PANGKALPINANG. PT Timah Tbk (TINS) reduced production and sales until the prices can be profitable for the company. This was done following the fall of the prices of tin on the world market.
President Director of Timah, Riza Pahlevi said that the company was still waiting for market developments to increase its sales, especially in the export market. Riza said that production was reduced by 20-30 percent from the monthly target set by the company.
According to Riza, the selling price of tin still continues to decline. This was triggered by the temporary halt in the production of electronic goods, smartphones and other products that use tin as the basic material, caused by the coronavirus (Covid-19) pandemic.
"The export market is still dominant, during the coronavirus pandemic, many companies have stopped production and this has an impact on demand (for tin) and prices continue to be corrected," Riza said in a press release this week. (AM/AR)