Malaysian Tin Bulletin-June '11

MALAYSIAN TIN BULLETIN
JUNE 2011
June Tin Market Review

Kuala Lumpur Tin Market (KLTM)
The KLTM opened the trading month of June at US$27,800 per tonne, which was the highest price level for the month. It was also higher than the previous trading months closing at US$27,380 per tonne. However, due to weak demand the KLTM tin price closed the short first trading week lower at US$27,000 per tonne. The second trading week opened substantially lower at US$26,300 per tonne. The huge decline was influenced by the fall in the metals price on the LME. By middle of the second trading week, the tin price on the local physical market stood at US$25,900 per tonne and remained flat at that level for the next three days. During the fourth trading week, the tin price slid further to US$24,800 per tonne, the lowest level for the month. Trading was range bound between US$24,800 to US$25,700 per tonne towards end of the trading month. There were 22 days of trading on the KLTM in June. The average tin price recorded for the month was US$25,627 per tonne. The months average daily turnover was 48 tonnes, slightly higher than the May average of 45 tonnes. The highest daily turnover recorded in June was 90 tonnes, and the lowest was 26 tonnes.
JUNE 2011
LME and New York Market

Tin trading on the London Metal Exchange (LME) in June was mostly on a decline. Tin prices softened during the early trading weeks but rebounded slightly during the final week on technical correction due to profit taking. Opening prices on the LME for the trading month were US$27,850 per tonne for cash tin and US$27,900 per tonne for 3-month tin. Closing prices, however, were much lower at US$25,900 and US$25,850 per tonne for cash and 3-month tin, respectively. This downward trend was in line with the trading pattern of the other base-metals traded on the Exchange during the month. The June average LME cash and 3-month tin prices were US$25,576 and US$25,617 per tonne, respectively. The LMEs highest cash tin price recorded during the month was US$27,850 per tonne whilst the highest 3-month tin price was US$27,900 per tonne. The lowest cash and 3-month tin prices for June were US$24,600 and US$24,635 per tonne, respectively. Tin trading on the New York market in June followed the same trading pattern as on the LME. The average New York spot tin price for the month was US$26,387 per tonne. The highest and lowest prices recorded for the month of June were US$28,329 and US$25,441 per tonne, respectively.
News Highlight
MSC in Talks with Traxys
Malaysia Smelting Corporation Bhd (MSC), the worlds third-biggest tin producer, is in talks with companies including Traxys SA for potential mining partnerships in Congo. Were looking at doing a partnership, chief operating officer Chua Cheong Yong said on Wednesday by telephone from Penang. We do talk to a lot of parties about a lot of possible partnerships, and Traxys is one of them. The talks follow a confidentiality agreement that MSC signed last month with Congo to develop mineral concessions in the eastern part of that country. (Source: The Star, 3 June 2011)
JUNE 2011
News Round - Up
Indonesian Tin Export Fell in May
According to provisional data released by Indonesias Ministry of Trade, the countrys total amount of tin checked prior to export decreased substantially from over 9,000 tonnes for the months of March and April to just 7,013 tonnes in May. Compared to the same period last year, tin export in May this year declined by 4.4 per cent. However, the cumulative export tonnage of 39,289 recorded from January to May 2011 was nearly 12 per cent higher compared with the corresponding period last year. According to a spokesman from the said Ministry, tin production had actually increased but the exporters were holding to their stocks while awaiting for higher global prices of the metal. He noted that only 22 tin exporters were active in May out of a total of 34 registered tin exporters in the country.
Minsur Mine Back in Full Swing

Operation at Minsurs San Rafael mine, Perus sole tin mine located in the Puno province, was back in full swing in late May. Minsur had deliberately slowed down the mines operation since late August last year whilst awaiting approval for the mines new tailings storage facilities. Throughout the last nine month period, tin production at the mine had decline by approximately 25 per cent. Recent official data from Perus Ministry of Mines showed that of tin-in-concentrates production declined year-on-year by some 25 per cent to 2,346 tonnes in the month of April and some 26 per cent to 9,136 tonnes for the January to April period. Before the slow down, the mine was producing slightly over 3,000 tonnes monthly. Meanwhile, a company spokesman confirmed that the ongoing protests in the southern part of Puno against mining and hydroelectric power projects would not affect its mining operations. The protesters, comprising mostly the Aymara Indians, have voiced their concern that the projects would contribute to rising pollution in the region. They had been organising roadblocks to reinforce their demand to Peruvian President-elect, Ollanta Humala. The newly elected President will officially assume office on 28 July. He has pledged to end social conflicts over natural resource projects by focusing on social programmes and spreading the wealth generated from such projects to the poor. Humalas election victory has prompted a substantial sell-off in the stock market over fears that his policies and programmes could undermine the economic boom in the country.
JUNE 2011
Brazil's Tin Production Decline

Provisional data from Brazillian tin association, Sindicato Nacional da Indstria da Extrao do Estanho (SNIEE), showed that the country produced only 6,651 tonnes of refined tin metal last year, its lowest since the mid 1970s. In terms of year-on-year production, the decline was 36 per cent mainly due to the drop in production at the Tabocas smelter in Sao Paulo. Last year, the smelters production plummeted by nearly 60% with an output of just 1,123 tonnes. All the other smelters in the country also experienced a decline in production except for a small one operated by a cooperative. White Solder was Brazils largest refined tin producer in 2010 with some 1,821 tonnes in output which, however, was 17 per cent lower than its 2009 production. Meanwhile, Brazils estimated tin-in-concentrates production last year totalled 7,316 tonnes, a drop of 30 per cent, the countrys lowest output since 1980. Production at Tabocas Pitinga mine fell by 45 per cent to 1,451 tonnes as the company restructured its operations. The Coopersanta co-operative was the countrys largest mining operation in 2010, producing some 2,154 tonnes of tin-in-concentrates. This output, however, was lower by 18 per cent compared to the previous year.
PT Timah Boosts Investment in Tin Chemicals

PT Timah, Indonesias premier tin producer, has raised its capital expenditure allocation for 2011 from US$140 million to US$163 million following plans to boost its offshore tin mining and expand its tin chemical plant. The company will source half of the required funds through bank loans. Meanwhile, the second phase construction at Timahs Cilegon tin chemicals plant in Java is expected to be completed in 2012. The plant will produce tin intermediate material, tin tetrachloride. The first phase construction of the plant had already been completed, and it expects to produce some 6,000 tonnes of PVC stabiliser (dimethyltin diisooctylthioglycollate) this year rising to 10,000 tonnes in the near future. PT Timah is also planning to build a second tin chemicals plant. It will be constructed in Bangka, where its major mining and smelting operations are presently located.
Decline in Chinas May Refined Tin Production

According to China Nonferrous Metals Industry Association (CNIA), the countrys refined tin metalproduction declined by 6 per cent in May 2011 from the preceding month. Total production from January to May, however, increased by nearly 9 per cent to 63,416 tonnes compared to the same period last year. These figures though did not take into account of most of the secondary refined tin production. Higher tin prices have boosted production, but producers in China were constrained by low supplies of raw material. The amount of imported crude tin for refining has decreased significantly because Chinas domestic market price was below that of the LME during the January to April period. According to CNIA, the countrys tin-in-concentrates production in May was 7,225 tonnes, a decrease of 8 per cent month-on-month. However, cumulative production during the January to May period rose to 37,717 tonnes, an increase of 12 per cent year-onyear. (Source: Tin in the News, ITRI Ltd. UK)
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Tin Statistics
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MALAYSIAN TIN BULLETIN

June Tin Market Review