Malaysia's tin output declines by 47 percent

Malaysia's tin output declines by 47 percent

KUALA LUMPUR (AFP): Malaysia's tin production fell 47 percent over the year in the five months to May while local demand for the metal rose four percent, the statistics department said yesterday.

Cumulative production of tin-in-concentrates totaled 2,711 tons between January and May compared with 5,219 tons the previous corresponding period.

For May alone, output shrank by 10 tons, or two percent, to 511 tons from the preceding month, the department said in its monthly tin report.

But local demand for tin rose 85 tons during the first five months to 2,045 tons from 1,960 tons previously, it said.

Exports to Japan, the Netherlands, Korea, Taiwan, Germany and Australia, in contrast, dipped 29 percent to 3,050 tons.

They said tin imports from Peru, Portugal, Australia, Vietnam, Russia, Britain and China rose 40 percent to 13,652 tons during the period in review.

Amid the declining output, the price of the metal climbed 29 sen to 13.32 ringgit (US$5.17) per kilogram (2.2 pounds) on the Kuala Lumpur Tin Market yesterday.

The rise was in tandem with the $80 hike to $5,165 for three- month tin on the London Metal Exchange.