South Korea’s Public Procurement Service (PPS) have purchased 100 tonnes of Malaysian tin from the Sanji Corporation for delivery in September at a c.i.f. premium to the LME price of $490, Reuters reported earlier today.
This is the second purchase made by the PPS in 2016 following the acquisition of 200 tonnes of standard grade low lead MSC metal by tender on 15 March.
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.
