SMM

In October, domestic tin ore imports reached 15,000 mt (equivalent to approximately 5,044 mt metal content), up 90.73% MoM, down 40.65% YoY, and increased by 1,185 mt metal content compared to September. The cumulative import volume from January to October was 138,000 mt, down 25.69% YoY. In October, domestic tin ingot imports were 3,051 mt, up 55.11% MoM, down 8.16% YoY, with a cumulative import volume of 15,294 mt from January to October, down 38.82% YoY.

In October, domestic tin ore imports showed a significant upward trend, mainly due to substantial increases in tin ore imports from Myanmar, Nigeria, and Bolivia, while imports from other countries remained basically flat. Specifically, tin ore imports from Myanmar in October were 6,100 mt (equivalent to approximately 1,140 mt metal content), a significant increase compared to September 2024. Although the Wa State authorities in Myanmar have intentions to resume production, no specific timeline has been provided. Based on current market analysis and forecasts, Myanmar's tin ore imports are expected to remain at relatively low levels before year-end. Meanwhile, tin ore imports from Nigeria saw a certain increase, and those from Bolivia experienced significant growth. However, considering Bolivia's own smelting enterprises and processing capacity, future import volumes are unlikely to maintain current levels. Tin ore imports from other countries remained basically flat compared to previous periods and are expected to maintain current levels in the future. On the other hand, with the intermittent opening of the tin ingot import profit window, domestic tin ingot imports began to show a recovery trend. According to the latest data, tin ingot imports in October increased to 3,051 mt, with imports from Indonesia reaching 2,142 mt. Tin ingot imports in November are expected to maintain current levels or see a slight increase. However, given the limited and unstable opening time of the import profit window, tin ingot imports are unlikely to recover to last year's levels. Additionally, domestic tin ingot exports in October showed slight fluctuations, with specific data at 1,551 mt, up 56.83% MoM, and up 47.15% YoY. The cumulative export volume from January to October 2024 reached 15,063 mt, up 36.42% YoY. However, considering the recent closure of the export window, future tin ingot export volumes are unlikely to see significant increases.