Tin remains in record territory. Rzzro's LME tin read is $51,750/mt, while SHFE tin is 392,290 CNY/t, up 0.32%. The metal hit a nominal high of about $56,800/t in January before consolidating.
The supply story is concentrated in two places. Myanmar's Wa State mines historically supplied about 7-8% of global mine output and roughly 15% of tin concentrate. Restart volumes remain slow and uncertain. Indonesia, the key refined exporter, is also tightening licensing and export controls.
Demand is less cyclical than in many base metals. Solder demand from electronics and AI hardware is relatively inelastic, which means small supply disruptions can move prices quickly. Buyers are paying for supply optionality, not just current consumption.
Do not wait for a full shortage before covering tin. For solder-critical lines, secure 2-3 months of coverage and require suppliers to disclose concentrate origin risk.