With the lack of consumer activity at the moment, second-half supply issues have taken centre stage. According to figures released by the WBMS, World refined tin production during the first six months of the year increased 14.7 percent year-on-year to 130,300 tonnes, whilst Western World output over the same period increased by 5.7 percent year-on-year to 74,400 tonnes. As can be seen from our supply-demand balance the Western World figure was in-line with our own forecast for the first half of 75,000 tonnes. The increase in Western World refined output can be attributed to an 80.6 percent year-on-year increase in Peruvian output which reached 13,000 tonnes during the first half of the year and a 7.7 percent increase in Thai output to 8,565 tonnes. The increase in Thai production was primarily fed into the export market with producers such as Thailand Smelting & Refining increasing shipments by 10 percent to 6,601 tonnes during the first half of the year.
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