Japan’s imports of refined tin in March were only 795 tonnes, 62% down on the same month of 2008. First quarter cumulative imports amount to 3,917 tonnes, 52% lower than in Q1 2009. The slump reflects the continuing difficulties faced by export-oriented Japanese electronics and automotive manufacturers, as well as de-stocking. The very low March import figure may also be due to the fact that traders found it much more profitable to ship tin to China at that time, as the Chinese domestic market price was at a large premium to the LME. China’s tin imports rose by 44% year-on-year in January-March, reflecting this arbitrage opportunity.
In the first quarter almost all of Japan’s tin imports were sourced from three countries: Indonesia accounted for 58% of the trade, followed by Thailand (31%) and Malaysia (8%).
