storage facility for tin traders buying through the ICDX, and will compete with similar facilities in Singapore and Malaysia.
Hendry said that the logistics center is also expected to help increase tin trade in Indonesia as tin can be stored at the facility for as long as three years.(*)