SHANGHAI, May 29 (SMM) – High downstream demand for tin and a sharp decline in imported tin ore, which has weighed on smelters' cost pressures, accounted for surging tin prices in recent days, SMM believes.
We see tin prices strengthening further in the short run with limited upward room.
The SHFE tin 1809 contract broke its range over the last two months and jumped nearly 1.4% to close at 150,490 yuan/mt on the night of Monday May 28. It soared to a high of 152,650 yuan/mt on the morning of Tuesday May 29.
China's imports of tin ore fell unexpectedly in March due to lower production in Myanmar and its declining grades. China's tin ore imports are reliant on resources from Myanmar, which accounted for some 99.2% of total imports.
In March, China imported 8,004 mt of tin ore and concentrate, down over 60% from the same period last year, according to China Customs.
A slowdown in global tin ore output growth and shortages across LME warehouses also affected China's imports.
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