Tin exports fall 59.6 percent in October

Indonesia?s monthly tin exports plunged by 59.6 percent to only 4,439 tons in October, this year from 11,000.55 tons in September due to decline in the demand for the metal in the world market, Kontan reported on Wednesday.

Agus Tjahjono, Director for Industrial and Mining Exports at the Ministry of Trade, said that the price of the tin metal had also dropped to as low as US$18,000 per ton during the month as the result of the lower demand.

He said that the ministry would soon arrange a meeting with tin producers in Bangka and Belitung province to find a solution in coping with the lower tin demand, particularly in dealing with the falling prices.

The ministry data show Indonesia?s total exports reached a total of 79,974.86 tons during the January-October period, with total value of $1.51 billion.

Of the total, about 68,345.72 tons were exported to Singapore, about 7,073 tons to Malaysia, 1,346 tons to South Korea and 1,465 tons to Japan. (*)