China imported a massive 177,950t (gross weight) of tin ores and concentrates in 2014, of which more than 97% was from Myanmar. ITRI estimates that the tin content of imported ore was around 28,000t, up by 50% compared with 2013. This is by far the highest annual volume of imports into China and the raw material supply surge has changed the structure of the Chinese tin industry. China refined tin production was reported to be 186,900t in 2014 by China Nonferrous Metals Industry Association, up by 22% year on year. Although we believe there is some double counting in the official figures, it is still clear that refined tin production has risen very substantially and resulted in market over-supply.
China imported 7,771t refined tin in 2014, down by 41% year on year, despite a late surge. Imports in December were 1,123t, up by 297% compared with the previous month. It was the highest month for metal imports in the year. Indonesia was still the biggest external metal supplier to China, accounting for more than 30% of imports. The officially reported exports of refined tin from China were only 937t in 2014, but most exports have been in other forms rather than tin ingot, thereby avoiding 10% export duty. Metal exports of more than 6,000t can already be identified from other countries’ incomplete import figures for last year. Total metal exports in 2014 might have been more than 9,000t, making China a net exporter for the first time in seven years.
