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ITA: Indonesian tin production to see 11% decline in 2020 due to low demand
2020-08-25 11:39:40 【Print】
Indonesia, the world's second-largest tin producer, is expected to see a double-digit decline in refined tin production this year, amid a slump in global demand, according to the International Tin Association (ITA).
The ITA expected refined tin production to reach 69,000 tons this year, down 11.5 percent from 78,000 tons last year. The lower production is mainly driven by production cuts from state-owned PT Timah, the world's top tin producer, according to ITA market analyst.
Timah's output sank 26.2 percent year-on-year (yoy) to 27,833 tons in the Jan-June period this year, the company stated on July 30.
The company also announced the plan to cut its monthly output by between 20 and 30 percent in March, in response to weak global demand for tin, a metal mostly used for soldering, as production and consumption of everyday electronics slowed as a result of the COVID-19 pandemic.
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The ITA expected refined tin production to reach 69,000 tons this year, down 11.5 percent from 78,000 tons last year. The lower production is mainly driven by production cuts from state-owned PT Timah, the world's top tin producer, according to ITA market analyst.
Timah's output sank 26.2 percent year-on-year (yoy) to 27,833 tons in the Jan-June period this year, the company stated on July 30.
The company also announced the plan to cut its monthly output by between 20 and 30 percent in March, in response to weak global demand for tin, a metal mostly used for soldering, as production and consumption of everyday electronics slowed as a result of the COVID-19 pandemic.
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