Europe mulls how to make up for lost Indonesian supply
Chinese premiums flat while import window closed
US sees little spot buying, with buyers said to be waiting for rising LME tin prices to subside.
European premiums flat
In Europe, Fastmarkets assessed the premium for 99.9% standard grade tin ingot, with 300ppm lead content, in-warehouse Rotterdam, at $420-460 per tonne on Tuesday February 19.
Tin market participants continued to express unease about continuing delays to Indonesian tin exports, which have been in stasis since the government ordered the suspension of PT Surveyor Indonesia, the country’s key smelter inspector.
PT Surveyor verified some 70% of the material that passed through the Indonesia Commodities & Derivatives Exchange (ICDX) in 2018.
State-owned PT Timah, Indonesia’s largest tin producer, recorded some 33,250 tonnes of exports in 2018, up by 15% from 28,732 tonnes in 2017.
“[Participants] are after metal, and from where I’m...