Tin premiums were unchanged across the board on Tuesday February 26, with a climbing outright tin price capping spot business in Europe and the United States, while Chinese participants are yet to feel the downstream effects of this week's suspension of key tin producer Yinman Mining.
European demand holds up despite Indonesian export delays US participants concerned over climbing tin price China import window remains closedThin spot activity keeps European premiums flatIn Europe, Fastmarkets' premium assessment for 99.9% standard grade tin ingot, with 300ppm lead content, on an in-warehouse Rotterdam basis, was $420-460 per tonne on Tuesday. Tin market participants continue to report stable demand across Europe, despite ongoing delays to tin exports from Indonesia, the world's second largest tin producer. Only state-owned producer PT Timah has been able to export since the government-ordered suspension of PT Surveyor Indonesia, the country's key smelter inspector. PT Surveyor Indonesia verified some 70% of material that passed through the Indonesia Commodities & Derivatives Exchange (ICDX) in 2018. Meanwhile, the continued absence of spot business has kept European premiums static in recent weeks. However, the market continues to see premiums higher than $400 per tonne, up by more than 28% from levels...