Tin Surges as Indonesia Plans Shipment Halt to Counter Rout
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Indonesia, the biggest exporter of tin, plans to halt overseas shipments from Oct. 1 to support prices after a slump, said Johan Murod, director at PT Bangka Belitung Timah Sejahtera, a group of smelters. Futures rallied.
PT Timah, the biggest producer, and Malaysia Smelting Corp. unit PT Koba Tin are among 28 companies that agreed to the halt after meeting yesterday with Bangka Belitung Governor Eko Maulana Ali, Murod said by phone. Overseas shipments will resume if the price goes to $25,000 per metric ton, Murod said.