GLOBAL TIN WRAP: US, Taiwan premiums steady, EU premiums fall further

Tin premiums in Europe and the United States remain high due to the cost of shipping tin from Asia to the two regions and a rising spread backwardation on the London Metal Exchange, although premiums have dropped from their historic highs.

Shipping costs remain high, with one container from Singapore to Antwerp said to cost $10,500, with the price doubling for the journey to the US. Taiwan premiums were stable in the two weeks to September 21 ahead of the mid-Autumn Festival holidays which took place from September 20-21. Tin's LME cash/three-month backwardation has more than doubled to over $900 per tonne on Wednesday from $410 per tonne on September 13. US premiums hold with buyers, sellers, in tug-of-war
Tin premiums in the United States stabilized on Tuesday September 21 after declining in the previous two assessments.
Buyers pushed back more on historically high offers in the latest two weeks, but sellers said freight costs are still rising to historic highs and supply remains very tight, even if slightly eased.

One seller said he offered tin at $4,000 per tonne in warehouse and some customers counter-offered...

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