At its fifth tender of this year South Korea’s Public Procurement Service (PPS) bought 300 tonnes of Malaysian tin via LG International, bringing total purchases in the year to date to 1,200 tonnes.
The tin is due to arrive at Incheon port by 15 December, with 100 tonnes of 99.9% tin priced at a c.i.f premium of $375/tonne to the LME and 200 tonnes of standard grade (99.95% Sn) metal at a premium of $325/tonne. The premiums are lower than those paid for Malaysian, Thai and Indonesian tin in earlier tenders.
The PPS is a state organisation providing a purchasing and stockpiling service for small and medium sized enterprises in Korea. In recent years it has purchased some 2,200 tpy of tin, part of which has gone towards building up a stock of some 3,400 tonnes. This year’s purchases are therefore running at a lower rate than normal.
