The drop was the result of tin producers` measures to suspend exports due to low prices, head of the ministry`s mining and industrial product exports subdirectorate Junaedi said on Wednesday.
Tin prices at the London Metal Exchange has shown a downward trend since May 9. The tin price for July 2011 delivery at the bourse on June 6 reached US$25,975 per ton after hovering at above US$30,000 per ton in the past few months.
Like in the previous months, Indonesia`s tin ingot exports in May 2011 mostly went to Singapore, reaching 5,833.54 tons valued at US$164.28 million, he said.
Meanwhile, tin ingot exports to Malaysia reached 487.15 tons worth US$13.93 million, Japan 211.08 tons worth US$5.78 million and South Korea 166.56 tons worth US$4.69 million.
The other market for Indonesia`s tin ingot exports in May were The Netherlands, Taiwan, India, Hong Kong, the United States, Turkey, Thailand and Australia.
The data show Indonesia`s tin ingot exports in the first five months of 2011 reached 39,285.25 tons worth US$1.10 billion.
Singapore remained on top as the market for Indonesian tin ingot with 31,654.52 tons worth US$888.46 million, followed by Malaysia with 3,136.12 tons worth US$89.84 million and Japan with 1,666.92 tons worth US$49.09 million.
(T.M035/S012/H-NG/A014)
Editor: Priyambodo RH
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