Following initial reports last Thursday, interviews with senior Indonesian officials today have confirmed that most – if not all – independent smelters in Bangka-Belitung province have stopped production. Furthermore the governor of the province has also asked the two major producers, PT Timah and PT Koba Tin to trim production “to a level required to meet contract agreements”, according to a Reuters report. Governor Eko Maulana Ali told Reuters that production cuts were needed to restore prices to an “acceptable” level of $14 – 15,000/tonne. Earlier today the LME price dropped to $12,000/tonne.
Meanwhile Bloomberg reported that the PT Bangka Belitung Timah Sejahtera consortium of private smelters, a group set up in 2007, agreed to stop output last night. The seven smelters in the consortium produce 3,000 – 4,000 tpm of tin.
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MLX Price at posting:
15.0¢ Sentiment: Buy Disclosure: Held
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