Tin drops 5% but then resumes its upward trajectory

After a sharp ~5% drop in price on March 19th, following the announcement of RKAB and export license approvals in Indonesia, LME tin prices have resumed their upward trajectory, with three-month price rebounding to approximately $28,500. Trading volume on the JFX in March returned to normal, totaling 3,800 tonnes, only a 5% year-on-year decline. However, trading on the ICDX has yet to recommence. Despite the resumption of Indonesian exports, the spread between LME three-month price and cash price has tightened to such an extent that LME prices have entered backwardation this week, reflecting the tightness in supply. Meanwhile, in stark contrast, SHFE stocks in China continue to accumulate, now nearing 13,000 tonnes—the highest level in years—underscoring the divergent market dynamics between China and the rest of the world.

Tin Association’s China Annual Report, Resilience through Global Headwinds, provides comprehensive analysis and exclusive insights into the Chinese tin market, charting the resilience and potential for growth in the sector amidst international economic uncertainties. This report includes:

• Analysis of dynamics and challenges in key producing regions like Guangxi and Inner Mongolia
• Commentary on China’s tin consumption surge in 2023.
• Details of import and export markets in China for refined tin and tin ores and concentrates.