China imported 1,908t of refined tin in December 2012, down by 33% month-on-month and 44% year-on-year. The price differential between China and the LME has been very narrow and non-profitable for general imports in December and January, so we expect refined imports to remain weak in the next few months. Price arbitrage opportunities through the first three quarters of last year resulted in total imports in 2012 increasing by 35% to 30,035t.
Domestic Chinese tin prices have lagged further behind the latest rally in LME prices since December and this is starting to encourage export business. The latest official figures show that China exported 373t refined tin in December, the highest monthly export volume in 2012.
China’s concentrate imports (gross weight) rose to 3,100t in December, up from 2,700t in November, pushing up the annual total for 2012 to some 32,400 t.
