PT Timah sees recovery in tin exports
PANGKALPINANG: Shipments by Indonesia’s biggest tin exporter are likely to fall about 10% this year due to new rules on domestic trading, the head of state-run PT Timah said, though deliveries are expected to begin returning to normal from next month.
The firm, which has a huge mining concession in the tin-producing region of Bangka-Belitung, slashed shipments from Aug 30 after declaring force majeure because of disruption from the rules aimed at establishing a benchmark price in Indonesia.
PT Timah’s tin ingot exports were 28,000 tonnes last year and could slip to 25,000 tonnes in 2013, president director Sukrisno said in an interview.
September’s shipments were forecast at 1,500 tonnes from 2,340 tonnes in August.
“We are still producing,” said Sukrisno, who uses one name like many Indonesians.
The firm had a stock capacity of more than 5,000 tonnes and inventories were likely to hit 3,500 tonnes by the end of September, he said.
Timah declared force majeure because customers had not registered to trade tin on the Indonesia Commodity and Derivatives Exchange, the only approved exchange for physical tin trade. — Reuters
Publish date: 25/09/13