By Anushree Ashish Mukherjee
Summary
Feb 19 (Reuters) - Solar panel producers are intensifying efforts to replace silver with alternatives such as copper after silver rallied 130% over the past year, squeezing margins already under pressure from production overcapacity, particularly in China, industry experts said.
"Silver is the greatest contributor to the increased cost of manufacturing solar panels," said Derek Schnee, senior commercial solar consultant at JK Renewables, adding that the cost of solar panels has increased 7-15% over the last 12 months.
Silver paste, a key material for photovoltaic panels, makes up 30% of total solar cell costs, Heraeus analysts noted.
After a 147% rally in 2025, silver prices touched an all-time high of $121.64 an ounce in January amid tight physical supply and retail-driven buying, before easing to $77 an ounce.
The photovoltaic sector accounts for 196 million troy ounces, or 17%, of total silver demand, which is also driven by jewellery, electronics, and investment uses.
Silver prices soared 147% in 2025
"In the U.S., silver paste costs per 450-watt module have increased from roughly $5.22 in early 2025 to about $17.65 ," said Ben Damiani, Chief Technology Officer at renewable power company Cherry Street Energy.
SHIFT TO COPPER GAINS MOMENTUM
With silver fetching $2.5 million per metric ton, solar manufactureres' shift is accelerating towards alternatives such as copper, which was last trading at $12,823 per ton.
LONGi Green Energy Technology Co Ltd (601012.SS), opens new tab, China's leading solar panels manufacturer, said in January it had made advances in cost-saving technology involving base metals and plans to begin mass production between April and June.
"Broader industry shifts are expected this year, with leading manufacturers moving to pure copper metallisation and hybrid silver-copper pastes," said Marius Mordal Bakke, vice president of solar supply chain research at Rystad Energy.
BILLIONS IN SAVINGS FORECAST
With copper trading at roughly 0.5% of the price of silver, potential for further cost reductions from such switch is massive, he added.
Damiani at Cherry Street Energy estimated switching from silver to copper-based metallisation could represent roughly $15 billion per year in savings for the sector globally at 500 gigawatts of annual solar production.
However, replacing silver is not straightforward, with its higher electrical conductivity versus copper, experts said.
New Delhi: The Cabinet on Tuesday is likely to approve a Joint Declaration of Intent with Germany for cooperation in the critical minerals sector and is also expected to give nod to a similar pact with Canada, sources said.
The decisions, expected to be taken at the Cabinet meeting chaired by Prime Minister Narendra Modi, aim to bolster India's strategic partnerships amid global rush among nations for securing resources vital for clean energy transition and advanced technologies.
The pact with Germany will focus on joint exploration, sustainable mining, supply chain resilience and the technology transfer, sources told PTI.
This comes at a time when India is ramping up efforts to secure critical minerals like lithium, cobalt, nickel, and rare earth elements through international alliances, as part of its Atmanirbhar Bharat push in energy security.
The Cabinet is also likely to clear signing of the Joint Declaration of Intent between India and Canada for cooperation in the critical minerals sector.
The moves align with the government's Critical Minerals Mission launched last year and recent auctions of mineral blocks under the Mines and Minerals (Development and Regulation) Amendment Act.
President Donald Trump ordered a quarantine of sanctioned tankers to pressure Venezuela’s then-President Nicolás Maduro before the U.S. apprehended him.
WASHINGTON — U.S. military forces boarded a third sanctioned oil tanker in the Indian Ocean after tracking it from the Caribbean Sea in an effort to target illicit oil connected to Venezuela, the Pentagon said Tuesday.
U.S. Southern Command said in a post on X that U.S. forces boarded the Bertha overnight, conducting “a right-of-visit, maritime interdiction and boarding.”
“The vessel was operating in defiance of President Trump’s established quarantine of sanctioned vessels in the Caribbean and attempted to evade,” the post said. “From the Caribbean to the Indian Ocean, we tracked it and stopped it.”
Venezuela had faced U.S. sanctions on its oil for several years, relying on a shadow fleet of falsely flagged tankers to smuggle crude into global supply chains. President Donald Trump ordered a quarantine of sanctioned tankers in December to pressure Venezuela’s then-President Nicolás Maduro before Maduro was apprehended in January during an American military operation.
