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Chines Tin Smelter Cut Production, Price Slide - Andy Home

Metal News - Published on Mon, 16 Sep 2019

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Reuters reported that Chinese tin smelters have announced their intention to cut production in the face of low prices. The collective statement of intent has had its intended effect, halting a five month slide in the London Metal Exchange tin price and triggering a strong bounce from August’s three-year low of USD 15,565 per tonne to a current USD 17,300. Although other industrial metal markets are struggling with a global downturn in manufacturing activity, tin is the first to breach the producer pain threshold.

Low prices, however, are only part of the problem for China’s tin producers. Their other pressing issue is a shortage of raw materials, which may prove to be a structural rather than cyclical problem.

A grouping of 14 Chinese smelters pledged to cut a collective 20,000 tonnes of production this year at an industry meeting in the city of Xian last week. As ever with such collective announcements by Chinese metals producers, exact details can be a bit hard to pin down.

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Posted By : Rabi Wangkhem on Mon, 16 Sep 2019
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