Tin Prices Forecast to Witness Slight Decline in 2022

SEATTLE (Scrap Monster): The recent report published by market research firm IndexBox says that tin prices are likely to witness slight decline in 2022. The projected price decline is mainly on account of increased production to cater to growing demand. Although prices are likely to witness decline, they are unlikely to return to pre-pandemic levels, mainly due to high energy costs.

According to the report, tin prices surged higher significantly from $21,920 per tonne to $39,159 per tonne during the period from January to November last year. The spike was mainly triggered by deficit arising out of boosted demand from the electronics sector. The prices were further propelled by high energy prices, increased freight rates and limited smelting operation in China.

The global tin market recorded sharp decline by 11.3% to $5.9 billion in 2020. The Chinese tin consumption totalled 181,000 tonnes, accounting for 48% of the total volume. In second and third place were the U.S. and Japan, whose tin consumption totalled 30,000 tonnes and 20,000 tonnes respectively.

Meantime, Singapore recorded the highest per capita tin consumption of 1,124 kilograms per 1000 persons, followed by Taiwan and South Korea with 646 kilograms and 261 kilograms respectively.

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