Timah yet to resume spot tin sales

Print this page Posted on : 08-28-2007 by recycleinme.com

Indonesia’s PT Timah Tbk has not yet resumed spot tins sales despite a rebound in the price of the metal but has allocated most its output for sale to long-term buyers, a company spokesman said. The world’s largest integrated tin miner said last week it would not do spot sales unless the prices of tin on the London Metal Exchange went back above $15,000 a tonne – a level last seen earlier this month. But the company said it would keep its commitment to customers. “The company will decide when to do spot sales, at what price and by how much after meeting customer commitments,” said Mr. Prasetyo Saksono, Timah’s spokesman. Mr. Saksono said Timah allocates between 70-80 per cent of its output for contracted sales while the remaining 20 per cent is sold on the spot market.

Source : Business Line