June 17, 2020 / 8:26 AM / 2 months ago

CORRECTED-UPDATE 1-Indonesia's Timah targets lower 2020 refined tin sales

(Corrects fifth paragraph to say expected to “prevent further price declines”, not “cause” further price declines)

JAKARTA, June 17 (Reuters) - The world’s largest tin producer, PT Timah, is targeting refined tin sales of around 55,000 tonnes in 2020, finance director Wibisono said on Wednesday.

That compared with 2019 sales of 67,704 tonnes, company data showed.

Earlier this year, the state-run company’s chief executive said it would temporarily restrict output and exports of tin while it reassesses global demand during the coronavirus outbreak, which has impacted the metal market.

Wibisono, who uses one name, said on Wednesday he hoped the global price of the metal would remain stable at around $17,000 per tonne for the rest of the year after falling to around $13,000 per tonne earlier this year.

Output restriction by major producers, including those in South America, is expected to prevent further price declines, he said.

Wibisono did not share the output target of the company this year, but said it had been slashed.

“We are a state company and the island of Bangka relies on Timah’s activities, so we cannot fully stop our production, but we are reducing it,” he said, referring to Indonesia’s main tin producing area.

The company produced 76,389 tonnes of refined tin in 2019, making it the biggest producer, overtaking Yunnan Tin Co. (Reporting by Fransiska Nangoy Editing by Ed Davies and Martin Petty)

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