Author: Paul Ploumis20 Oct 2014 Last updated at 05:48:57 GMT
SEOUL (Scrap Monster): The South Korean Public Procurement Service (PPS) bought additional 300 tonnes of Malaysian Tin at lower premiums when compared with the previous purchases. According to reports, the Korean stockpile has purchased the above quantity via LG International. The total Tin purchases by PPS during the year till date now total 1,200 tonnes.
The load comprises of 100 tonnes of 99.9% tin and the remaining 200 tonnes of 99.95 tin. The 99.9% and 99.95% tin are being imported at a premium of $375/tonne CIF and $325/tonne CIF to LME prices respectively. The premiums are lower when compared with those paid for the earlier shipments during the year.
The shipment is due to arrive at Incheon port by mid-December.
The average tin purchases during recent years had averaged around 2,200 tonnes. When compared with this, the current year purchases are lower than normal.
The Public Procurement Service (PPS) is the central procurement agency in Korea. The main purpose of the procurement system is to ensure government transparency and to reduce national budget spending through centralized purchases