SHANGHAI, Jan. 22 (SMM) – Documents of export tariff and quota for 2017, recently released by China, do not mention about tin, not alloyed, unwrought. Many market players interpret this as cancelling of both export tariff and quota on refined tin in 2017, despite no official verification.
China launched the export quota system of tin and tin products from 2002, and imposed a 10% export duty on refined tin from 2008. China’s refined tin exports have come into a stalemate since 2008, becoming a net importer of refined tin.
The 10% export duty on refined tin is defined as an interim one in accordance with Export Duty Rate Chart of China Customs, so relevant government may not announce a special statement about this.
International Tin Research Institute (ITRI) said the adjustment may be related with inquiries by WTO on export tariff on tin and other key raw materials. US and EU appealed to WTO last July, challenging against China’s ad valorem export duty on nine key raw materials, including tin, which violates the promises when joining in WTO. China denied breaking the promises and stressed that export restrictions on those raw materials are set against the background of mounting resources and environment pressures, and those measures aim to achieve eco-environment protection and sustainable development, which is in line with WTO rules.
Cancelling of export duty and quota on refined tin means that export barrier of Chinese tin will be removed, and this will allow Chinese tin ingot to flow into global market, SMM believes. At present, global tin market is in supply shortages, while China’s tin market is in slight surpluses. Once exports are allowed, the global tin supply and demand balance will change, and Chinese tin will take part in competition in the global market, which will have a big influence on world’s tin market. Moreover, market players should also eye on linkage between LME and SHFE tin prices and arbitraging opportunities.
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