World Bank Projects 4% Increase in Tin Prices in 2024

The World Bank projects the average tin price in 2024 to reach US$27,000 per ton.

This projection is 4.1% higher than the average price in 2023 but remains lower than the prices in 2021-2022.

According to the World Bank, tin prices have strengthened this year due to supply constraints from Myanmar and Indonesia.

"Tin prices rose in the first quarter of 2024 and strengthened further in April 2024, reflecting ongoing supply constraints from Myanmar and Indonesia, which together account for 40 percent of global tin production," the World Bank stated in its April 2024 edition of the *Commodity Markets Outlook* report.

The World Bank notes that in February 2024, Myanmar imposed a 30% tax on exports of all types of tin concentrate, following the closure of several tin mines in the country in 2023 due to conservation and pollution reduction reasons.

Meanwhile, according to the World Bank, tin exports from Indonesia have been hampered by licensing delays.

Amidst these supply constraints, the World Bank expects tin demand to increase this year.

The increase in tin demand primarily comes from the electronics manufacturing industry, semiconductor production, photovoltaic panels, and other energy transition supporting technologies.