Massive cutbacks because chinese companies losing money at present prices.Showing incredible strength against all other metals.
From itri .
An Interfax report also quoted officials of two of the main custom smelters reporting major cut-backs. "At present, we have closed all of our tin production facilities, as current prices are too low and we will see further losses if we continue operations," an anonymous company official, from Yunnan Province-based Chengfeng Nonferrous Metals Co. Ltd., said. Chengfeng produced 18,000 tonnes of refined tin last year. "Only a small number of our tin production facilities are still running, as we started incurring losses when tin prices fell to RMB 130,000 (US$19,050) per ton," said an unnamed official from Guangxi-based Gold Bell Group, which produced 8,000 tonnes last year. Current physical market prices are reported to be RMB 98 – 103,000 ($14,360 – 15,095), roughly in line with LME values.
MLX Price at posting:
14.5¢ Sentiment: Buy Disclosure: Held
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