South Korea’s Public Procurement Service (PPS) announced that it had bought 300 tonnes of refined tin through a May 25 tender, the second purchase of tin it has made this year. The contract for the supply of 99.85% tin was awarded to Hanwha Corporation at a c.i.f. premium of $670 to the London Metal Exchange price. The high premium is believed to partly reflect the lower than normal lead content of the metal purchased. At its previous tin tender at the end of March, the PPS bought 400 tonnes of tin from LG International at a premium of $678/tonne. Bids have been invited for a further 400 tonnes for August delivery.
The PPS buys around 2,000 tonnes of tin a year and maintains a stock of metals as a service to small and medium-sized manufacturers. Korea’s total annual refined tin imports in recent years have been 15,000 – 17,000 tpy.
