China Refined Tin Imports to Fall back in December after Sharp Rise in November

SHANGHAI, Dec 27 (SMM) -According to customs data, the total import of refined tin in November 2022 was 5,174 mt, and the cumulative import from January to November increased by 505.17% year-on-year. The export volume stood at 1,005 mt in November, and the cumulative export from January to November registered a year-on-year decrease of 30.72%. China maintained net imports in November. 

The MoM growth of imports in November came mainly from Malaysia and Peru. 
Exports to Japan, the Netherlands, and Italy saw large increases, while exports to South Korea  experienced a significant decline. 

LME tin inventories continued to fall in November, mainly contributed by Asia. The import profit window was closed in mid-November. Taking into account the transportation cycle, the import of refined tin will gradually decrease in December. 

On the demand side, in November, the operating rate of downstream solder companies fell month-on-month, and solder companies gave a neutral expectation for the stocking before the Chinese New Year. The rise in tin prices has suppressed flexible demand in the market. Domestic tin ingot social inventories have accumulated significantly recently, and spot premiums continued to decline. 

To sum up, refined tin imports are likely to fall back sharply in December due to closure of import window and poor demand.