20.08.202516:10:15UTC+00Tin Extends Gradual Rebound

In August, tin futures reached $33,850 per tonne, marking a continued recovery from their decline in April. This upward trend is attributed to reduced supply, which has counteracted the uncertain demand for base metals. Although Myanmar's Wa State resumed the issuance of tin mining quotas following an extended suspension, ore production has been sluggish. This slowdown is largely due to bottlenecks caused by the region's rainy season, exacerbated by the destruction of infrastructure resulting from a severe earthquake in the country. Additionally, these challenges have been compounded by ongoing operational issues in the Democratic Republic of the Congo and Indonesia's reduced export permits. Meanwhile, recent macroeconomic indicators from China, the leading consumer of tin globally, indicate weak demand for manufactured goods. Industrial production growth has fallen short of expectations, and purchasing managers' indices (PMIs) reflect a contraction in factory activity. The outlook remains subdued as Beijing has yet to indicate any direct consumer stimulus, despite plans to subsidize consumer loans.