European market awaits Indonesian supply flows
US buyers seek discounted material
Chinese demand falters.
European premiums unchanged
In Europe, Fastmarkets’ premium assessment for 99.9% standard grade tin ingot, with 300ppm lead content, in-warehouse Rotterdam, was stable at $420-460 per tonne on Tuesday.
This week, the Indonesia Commodities & Derivatives Exchange (ICDX) removed the suspension that had been imposed on key smelter inspector PT Surveyor Indonesia, in connection with the launch of a new physical tin contract.
While the move has been met with a mixed response from participants in the tin market, the potential for a full resumption of Indonesian exports could lower the three-month tin price on the London Metal Exchange. Premiums could also soften ahead of increased supply flows from Indonesia, the world’s second-largest tin producer.
But tin participants remained confident that premium business for 99.9% tin ingots was well-tested at $450 per tonne, while full smelter resumption for smaller Indonesian operations...