South Korea has bought 200 tonnes of tin ingot for May 31 arrival at the port of Busan via a tender that closed on Friday, the state-run Public Procurement Service (PPS) said. The procurement agency bought the metal of Malaysian origin and more than 99.9 percent purity from Hanwha Corp at a premium of $530 a tonne over London Metal Exchange cash prices on a cost, insurance and freight (CIF) basis, Reuters reported.
This was a re-tender, after an initial one which closed on 26 February received no bids. Hanwa Corp was also awarded a contract for 200 tonnes of standard grade tin at the agency’s previous successful tender earlier in February. PPS plans to buy 1,910 tonnes of tin in 2010.
