Tin ($36,645/t) jumps on Myanmar earthquake as Chinese smelters struggle to find ore with Bisie in the DRC offline due to M23 rebel proximity
Tin has been rallying since M23 rebel activity in north-Kivu forced the closure of the Bisie tin mine.
Tin is up c.10% since the mine closed, with the operation accounting for 6% of global mine supply last year and set to ramp up further in 2025.
Additionally, Kivu is a major tin supplier from artisanal sources, producing 3.3kt Sn last year.
China smelters are currently struggling with limited access to ore, with the closure of Man Maw in 2023 limiting supply.
The Wa State had recently approved the reopening of Man Maw, approving new permits.
In the meantime, Chinese down streamers have been relying on scrap stock, with secondary-fed production up 15%yoy last year. (Reuters)
The severity of the 7.7 magnitude earthquake has overwhelmed Myanmar and Thai hospitals with many concrete structures collapsed along the Sagaing fault with bridges down other infrastructure down.
The Sagaing strike-slip fault is a similar geological structure to the San Andreas fault where major 7.9 earthquakes struck in 1906 and 1857
Anecdotal reports suggest a significantly higher death toll in from the Myanmar earthquake with the USGS estimating >10,000.
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