Latest preliminary data released by the trade ministry showed that 5,998 tonnes of tin was exported in February, up by 30% compared to the previous month but down by 28% compared to February 2013. Another feature of the latest data, based on document checks prior to shipment by surveying companies, was that 41% of the total was accounted for by solder and other tin products rather than tin ingots. The breakdown last month was 3,562.6t of tin ingots, 2,009.9t solder and 424.9t in other forms. Under new export regulations all tin ingots must be traded on the Indonesia Commodity and Derivatives Exchange (ICDX) from 30 August 2013, while solder and other products are exempt until 1 January 2015.
ITRI View: In the six months since the new regulation took effect and ingot exports have been routed through ICDX, monthly average exports have been 5,703 tonnes, of which 26% has been accounted for by solder wire and other tin products. In the previous six months, when smelters boosted production and sales before the rule change, monthly exports averaged 8,415 tonnes. The non-ingot share of sales has been higher in recent months because it was difficult to sell tin through ICDX when offer prices were maintained well above the LME price, although the gap between the two markets has narrowed recently.