PT Timah has lifted a force majeure declaration it made on sales to contract customers on 30 August, Corporate Secretary Agung Nugroho told Bloomberg and Reuters. The declaration had been made immediately on the entry into force of a new export regulation requiring all Indonesian tin ingot exports to be made via the Indonesia Commodity and Derivatives Exchange (ICDX)
Timah now has a better distribution channel to serve its customers, according to the Bloomberg report: they can either buy from Timah’s London-based marketing company Indometal, which is a buyer member of ICDX, or become members of the exchange and buy direct.
Timah expects sales of about 24,500 tonnes this year, rising to 25,000-30,000 tonnes in 2014. Volumes traded on ICDX have risen rapidly in the last few months, from 795 tonnes in September to 6,210 tonnes last month and 6,880 tonnes in December to date.