Tin premiums fell further in Europe to hit four-month lows following a substantial jump in exports from Indonesia in May, while premiums in the United States and China were more resilient against downside pressure and held stable.
Indonesian exports at record high in May Rotterdam 99.9% tin premium down 14% in 3 weeks China, US premiums flatEuropean tin premium plunges on surging Indonesian exportsThe premium for 99.9% tin in Europe extended its decline by another 4% this week to hit a four-month low below $350 per tonne, weighed down by a three-fold increase in Indonesian exports in May and weakness of the euro.The premium for 99.9% tin ingots with a lead content of 300 parts per million (ppm) fell to $320-350 per tonne in-warehouse Rotterdam on Tuesday May 29, from $335-365 per tonne a week prior. The premium has fallen by 13.5% since May 8, when it reached a 16-month high near $400 per tonne.Merchants have lowered their offer price to "try to make room for new tonnages being offered, but demand is still weak," a trader said.Europe is particularly affected by the surge in supply because...