South Korea’s Public Procurement Service has revised upwards its planned metal purchases this year, Reuters reports. Total purchases of LME metals are now targeted to reach 199,800 tonnes, 6% more than previously announced. The bulk of the total is accounted for by aluminium and copper. Tin purchases are now expected to be 1,800 tonnes, versus 1,700 previously planned an 1,860 tonnes actually bought last year.
The body has announced a tender for its next purchase of 200 tonnes of tin (100 tonnes 999s and 100 tonnes standard grade) for September 20 delivery to the port of Incheon.
The Public Procurement Service manages raw material purchases for small and medium-sized Korean companies and holds a buffer stock of LME and other metals.. Last July it announced plans gradually to increase its stockholding of key metals, including tin, from 19 to 60 days’ supply.
