London 09/06/2016 - South Korea has bought 100 tonnes of tin at a premium of $490 per tonne over London Metal Exchange (LME) cash prices, the country's Public Procurement Service (PPS) said.
PPS, which manages South Korea's strategic stockpile of commodities, purchased the 99.85-perecent purity Malaysian-origin tin from Samji Metal Corp on a cost, insurance and freight (CIF) basis free of import duty. The metal will be delivered to the port of Incheon.
This is a drop from the last time that the PPS bought this grade of tin in March, when premiums were $494 per tonne.
Spot premiums for 99.85-percent purity tin in South Korean warehouses are currently stable at $75-125 per tonne duty unpaid in-warehouse.
But the latest lead tender from PPS has failed again, a local source said on Thursday. It intended to buy 500 tonnes of 99.99-perecent purity lead for delivery to Incheon but failed to attract enough bidders for the second time in two weeks.
(Editing by Mark Shaw)