CORRECTED-Tin prices surge to near 2-month high on talks of Myanmar ban

Kitco Media
By Reuters
Published:
Updated:
Reuters
(Corrects to Shanghai Securities News, not Shanghai Securities Time, in the 10th paragraph) April 17 (Reuters) - Tin prices rose as much as 11% in China on Monday to their highest in nearly two months after talks circulated in the market of a possible mining ban in major tin ore producer Myanmar, threatening supplies. China, the world's biggest refined tin producer, relied on Myanmar for 77% of its tin ore imports in 2022. It imported 187,260 tonnes from Myanmar last year, China's customs data showed. "From Aug. 1, 2023, work at mines, including exploration, mining and processing will be suspended," Myanmar's Wa State Central Economic Planning Committee said in a document issued on April 15 seen by Reuters. Reuters has not been able to independently verify the document. The move is to protect the remaining mining resources, while companies whose contracts are still ongoing can still work on exploration for another three months, the document said. An official in charge of external affairs for the United Wa State Army, the governing body of Wa state, did not immediately respond to a Reuters' request for comment The most-traded May refined tin contract on the Shanghai Futures Exchange , by 0336 GMT, surged as much as 11.4% to 217,430 yuan ($31,618.82) a tonne, its highest since Feb. 23 and the biggest daily gain since March last year. Benchmark three-month refined tin on the London Metal Exchange increased as much as 9% to $27,095 a tonne, its highest since Feb. 22. Tin is mainly used in the electronics, chemistry and automobile sectors. "The Wa state is the largest tin mine producing area in Myanmar, and most of its output is sent to China. The ban on mining will undoubtedly make the already tight supply of tin mines even tighter," broker Xinhu Futures was quoted by state-run Shanghai Securities News as saying. However, it is unclear whether the ban will be implemented as "this is not the first time such notifications have been made" and "the main functional departments of Wa state have not received such specific notifications", the report by Xinhu said, citing sources. Shares of Chinese producer Yunnan Tin Co Ltd , the world's biggest refined tin producer in 2022, jumped as much as 10% to a nine-month high of 16.85 yuan.
($1 = 6.8766 yuan) <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Tin prices surge on talks of Myanmar ban ^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> (Reporting by Mai Nguyen in Hanoi and Siyi Liu in Beijing; editing by Uttaresh Venkateshwaran)

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