SHFE tin price surges after China’s Yinman Mining suspension

The most-traded tin contract on the Shanghai Futures Exchange surged during the Asian trading session on Monday February 25, which market participants attributed to concerns of tighter tin concentrate supply after China’s Yinman Mining was suspended by the local Emergency Management Agency the previous day.

The most-traded May tin contract hit a high of 153,490 yuan ($22,860.80) per tonne at 9:28 am Shanghai time, the highest since November 22, and up 2.6% from the close of 149,610 yuan per tonne on Friday. Market participants pointed to a possible tighter tin concentrate supply outlook from China after Yinman Mining was suspended and alongside lower tin ore production in Myanmar. The Emergency Management Agency of West Ujimqin Town, Inner Mongolia, ordered Yinman Mining Industry to suspend operations on Sunday February 24 following a security incident, Yinman parent company Xingye Mining Industry Co said. The security incident resulted in 21 deaths and 29 injuries when a commuter truck that transports Yinman miners underground lost control, crashing into the subservient tunnel, Xingye Mining said on Monday. The cause of the incident is still under investigation, according to the company...

Published

Ellie Wang

Anna Xu

Violet Li

February 25, 2019

10:22 GMT

Shanghai