Tin premiums in Europe, the United States and China remained flat in the week beginning Monday January 21, amid continued uncertainty about delays to exports from Indonesia, while a lack of spot market activity, higher prices and a wide backwardation continued to deter investment in the tin sector.
European tin participants' concerns mountUS markets beginning to feel supply pinchChina quiet ahead of Lunar New Year holiday. European premiums flat while LME supply alternatives dwindleIn Europe, Fastmarkets assessed the premium for 99.9% standard grade tin ingot, with 300ppm lead content, on an in-warehouse Rotterdam basis, at $450-500 per tonne on Tuesday January 22.This was unchanged since December 24 and meant that the premium remained at its highest level since September 2016.Market uncertainty regarding exports from Indonesia, tin's second-largest global exporter, continued to cloud spot market activity early in 2019. Since the stoppage in exports began in October 2018, premiums have risen by more than 30%.State-owned Indonesian company PT Timah remained the only entity able to export material, but most of its business was tied up in long-term deals.The continued lack of progress on the issue has left some participants increasingly jaded, while the option...