The tin market recorded a surplus of 0.3 kt during January to December 2019 and there were no DLA deliveries during the period. Chinese demand is calculated on an apparent basis using reported stocks on the Shanghai exchange. It is likely that other stocks at producers and consumers may have increased which would imply that the demand figure may be overstated. WBMS has no information on any other stock changes. Total reported stocks were 8.5 kt higher than at the end of 2018 including an unexplained increase in Indonesian stocks of 6.0 kt.
Global reported production of refined metal was down by 1 kt, compared with the January to December 2018 total. Production in Asia was 1.6 kt lower than the January to December 2018 total. Apparent demand in China was 2.1 per cent higher than the equivalent period of the previous year.
Global tin demand during January to December 2019 was 369.2 kt which was 2.7 per cent below the comparable period of 2018. Japanese consumption was 24.7 kt which was 12 per cent below the comparable total for January to December 2018.
In December 2019, refined production was 28.7 kt and consumption was 29.4 kt
Source: WBMS |