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Markets // Market Analysis

PT Timah excels in H1

Friday, 08 September 2017

The Indonesian state-owned tin producer, PT Timah, has announced a 57% year-on-year increase in refined tin production to 14,905 tonnes in the first half of 2017, with Q2 refined tin output at its highest level since Q4 2014 at 7,942 tonnes.

The increase in refined tin output is correlated with a 77% year-on-year increase in tin-in-concentrate production to 16,078 tonnes over the same period. This largely reflects a nearly five-fold increase in onshore tin mining output to 8,323 tonnes, although offshore tin production also increased 7% to 7,755 tonnes in the first half of the year.
The company's downstream facilities have also performed well, with first half sales of tin chemicals up 150% to 2,124 tonnes year-on-year and tin solder up 28% to 386 tonnes. Additionally, between the end of 2016 and the end of June, the company's refined tin stocks have risen 13% to 3,892 tonnes, while tin contained in ore and slags has risen 9% to 11,649 tonnes.

ITRI View: Indonesian exports of refined tin based on trade ministry data totalled 35,390 tonnes in H1, up 19% year-on-year. While the higher tin price in 2017 has no doubt been a key driver behind PT Timah's improved performance, disruption from flooding and export delays in H1 2016 have also been an important factor behind the 2017 revival. The company has also been more competitive in its purchase of ore, which has weighed on Indonesian private smelter production. PT Timah believes that refined tin output of 32,000-35,000 tonnes will be easily achieved this year, up from its 2016 total of 23,756 tonnes. We estimate total Indonesian refined tin production will rise to 75,000 tonnes in 2017 due to the increased output by Timah, with production from other Indonesian sources expected to remain broadly stable.

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