SMM Daily Review - 2012/2/2 Tin Market

In recent weeks, the domestic rare earth market as a whole prospered evidenced by overall rising prices of all products. In particular, the price of praseodymium oxide increased significantly among others. In the middle and late June, the market prices of praseodymium rallied, and terbium bottomed out. Later, since mid-July, market prices of light and heavy rare earth rose across the board, and the market is relatively in tight supply resulted from insufficient pre-stockpile or oversold. Hence the short supply of metal intensified in current stage.

Traded prices of high-grade nickel pig iron (NPI) ore, with 1.8% Ni imported from the Philippines, rose to $54/wmt cif as of Tuesday May 22

The volume of China’s alumina exports is set to decline but the downward room is limited as profits remain, SMM believes.

China’s alumina imports are likely to decrease after March volumes hit a 16-year low

While LME aluminium surged nearly 30% on the US sanctions on Rusal from April 6, prices of alumina also soared with further upward room due to tight supplies and rising export margins

Eight tin smelters in Gejiu city, Yunnan province, plan to cut production by at least 20% in 2018 as supplies of tin ore tightened

LME tin will still hover at highs on Tuesday, with resistance at USD 21,200/mt. On Monday’s night trading, profit-taking by some longs curbed its price gains on the SHFE tin.

China imported 19,519 tonnes of tin ore in August, down 23.9 per cent MoM, and 49.2 per cent YoY, according to China Customs.

China’s tin ore output is low so far this year following resources integration and normalization of environmental protection inspections, SMM tin analyst said at the 2017 SMM Tin Industry Chain Summi

Market sentiment was depressed after SHFE tin prices fell. A wait-and-see attitude grew in Shanghai spot tin market, SMM reported.