Tin transaction on ICDX drops

Tin transaction volume on the Indonesia Commodity and Derivatives Exchange (ICDX) in April dropped by 33.49 percent to 4,725 tons compared to the previous month after producers limited their export due to the lingering weak price of the commodity, Bisnis Indonesia reported on Wednesday.

Tin price on ICDX during the past three months had been hovering at US$16,200-17,400 per ton.

Corporate Secretary of tin giant PT Timah Tbk Agung Nugroho said that his company would no longer make tin offer on ICDX as it suffers loss at current price levels. He added the company wants tin price to recover to around $20,000 per ton level.

In the meantime, Timah would focus on efficiency measures to help reduce production cost amid the current drop in tin price.

Timah and tin producers have recently agreed to limit tin export to 4,500 tons per month in a bid to help revive the price of the commodity. But instead, the price further went down to near $14,000 level.

Media Indonesia reported Wednesday that Timah and other tin producers in Bangka Belitung province have agreed to further reduce export to 4,000 tons per month to help revive the price of the commodity. (*)