Indonesia?s tin exports down as prices drop

Indonesia?s tin exports dropped by 14.8 percent to 9,265 tons in July from 10,875 tons in June this year as producers cut their shipments due to the decline in tin prices in the world market.

Sri Nastiti Budiarti, the director for industrial export products at the trade ministry, said in Jakarta on Wednesday that many exporters reduce their tin shipments in July in order to prop up prices in the world market.

Tin price, which reached its peak of US$32,347 per ton in April, fell in recent months due to the decline in the demand from industrial buyers. The tin price which dropped by 12.6 percent to $28,272 per ton in May continued declining by another 9.7 percent to $25,519 per ton in June. ?In July, the price had begun to increase reaching $27,396 per ton,? Nastiti said.

The decline in the price had resulted in the fall in the value of Indonesia?s tin exports in July to $222.07 million, a 17.3 percent decline from $268.70 million in June.

Indonesia exports tin bars to 13 countries. Singapore was the largest buyer of Indonesian tin in July which bought the Indonesian tin worth of about $182.85 million during the month. (*)