Business

RI commodity exchange fails
to sell refined tin

The Indonesia Commodity and Derivatives Exchange failed to get any buyers for physical tin in Jakarta on Monday, according to a statement on its website.

Indonesia, the largest shipper, requires ingots of a minimum 99.9 percent purity to be traded on a domestic exchange before export with effect from Aug. 30. PT Timah, the country's biggest producer, Toyota Tsusho Corp. and Noble Resources Ltd. are among companies that trade tin on the ICDX.

PT Mitra Stania Prima, PT Refined Bangka Tin and PT Inti Stania Prima shipped 150 metric tons on Sept. 21, the first shipment by ICDX members since the trading rule started, the bourse said in an e-mailed statement dated Sept. 21.

Buyers of the shipment were Toyota Tsusho, Westin Trade Global Ltd. and Uni Bros Metal Ltd, according to Bloomberg.

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