Preliminary data released by Indonesia’s trade ministry today showed that 5,442 tonnes of tin was checked prior to shipment by surveyor companies in September, up by 51% compared to August. The tonnage checked comprised 5,252 tonnes of refined tin ingot, 69 tonnes of solder and 120 tonnes of tin in other forms. The number is surprisingly large given that sales on the ICDX exchange, through which all ingot must be traded prior to export, amounted to only 2,550 tonnes in September and shipments by private smelters during the month were delayed by a police investigation of export documentation. The rolling 12-month total tonnage is 80,978 tonnes according to ITRI’s records, while the year-to-date figure for January-September is 58,154 tonnes, down by 15.5% compared to the same period of 2013.
ITRI View: Possible explanations are that the total may have been boosted by shipments from stocks by PT Timah and/or that tin from private smelters shipped in early October is counted in the figure. Due to changing export regulations, it will be much more difficult to export non-ingot tin from 1 November, so this month’s shipments could also be fairly high.
