No tin export in August: Ministry

Following the introduction of a new Minister of Trade Regulation No 33/2015 early August, which among others requires tin exporters to have export permit, there was not shipment of tin products from the country throughout last month, according to data from the ministry.

Bisnis Indonesia reported Tuesday that currently only three companies which have obtained the export permit including IDX-listed tin giant PT Timah Tbk, PT Refined Bangka Tin, and PT Mitra Stania Prima.

The paper quoted Timah Corporate Secretary Agung Nugroho as confirming the company did not made any export last month. He said Timah obtained the export permit August 21, but need time for preparation to resume export, expected to start again in September.

Agung said that the ideal export volume of tin products from the country following the introduction of the tighter export procedure is about 4,000 tons per month.

With only three firms so far obtaining the export permit, the country?s monthly export is expected to stand at only around 3,000 tons per month, further worsening the already deficit in the global market since the second quarter of this year.

As a result, Agung said that tin price is expected to rise to around US$20,000 per ton from the current $15,205 per ton level.

He hopes the government to remain consistent in implementing the new regulation to help ensure strong tin price. (*)