Indonesia exported 6,929.70 tonnes of refined tin in March, up 16% month-on-month, according to a Reuters report.

Exports included 6,921.52 tonnes of ingots and 8.19 tonnes of solder, the report said.

Last month, Indonesia’s largest tin producer PT Timah and a group of 21 other smelters decided to cap exports at 4,500 tpm, starting April.

PT Timah said it would cap shipments at 2,500 tpm, while the other smelters decided to limit them to 2,000 tpm.

“The rise in exports in March was in anticipation of these curbs that go into effect this month,” a market participant said.

The curbs by Indonesian exporters have been implemented in a bid to boost tin prices but so far it has not had an effect, judging by London Metal Exchange prices.

The three-month price on the LME plunged to $16,700 last week, down from $17,725 on March 2.

Market participants have pointed to rising exports from Myanmar as a contributing cause for the tumbling price.

According to the Indonesian Tin Research Institute (iTRi), China imported 41,215 tonnes of tin concentrate in the January-February period, up 89% year-on-year.
Myanmar accounted for 96% of the shipments in the first two months of the year, iTRi said.

Deepali Sharma