Indonesia's refined tin exports rose 7.3 percent in August from the same month last year, but were down 7.6 percent on the previous month, an official at the trade ministry said on Monday. Indonesia, the world's top tin exporter, shipped 8,559.61 tonnes of refined tin in August, compared with 7,974.05 tonnes in August last year, trade ministry data showed. In July, tin exports stood at 9,265.72 tonnes.
"August refined tin export is lower than July exports. That may be because of the declining tin price in the international market," Toto Rusbiantoro, head of the mining export division at trade ministry, said. "It is not because of lower production of tin since there is no problem with production," he added. "If we compare to last August, our refined tin export has increased significantly because weather conditions are more conducive for tin production."
Benchmark tin on the London Metal Exchange closed at $23,505 on Friday. The metal, mainly used in solders for electronics, struck a record high above $33,000 in April. A crackdown on illegal mining, tighter export regulations, declining onshore reserves and rain that had limited Indonesian production helped drive the tin rally earlier this year.
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