China's Yunnan Tin says Myanmar mining halt could hit global supply
Business
News of the mining ban boosted prices of the metal, used in the electronics and semiconductor industries.
BEIJING (Reuters) - A suspension of mining in Myanmar could lead to further tightening of global supplies of tin, the world's biggest producer of the refined metal, China's Yunnan Tin, said on Tuesday.
"The company is closely monitoring domestic raw material supply," it told Reuters in a statement, adding that it would make "timely adjustment" as the impact on supply hinged on the implementation of the suspension.
On Monday, an official of the United Wa State Army, a militia of Myanmar's Wa ethnic minority, had said it would suspend all work from August at mines in areas under its control.
News of the mining ban boosted prices of the metal, used in the electronics and semiconductor industries.
The benchmark tin contract on the London Metal Exchange surged to its highest in more than two months, to stand up 1.2 per cent at $27,705 a tonne by 0527 GMT, extending a jump of 8.9 per cent in the previous session.
Prices also surged in China, the world's biggest producer of refined tin, which relies on Myanmar for more than 70 per cent of its imports of tin ore.
Shares of Yunnan Tin stood up 3 per cent at 17.37 yuan ($2.53) on Tuesday, following the previous day's surge of as much as 10 per cent.
