SEATTLE (ITRI.CO.UK): On June 8th the London Metal Exchange (LME) announced the approval of Indonesian tin smelter Mitra Stania Prima (MSP) as a listed LME brand, making it deliverable against the LME Tin Contract.
MSP's smelter is based on the island of Bangka in Indonesia, with an approximated annual tin refining capacity of 6,720 tonnes per year. The company is an integrated mining and smelting operation, counting onshore open pit operations among its assets.
ITRI View: The addition of MSP brings the total number of LME listed brands to 7 in Indonesia and 20 globally, not including fellow Indonesian smelter Refined Bangka Tin, who are currently applying to relist as an LME brand following the temporary closure of their facility in 2016. As LME tin stocks hover just above 1,900 tonnes at recent historical lows, the LME has been pushing hard to increase the liquidity of the LME tin contract and the addition of a new brand should aid progress towards this objective.
Courtesy: www. itri.co.uk