[SMM Analysis] Tin Ore Imports Rebounded in May, While Supply Pressure Persists in Domestic Smelting Sector

In May, China's domestic tin ore imports reached 13,400 mt (equivalent to approximately 6,518 mt (metal content)), up 36.39% MoM and 59.84% YoY, an increase of 2,182 mt (metal content) compared to April (equivalent to 4,336 mt (metal content) in April). The cumulative imports from January to May totaled 50,200 mt, down 36.51% YoY. In May, China's domestic tin ingot imports amounted to 2,076 mt, up 84.04% MoM and 225.9% YoY. The cumulative imports from January to May reached 9,584 mt, up 38.48% YoY.
According to data from the General Administration of Customs, in May 2025, China's physical imports of tin concentrates reached 13,449 mt, hitting a new high for the year. This growth was mainly driven by increased contributions from African countries: imports from the DRC and Nigeria increased by 26.0% and 168.0% MoM, respectively. The total imports from Africa exceeded 3,660 mt (metal content), accounting for over 50% of the total imports. Australia's imports were around 902 mt (metal content), maintaining a relatively stable level. Myanmar's imports remained sluggish. Despite Myanmar once being China's largest source of tin ore imports, due to the mining ban policy implemented in August 2023 and the delayed production resumptions in the Wa region in 2025, Myanmar's imports in May were less than 700 mt (metal content), with its share of annual imports dropping below 30%. Although imports rebounded in May, the cumulative physical imports of tin concentrates from January to May were 10,000 mt, with overall supply remaining at historically low levels. The long-term supply gap caused by Myanmar's mining ban has not yet been fully filled. Tin Ingot Import and Export Situation: In May, refined tin imports reached 2,176 mt, up 84% MoM. The main importing country was Indonesia (accounting for 71.2% of the total). Due to the opening of the import arbitrage window, exports increased steadily. In May, refined tin exports were 1,770 mt, up 8.1% MoM, mainly flowing to India, Japan and South Korea, and the European and US markets. The cumulative exports from January to May were 9,584 mt, up 38.48% YoY, with imports and exports basically flat.