Tin prices, $/mt last = 21325 1w: -50 (-0.2%)
2019202020212022
Consensus (median)21450220002220022250
High25000260002280023000
Low19400192001900019500
Standard Deviation1306169813051346
Count of Estimates1414104
History
Forecast
[Neutral]

I do not have any strong views on tin. Broad-based rally across commodities over the last years was only echoed by tin. Warehouse inventories remain high (LME warehouse have declined, SHFE warehouse have risen). Despite deficit in 2017, I am expecting balanced market in 2018 and surplus in 2019+. Main reasons are (1) metal output growing due to higher prices, (2) import increasing of tin ore and concentrates from Myanmar and Indonesia, (3) demand declining as semiconductor shipment growth rate will begin to stabilize