Tin Exports From Indonesia Slump to Three-Month Low in January
Tin shipments from Indonesia, the world’s largest exporter, plunged to the lowest level in three months in January, according to the Trade Ministry.
Exports of ingots and solder fell 66 percent to 4,613 metric tons from 13,562 tons in December, according to data from the ministry today. That was the least since October and compared with 9,155 tons in January last year, data compiled by Bloomberg show.
Indonesia, seeking to gain a greater control over shipments and prices, ordered tin exporters to trade the metal on the Indonesia Commodity and Derivatives Exchange, or ICDX, from Aug. 30 before exports. The country also banned shipments on raw ores from Jan. 12 to encourage miners building processing plants.
Reduced supplies from Indonesia may help stem a decline in tin prices on the London Metal Exchange, which have fallen for four straight months. The metal used in smartphone and as packaging fell 4.5 percent last year.
Trade at ICDX in Jakarta, the only bourse allowed to trade tin, plunged 54 percent to 759 lots of 5 tons each, or 3,795 tons last month, from 1,649 lots or 8,245 tons in December, exchange data showed.
Exports in January, based on surveyors’ reports before shipment, comprised 3,153 tons of ingots and 1,460 tons of solder, ministry data showed. That compares with 11,448.6 tons of ingots and 2,113.5 tons of solder in December.
Indonesia shipped 91,611.7 tons of tin in 2013, down 7.3 percent from a year earlier and the first decline since 2010, according to data from trade ministry.
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