Tin export ban unhelpful for the hike in prices, says AETI

Author: Paul Ploumis
02 Dec 2014 Last updated at 04:18:20 GMT
JAKARTA (Scrap Monster): The President of AETI, Jabin Sufianto, stated that the association had agreed to the planned measure to uplift the price of tin. He also added that, he was not yet sure whether the measures taken by the government, will bring about any change in the price of tin, as the price slump of tin, in the global market is not only caused by oversupply, but also from many other factors. He said that, the exporters can definitely help to decrease the price slump by declining their exports, but there are many other important factors which contributes to the price of tin.

The governor of Bangka Belitung, Rustam Effendi, declared that the government had decided to block the exports of tin from Babel, by the end of this year, or at most by the beginning of this year, in order to secure the falling price of tin. He also added that, the government, if necessary, is also willing to issue a moratorium regulation, in order to lift the domestic value of tin.  He also stated that the government is hopeful to start the procedure by the end of this month or by the beginning of next month.

The governor, also asserted that, he would discuss regarding the matter with the metal traders and also added that this change had to be implemented to secure the economy of the province. Babel province, whose economy is highly dependent on tin, has only hiked by 4.6 percent YoY, by the third quarter, which is much lower than the national average of 5.1 percent YoY.