Tin prices have soared to a record high on the LME, closing last week at $34,177 per metric ton.

The closing price marked an increase of 12.56% month over month.

As we’ve noted in previous reports, increasing consumer demand for electronics has supported the tin price. Tin is also used a solder for joining pipes and electric circuits.

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Balanced market as tin prices rise

tin

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Prices have surged amid a balanced global tin market.

According to the World Bureau of Metal Statistics (WBMS), the global tin market posted a minuscule deficit of 1,400 tons from January to May.

Furthermore, global reported production of refined metal rose by 35,000 tons year over year, WBMS reported. Apparent demand in China surged by 28% year over year during the five-month period.

Global tin demand during January to May 2021 reached 176,900 tons, or up 14% year over year. Meanwhile, Japan’s tin demand totaled 11,600 tons, up 23% year over year.

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U.S. steel imports reached an estimated 2.6 million metric tons in June, the Census Bureau reported today.

The total marked a jump of 13% from the 2.3 million metric tons the U.S. imported in May.

US steel imports rise

steelmaking in an EAF

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Furthermore, through May, U.S. steel imports totaled 10.7 million metric tons, up 7% from 10.0 million through the first five months of 2020.

Pacing the June rise was a jump in imports of blooms, billets and slabs. Imports of the category reached 795,863 metric tons in June, up 31.7% from 604,340 metric tons in May. Meanwhile, the June total rose a whopping 1,000% compared with June 2020.

Imports of oil country goods jumped 35.2% from May to 154,073 metric tons in June.

In addition, imports of hot rolled sheets jumped by 50.7% to 311,461 metric tons in June. Imports of steel rebar rose 12.0% to 94,915 metric tons.

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