UPDATE 1-S.Korea Buys 200 T Tin Ingot; Seeks 200 T More

SEOUL, June 24 -- South Korea has bought 200 tonnes of tin ingot from local trading company Hanwha (000880.KS: Quote) via a tender on Wednesday, reissuing another tender to buy 200 tonnes after passing on it, the Public Procurement Service said.

The state-run procurement agency bought the metal of 99.85 percent purity at a premium of $320 per tonne over London Metal Exchange (LME) cash prices on a cost, insurance and freight (CIF) basis to be shipped by September 15 to the port of Incheon, the agency said on its website (www.g2b.go.kr)

Later on Wednesday, the agency said it had reissued a tender to buy 200 tonnes of tin ingot for September 15 arrival after passing on the tender earlier in the day because of a sole bidder.

The reissued tender for metal of 99.9 percent or better purity would close at 2 p.m. (0500 GMT) on June 29 for arrival at Incheon, the agency said.