Indonesian President Joko Widodo announced this Wednesday that tin exports will be halted in 2024 in order to promote investment in downstream processing and manufacturing.

Reduced global refined tin inventories have led to price increases so far this year. The news of Indonesia's ban on tin exports has also made the 3-month futures price exceed US$40,000/ton for the first time, hitting a record high.

Tin is used in semiconductor welding in electronic products, and its demand soared during the epidemic. Tin is also an important weldment in photovoltaic cells.