The Indonesian government has dropped the export tax on palm kernel shell (PKS) by $1/t for March because Indonesia’s ministry of trade has lowered the March crude palm oil (CPO) benchmark price to well below $800/t. The ministry announced the March CPO benchmark price had been set at $786.63/t on 2 March, a 6pc fall from February’s benchmark price of $839.69/t, amid weaker demand for palm oil from China during the coronavirus outbreak.
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