In June, China's tin ore imports rebounded, with imports from Africa continuing to gain momentum [SMM Analysis]

In June, China's tin ore imports amounted to 12,800 mt (equivalent to 5,159 mt in metal content), up 52.33% MoM, down 40.79% YoY, an increase of 1,377 mt in metal content compared to May. Cumulative imports from January to June were 91,900 mt, down 19.48% YoY. In June, domestic tin imports were 189 mt, down 70.33% MoM, down 91.51% YoY, with cumulative imports from January to June totaling 7,641 mt, down 47.73% YoY.

In June, domestic tin ore imports showed a rebound trend, mainly due to increased imports from Myanmar, Africa, and Bolivia, while imports from other countries remained stable. Specifically, tin ore imports from Myanmar in June were 4,100 mt (equivalent to 1,342 mt in metal content), showing a rebound compared to May 2024. Although the Wa State authorities in Myanmar have not yet indicated when tin ore production can resume, recent notices allowing beneficiation plants to transport tin powder have led to a short-term increase in tin ore imports. However, it is expected that tin ore imports from Myanmar will remain at low levels in the third quarter. Meanwhile, tin ore imports from countries like the Democratic Republic of Congo and Bolivia also increased. Since the suspension of production in Myanmar, tin ore imports from Africa and other regions have continued to grow, gradually increasing their share of total domestic imports and are expected to remain at high levels. In June, tin ore imports from Bolivia saw a significant increase, but due to the low grade, the converted metal content was less than 100 mt, having a minimal impact on domestic supply. On the other hand, since the end of 2023, with the closure of the tin import profit window and the delay in the approval of tin export quotas due to the Indonesian presidential election at the beginning of 2024, domestic tin imports have significantly declined. Data shows that tin imports in June decreased to 189 mt, with 25 mt imported from Indonesia. Although the tin import profit window briefly reopened recently, it is expected that imports will not enter the domestic market until July due to shipping schedules and other issues. Considering the long-term closure of the import window, tin import volumes are unlikely to recover to last year's levels. Additionally, domestic tin exports in June also saw a slight decrease, totaling 1,383 mt, down 7.8% MoM, but up 21.21% YoY. Cumulative exports from January to June 2024 reached 9,687 mt, up 24.98% YoY. Considering the recent closure of the export window, it is expected that tin export volumes may continue to decline in the future.