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Jumat, 17 Juni 2011

Basic Material Tin: Falling prices caused Indonesia tin exports to decline in May - DBS

Tin shipments from Indonesia dropped sharply to 7,013 tons in May 2011 compared to on average of over 9,000 tons in March and April 2011. Year to date, overall tin shipments of 39,289 tons are still up by 11.5% y-o-y. We believe the sharp drop in the tin price is the key reason for lower tin exports in May as tin producers prefer to wait for a better price by holding their products in the warehouse. Tin prices have dropped by more than 20% from the peak of US$33,000 per ton a few months ago to around US$25,000 currently. Meanwhile we believe tin smelters are likely to have bought tin ores when tin prices were still closer to US$30,000. Since shelf life is not an issue, tin producers in Indonesia would rather keep their products rather selling to the market.

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