Tin transaction on ICDX expected to tumble again

Tin transaction volume on the Indonesia Commodity and Derivatives Exchange (ICDX) is expected to tumble again as smelters are required to have clean and clear certificate from the government to be able to make export starting November, Bisnis Indonesia reported Monday.

The paper quoted ICDX President Director Megain Widjaja as saying that tin transaction in the bourse remains unstable following the introduction of new Minister of Trade regulation early August which requires tin smelters to have export permit. In the later part of last month, a couple of smelters started export after having managed to obtain the required permit.

?In November, each smelter is required to have clean and clear certificate to make export. From what I gathered so far only PT Timah Tbk and PT Refined Bangka Tin which have obtained the C&C certificate. It takes a long time to get the C&C certificate,? Megain told the paper.

ICDX currently has 26 smelters as members. The government via the Ministry of Energy and Mineral Resourced introduced in 2013 the requirement for the smelters to obtain the C&C certificate. The new Minister of Trade Regulation No 33/2015, which was effective August 1, stipulates that in addition to the required export permit, smelter must obtain the C&C certificate by November 1. (*)