Tin premiums were flat everywhere on Tuesday March 5, with news of Indonesian export relief yet to have any tangible effect on the European markets, while market participants in the United States sought rumored discounts and Chinese premiums remained static due to a closed import window.
European market awaits Indonesian supply flows US buyers seek discounted material Chinese demand falters.European premiums unchangedIn Europe, Fastmarkets' premium assessment for 99.9% standard grade tin ingot, with 300ppm lead content, in-warehouse Rotterdam, was stable at $420-460 per tonne on Tuesday.This week, the Indonesia Commodities & Derivatives Exchange (ICDX) removed the suspension that had been imposed on key smelter inspector PT Surveyor Indonesia, in connection with the launch of a new physical tin contract.While the move has been met with a mixed response from participants in the tin market, the potential for a full resumption of Indonesian exports could lower the three-month tin price on the London Metal Exchange. Premiums could also soften ahead of increased supply flows from Indonesia, the world's second-largest tin producer.But tin participants remained confident that premium business for 99.9% tin ingots was well-tested at $450 per tonne, while full smelter resumption for smaller Indonesian operations...