Base metal stockpile purchases by South Korea in 2010 will be similar to this year’s total, the state-run Public Procurement Service said on Wednesday. In 2009, the agency plans to buy 199,800 tonnes of base metals worth 584 billion won ($482 million), and has bought around 148,650 tonnes in the first eight months of this year, Reuters reports
Total planned refined tin purchases this year amount to 1,800 tonnes, of which 1,350 tonnes had been bought up to end-August. A tender for the supply of a further 250 tonnes of standard grade 99.85% tin for delivery to Incheon by 30 November was issued today, with bids due in by 25 September.
The agency, tasked with managing supply of base metals for local small- and medium-sized firms, is seeking to boost its stockpiles to 60 days’ supply by 2012 from around 40 days currently.
