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Tuesday, 19 July 22
INDONESIA REMOVES PALM OIL EXPORT LEVY UNTIL AUG. 31 - REUTERS
Indonesia has scrapped its export levy for all palm oil products until Aug. 31 in a fresh attempt to boost exports and ease high inventories, finance ministry officials said on Saturday, adding the move would not disrupt government revenues.
The decision by the world’s biggest palm oil exporter could further depress prices FCPOc3, which have fallen by about 50% since late April to their lowest in over a year.
Indonesian palm oil producers have been struggling with high inventories since the country imposed a three-week export ban through to May 23 to reduce domestic cooking oil prices.
Since lifting the ban, Jakarta has implemented rules on mandatory local sales – known as the domestic market obligation (DMO) – to keep produce at home to be made into cooking oil.
At the same time, it has tried to clear up storage tanks by cutting export taxes and launching a shipment acceleration programme, but exports remained slow and companies have blamed the DMO rules, as well as problems with securing cargo vessels.
The levy removal is intended to further support exports, Febrio Kacaribu, the ministry’s head of fiscal policy agency, told reporters on the sideline of a G20 finance meeting in Bali.
“In the context of government revenues, (the impact) won’t be too big,” he said.
Finance Minister Sri Mulyani Indrawati said a progressive palm oil export levy would be applied starting Sept. 1, with the rate set between $55 and $240 per tonne for crude palm oil, depending on prices.
High palm oil stocks have forced mills to limit purchases of palm fruits. Farmers have complained their unsold fruits have been left to rot.
There were 7.23 million tonnes of crude palm oil in storage tanks at the end of May, data from the Indonesian Palm Oil Association (GAPKI) showed on Friday.
GAPKI welcomed the new measure, but it recommended the DMO rules be removed too, its secretary general Eddy Martono said.
“For now remove the DMO … until stocks drop to 3 million to 4 million tonnes. Our problem now is the inventory is too high,” he told Reuters.
Source: Reuters
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Wednesday, 07 October 20
MARKET INSIGHT - INTERMODAL
The challenges brought forward in 2020 proved to be very different from what we could have ever imagined. Together with placing a significant strai ...
Tuesday, 06 October 20
KOSPO TO IMPORT 80,000 MT OF 3,800 NCV COAL FOR 2H NOV
COALspot.com: Korea Southern Power Co., Ltd. (KOSPO) has issued an International tender for 80,000 MT Min.3800 kcal/kg NCV coal 2H November, 2020 l ...
Friday, 02 October 20
THE INDONESIA COAL PRICE REFERENCE RISE AFTER HISTORIC CRASH TO US$ 49.42
COALspot.com: The Indonesia Coal Price Reference for the month of October Rise to US$ 51.00 after historic crash to US$ 49.42 in September 2020.
...
Friday, 02 October 20
SRI LANKA MUST LEARN LESSONS FROM AROUND ASIA TO AVOID FURTHER ELECTRICITY CRISES - IEEFA
Overcommitment to fossil-fuelled power generation is leading to excess capacity and rising capacity payments, subsidies, and tariffs around the con ...
Wednesday, 30 September 20
MARKET INSIGHT - INTERMODAL
Spot rates for Capesize bulk carriers received a significant boost last week, however, there are certain reservations in the market regarding the p ...
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- Bayan Resources Tbk. - Indonesia
- SN Aboitiz Power Inc, Philippines
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- Commonwealth Bank - Australia
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- CIMB Investment Bank - Malaysia
- Globalindo Alam Lestari - Indonesia
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- ICICI Bank Limited - India
- Cement Manufacturers Association - India
- Global Business Power Corporation, Philippines
- India Bulls Power Limited - India
- Electricity Generating Authority of Thailand
- Sojitz Corporation - Japan
- Global Coal Blending Company Limited - Australia
- Parliament of New Zealand
- Indonesian Coal Mining Association
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- Economic Council, Georgia
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- Sindya Power Generating Company Private Ltd
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- Binh Thuan Hamico - Vietnam
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- Chamber of Mines of South Africa
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- Jorong Barutama Greston.PT - Indonesia
- Aditya Birla Group - India
- The University of Queensland
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- Ministry of Finance - Indonesia
- Deloitte Consulting - India
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- CNBM International Corporation - China
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- Kartika Selabumi Mining - Indonesia
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- GN Power Mariveles Coal Plant, Philippines
- Mercuria Energy - Indonesia
- Kohat Cement Company Ltd. - Pakistan
- Billiton Holdings Pty Ltd - Australia
- Rashtriya Ispat Nigam Limited - India
- Energy Link Ltd, New Zealand
- Bhatia International Limited - India
- Posco Energy - South Korea
- Orica Mining Services - Indonesia
- LBH Netherlands Bv - Netherlands
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- VISA Power Limited - India
- Indian Energy Exchange, India
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- Directorate Of Revenue Intelligence - India
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- Metalloyd Limited - United Kingdom
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- Siam City Cement - Thailand
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- Bhoruka Overseas - Indonesia
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- IHS Mccloskey Coal Group - USA
- Petron Corporation, Philippines
- Minerals Council of Australia
- Straits Asia Resources Limited - Singapore
- SMG Consultants - Indonesia
- Videocon Industries ltd - India
- Singapore Mercantile Exchange
- Ministry of Mines - Canada
- Bangladesh Power Developement Board
- Price Waterhouse Coopers - Russia
- Eastern Coal Council - USA
- Pipit Mutiara Jaya. PT, Indonesia
- Attock Cement Pakistan Limited
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