The tin price soared in the world market after the International Tin Council confirmed the news of tin mining suspension in the Wa region in northern Shan State, Myanmar, from 1 August onwards.

The Wa autonomous region in northeast Myanmar has huge reserves of tin and Myanmar became the third largest tin producer in the world on account of the mining in the Wa region.

The tin price rose significantly after the confirmation of tin mining suspension in the Wa autonomous region. Currently, the tin reserves in Wa tin mines in its autonomous region are said to be depleted, but the reasons for the suspension are unclear.

Reuters reported on 17 April that tin price rose by about 11% per tonne in the world metal market after the Wa authorities decided to reduce production.

After that news, the prices of electronics and semiconductors rose immediately as this sector uses tin.

The tin ore produced in Wa region is processed in Yunnan province, China and then exported to the world’s leading technology and jewellery companies through Chinese mining companies.

According to international trade figures, China imported 500,000 tonnes of tin from Myanmar at a record-high level in 2016 and then annual imports stood at around 150,000-200,000 tonnes per annum.

The International Tin Council visited and studied tin mines in the Wa region as its production had a high impact on the world market. Myanmar tin makes up 12 per cent of the world supply.

Since that time, international analysts have concluded that the metal reserves in Wa mines were depleted.