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Bloomberg reported Indonesia idled about 70 percent of tin-smelting capacity in its biggest producing region amid a three-month bear market.
Bloomberg reported Indonesia idled about 70 percent of tin-smelting capacity in its biggest producing region amid a three-month bear market.
As quoted in the market news:
Producers in Bangka-Belitung province closed about 24 of 28 smelters, the Indonesian Tin Mining Association estimates. Demand will exceed supply by 7,000 metric tons next year, equal to about 60 percent of global stockpiles tracked by the London Metal Exchange, Barclays Plc estimates. Futures will average $22,000 a ton in the fourth quarter, 17 percent more than the price of $18,740 today, according to the median of 12 analyst estimates compiled by Bloomberg.