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
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.