South Korea’s Public Procurement Service (PPS) said on 13 November that it had bought 100 tonnes of tin for December arrival, adding to the 200 tonnes it had also purchased via a tender the previous week. At the first tender, which closed on 4 November, the PPS bought two parcels of 100t of MSC standard grade low lead (400ppm) tin from Daewoo International at premiums of $364 and $384/t to the LME price c.i.f. Incheon, while at last week’s re-issued tender it bought high grade 99.9% Thaisarco tin at a premium of $580/t from LG International.
Cumulative purchases in this year to date now amount to 1,700 tonnes. The PPS is a state organisation providing a purchasing and stockpiling service for small and medium sized enterprises in Korea, and maintains a stockpile of around 3,000 tonnes.