SHANGHAI, Oct. 28 (SMM) – China’s tin imports decreased further in September to the lowest level in 31 months due to negative price arbitrage.
Inbound shipments of refined tin were 653 tonnes last month, the lowest level since March 2011, customs data showed.
They were 36.9% lower from a month ago and 80.3% less year-on-year. Imports fell 51% from a year earlier to 11,251 tonnes in the first nine months, the data showed.
``Sluggish demand at home seriously hurt importers’ passion at work,’’ SMM’s tin analyst Crace Wu observed.
China’s imports of tin ores also fell sharply in September due to negative arbitrage, by 58.2% month-on-month to 1,521 tonnes. Ore imports increased by 134.7% year-on-year to 60,502 tonnes in the first nine months, with a majority coming from Burma, customs data showed.
Higher overseas prices encouraged more exports of refined tin this year, with outbound shipments totaling 1,983 tonnes in the first nine months, 65.3% more than a year ago.
Exporting tin from China is subject to a 10% export duty and a quota system.