CHINA November 26 2013 10:45 AM
SHANGHAI (Scrap Register): China switched to become a net exporter of refined tin in October, the first time we have seen this since July 2007, said Barclays capital in a research note.
According to Barclays, this reflects the continued expansion in domestic refined production, which rose by 17% y/y to 15Kt in October.
Given strength in domestic mine production, rising by 20% y/y to 11Kt, alongside very strong concentrate import growth, up by 450% y/y to 4.3Kt for the month, China’s refined import needs have diminished in the current domestic demand and stock environment.
Certainly this is a critical reason as to why even with the continued significant constraints on Indonesian refined export flows due to recent government regulation, the draw on LME stocks has not been more significant than the 4Kt since early September.