Exports of refined tin notch 11-year high in Q1 in open arbitrage window

SHANGHAI, Apr 28 (SMM) – China’s exports of refined tin in the three months through March notched an 11-year high, as LME tin firmed up and arbitrage opportunities emerged after trade restriction deterred Indonesian exports and lowered inventories across LME-approved warehouses to record lows.

Data from China Customs showed that China exported 2,961 mt of refined tin in the first quarter, doubled from the previous quarter and up 51% from the same period last year. The quarterly exports were the highest since the third quarter of 2007.

Exports in March stood at 1,307 mt, up 187% from a month ago and 102% from a year ago.

China’s imports of tin ore and concentrate came in at 13,056 mt last month, with 12,064 mt that originated from Myanmar.

March’s imports from Myanmar equated to 3,100 mt in Sn content, up 244% month on month and 55% year on year.

This brought imports in the first quarter to 11,100 mt in Sn content, down 7% quarter on quarter and 38% year on year.

Fewer resources in the Southeast Asian country and lower quality accounted for the year-over-year decline in ore imports in Sn content.

Week-long traffic control in the Wa State in April for the celebration of the 30th anniversary of its founding is estimated to lower Myanmar’s tin ore and concentrate imports to China by about 1,000 mt in Sn content for the month.