The Bertha is a vessel flagged to the Cook Islands and is under U.S. sanctions related to Iran, according to the website of the Treasury Department’s Office of Foreign Assets Control.
Video posted by the Pentagon shows U.S. military helicopters flying toward the tanker.
Trump’s Republican administration has been seizing tankers as part of its broader efforts to take control of Venezuela’s oil. The Pentagon’s post did not state whether the Bertha was formally seized and placed under U.S. control.
Maduro was brought to the U.S. to face charges of working with drug cartels to facilitate the shipment of thousands of tons of cocaine into the U.S. and has pleaded not guilty.
Bolivian gas fades. Argentina and the pre-salt rise — but volatility looms.
For two decades, Bolivia was Brazil’s gas cushion. The Gasbol pipeline once delivered up to 30 million cubic meters per day, underwriting supply security in a Petrobras-dominated market. Today, flows are closer to single digits. The contract expires in 2026. Production continues to decline. The insurance policy is running out.
Argentina looks like the obvious replacement. Vaca Muerta has scale, improving productivity and export ambition. Brazilian officials have floated imports of up to 30 million cubic meters per day by 2030. Yet geology is not the constraint — logistics are. Routing Argentine gas through Bolivia adds roughly $1.90 per MMBtu in transit fees. New pipelines would require billions in capital and political coordination rarely seen in South American infrastructure. Molecules may travel, but they do not travel cheaply.
Meanwhile, Brazil’s pre-salt offers a seductive narrative of abundance. Rota 3, Raia and Sergipe-Alagoas Deepwater promise to lift domestic supply into the early 2030s, potentially turning the Southeast structurally long. But associated gas depends on oil development cycles. At lower Brent prices, capital flows to oil barrels before gas molecules. After the mid-2030s, natural decline looms. The surplus window may be shorter than investors assume.
The risk, then, is not absolute scarcity. It is deliverability. Brazil lacks meaningful storage and remains constrained by regional bottlenecks. The South is tight even when the Southeast looks long. LNG, not domestic production, remains the marginal balancing supply — and the effective price ceiling. The end of Bolivian gas does not herald crisis. It ushers in a structurally more volatile market, where flexibility matters more than reserves.
https://brazilstockguide.com/behind-the-lines/after-bolivia-gas-brazil-argentina-pre-salt/
Bharat Petroleum Corporation Limited (BPCL) and HPCL Mittal Energy Limited (HMEL) have each acquired one mn barrels of Venezuela’s Merey crude, with BPCL making its first purchase and HMEL buying Venezuelan oil for the first time in two years, according to three sources familiar with the trade. The sources requested anonymity because the deals were confidential.
The heavy oil was acquired through two separate deals and is planned to be co loaded on a Very Large Crude Carrier (VLCC) to reduce shipping cost, a move expected to raise India’s imports of Venezuelan crude to at least six mn barrels through April. Co loading on a single vessel is intended to cut freight expenses and improve delivery efficiency for importers.
The purchases were made from trader Vitol and price details were not immediately available, the sources said. HMEL had previously received Venezuelan shipments in February 2024, and other Indian refiners have bought the same grade in recent months as they diversify supplies. Traders including Trafigura have been marketing Venezuelan cargoes under licences granted by the United States as part of a broader supply arrangement with Caracas.
BPCL will split one cargo for discharge at Kochi port in Kerala for its 310,000 barrel per day Kochi refinery and the other for discharge at Sikka in Gujarat for its 156,000 barrel per day Bina refinery. HMEL will import through Mundra for its 226,000 barrel per day Bathinda refinery. Analysts said refiners in India are diversifying crude sources as they reduce purchases from Russia, a trend that assisted New Delhi in securing an interim trade understanding with Washington. Separately, market participants expect shipments from Venezuela to the United States to pick up in coming weeks, as some large refiners seek direct purchases.
(Investing) – Investing.com — Goldman Sachs lifted its fourth-quarter 2026 oil price forecasts, citing tighter OECD inventories, while the bank maintained its view of a sizeable global surplus.
Brent crude has rallied to about $71 as Iran-related supply concerns boosted positioning and the risk premium while OECD inventories have failed to build as expected. This reflects January supply disruptions and the fact that much of the global surplus is accumulating as sanctioned crude “stuck at sea,” strategists led by Daan Struyven said.
