Palm | Kelapa Sawit

KUALA LUMPUR, Oct 7 (Reuters) - Foreign buyers sold back at least 200,000 tonnes of Indonesian crude palm oil to refiners since mid-September when Jakarta slashed export taxes on the processed grade and made minor cuts for duties on the crude grade, traders said on Friday.
The buyers -- including trading houses and processors -- have switched over to Malaysian crude palm oil from plantations who have not finished their tax free export quota on the grade, traders from Indonesia and Malaysia said.
Malaysia, the world's No.2 producer, imposes very high export taxes on crude palm oil to protect its refining industry but has allowed for firms such as Sime Darby and IOI Corp to export the grade without any duties.