Tin’s rollercoaster ride spins into the new year, promising more thrills and spills after a tumultuous performance in 2022. mining
A relatively small market, tin is often overshadowed by metals like copper and aluminum that are more widely used in manufacturing, infrastructure and the green-energy transition.
Chinese buyers have scooped up much of the resulting surplus metal, leaving the rest of the world more finely balanced than expected.China imported 31,115 tonnes of refined tin last year, up from just 4,900 tonnes in 2021 and the highest volume since 2012. With Chinese tin demand also taking a lockdown hit last year, the strength of imports suggests a major restocking exercise into a falling price environmentIndonesian refined tin exports and y/y changeAt least part of last year’s surplus is now sitting in China. Shanghai Futures Exchange tin stocks have rebuilt from under 2,000 tonnes as recently as September to a current 6,843 tonnes, the highest since May 2021.
The days of tin scarcity have passed. But the availability of metal in the world outside of China is not what it would have been without China’s hefty imports. Neither premiums not LME stocks have yet returned to their pre-2020 levels
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