The index could be used to calculate royalties and any export levy, say senior Indonesian official. Read more at straitstimes.com.
JAKARTA – Indonesia, the world’s top nickel producer, has put on hold plans to tax nickel product exports while it works on creating a price index to ease volatility tied to the London Metal Exchange benchmark, a senior government official said on Tuesday.
Indonesia produces a wide range of nickel products, most of which are of a lower “Class 2“ purity grade from the underlying “Class 1“ product for the global benchmark nickel contract on the LME, which has been exploring the appetite for a price referencing covering the lower grades. Also speaking on the sidelines of the conference, Mr Edric Koh, head of LME corporate sales in Asia, reiterated the LME was considering responding to market demand for a lower-grade contract.
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