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TIN PRICE BREAK ALL TIME HIGH RECORD
TIN PRICE BREAK ALL TIME HIGH RECORD
Tuesday, 11 May 2021

Price Performance Indicators

Previous Week

% Change

ICDX

$ 34,405.00

+5.12%

LME

$ 33,562.00

+4.25%

KLTM

$ 32,350.00

+6.94%

SHFE

¥ 197,810.00

-2.97%

USD/IDR

Rp 14,364.00

-0.62%

  • In a week (3/5 - 7/5) the price of ICDX’s Tin edged up 5.12 percent.
  • Price range between US$ 32,635 - US$ 34,405 per ton.
  • Highest volatility reached 3.22 percent.


Market Review

ICDX's tin price at the close of the week (7/4) was recorded at the level of $ 34,405 per ton or breaking an all-time high, where the previous highest world tin price occurred in April 2011 at the level of $ 33,255 per ton. The positive trend of tin price movements was triggered by the threat of a shortage of tin supply amid rising demand in line with the recovery in global industrial and manufacturing conditions.

The world's largest tin producer, PT Timah Tbk, has signaled to reduce production and sales this year, which decreased by 25.60% to 34,000 tonnes and 44.43% to 31,000 tonnes respectively. As for the reason for the decline, it was due to supply constraints for tin ore, said a source from PT Timah Tbk. Meanwhile, the world's third-largest tin producer, Malaysian Smelting Corp (MSC) announced constraints on meeting its supply target due to problems at the Butterworth smelter (26/4), which caused MSC to delay the delivery time for smelted metal from 30 days to 60 days. MSC also added that it will only be able to resupply to its smelting capacity before the pandemic by the end of 2021. The announcement from MSC also adds to market concerns amidst supply constraints.

Meanwhile, the latest Chinese customs data recorded an increase in production for processing tin in April by 7.41% to 15.505 tonnes. However, China itself has recently shown a shift in position from a net importer to a net exporter of refined tin, which is thought to be closely related to arbitration due to the current upward trend in tin prices.


Market View

AfriTin Targets Increased Production In The Next 8 Months

AfriTin Mining announced that it will increase production at the Uis tin mine in Namibia within the next 8 months (4/5). It is estimated that the output could increase to 1,200 tons per year from the current production level of 720 tons per year. The announcement is sufficient to provide fresh air for the tin market, which is currently hit by the issue of shortages of supply, but will it be enough to stabilize the current trend of tin price?


WEEKLY ECONOMIC DATA & EVENTS CALENDAR

Date

Data/Events

Actual

Expectation

Previous

11/May

China - CPI YoY

0.9%

1.0%

0.4%

11/May

China - PPI YoY

6.8%

6.5%

4.4%

12/May

Japan - Leading Indicators

102.8%

98.7%

12/May

UK - Manufacturing Production MoM

1.0%

1.3%

12/May

Uni Europa – Industrial Production MoM

0.8%

-1.0%

13/May

Japan - Bank Lending YoY

6.3%

6.3%

14/May

USA - Industrial Production MoM

0.9%

1.4%

Source: ICDX Research

© 2020. Indonesia Commodity & Derivatives Exchange (ICDX)
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