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Reuters reported that PT Refined Bangka Tin, a key Indonesian tin smelter, plans to cut its output in April and May on the back of a downturn in the metal’s price.
Reuters reported that PT Refined Bangka Tin, a key Indonesian tin smelter, plans to cut its output in April and May on the back of a downturn in the metal’s price.
At this point, over 10 smelters in the country’s Bangka-Belitung province have been closed, and Indonesia’s refined tin exports for April are expected to clock in at just 5,000 tonnes. In March the country sent out 6,929.7 tonnes of the metal.
As quoted in the market news:
Privately owned RBT will produce 200 t or less in May and 420 t in April, compared with an average of about 1 000 t to 1 200 t per month under normal conditions, company Petrus Tjandra told Reuters.
Over the past week, Indonesia’s biggest tin miner PT Timah and members of the Indonesian Association of Tin Exporters (AETI) have also cut production and introduced a price floor of $17 000 a tonne in an effort to stem a sell-off in the base metal.
Tin prices on the London Metal Exchange have fallen about 20% so far this year, and were trading at about $15 420 per tonne on Friday.
Click here to read the full Reuters report.