China's imports of tin ore and concentrate in November surged by 135.3% month on month and 124.42% year on year to 26,552 tonnes (equivalent to 7,777 metal tonnes), according to General Administration of Customs of the People's Republic of China (GACC) statistics.
The imports from Myanmar were up by 125.44% month on month and 206.19% year on year to 21,996 tonnes (equivalent to 5,499 metal tonnes), and 4,556 tonnes (equivalent to 2,778 metal tonnes) from other countries except for Myanmar. Wherein, imports from the Democratic Republic of the Congo and Australia increased significantly by 1579.36% and 56.35% month on month. China's total imports of tin ore and concentrate in 2022 by the end of November increased by 30.08% year on year to 222,399 tonnes.
Data Source: GACC
| China's Tin Ore & Concentrate Imports by Country/Region (Unit: Tonne) | |||
| Country/Region | October | November | MoM % |
| Myanmar | 9,756.62 | 21,995.61 | 125% |
| Laos | 20.04 | 53.97 | 169% |
| Malaysia | 0.00 | 32.07 | / |
| Thailand | 182.80 | 106.62 | -42% |
| Vietnam | 99.13 | 92.57 | -7% |
| Nigeria | 14.85 | 9.95 | -33% |
| Rwanda | 0.00 | 23.96 | / |
| Congo | 157.38 | 2,642.97 | 1579% |
| Indonesia | 6.00 | 0.00 | / |
| Russia | 120.70 | 0.00 | / |
| Bolivia | 10.13 | 21.87 | 116% |
| Brazil | 0.00 | 237.44 | / |
| Venezuela | 42.22 | 0.00 | / |
| Australia | 853.66 | 1,334.71 | 56% |
| Tanzania | 20.72 | 0.00 | / |
| Total | 11,284.26 | 26,551.74 | 135% |
| Data Source: GACC | |||
China's refined tin imports were up by 47.32% month on month and surged 409% year on year in November to 5,174 tonnes, mainly from Indonesia, Malaysia, and Peru, up by 7.78%, 296.77% and 599.67% to 3,316 tonnes, 1,052 tonnes and 700 tonnes respectively. China exported 1,005 tonnes of refined tin in November, up by 31.78% month on month and 44.7% year on year.
China's accumulative imports of refined tin bulged by 505.37% year on year to 27,766 tonnes by the end of November, while the exports decreased by 30.72% year on year to 9,617 tonnes. So, China's accumulative net import of refined tin was 18,149 tonnes in the first eleven months of 2022.
Data Source: GACC
| China's Tin Ingot Imports by Country/Region (Unit: Tonne) | |||
| Country/Region | October | November | MoM % |
| Indonesia | 3,076.39 | 3,315.71 | 7.78% |
| Japan | 0.08 | 3.02 | 3582.93% |
| Malaysia | 265.04 | 1,051.59 | 296.77% |
| Taiwan, China | 0.52 | 79.92 | 15269.23% |
| Myanmar | 19.78 | 0.00 | / |
| USA | 0.00 | 0.81 | / |
| China Mainland | 39.73 | 2.30 | -94.21% |
| Thailand | 6.00 | 8.01 | 33.41% |
| Korea | 0.20 | 0.00 | / |
| Singapore | 4.00 | 6.00 | 50.00% |
| Canada | 0.03 | 0.00 | / |
| Belgium | 0.00 | 5.99 | / |
| Peru | 100.11 | 700.44 | 599.65% |
| Total | 3,511.89 | 5,173.79 | 47.32% |
| Data Source: GACC | |||
The total amount of tin ore imported by China from Myanmar in November exceeded last month's expectation, mainly because of more profits for mining enterprises led by the rising in tin prices. Considering some smelters will replenish inventory before the New Year, the number of imported tin ore in December may maintain flat with that in November.
With the improvement of the macro-economic environment, funds began to flow into futures markets and Shanghai Futures Exchange (SHFE) / London Metal Exchange (LME) price ratio continued to decrease, so, as we knew the import window had been closed in early November. Besides, tin ingots in Indonesia sent to China decreased in November according to the Trade Ministry of Indonesia. So, the import of tin ingots is expected to decrease in December.
Written by Durand Du, duxiaoyu@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com
