South Korea has bought 100 tonnes of tin ingot for shipping by May 10 to the port of Busan and is seeking another 300 tonnes, the state-run Public Procurement Service said on Friday. The agency bought the first tranche at a premium of $360/tonne c.i.f. over the LME price from local trading firm Hanwha, Reuters reported.
The Public Procurement Service manages raw material purchases for small and medium-sized Korean companies. Last week it was reported that its total planned refined tin purchases in 2009 were 1,700 tonnes, down from 1,860 tonnes last year. Last July it announced plans gradually to increase its stockholding of key metals, including tin, from 19 to 60 days’ supply.
