SHANGHAI, Nov. 27 (SMM) – China’s refined tin exports surged 450.7% month-on-month in October while tin ore imports climbed 182.4% from a month ago, according to China Customs.
Export volumes of refined tin were 826 tonnes in October, a 560.8% spike from a year earlier. Total exports through the first ten months grew by 112.2% to 2,809 tonnes.
In stark contrast, China’s refined tin imports were merely 432 tonnes in October, down 33.8% on the month and 81.4% year-on-year. Tin imports from January through October dropped 53.8% from a year ago to 11,682 tonnes.
LME tin has traded sideways since October, with volatility declining. Tin prices in China, however, dropped from 151,000-154,000 yuan per tonne in early October to the current 143,000-146,000 yuan per tonne, a slump of 8,000 yuan per tonne, or 5.2%. The sharp price gap resulted in exploding tin exports and tumbling imports.
Sluggish demand in domestic market was also a contributor to bulging exports and weak imports.
Elsewhere in tin ore market, China imported 4,295 tonnes of tin ore and concentrate in October, rising 182.4% from September, and up 444.4% from October 2012. Imports for the first ten months amounted to 64,797 tonnes, up 143.9% from a year ago.
Myanmar was the top supplier of China’s tin ore imports in October, claiming 83.0% of the total volume, and followed by Bolivia, Tanzania, D.R. Congo, Laos, and Thailand.
China’s tin ore imports from Myanmar have increased sharply this year, largely satisfying domestic demand for the resource.