Refined tin use to grow 1.1% in 2025
ITA’s annual survey of tin users estimated that refined tin use grew 3.0% in 2024 to 378,200 tonnes in a macroeconomic recovery cycle but will stall to 1.1% in 2025 under renewed headwinds.
Market dynamics continue to become more complex as supply chains shorten, and sector performance diversifies. Growth across most sectors will pull back sharply this year as US tariffs block trade and geopolitical uncertainties ramp.
The 2025 Tin Use Study Report includes detailed quantitative and qualitative feedback from survey respondents, covering 47.4% of tin use in 2024. As the global tin industry gathers in Hong Kong for Asia Tin Week, the LME 3M tin contract closed at $36,953 on Wednesday, continuing the upward trend of the past two weeks. While tin demand is cooling towards the end of the year, market speculation surrounding supply continues to dominate the story.
Weaker-than-expected Indonesian exports in October spurred stronger bullish sentiment, although we caution that exports are set to recover sharply in November with the month-to-date total already exceeding October’s whole-month total. Rumours of accelerated progress in Wa appear to be rumours only, and the resumption remains sluggish. The impact of the temporary closure of Tanzania’s Dar es Salaam port – a major export route for African tin concentrates – remains to be seen.
