Tin futures in the UK have retreated to $51,000 per tonne from the record high of $57,730 reached on February 27, mirroring the wider selloff in industrial metals as the war in the Middle East darkens the outlook for global manufacturing. Even so, prices remain nearly 30% higher year-to-date, supported by mounting supply concerns.
In Indonesia, authorities seized 500 tonnes of tin and arrested several individuals allegedly involved in illegal mining. The action reinforces Jakarta’s pledge to clamp down on unlicensed operations, following President Subianto’s order to shut 1,000 illegal mines in Sumatra, and further tightens supply prospects from one of the world’s key exporters.
Elsewhere, operations at Myanmar’s Man Maw mine have remained sluggish since being halted in 2023 for a resource audit, adding to broader supply constraints. At the same time, tin’s growing role in data centers has prompted Asian traders to build speculative futures positions linked to AI-related demand, particularly after similar crowded trades in silver. However, trading halts imposed by the SHFE have capped the extent of tin’s rally.
