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Indonesian smelters to vote on moratorium plan next week

iconFeb 16, 2015 17:53
Source:SMM
The Indonesian tin smelters are likely to vote on the plan to halt tin shipments from the country in an attempt to prop up the price of the commodity.

Author: Paul Ploumis
16 Feb 2015 Last updated at 01:56:47 GMT
JAKARTA (Scrap Monster): The Indonesian tin smelters are likely to vote on the plan to halt tin shipments from the country in an attempt to prop up the price of the commodity. According to Indonesian Association of Tin Exporters (AETI), only a quarter of the smelters have extended support to the proposal so far.

The proposal to enact moratorium on tin shipments from the country was initially raised during the month of November last year. Rustam Effendi, Bangka Belitung 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 of all Tin producers in the country.

Most importantly, PT Timah-the largest tin producer in the country announced opposition to the moratorium stating that such an action is unlikely to produce desired results. Instead, the company called for stricter implementation of the existing regulations and increased monitoring by customs and port officials, in order to contain tin shipments.

According to AETI, the discussions are still on among the members. Some have agreed to the export halt plan. A voting on the issue is scheduled to take place next Tuesday. Incidentally, Indonesia is the world’s largest tin producer and Bangka Belitung is the main producing region in the country.

Meantime, global tin prices slipped further on account of weak Chinese demand ahead of the Lunar New Year holidays.
 

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