Although it is not immediately clear from the customs data, it looks like an over-supplied local market and a low domestic price relative to the LME has turned China into a net exporter of tin metal in the first four months of 2014, although it remains a large importer of concentrates, mainly from Myanmar.
China refined tin imports amounted to 405 tonnes in April, down by 66% y-o-y and 55% compared to March. Refined tin imports have stayed low for over eight months. Total imports of refined tin in January-April were 2,235 tonnes, down by 65% y-o-y. The China price has been much lower than LME price since March and this differential has encouraged exports in forms other than tin ingot, which are exempt from the 10% export duty. There were no ingot exports in April (reported shipments in January-March were 292 tonnes), but the non-ingot tin product exports amounted to 587 tonnes, up by 29% month-on-month, and now total 2,242 tonnes in the four months from January.
China’s concentrate imports in April amounted to 11,476 tonnes (gross weight), 30% lower than but up 263% y-o-y. This continued a series of five figure monthly imports since November 2013. Myanmar remains dominant in tin concentrate imports. The amount from Myanmar was 10,974 tonnes in April, accounting for almost 96% of imports. The total concentrate imports in the first four months of this year were 49,759 tonnes, up by 39% y-o-y.
