Global Tin Reserves Fall by over 50%, NEV Sector Opens Up Room for New Demand

Metal tin is not only a necessary industrial raw material for the production of various home appliances and electronic products, but also widely used in emerging industries such as photovoltaics and new energy vehicles. Since the end of last year, tin prices have been rising, and the most-trade SHFE tin contract has added by over 30% in the past three months.

Experts suggest that the current demand for tin primarily stems from the new energy industry, and the demand for tin products is expected to continue growing in the near future.

According to USGS, as of the end of 2022, the global tin reserves were 4.6 million mt, which was down by 52.08% compared with 9.6 million mt in 2000. The decline mainly results from the decline in ore grades, manpower shortage and rising mining costs in traditional tin mines after years of mining.

Market analysts assume that the tin demand from photovoltaics and new energy vehicles sectors in 2025 will account for 26.06% of total tin demand in 2025, up from 10.84% in 2021. And supply deficit will reach 28,200 mt.