JAKARTA. PT Timah (Persero) Tbk (TINS) has cut its export quota further to around 2,000 to 2,500 tons per month because tin prices are declining.
Mochtar Riza Pahlevi, Managing Director of TINS, said that the quota was cut by around 1,000 tons per month. Previously, in July, the company had also cut its export quota by around 1,000 to 1,500 tons per month. In addition, the company also seeks to reduce its production volume.
"Production is reduced by stopping dredge operations," Pahlevi said as quoted by Kontan on Tuesday (8/10) yesterday. In addition, he admitted the number of work shifts in the company's land mining area had been reduced from 3 shifts a day to 1.
Pahlevi claims the price of tin on the global market this year fell, due to the tension in trade relations between the United States and China. TINS's decision to reduce the volume of production and export is also supported by the Indonesian Tin Exporters Association (AETI).
"We must indeed be brave enough to reduce production volumes while prices are at a low level," explained Jabin Sufianto, Secretary-General of AETI, through an official statement. (KR/AR)