Amid a crackdown on illegal mining by the Indonesian government, the inspector has been ordered to suspend activity until further notice, according to a release published by the Indonesia Commodity & Derivatives Exchange (ICDX).
"All the certificate of tin deposit for tin ingot owned by tin sellers in a storage area that has tin ore certificate of origin issued by PT Surveyor Indonesia cannot be transacted," ICDX said in a joint statement with Indonesia Clearing House.
With Indonesian tin exports required to obtain clearance through independent analysis prior to trading on the ICDX, the move could threaten Indonesian production while smelters seek other options - with state-owned Sucofindo the most prominent alternative.
Indonesia’s principle tin exporter, state-owned PT Timah, does not use PT Surveyors and is thus still allowed to trade on ICDX for exports, multiple sources told Fastmarkets.
ICDX data shows that 35 tonnes traded on October 16 and 360 tonnes on October...