European tin premium plunges on surging Indonesian exports
- Indonesian exports at record high in May
- Rotterdam 99.9% tin premium down 14% in 3 weeks
- China, US premiums flat
The premium for 99.9% tin in Europe extended its decline by another 4% this week to hit a four-month low below $350 per tonne, weighed down by a three-fold increase in Indonesian exports in May and weakness of the euro.
The premium for 99.9% tin ingots with a lead content of 300 parts per million
(ppm) fell to $320-350 per tonne in-warehouse Rotterdam on Tuesday May 29, from $335-365 per tonne a week prior. The premium has fallen by 13.5% since May 8, when it reached a 16-month high near $400 per tonne.
Merchants have lowered their offer price to “try to make room for new tonnages being offered, but demand is still weak,” a trader said.