SEATTLE (ITRI.CO.UK): Indonesian tin exports in May amounted to 6,989 tonnes, up 30% year-on-year and up 10% compared to April, according to preliminary figures released by the trade ministry earlier this week. This brings the total for 2017 so far to 31,385 tonnes, up 43% compared to the same period of 2016.
The latest figures are based on pre-shipment checks made by surveying companies, which typically include a small amount of tin in solder form, as well as the refined metal ingots. The reported figure is broadly consistent with the April trading volume on the ICDX, through which all refined tin export sales must be conducted, of 6,865 tonnes.
ITRI View: While overall Indonesian tin output has been robust so far this year, month-to-month fluctuations have been closely aligned with the tin price. With the recent drop in LME tin prices this week we suspect exports in June and July may be also affected to some degree. Ramadan also takes place this month and may also have a lesser impact on supply.
Courtesy: www. itri.co.uk