Author: Paul Ploumis
15 Dec 2014 Last updated at 01:45:27 GMT
JAKARTA (Scrap Monster): The Indonesian tin exports plunged to multi-year lows during the month of November this year. According to statistics released by Indonesia’s Trade Ministry, the country’s tin exports totaled only 464.98 mt, dropping sharply by 93% when compared with the previous month. The country had exported 6,989 mt of various forms of tin during October this year.

The country shipped 289.84 mt of refined tin to Singapore and 175.13 mt to India during November this year. The shipments of other forms of tin dropped to zero during the month. This is when compared with 6,989 mt of refined, solder and other forms of tin to countries including the Netherlands, India, Japan, Singapore, the US and Taiwan.

As per industry experts, the huge drop in exports is primarily attributed to the new export regulation No. 44/2014 which came into effect on November 1st, restricting the sales of non-ingot tin products. Data suggests that non-ingot tin products accounted for over 30% of the total sales during the initial 10-month period of the year.

Moreover, stricter inspection and monitoring of cargoes and mines by police and customs officials have put breaks on illegal mining and exports. Additionally, state-owned tin producer Timah had decided not to sell tin at under $20,000/mt.

According to ITRI, the cumulative tin exports by Indonesia during the initial eleven-month period of the year totaled 65,600 tonnes, down nearly 16% when compared with the corresponding period last year. Going by the trend, Indonesian tin exports are all set to touch the lowest annual export level since 2003.