National Board of Revenue to Subscribe to Global Commodity Price Database
What happened
The National Board of Revenue (NBR) is set to procure a three-year subscription to S&P Global Platts, a provider of commodity price assessments and market data. The NBR officials chose Platts after contacting several international platforms, including the London Metal Exchange, Shanghai Metals Market, and ICIS. The subscription, which is being procured through the Direct Purchase Method and costs around Tk 8 crore, is expected to be finalized this week.
From thedailystar.net
Why it matters
The database will provide international market prices for thousands of commodities. This allows the NBR to compare what importers declare versus prevailing market prices when determining customs values for imported goods. The NBR will receive at least 20-30 user IDs for officials across the country.
From thedailystar.net
Who's involved
- S&P GlobalProvider of the commodity price assessment service sought by the NBR.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- S&P Global Market IntelligenceSpeculative
S&P Global Market Intelligence could benefit from the successful procurement of the three-year subscription from the NBR.
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The entities involved
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London Metal Exchange
futures exchange in London, England
- Conflict in the Middle East is driving market volatility and risk, with talks underway to resolve the situation.
- Global resource competition is intensifying as countries seek to build processing capacity outside of China, amid concerns over its rare earth dominance and the challenges facing producers like those in Northwestern Ontario and Belarus.
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S&P Global
American publicly traded corporation, formerly McGraw Hill Financial, Inc
Related events
- US administration policies are affecting commodity costs, which Reuters reported on regarding LME metal price changes.
- Metal accumulation in the US is now affecting inventories tracked by the London Metal Exchange.
- Nexa Resources and Teck Resources saw their shares increase following a rise in London Metal Exchange prices.
- Hindustan Copper Limited is reviving operations in a state, leading to production cuts that constrain the global copper supply.
- Indian industry is monitoring global copper price surges and producers are seeking tax breaks on copper purchases.