South Korea’s Public Procurement Service (PPS) made its first tin purchase this year on 15 March, buying 200 tonnes of standard grade low lead MSC metal by tender from Daewoo International at a c.i.f. premium to the LME price of $494. This is the first time that the agency has held a tender since November 2015.
Total stockpile purchases in 2015 amounted to 2,000 tonnes, a similar volume to recent previous years. The PPS is a state organisation providing a purchasing and stockpiling service for small and medium sized enterprises in Korea, and maintains a tin stockpile of around 3,000 tonnes.