China Customs Data showed that Import of Tin (refined tin + tin alloy) on December 2017 decreased 78.57% YoY and the Export has increased 86.70% YoY in December 2017.
According to data released by the National Development and Reform Commission (NDRC), China’s production of 10 nonferrous metals amounted to 53.78 million metric ton in 2017, up 3% from a year ago, the annual growth was up 0.5 percentage point from the previous year.
The bullish of tin price is also supported by data from importer country, Japan, which is Preliminary Industrial Production on December 2017 up to 2.7% from its previous 0.5%, and Nikkei Manufacturing PMI on January 2018 up to 54.8 from its previous 54.4.
Upcoming Chinese New Year Event in China
In China, some exporters have stopped taking orders since the end of January due to the approaching Chinese New Year and uncertainties over logistics. Some traders also booked their cargoes earlier in the face of uncertain freight rates.