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Indonesia’s Trade Ministry Supports Tin Export Suspension

The Trade Ministry supports companies suspending tin exports in order to control international tin prices, an official says.

“This is part of a strategy to control the supply and price, so that speculators can not manipulate the market,” Trade Ministry director general for foreign trade Deddy Saleh said Thursday as quoted by Kompas.com.

Domestic tin producers are planning to halt tin exports on Oct.1 as a strategy to restore tin prices.

Indonesia is currently the largest tin producer in the world with a maximum output of 8,500 tons per month.

Indonesia’s plan to suspend exports caused the price of tin to increase 7.3 percent to US$21,795 per ton on Tuesday before falling back to $21,250 per ton.

Source : www.thejakartapost.com