• In a week (8/3 – 12/3) the price of ICDX’s Tin edged up 5.93 percent.
• Price range between US$ 26,865 - US$ 28,685 per ton.
• Highest volatility reached 5.08%.

Market Review

The ICDX's tin price was shown to have increased by 6 percent in a week, supported by several positive catalysts, from the supply side, including bad weather that hit Indonesia as the second-largest tin producer in the world which had an impact on the disruption of tin mining activities at sea. Apart from Indonesia, the still uncertain situation in Myanmar also affects the world's tin supply, as it is known that the tin ore imported by China mostly comes from Myanmar.

From the demand side, global demand for tin has also strengthened in line with the recovery in economic activity, particularly in China, which is the world's largest tin consumer. The Producer Price Index (PPI) report for manufactured goods in China in February rose 1.7% on an annual basis, the purchasing price index for manufactured goods also rose 2.4% on an annual basis.

Meanwhile, the latest data from China's customs showed that the output of refined tin in the world's largest tin-producing country decreased by 25.45% to 11,289 mt in February.

Market View

PT Timah Smelter Project is Predicted to Be Completed by the End of 2021

The TSL Ausmelt Furnace tin refining smelter project developed by PT Timah Tbk and initially targeted for completion in January 2022, is predicted to be completed by the end of 2021. President Director of PT Timah Tbk, Riza Pahlevi said that progress has reached 44% in February 2021, exceeding the initial target of 40 percent. The project, which was built in the Muntok Metallurgical Unit, West Bangka Regency, Bangka Belitung Islands, is capable of processing tin ore concentrate with a (minimum) content of 40 percent Sn, with a capacity of 40,000 tons of crude tin per year or 35,000 tons of ingots per year. Through Ausmelt technology, which can reduce production costs and is more environmentally friendly, it is hoped that it will further increase the competitiveness of Indonesian tin in the global market.

Source: ICDX Research