SHANGHAI, Dec. 15 (SMM) – Approximately 80 per cent of tin smelting and processing enterprises in Chaoshan, Qingyuan and Nanhai have suspended production for the ongoing environmental protection inspections, Shanghai Metals Market survey reports.
The environmental protection inspection team arrived in Guangdong, one of the 7 inspected regions in the second round of inspections by China’s government, from November 24 to 30, SMM learns.
Many tin smelting and processing enterprises in the three regions of Guangdong have started one-month long suspension, including Hanhe Tin and Yuecheng Tin, SMM survey finds.
Production halts are expected to last till late December at the least. Some local market players told SMM that many producers may have start leaving for the 2017 Chinese New Year holiday in early January, and supply of non-major secondary tin brand will be limited.
Tin supply in China’s domestic market has been tight recently due to environmental crackdowns and low selling interest by some cargo-holders, SMM points out.
In addition to massive closures in Guangdong, some producers in Jiangxi also halted operations for inspections and relocation, and China Tin Group stopped production after accident, and some plants in Yunnan began reducing supplies due to low inventories and need to deliver goods to warehouses.
These, combined with boots of US’s rate hike falling to the floor, will cause SHFE tin prices to hold firm for the foreseeable future, SMM predicts.
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