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Tin Still Holds Above $30,000 Per Ton
Tin Still Holds Above $30,000 Per Ton
Tuesday, 08 June 2021

Price Performance Indicators

Previous Week

% Change

ICDX

$ 33,120.00

-1.34%

LME

$ 33,022.00

-1.30%

KLTM

$ 31,650.00

-1.40%

SHFE

¥ 202,610.00

-2.89%

USD/IDR

Rp 14,297.01

-0.09%

  • In a week (31/5 - 4/6) the price of ICDX’s Tin dropped over 1 percent.   
  • Price range between US$ 32,950 - US$ 33,705 per ton.   
  • Highest volatility reached 3.39 percent. 

Market Review

Total transaction volume of tin export traded through ICDX in May was recorded at 1,951.17 metric tons, down 39.08% compared to the previous month, with the average tin price reaching $32,931 per ton. Meanwhile, entering the beginning of June, the ICDX's tin price was observed to be staying above the level of $30,000 per ton. 

The recovering of the global industrial and manufacturing activity played a role in driving demand, especially for the electronic product sector, which uses a lot of tin in its applications. In addition, the resurgent Covid-19 case in Asia has limited global tin supply, due to around 70% of global tin supply comes from Asia. 

Meanwhile, China as the world's largest tin producer and consumer is facing an electricity consumption crisis, especially in Yunnan province, which is the location for the majority of tin smelters. A drought in the region since May - hydropower is the main source of electricity in Yunnan province - forced private smelters to halt smelting and refining activities. Quoting from the International Tin Association (ITA), it is estimated that the 10 to 20 days closure will have an impact on around 1,000 – 2,000 tons of refined tin production. 


Market View

MSC Production Halts Extended Due to New Covid Lockdown 

Malaysia Smelting Corporation Berhad (MSC) officially announced the closure of activities until June 9, and may be extended until June 14 if the permit for activities is not granted by the government. The spike in cases of Covid-19 infection, forced the Malaysian government to impose a lockdown measure known as the "Movement Control Order (MCO)" since May 28, coinciding with a new record number of new Covid infections exceeding 8,000 cases. Under the MCO rules, MSC is allowed to return 10% of its employees from June 9, however MSC said most smelters need nearly 50% of the manpower to resume production. Thus, if MSC does not obtain an operating permit from the Malaysian Ministry of International Trade and Industry (MITI) according to the quota, then MSC will not be able to restart refined tin production until June 14. 



WEEKLY ECONOMIC DATA & EVENTS CALENDAR

Date

Data/Events

Actual

Expectation

Previous

7/Jun

China - Trade Balance

296B

266B

277B

7/Jun

Japan - Leading Indicators

103.0%

103.0%

102.5%

8/Jun

Uni Europa - German Industrial Production

-

0.3%

2.5%

9/Jun

China - PPI YoY

-

8.5%

6.8%

9/Jun

China - CPI YoY

-

1.6%

0.9%

9/Jun

Japan - Prelim Machine Tool Orders YoY

-

-

120.8%

11/Jun

Japan - BSI Manufacturing Index

-

-

1.6

11/Jun

UK - Manufacturing Production MoM

-

1.5%

2.1%

Source: ICDX Research

© 2020. Indonesia Commodity & Derivatives Exchange (ICDX)
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