SMM Analysis: Indonesian Tin Ingot Exports Face Structural Shifts Amid Policy Disruptions and Global Supply-Demand Dynamics

[SMM Analysis: Indonesian Tin Ingot Exports: Structural Changes Under Policy Disruptions and Global Supply and Demand Tug-of-War Outlook]

In January 2025, Indonesian tin ingot exports plummeted to 1.56 kt, down 66.57% MoM, primarily due to seasonal maintenance at smelters combined with delays in export license approvals. By the end of February, tin ingot trading volumes on the ICDX and JFX exchanges rebounded to 4,305 mt, indicating a marginal recovery in exports. However, affected by the slowdown in production during Ramadan, trading volumes on the exchanges pulled back to 1,150 mt in early March. Overall, March exports are expected to remain in a low-level fluctuation. Special attention should be paid to the stricter qualification reviews for exporters by Indonesia's Ministry of Finance and adjustments to the quota allocation mechanism, which are likely to suppress short-term exports.