SHANGHAI, Aug. 29 (SMM) – Shanghai Metals Market (SMM) is holding the SMM Tin Industry Chain Summit in Shenzhen September 27-29, to focus on China’s tin ore and refined tin imports against Indonesia’s export ban on unprocessed mineral scheduled to take effect in 2014.
Indonesia has proposed several amendments to a controversial 2014 ban on unprocessed mineral exports, its Minister of Industry said. According to the amendments, mining companies with smelters under construction would be allowed to export unprocessed minerals, but would be charged a duty on the shipments depending on progress of their projects. Mining companies that have not started building smelters will not be allowed to export unprocessed minerals
The Indonesian government had planned to revise its export policy after 2014, but a former parliamentarian believed the revision would not be possible, said Jero Wacik, the Minister of Energy & Mineral Resources.
Indonesia said it may give up its export quota system for minerals earlier.
Global tin prices have remained low this year, but domestic tin prices even lower due to oversupply and anemic consumption, eroding traders’ appetite for importing refined tin. However, tin ore imports have kept growing due to tight supply for domestic ore caused by consolidation of domestic tin mines.