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China Tin Imports Fall, Exports Rise in October

iconNov 25, 2010 10:02
Source:SMM

Nov. 25 -- In common with other metals, China’s tin imports fell sharply in October. In the case of tin the latest trade figures reflected the fact that Chinese local market prices did not rise in line with the surge in LME prices since the summer, and for a while were at a large discount to the London market. This gap has now narrowed considerably.

China’s refined tin import fell sharply by 51% m-o-m to 662 tonnes in October according to latest data from China Customs. Cumulative imports of refined tin in January-October decreased to 14,230 tonnes, down by 22.6%. Meanwhile the export of refined tin from China increased to 360 tonnes in October from zero in September. However, China only exported 468 tonnes refined tin in the first ten months of the year, down by 31.4% y-o-y. It should be noted that actual tin metal exports are likely to be significantly higher than the official figures due to smuggling or classification as tin products. From other countries’ import data we estimate that the true volume of exports this year has been in the order of 400 – 500 tonnes a month.

The Chinese tin price was much lower than LME price since the end of September, so no one was willing to import tin from overseas market except under some long-term contracts. While exports rose, they were still constrained by the 10% export duty and the fact that small smelters do not have export quotas.

Overall China is still a net importer of tin metal this year and has also increased its imports of tin ore. The import of tin concentrate in China rose by 174.4 % y-o-y to 14,904 tonnes (gross weight) in January-October, although it declined to 1,160 tonnes in October from 3,060 tonnes in September. The previously large price difference between China and the LME has now shrunk, with current Chinese physical prices including import duty and VAT quoted at RMB 158,000 – 160,000 yuan/tonne (equivalent to US$23,800 – 24,000/tonne).

 

China tin imports
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tin imports

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