JAKARTA (Scrap Monster): The proposal by Bangka Belitung Governor Rustam Effendi to halt tin shipments for two months or longer  has not yet made much progress. Meantime, LME and ICDX tin prices have hit new lows.

 

The proposal to enact moratorium on tin shipments from the country was initially raised during the month of November last year. The Governor had stated that the intention of such a plan was to bring back the prices. According to him, this measure would help to raise the country’s bargaining power, thereby preventing further price fall. The Governor had requested the co-operation from Tin producers in the country.

 

However, PT Timah, the largest Tin producer in the country clarified that it would not back such a plan. Ording to the company, the implementation of the plan is unlikely to yield the desired results. Instead, PT Timah called for stricter implementation of the existing regulations and increased monitoring by customs and port officials, in order to contain tin shipments. Meantime, the Indonesian Association of Tin Exporters (AETI) stated that discussions about the proposal are going on among its members. Some members have agreed to the export plan, but others are still undecided.

 

Meantime, the provisional data released by the Indonesian Trade Ministry suggests that tin exports by the country surged higher by 47% in January this year to 6,770 tonnes from the same month in 2014. The data is based on the pre-shipment checks on exports by surveyors. Exports of refined tin totaled 6,765 tonnes, while solder exports totaled just 5 tonnes.