tin rises to new high

http://www.resourceinvestor.com/News/2011/1/Pages/Tin-Price-Settles-at-New-High-after-Strong-Results.aspx

CHICAGO ? Tin prices on the London Metal Exchange settled at an all-time high of $28,050/$28,100 per tonne in official trading after trading to $28,150 per tonne as the United Kingdom-based tin trade group ITRI Ltd. reported result of a tin usage and recycling survey showing results stronger than previous estimates.
Tin had previously never exceeded prices of $28,000 per tonne, according to observers, and opened trading Tuesday at $27,800 per tonne. Tin prices had previously climbed late last year after the same trade group warned that a new US law on tin exports from central Africa could create an effective embargo by April

ITRI said the results of its 6th Annual Tin Use and Recycling Survey provided new information on tin use and recovery in 2009, and initial estimates for 2010. The study was based on a combination of published statistics, expert estimates and a large direct industry survey of individual downstream users which form part of the trade group?s long term sustainability project.

?This latest study has been the most successful to date in terms of global coverage since the project began in 2005, including data from 171 companies worldwide, representing over 47% of estimated refined tin usage in 2009,? the group said in a statement.

ITRI also carried out what was described as a comprehensive study of tin recycling in China last year. As the biggest producer and consumer of refined tin, China has the potential to make a significant contribution to the long term sustainability of tin supply, officials said.

The main findings of the survey included:

Tin use held up better than previously estimated following the global financial crisis and has recovered strongly in 2010.
There has been strong growth in secondary tin production in recent years. ITRI estimates that secondary refined tin production will have exceeded 60,000 tonnes in 2010, with China accounting for over 75% of the world total.
World usage of refined tin in 2009, previously estimated a year ago at some 307,000 tonnes, is now considered to be just over 320,000 tonnes.
In 2010, strong growth in all the main applications was indicated, resulting in an estimated 12.5% rise in refined tin to about 360,000 tonnes.
China?s tin use reached a new record level of almost 147,000 tonnes, although consumption in the rest of the world was some 25,000 tonnes less than its 2006 peak.
Refined tin use in electronic and industrial solders was a little less than 54% of total use in 2009. The proportion has been greater than 50% since 2005.
Tin users are estimated to have utilized some 59,000 tonnes of tin contained in secondary alloys and other scrap, in addition to the refined tin total, during 2009.


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