Against that backdrop, Goldman raised its 2026 fourth-quarter Brent and forecasts by $6 to $60 and $56 per barrel, respectively. The bank still expects Brent to fall to $60 by late 2026 — which it sees as the cycle low — as the risk premium fades and inventories eventually rise.
The revision comes despite Goldman maintaining its global oil surplus forecast of 2.3 million barrels per day for 2026. Strategists said lower OECD inventories matter more for pricing and now assume only 19% of global inventory builds will materialize in OECD commercial stocks, down from 27% previously.
Instead, they expect about 25% of the surplus to accumulate as Russia and Iran crude stored at sea, reflecting persistent demand shortfalls for sanctioned barrels. Excluding those floating barrels, the effective surplus would shrink to 1.7 million barrels per day.
On supply, Goldman still sees strong growth outpacing demand next year. It maintained its 2026 surplus view assuming no major supply disruption and no Russia-Ukraine peace, noting that January disruptions in Kazakhstan and Venezuela appear mostly temporary.
Looking further out, the Wall Street firm expects oil prices to strengthen from 2027 as markets rebalance. Strategists forecast Brent and WTI to average $65 and $61 in 2027 and to reach $70 and $66 by December 2027 on “solid demand growth and slowing non-OPEC supply growth.”
Geopolitics remain a key swing factor. The strategists said risks to their outlook are “two-sided but skewed to the upside,” with scenarios such as a 1 million barrel-per-day hit to Iranian supply potentially lifting Brent to around $68 in late 2026.
https://www.oilandgas360.com/goldman-sachs-lifts-q4-oil-price-forecast-on-tighter-oecd-inventories/
Lithium fields in the Atacama desert in Chile. Stock image.
SQM’s lithium partnership with Codelco churned out slightly more of the battery metal than forecast last year as the industry continues to emerge from a global glut.
The Nova Andino Litio SpA venture produced 233,000 metric tons of lithium carbonate equivalent in 2025, chairman Maximo Pacheco said in a Monday presentation at the BMO metals and mining conference in Florida. That output was up from 2024 levels and compares with the latest guidance of “close to 230,000 tons” delivered by SQM in November.
Chile’s state-owned Codelco has a controlling interest in NovAndino’s lithium assets, while SQM controls the operations at northern Chile’s sprawling Atacama salt flat. SQM is scheduled to deliver fourth-quarter results on Friday, offering more guidance on the partnership.
NovAndino, which has the world’s biggest source of lithium from brine, is expanding in a bet on low costs and a bullish outlook for battery demand, targeting a roughly 30% production increase in the coming years. Output is set to rise gradually to 300,000 tons before the end of the decade, NovAndino chief executive officer Carlos Díaz said last month.
The venture aims to capture double-digit growth in global lithium consumption as large-scale battery storage adds to demand from electric vehicles. The expansion could pressure higher-cost rivals.
The Atacama operation employs an evaporation technique that uses less water, chemicals and energy than hard-rock mining, as practiced in top producer Australia. NovAndino is preparing to submit a proposal to regulators to introduce new techniques such as direct extraction, which could further lift output.
Meanwhile, Codelco’s Maricunga lithium partnership with Rio Tinto Group continues to wait for antitrust approvals from Chile and China before signing a shareholders’ agreement, Pacheco said in his presentation. He said Codelco produced 1.33 million tons of copper from its mines in Chile last year, with capital expenditure reaching a record $5.28 billion.
Oversight of Codelco’s El Teniente underground copper mine, which suffered a deadly collapse in July, will be integrated into the company’s executive committee due to its size and complexity, Pacheco said, adding that the design of this process will be supported by an independent consultancy.
(By James Attwood)
https://www.mining.com/web/lithium-output-at-sqm-codelco-venture-edges-out-forecasts/
Global energy demand continues to grow, with artificial intelligence and related data centers driving a notable increase in energy consumption. “The rapid growth in artificial intelligence in the past few years is expected to continue for at least the rest of the decade, driving up demand for data centers. While these centers require a wide range of critical minerals to function, they also have substantial energy requirements,” noted Virginia Martin Heriz, global coordinator of Sustainable Investing Research at J.P. Morgan. By 2035, data centers could account for nearly 9% of U.S. electricity demand.
To meet rising energy consumption, the transition from non-renewable energy to solar, wind and other green energy sources is a top priority for many governments. This was underscored at COP28 , where participating nations committed to tripling their renewable capacity, which would increase the share of global renewable energy generation from 30% in 2022 to 60% in 2030.
