PT Timah, Indonesia's largest tin miner, has halted exports for up to two weeks amid declining global metal prices, the company's chief executive said.
CEO Timah Sukrisno said he listened to the marketing arm and decided not to sell tin for one or two weeks. He added that tin prices need to "recover" to at least $ 23,000 per tonne, then only shipping can resume again.
The company said earlier that tin has traded in a range of $ 21,500 to $ 22,930 per tonne on the London Metal Exchange (LME) since January this year, below the company's expectations. Indonesia's largest tin miner reported a 25 percent drop in net profit in the first half.
In addition, Indonesia has imposed strict rules on tin exports and has set content standards to ensure the accuracy of the world's largest shipper's shipment declarations.
Deputy Commerce Minister Bayu Krisnomarthi said there would be at least a specification based on international standards. He added that he regularly encountered refined tin ingots being passed off as other tin products and that there had been a significant increase in the shipment of tin ingots.
In the first five months, Indonesia's shipments totaled 34.456 tons, and total exports increased 145 percent to 12.770 tons in April-May. Solder and other products contributed 21 percent of exports between January and May.
Indonesia's Largest Miner Suspends Tin Export Due to Low Prices
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Azovpromstal® 2 July 2014 г. 15:45 |
