Tin market is on bearish term due to long holiday of Chinese New Year celebration in exporter and importer Country. Most manufacture sites in China halted their operation for week ahead the Golden Week holidays that start on Feb 15, and will resume only one week after the official holiday end on Feb 21, however the workers are expected to begin leaving for their hometowns all across China from as early as February 12. Indonesia as the largest export country celebrate the Chinese New Year on Feb 16, however some smelters have stopped taking orders a week ahead of the events.
Renison tin mine in Tasmania has released its final quarterly report for 2017 that shown the production increased 12.2% to 7,082 tons. Renison is the largest operating tin mine in Australia and held as part of a 50/50 joint venture with the largest tin producer in the world, Yunnan Tin Group.
The bearish of tin price is also caused by data from importer country, Japan, which is Preliminary Nikkei Manufacturing PMI on February down to 54.0 from its previous 54.8, and All Industry Activity Index MoM on December 2017 down to 0.5% from its previous 1.0%.
Rare Earth Local Regulation
Parliament of Bangka Belitung still on process for issuing the local regulation about rare earth. In this initiative local regulation will be regulated the utilization of the rare earth. By doing so, they aim to increase the Regional Revenue (PAD).
US Presidential Executive Order for Critical Minerals
The Trump administration has issued a presidential executive order tasked with ensuring secure and reliable supplies of critical materials through increased private-sector exploration, production, recycling and processing as well as supporting research on technological alternatives for such materials. A draft list of critical minerals was published on 16 February in accordance with the original order which lists tin as critical alongside 34 other mineral and mineral material groups. The Department of the Interior (DOI) is accepting comments on the draft list until 19 March.