Investor Presentaiton
Tin price holding firm during a soft 2023
Muted demand currently balanced out by weak supply
Fundamental supply tightness has resulted in the tin price
trading in a ~US$25-30k/t price band. However, demand
appears to be picking up with SHFE stockpiles dropping
rapidly (39% reduction in 14-weeks).
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Despite muted demand global tin markets have remained tight due to
significant supply issues and the market is forecast to remain in supply
deficit for the rest of the decade.
Shanghai Metals market contract price remains +US$3,916/t (+16%)
higher than the LME.
Recent tin price recovery is attributed to materials supply issues in
Myanmar and Indonesia (2 of 3 largest tin miners) and the increase in
demand due to Chinese reopening post COVID lockdowns and the
continued demand for electronics and green infrastructure (including
solar, semi-conductors, circuit boards).
US$37.5k
US$30.0k
US$22.5k
ELEMENTOS
SHFE US$27,761/t
24 NOV 2023
LME US$24,050/t
24 NOV 2023
US$15.0k
Dec-22
Jan-23 Feb-23 Mar-23 Apr-23 May-23
Jun-23 Jul-23 Aug-23
Sep-23 Oct-23 Nov-23
Sources: LME.com & Metal.com/Tin (SHFE)
TOMORROW'S TIN
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