By: Natalie Scott-Gray, Senior Metals Demand Analyst, EMEA and Asia region
Natalie Scott-Gray, StoneX Senior Metals Analyst, outlines how supply disruptions and depleted stockpiles are leaving tin prices exposed as demand continues to rise.
Tin is often overlooked among base metals, but its importance has grown with applications in renewable energy, digital technologies and energy storage. Global stocks have been significantly depleted, leaving the market vulnerable to further supply shocks.
Refined tin production has been disrupted by mine suspensions in key producing countries. In the DRC, the Bisie mine faced a suspension following rebel attacks, while Myanmar only resumed operations after a long halt. These disruptions have weighed on Chinese imports, highlighting supply vulnerabilities.
Indonesia, the world’s second largest tin producer, has seen production recover after investigations into corruption and illegal mining. Exports rose sharply this year, particularly to China, partially offsetting supply gaps from other regions.
Tin demand is projected to rise steadily, driven by electrification, EVs, solar and digital applications such as AI and data centers. With supply unable to keep pace, the International Tin Association forecasts a widening deficit, leaving prices exposed to the upside. As Scott-Gray noted, “the question of just how much higher prices can go, must be asked”.
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--- Written by Gus Farrow
--- Expert: Natalie Scott-Grey, StoneX Senior Metals Analyst
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