The average of ICDX's tin price in July until the week ending July 24 was strengthen by almost 4 percent compared to the previous month. The highest price of tin in July reached $ 17,610 per ton, which is also the highest level since the beginning of this year.
In addition, a positive signal from policymakers to review regulations related to Indonesian tin export trading, especially on export requirements for private smelters also provides support to the Indonesian tin market.
Meanwhile, data from China's automotive sector showed solid growth in June. The China Association of Automotive Manufacturers (CAAM) reported production and sales of cars rose 6.3% and 4.8% respectively. In addition to the automotive sector, exports of electronic goods from China have also increased over the past few months in line with the policy of work activities from home which of course requires a lot of these devices.
China's Refined Tin Import in May 2020 Reached the Highest Record Since February 2012
According to the latest China customs data, China's refined tin imports in May reached 3,674 tons, the largest monthly import by total volume since February 2012. While for tin ore imports and concentrates in May was 14,875 tons in gross weight, it was estimated that the tin content of the total imports reached 3,100 tons, up 19% on a monthly basis. Almost all of these imports come from Myanmar.