Tin: Trading
London, Shanghai, Kuala Lumpur and Indonesia's own exchange
London, Shanghai, Kuala Lumpur and Indonesia's own exchange What this tab covers How and where it is bought and sold: who buys and sells, exchanges and benchmarks, contract types, the big trading houses and how prices are discovered.The LME tin contract is the global benchmark, with the Shanghai Futures Exchange adding tin in 2015. Malaysia runs a physical tin market in Kuala Lumpur. In 2013 Indonesia set up its own exchange, ICDX, and required tin exports to pass through it, hoping to stabilise prices. Analysts in London say the LME remains the reference (Pitron). Physical metal trades at the exchange price plus brand and location premiums. Concentrate is priced off the metal less smelter charges. USGS reports a New York dealer price of about 1,600 cents per pound in 2025.
Where it is bought (buyers)
- Solder makers in China, Japan, Korea, Taiwan and Southeast Asia buy refined ingot
- US, Japanese, Korean, German and Indian importers took 7-14% each of 2024 refined imports (UN Comtrade)
- Chinese smelters buy concentrate from Myanmar, DR Congo, Bolivia and others
- Tinplate mills such as Tinplate Company of India and JSW buy ingot for coating lines
Where it is sold (sellers)
- Indonesia (PT Timah and private smelters) exported 23.9% of world refined tin by value in 2024
- Peru (Minsur) 15.5%, China 9.1%, Malaysia (MSC) 9.0%, Bolivia (EM Vinto) 8.9% (UN Comtrade 2024)
- Recyclers such as Aurubis Beerse in Belgium
Exchanges and benchmarks
| Venue | Contract | Notes |
|---|---|---|
| LME | Tin, 5 t lots, minimum 99.85% Sn | Global reference price; trading suspended 1985-1989 after the ITC default |
| Shanghai Futures Exchange | Tin futures, 1 t lots | Listed in 2015 (Pitron); reflects Chinese domestic market |
| ICDX (Jakarta) | Tin ingot | Created in 2013; Indonesian exports must trade through it (Pitron) |
| Kuala Lumpur Tin Market | Physical tin | Malaysian regional price |
Contract types
- Annual and quarterly supply contracts priced on LME cash average plus a premium
- Spot ingot cargoes with regional premiums (Rotterdam, Baltimore, Singapore)
- Concentrate sold with treatment charges deducted from the LME price
Top trading houses
- Glencore (held about 9.6% of tin mine supply in 2013, Tilton and Guzman)
- Traxys
How prices are discovered
- LME official and closing prices
- SHFE settlement price
- New York dealer price (S&P Global Platts Metals Week, used by USGS)
- Fastmarkets and Argus physical premiums