Indonesia’s Tin Association Won’t Trade Under $17,000 per Tonne

Reuters reported that the tin association in Indonesia said Friday that its members, as well as PT Timah (Persero) Tbk (ISE:TINS), the country’s biggest exporter of tin, won’t trade the metal below $17,000 per tonne. The move is aimed at halting a “sharp sell-off.”

As quoted in the market news:

Tin prices on the London Metal Exchange have fallen more than 13% this week, hitting their lowest in more than five years at $14 500 a tonne on Friday.

“For now I can inform PT Timah and all our members will not trade below $17 000,” Jabin Sufianto, president of the Indonesian Association of Tin Exporters, told Reuters in a text message.

Timah’s corporate secretary Agung Nugroho confirmed by text message that the company had stopped selling at below $17,000 per tonne.

Indonesia is the world’s biggest tin exporter but has lost its tight grip on the market in the past year as Myanmar has stepped up exports to top consumer China.

Click here to read the full Reuters report.