Global: Tin prices surge to 33,394.18 USD per ton, marking a 10% rise
Tin prices climbed 10% on Tuesday, April 18, 2023, to reach the bar of 33,394.18 USD per ton on the Shanghai stock exchange in China.
According to specialists in the sector, the suspension of mining in Burma is the cause of fears over supply.
In London, tin is posting a 3.9% gain this week and is trading at $28,440 a tonne, a level not seen since February 2023.
“In Shanghai, tin prices climbed more than 10% on Tuesday, reaching their highest level in 2 months. The most traded contract (May expiry) gained up to 10.5% at 229,490 yuan/t (33,394.18 USD). On the LME, tin for three-month delivery posted a gain of 3.9% to USD 28,440 per tonne, a level not seen since February 2023. ”, inform the indications of the exchange.
At the base of this fear, the Burmese ethnic militia WA (United Wa State Army) announced a suspension of activity, as of August, in all the mines under its control.
Wa State, a semi-autonomous special region of Burma, is the country’s main tin-producing region. Burma being the world’s third largest producer of tin.
This situation can be profitable for the mining industry of the Democratic Republic of Congo which represents a very important part of the export of tin in the world.
