SIP Resources Increases Production as Indonesia's Tin Exports Climb
Tin shipments from Indonesia, the world's largest supplier, advanced the most in four months in September, according to the Trade Ministry
Jakarta, Indonesia, November 21, 2014 (Newswire.com) - Exports rose 51 percent to 5,441.6 metric tons from 3,594.9 tons in August, ministry data showed today. That’s the biggest increase since May and compares with sales of 786 tons in September 2013, data compiled by Bloomberg showed. The ministry didn’t provide reasons for the increase.
Tin, used in making smartphone and for packaging, has dropped 15 percent from a six-month high reached in April on concern that slowing economic growth may curb demand in China, the biggest consumer of industrial metals. Indonesia requires the refined metal to be traded on a domestic exchange before it’s exported as the Southeast Asian country seeks to challenge the dominance of the London Metal Exchange benchmark.
Exports in September, based on surveyors’ reports before shipments, comprised 5,252.1 tons of ingots, 69.4 tons of solder and 120 tons of other products, the ministry said. Indonesia exported tin to nine countries last month, with Singapore taking about 80 percent of the sales, or 4,385.7 tons, data showed.
Alex Price