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Tin To Be Hit With Mining Suspension In Wa, Myanmar-Prices To Likely Rise

As the production activities shut down in the Wa region in Myanmar, supplies for tin will likely face the consequences. This is due to the fact that the region is responsible for contributing 10 per cent of the global supply of metal concentrate because of inept mining conditions.

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As a consequence of the halt, global supplies will be pressured, and the metal's prices will likely increase in the short or medium term.

The suspension was executed to send a message to the government that  Wa's mining sector needs to does not practice sustainable mining, harms the environment and doesn't have any safety or welfare for the miners.

As a result of the world’s third-largest tin producer closing down activities, the 2023 price forecast for tin reached USD 25,000 (RM 115,438) a tonne higher than the previous USD 20,000 (RM 92,350) a tonne since various regulatory revisions hint at a looming supply shortage in the international tin market. Later the prices reached USD 25,451 (RM 117,520) a tonne, with further increases expected owing to boosted market sentiment.

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Additionally, China's Yunnan Tin mining halt could also contract the global supply further. Being the top refined tin producer in the world, this could significantly impact the market leading to further tightening and a rise in prices.

According to the Procurement Resource article, tin price forecasts rose significantly due to the news of Myanmar's Wa region closing its mining operations due to inept mining conditions. The price rise will be furthered by China's decision to temporarily halt mining activities. The tin market is expected to tighten in the near to medium-term outlook.