In the EU, sustainability initiatives are becoming deeply intertwined with economic and competitive considerations. Policies in 2026 and beyond are expected to continue to reduce dependencies on fossil fuels while promoting green protectionism and circularity, all in pursuit of decreasing emissions and increasing energy independence .
Meanwhile, the share of renewables in China’s power mix has increased to 16% in 2025, primarily at the expense of coal, which has fallen from 81% to 62%. China aims to increase non-fossil fuel energy usage to 30% of its total energy mix by 2035.
The transition to renewable energy requires vast stores of critical minerals. “Wind turbines, solar batteries and ESS units, as well as consumer goods like electric vehicles, need minerals like lithium, nickel, cobalt, graphite and rare earths to function,” said Heriz. “Demand for many critical minerals is being shaped by the energy transition.”
For example, J.P. Morgan Global Research forecasts global demand for lithium to grow 16% year-over-year (YOY) in 2026. 58% of this incremental demand is projected to come from electric vehicles (EVs), while 30% will come from ESS; this is expected to grow to 36% by 2030 . As the demand for green energy solutions increases, the demand for lithium will rise accordingly, leading to a potential market deficit.
Copper, too, will be a priority for green energy, as it is necessary for grid infrastructure updates, generator manufacturing and the energy storage needed to support renewables. According to J.P. Morgan Global Research, global copper demand is expected to grow +2.6% YOY. Increased demand, coupled with supply disruptions and reduced global inventories, is expected to keep the copper market tight in 2026.
https://www.jpmorgan.com/insights/global-research/commodities/critical-minerals
The U.S. Department of Agriculture has opened enrollment for the Farmer Bridge Assistance (FBA) program, providing $11 billion in one-time payments to row crop producers facing trade disruptions and rising production costs.
Enrollment opened Feb. 23 and will run through April 17, 2026.
U.S. Secretary of Agriculture Brooke Rollins said the program is designed to deliver relief quickly as farmers prepare for the 2026 planting season.
“Improving the farm economy is our top priority at USDA, and we have simplified and streamlined the application process for the bridge program to ensure producers get the financial assistance they need as quickly as possible,” Rollins said. “Producers who want to further expedite their payment can apply online and could receive funds as early as Feb. 28.”
Bridge payments are authorized through the Commodity Credit Corporation Charter Act and will be administered by USDA’s Farm Service Agency (FSA). The assistance is intended to support producers until provisions from the One Big Beautiful Bill Act begin reaching farmers after Oct. 1, 2026, including increased reference prices for major commodities.
How to apply
Pre-filled applications are available online for producers who filed a 2025 crop acreage report for eligible commodities and have a Login.gov account. Applications can be accessed at fsa.usda.gov/fba.
Producers may also request a pre-filled application from their local FSA county office. Completed applications must be submitted online or to an FSA office by April 17.
Eligible commodities
Commodities eligible for the program include:
All intended uses for eligible commodities qualify except grazing, experimental, green manure, left standing, or cover crops. Initial planted acres, double-crop acres, and subsequently planted acres are eligible. Prevented planting acres are not eligible.
Crop insurance participation is not required to receive FBA payments, though USDA encourages producers to consider new risk management tools included in recent legislation.
Payment calculation
Payment rates are based on 2025 planted acres, USDA Economic Research Service cost-of-production data, and the World Agricultural Supply and Demand Estimates report.
Specialty crop assistance also announced
USDA also recently announced the Assistance for Specialty Crop Farmers (ASCF) program, which provides similar one-time bridge payments for specialty crop producers facing market disruptions and rising costs.
Specialty crop producers have until March 13, 2026, to report 2025 acres to USDA’s Farm Service Agency to be eligible.
More information about both programs is available at fsa.usda.gov or through local FSA offices.
https://ocj.com/2026/02/usda-opens-farmer-bridge-assistance-enrollment-with-11-billion-in-payments/
Koryx Copper Inc. has released new drilling results from its Haib Copper project in southern Namibia.
The company reported test results from 13 drill holes covering nearly 5,000 metres. The work forms part of Phase 2 and Phase 3 of its 2026 exploration and development programme at Haib, which Koryx fully owns.
