Reflecting a global shortage, the price of tin is on a decided upswing, with no end in eight, according to sources.
In just the last week, the price for the metal on the London Metal Exchange came in just under $34,000 per metric ton.
That’s up from just over $20,000 per metric ton in January of this year, with the previous high at $33,600 a ton recorded a decade ago.
While the price is being fueled by pent-up demand during the year of the Covid-19 lockdown, which saw a 6.4% decline in production, matters are also made worse due to simple availability.
According to the site mining.com a “deficit in shipping containers” has been directly responsible for delays in tin deliveries from producers in both Latin America and Southeast Asia.
Last year the United States was the single largest importer of tin at a total dollar amount of around $540 million. Singapore and Malaysia, at $374 million and $368 million respectively, comprised the next highest importers.
Meanwhile, China, the world’s largest producer of tin, has this summer seen a decline in the metal’s production due to record-breaking rainfall and power shortages.
Next to its use in construction, tin is also used in solder in circuit boards, making it especially valuable during a time of surging laptop and smartphone sales.
By Garry Boulard
