Fifteen tin producers in Indonesia, the world’s largest exporter, agreed to extend a self-imposed ban on exports until the end of the year to help boost prices, Bloomberg reported. They will seek to widen support for the halt at a further meeting this week. All companies agreed in late September to halt exports from October 1 until LME prices recover to between $23,000 – $25,000/tonne.
The companies took the decision at a meeting in Pangkalpinang, Bangka Belitung province on October 28 said Johan Murod, director at PT Bangka Belitung Timah Sejahtera, a group of six smelters. The producers are seeking to hold a bigger gathering involving all miners – including the major integrated producers PT Timah and PT Koba Tin – on November 2, said Rudy Irawan, deputy chairman of the Indonesian Tin Industry Association. The meeting with all producers and Bangka Belitung Governor Eko Maulana Ali will discuss plans to fix export quotas and set up a local market as an alternative to the LME, Irawan said.
