Tin

Mining Weekly reported that tin smelters Indonesia, the world’s top tin exporter, are facing delays due to a change in export rules that will come into effect August 1.

Mining Weekly reported that tin smelters Indonesia, the world’s top tin exporter, are facing delays due to a change in export rules that will come into effect August 1.
As quoted in the market news:

Indonesian tin smelters have ramped up shipments this month, but exports are set to tail off sharply as local smelters have faced delays in receiving export approvals ahead of new rules that come into effect from August 1.
“Many of the smelters don’t have the new licence yet. There have been delays in the new regulation from the government,” Jabin Sufianto, president of the Indonesian Association of Tin Exporters (AETI) told Reuters.
“If you can’t export the tin ingot, your cash flow will be affected. So I believe the production will be lower, and as an impact, the price will increase. But I don’t think it’s going to be a huge problem because the government will help us getting our licences.”
Indonesia is tightening its rules for tin exports, in a fresh bid to crack down on environmental degradation and smuggling, and to enforce payment of royalties and taxes on shipments.
Under new rules that were announced in May, refined tin producers must hold ‘clean and clear” certification, to show that the tin ore they use originates from government-certified mines. Indonesia has been concerned about the scale of illegal tin mining and smuggling and the environmental damage it can cause.
Signs of supply stress have started to emerge in the tin market, with the London Metal Exchange cash contract reaching the highest in a year against the LME benchmark this month. LME tin prices are up nearly 105 so far in June.

Click here to read the full Mining Weekly report.

MARKETS

Markets
TSX19222.74-35.58
TSXV644.91-7.45
DOW30946.99-491.27
S&P 5003821.55-78.56
NASD11181.54-343.01
ASX6763.60+57.60

COMMODITIES

Commodities
Gold1821.29+2.72
Silver20.87+0.05
Copper3.79+0.01
Palladium1942.50+73.50
Platinum929.49+19.49
Oil112.40+0.64
Heating Oil4.05-0.06
Natural Gas6.75+0.18

DOWNLOAD FREE REPORTS

×