ICDX tin prices strengthened near the close of September and were seen moving back around the level of $23,000 per tonne in line with the Chinese government's plan to announce infrastructure projects worth 1.8 trillion yuan (US$ 257 billion), a national policy to revive slowing economic growth due to Covid-19 pandemic. To spur growth, authorities also scrapped old guidelines, issuing debt to fund large public works projects. The eight projects include a transportation hub in the Pudong area of eastern Shanghai, an urban rail and housing improvement project, as well as an offshore wind power demonstration project and a nature park. The past few months have seen an increase in infrastructure investment in Shanghai, the city government said, with contracts signed for 597 major projects from mid-June to mid-September, and 941 billion yuan in investment, while 296 of them have already started construction. This is a positive expectation for tin demand because China is the first largest tin consumer in the world.
Meanwhile, from Indonesia, Indonesian President Joko Widodo (Jokowi) repeatedly stated that he would ban the export of tin abroad. President Jokowi's statement is not yet known what it will be. In the long term this triggers anxiety that the global supply of tin will decrease.
Indonesian President Joko Widodo has repeatedly said he will stop tin exports. This was done to repeat the success of cessation of nickel ore exports, where Indonesia benefited more from the ban. The government wants the development of domestic tin downstreaming, such as nickel downstreaming. Minister of Energy and Mineral Resources (ESDM) Arifn Tasrif at the ESDM Ministry Office, Friday (23/9/2022) said the ban on tin export activities would be implemented immediately. The ban on tin exports will target ingots, which are tin derivative products. This applies so that tin downstream activities can run for the greater benefit of the state. However, if this is done, there will be no problem with transactions on the exchange, because the exchange has traded tin not in the form of ingots.
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Sumber: ICDX Research