Indonesia tin group says its members won't sell below US$17,000 a tonne

Jakarta

A GROUP of Indonesian tin smelters said on Friday its members had slashed production, and along with the country's biggest tin exporter PT Timah, would no longer trade the metal at prices below US$17,000 a tonne in an effort to stem a sell-off.

Indonesia has had limited success over the years with attempts to cut supplies and boost prices, and many traders are sceptical about the chances of the latest drive. Last month Timah and the Indonesian association agreed on a monthly export quota of 4,500 tonnes to support prices.