According to the customs data, China's imports of tin ore and concentrate stood at 23,064 mt in July, up 21.17% YoY. The imports totalled 151,272 mt from January to July, up 39.72% YoY.
17,472 mt were imported from Myanmar, and the metal content stood at 4,368 mt based on the average grade of 25%. 5,592 mt were imported from other countries, and the metal content was 2,796 mt based on the average grade of 50%. In July, the total metal content stood at around 7,164 mt. The imports from Myanmar in July increased nearly 100% from the previous month, and the monthly import volume has far exceeded the average level of previous years, which is in line with the expected growing demand for raw materials brought by the production resumption of the smelters in Yunnan province. According to the SMM research, the mines and traders became more willing to ship amid the sharp decline in TCs of domestic smelters in recent days. The total import volume of tin ore and concentrate from other countries changed little from June. The imports from Congo (DRC) remained stable, those from Russia and Malaysia rose significantly, while those from Australia decreased by over 50% MoM.
On the supply side, TCs in China dropped sharply, easing some ore traders’ price sentiment. On the demand side, domestic mainstream smelters have finished their overhaul, and the demand for raw materials has returned to normal. Therefore, SMM believes that the import volume of tin concentrate in August will maintain stable on the current basis.