Association wants tin prices cut to boost price

Association wants tin prices cut to boost price

Photo Illustration: blocks of tin would be exported abroad. ANTARA/Aprionis/GTM

When the demand is low, it is better for the companies not to export tin. As we understand, tin can be stored for at least 100 years
Pangkalpinang, Bangka Belitung (ANTARA) - The Association of Tin Exporters (AETI) has asked companies to decrease production and export of the metal to boost the price of tin that has been falling drastically for the past few years globally.

The metal’s price was arranged as per the supply and demand in the world market. Indonesia, as the world's largest tin producer, has a critical role in fixing the commodity's low price, the group's secretary general, Jabin Sufianto said here, Friday.

"When the demand is low, it is better for the companies not to export tin. As we understand, tin can be stored for at least 100 years," Sufianto explained.

Related news: PT Timah reduces tin exports to raise prices

The association's secretary general agreed with the measures taken by the state-owned tin company PT Timah which had decreased the commodity's production and exports this year.

"Tin's price in the world market in September 2019 was not profitable for the businesses. It reached around US$16,300 per metric ton. Last month also showed a similar price," he added.

Meanwhile, PT Timah's president director, Mochtar Riza Pahlevi said that the company had followed the rules and standards set up by the authority. "Our compliance must be appreciated by the higher price of tin at the global market," Pahlevi remarked.

Tin's price both, in the regional and world markets, had been dropped due to the trade wars between the United States and China. Tin is one of the main materials used in the production of items such as batteries, electronics, mixed-materials for steel and packages.  

 

Comments