Haib is planned as a large open-pit copper mine. Koryx aims to produce an average of 88,000 tonnes of copper per year over a projected 24-year mine life. The process would involve crushing and milling the ore before using flotation to produce copper concentrate.
A preliminary economic assessment completed in September 2025 indicated that the project could be technically and economically viable. The study showed potential for a long-life mining operation. The company is continuing technical work as it moves toward a pre-feasibility study expected in late 2026.
Koryx president and chief executive officer Heye Daun said the latest results confirm the scale of copper mineralisation at Haib. He said drilling returned wide and consistent sections of copper across areas planned for the open pit. The company stated that both infill drilling, which improves confidence in known areas, and step-out drilling, which tests for expansion, have strengthened the project’s resource base.
Haib is an advanced copper and molybdenum deposit with a history of exploration dating back to the 1970s. More than 80,000 metres of drilling has taken place at the site by companies including Falconbridge, Rio Tinto and Teck.
The current mineral resource includes 511 million tonnes in the indicated category at an average grade of 0.33% copper and 51 parts per million molybdenum. In the inferred category, the project holds about 309 million tonnes at 0.31% copper and 40 parts per million molybdenum.
Haib is classified as a porphyry copper deposit. This type of deposit contains large volumes of low-grade ore that can be mined in bulk. It is one of a few Paleoproterozoic-age porphyry copper deposits in the world and one of only two in southern Africa, both located in Namibia.
Koryx Copper is a Canadian development company focused on advancing the Haib project and building a portfolio of copper exploration licences in Zambia.
https://www.observer24.com.na/koryx-reports-strong-drill-results-at-haib-copper-project/
Leading tin producer Malaysia Smelting Corporation has announced group pre-tax profits of RM51.9 million (approximately US$12.5 million) in Q4, up 47.1% from the previous quarter.
MSC reported revenue of RM480.7 million (approximately US$116 million) in Q4 2026, down 9.2% from the previous quarter on lower tin sales, but this decline was offset by lower operating costs.
MSC’s tin smelting segment recorded a pre-tax profit of RM31.3 million (approximately US$7.5 million) following a loss in the previous quarter. The company attributed this increase to stronger sales of higher-margin, higher-profit tantalum slag and cost savings from the closure of the historic Butterworth plant.
This comes despite lower ore intake from suppliers in the quarter. ITA estimates that tin-in-concentrate imports to Malaysia fell by 2.7% to 2,468 tonnes in Q4 compared with Q3, compounding lower output from MSC’s mine.
The tin mining segment, representing the company’s Rahman Hydraulic Tin mine, recorded a pre-tax profit of RM25.4 million (approximately US$6.1 million), down 22.9% from the previous quarter due to a three-week mining suspension for an environmental investigation.
Co-CEOs Mr Lam Hoi Khong and Mr Nicolas Chen Seong Lee, appointed in December 2025, highlighted the improved operational efficiencies against a backdrop of supply disruptions and robust demand.
Our view: MSC faced a challenging 2025 with intense competition from Chinese smelters in Africa due to the continued low concentrate output from Myanmar, the production halt due to the gas pipeline explosion incident, and the temporary mining suspension. Despite this, higher commodity prices have supported the company’s revenue while the closure of the Butterworth plant and improved efficiencies at the new Pulau Indah plant have reduced the company’s costs, with MSC reporting a whole-year increase in pre-tax profits of 5% from 2024.
Protracted mine supply disruptions remain a key risk for MSC going forward, but an anticipated increase in tin entering the international concentrate market in 2026 may see the situation improve.
Malaysia Smelting Corporation is a Member of the International Tin Association.
https://www.internationaltin.org/msc-profits-rise-despite-lower-q4-sales/
SMM Feb. 24: The most-traded SHFE zinc 2604 contract opened at 24,320 yuan/mt. After opening, bulls increased positions, pushing SHFE zinc to rise rapidly above the daily average line and touch a high of 24,865 yuan/mt. Toward the session's close, some bulls reduced positions and exited, causing SHFE zinc to edge down slightly. It finally closed up at 24,680 yuan/mt, up 430 yuan/mt or 1.77%. Trading volume increased to 56,353 lots, and open interest rose by 4,439 lots to 81,447 lots. SHFE zinc recorded a large bullish candlestick, suppressed by the 40-day moving average above and supported by the lower Bollinger Band below. Domestically, fundamentals-wise, although zinc ingot inventory buildup continued during the Chinese New Year and many downstream processing enterprises had yet to resume operation, constant macro disruptions and tariff pressures swept the market, keeping SHFE zinc hovering at highs.
