We may have revised down our outlook for tin prices over the past month,but what has not changed significantly is our outlook for the global supplydemandbalance. MBR continues to forecast a deficit of 12,000 tonnes thisyear, although the effects of this shortfall are not likely to be felt until nextyear. China has been playing a vital role in keeping the tin market tight,by holding back production despite growing stockpiles of raw materials.It is perhaps because the drawdown in stocks has become heavily Chinafocussedthat tightness is not yet being felt in other regions. There has beenlittle response from premiums to suggest any issue with availability, nor fromoutright pricing.
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