KL's tin output up 0.7%

KL's tin output up 0.7%

KUALA LUMPUR (Reuter): Malaysia's output of tin-in- concentrates rose 0.7 percent to 6,500 tons in 1995 after a fall of 37.8 percent in 1994, Bank Negara Malaysia said yesterday.

The increase was in response to higher prices resulting from rising global demand amid depletion of tin stocks in the world market, the central bank said in its 1995 annual report.

Malaysia was the seventh largest world producer after China, Indonesia, Peru, Brazil, Bolivia and Australia.

Export earnings from tin metal, including re-export of tin metal from other countries which had been smelted in Malaysia, rose 7.5 percent to 545 million ringgit because of higher prices.

Local tin-based industrial consumption was 6,370 tons, up 11.5 percent over 1994.

Bank Negara said world tin output grew by 5.8 percent to 170,300 tons in 1995, reflecting strong demand and firmer prices. In 1995, world demand was 177,600 tons following increased usage of tin in food packaging industries in Asia and higher demand from canning industries in Europe.

World tin stocks fell to about 27,000 tons in 1995 against 43,000 tons at end-1994.