Tin prices climb to a two-month high above $55,000/t

Tin prices have continued to strengthen over the past fortnight, climbing to a two-month high above $55,000/t. Markets have remained focused on macroeconomic and geopolitical developments, although broader sentiment has improved over the past week, accompanied by rising speculative activity on the SHFE.
Softer-than-expected US inflation data and growing optimism over progress in US-Iran negotiations have weighed on the US dollar. Meanwhile, strong earnings from major technology companies have revived confidence in the AI trade, providing renewed support for semiconductor equities. Indonesian exports are beginning to return to more typical levels, but attention is increasingly turning back to physical market conditions as visible exchange inventories continue to decline.

Global primary tin production cash costs rose 4.2% in 2025, driven particularly by higher royalties and declining grades, while the annual average tin price soared 13.0%. Stronger by-product revenues offset these rising costs, limiting the net-of-by-product cash cost rise to just 0.9%.