The global refined tin market witnessed a modest decline in production in 2023, with output falling by 2.1% to reach 370,100 tonnes from the previous year. The concentration of production was notable, with approximately 59% of the world’s tin originating from just ten leading smelters, which collectively saw an increase in output by 856 tonnes.
Yunnan Tin retained its status as the largest producer of refined tin globally, followed closely by Minsur in second place. The year was challenging for PT Timah, which experienced a significant 23% drop in production, leading to a change in rankings as Malaysia Smelting Corporation moved up. Noteworthy is the moderate production growth from Chinese producers Yunnan Chengfeng and Guangxi China Tin, securing their third and sixth positions respectively, amidst a backdrop of production declines and positional switches among other major producers.
In mainland China, total production saw a decrease of 1.3%, settling at 177,000 tonnes for the year. The partial resumption of mineral processing and the sale of government stockpiles in Myanmar’s Wa State, which halted mining operations from August 1, 2023, ensured continued, albeit reduced, shipments to China. This resulted in a 15% decrease in Myanmar tin concentrate shipments to China, although shipments from other countries to China saw a 5% increase over the same period.
The global secondary supply of tin saw a resurgence, increasing by 7.5% in 2023 and recovering from a 6.6% decline the previous year. This growth in secondary refined tin production was evenly distributed between Europe and China, highlighting a global effort to ramp up production outside of primary sources.
The decline in global tin production occurred against a backdrop of a challenging macroeconomic climate that dampened demand, leading to a market surplus of 9,700 tonnes. However, with an expected recovery in demand and ongoing supply disruptions, particularly in Wa State and Indonesia, the market may experience supply tightness in 2024. This could potentially reverse the significant stockpiling observed in 2023. 
