Indonesian tin exports in November amounted to 4,892 tonnes, some 25% lower than in the previous month, according to preliminary figures released by the trade ministry today. The cumulative tonnage for the first eleven months of the year is 57,508 tonnes, down by 18% compared to January-November 2015.
The latest figures are based on pre-shipment checks made by surveying companies and include a small quantity of tin solder, as well as refined metal ingots. They are consistent with the November trading volume on the ICDX, through which all refined tin export sales must be conducted, of 4,175 tonnes.
ITRI View: Activity on the ICDX was subdued in early November as a result of rule changes which required buyers to pay in full for purchases via the exchange clearing house, whereas previously cash settlements were made directly between buyers and sellers. However volumes have since recovered and we believe that higher prices are resulting in increased small-scale mining activity. Our latest estimate of Indonesian refined tin production this year is 66,400t, up by 1,000t on 2015.