BNP Paribas: Supply Concern Brightens Outlook of Tin
According to senior analyst from BNP Paribas, outlook of tin is bright, and shall continue to be supported by supply concern.
Outlook of tin price will be bright during the following 6-12 months, according to Stephen Briggs
Construction of new mines has not reported and producers are struggling to keep production. It is expected that this condition will not change in the following year. This will lend strong support for tin prices.
China’s Imports of Refined Tin Fall Sharply in February
According to data from China Customs, China’s refined tin and its alloy totaled 1,213 mt in February, down 51.2% MoM and down 68.2% YoY. YTD imports through February were 3,700 mt, down 32.4% YoY.
LME tin prices fell sharply to USD 23,000/mt after stumble in February, which weighed down domestic tin prices. Coupled with soft demand, domestic tin prices were further weighed down, expanding price gap of LME tin prices and Shanghai spot tin to RMB 30,000/mt. This greatly dampened domestic traders’ importing willingness. Coupled with holiday factor, China’s imports of refined tin in March fell by 51.2% MoM.