US tin consumers squeezed as premiums rocket
- Panic buying sees US market strengthen
- European demand hits plateau despite short supply
- LME price breaches $21,000 per tonne.
Extreme tin shortages in the US catapulted the Baltimore and Midwest premiums to their highest-ever levels
in Fastmarkets’ latest assessments on January 12, gaining by 32% and 44% respectively in the past two weeks.
What was a normally small and stable market has erupted, with no tin being produced in the country and imports expected to be delayed amid shipping problems caused by the Covid-19 pandemic.
The premium for tin delivered to consumers’ premises showed the biggest jump on Tuesday, with an increase of $275 per tonne at the assessment midpoint since December 29. Some isolated delivered sales and offers, outside Fastmarkets’ range, were reported as much...