ID :
18372
Mon, 09/08/2008 - 09:49
Auther :
Shortlink :
https://www.oananews.org//node/18372
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TIN PRODUCTION OF BBTS CONSORTIUM DROPS
Pangkalpinang, Sept 8 (ANTARA) - Tin production from seven tin melting companies grouped in the Bangka Belitung Timah Sejahtera (BBTS) consortium until August declined by 10 percent to 25,000 tons from the same period last year.
BBTS director Patris Lumumba said here on Sunday the drop followed the depletion of tin ore deposits of the companies and a current drop of the price of the commodity in the world market.
"The price of tin ingots has been fluctuating. In an hour it can go up and down sharply while several members of the consortium are rebuilding old mines," he said.
The price of tin at 11 am on Saturday reached US$18,500 per metric ton at the London Metal Exchange. It once reached up to US$130,000 per metric ton, he said.
He said because of the price decline, many small-scale smelters who are partners of the BBTS stopped producing or, even if they are producing, they did not sell the commodity.
Patris said the price of tin was still set by outside parties while Indonesia as the biggest supplier could not as yet play a role in setting the prices.
"We as common producers need to strengthen our commitment to unite. The government's support is certainly needed in the form of regulations that would make the country able to play a bigger role in determining world tin prices," he said.
He predicted the price drop would last in the next three months. After that in line with increasing needs the price will move up further, he said.
The president director of PT Timah, Wachid Usman, meanwhile said that in 2008 his company would only produce up to 5,000 tons of tin ingots or below last year's 65,000 metric tons.
"The drop follows low production and several internal conditions such as price problems and decreasing mining operations," he said.
BBTS director Patris Lumumba said here on Sunday the drop followed the depletion of tin ore deposits of the companies and a current drop of the price of the commodity in the world market.
"The price of tin ingots has been fluctuating. In an hour it can go up and down sharply while several members of the consortium are rebuilding old mines," he said.
The price of tin at 11 am on Saturday reached US$18,500 per metric ton at the London Metal Exchange. It once reached up to US$130,000 per metric ton, he said.
He said because of the price decline, many small-scale smelters who are partners of the BBTS stopped producing or, even if they are producing, they did not sell the commodity.
Patris said the price of tin was still set by outside parties while Indonesia as the biggest supplier could not as yet play a role in setting the prices.
"We as common producers need to strengthen our commitment to unite. The government's support is certainly needed in the form of regulations that would make the country able to play a bigger role in determining world tin prices," he said.
He predicted the price drop would last in the next three months. After that in line with increasing needs the price will move up further, he said.
The president director of PT Timah, Wachid Usman, meanwhile said that in 2008 his company would only produce up to 5,000 tons of tin ingots or below last year's 65,000 metric tons.
"The drop follows low production and several internal conditions such as price problems and decreasing mining operations," he said.