During the day, the SHFE zinc 2602 contract opened at 24,480 yuan/mt. After opening, the price center moved higher, then fluctuated above the daily average line before finally closing up at 24,630 yuan/mt, up 510 yuan/mt or 2.11%. Trading volume decreased to 110 lots, while open interest increased by 55 lots to 5,735 lots. Delivery volume was 28,675 mt, and the settlement price was 24,540 yuan/mt.
24 February, 2026
Written by Adam Orlando
Tin is commonly referred to as the “glue” of metals as it’s used to bind electrical components together. The soft, highly malleable, and rust-resistant metal is present everywhere in everyday life and is a critical component of high-tech hardware, electrical vehicles, robotics, and renewable technology.
With 97% of the global supply coming from developing economies – and 40% coming from artisanal and small-scale miners – the world is in desperate need of new sources of this non-toxic metal (Sn).
There are only a handful of projects operating and even fewer sustainable ones. Globally, the majority of tin is produced from alluvial mining, a highly unsustainable practice.
And while tin is one of the few metals used and traded by humans for thousands of years, demand is not abating rather it’s surging, primarily driven by increased use of electronics, the rise of the internet of things, and the renewable technology revolution.
A key metal in the electronics industry – solder alone accounts for 50% of world demand – tin is benefiting greatly from energy and digital transitions. However, supply growth remains limited, particularly in the Democratic Republic of Congo (DRC) and Myanmar, which is expected to lead to a supply deficit as early as 2026 – the first in about five years.
The DRC and Myanmar account for 20% of global tin production and 60% of Chinese tin ore imports so this is not a small issue.
However, trade credit risk management firm Coface reports that overall, refined tin production is poised to grow by 3% in 2026, following 2% growth in 2025.
“This will be insufficient to offset the expected 3.5% increase in demand in 2026. The market is therefore expected to shift into deficit this year, a situation that is likely to continue in the years to come,” Coface reports.
“Finally, in the longer term, the main challenge will be the expansion of mining capacity, as the depletion of exploited deposits is a major vulnerability for the entire value chain.”
According to Coface, tin remains a strategic asset in China’s pursuit of self-sufficiency in data management infrastructure. Conversely, production in neighbouring Indonesia, which is the largest global exporter, could decline, “given regulatory constraints and growing aversion to mining projects. Domestic production is expected to fall by 2% in 2026 (after -1% the previous year)”.
Data‑based tech demand fuelling price rise
During 2025, tin was the best performing of the base metals, gaining nearly 40%. In January alone it surged another 40%, to hit a recent record high of US$56,800 per tonne.
This is being driven by supply concerns around Indonesian exports – the largest global exporter – and highlights structural tightness in the market and the increasingly strategic nature of tin metal. (The Indonesian Government shut down some 1,000 illegal tin mining operations during September 2025.)
Speaking to Mining.com.au, Hedley Widdup, Managing Director of ASX-listed specialist mining investment company Lion Selection Group (ASX:LSX), says tin’s applications are as many as they are varied and this ties in with its price rise.
“The demand picture is really, really firm. I’d say if you look back over the last 25-30 years in tin and look at copper, if you take a long term price chart of copper and a long term price chart of tin, the shape is exactly the same. Very, very similar,” says Widdup.
“There’s moments where it breaks away and usually where that’s broken away is where there’s been supply surprises. Myanmar in Southeast Asia has an enormous amount of tin discovered there, I’m going to say a decade ago. And when that came to the market, it kind of just put a roof on the tin price for a long while. There’s been a big deposit that’s come online in the Congo, which has struggled with logistics, but the tin market is tiny, unlike the copper market.”
Tin is a relatively small and illiquid market compared with other base metals, and is particularly susceptible to the influence of investment funds, which can drive pronounced price volatility. While these flows provide additional liquidity, market participants have raised concerns about the undue role of financial institutions.
Coface sectorial economist Simon Lacoume says there is no doubt that the demand for data‑based technologies fuels the recent rise in tin prices. Coface expects average prices to hover around US$45,000 (+40% YoY) over H1 2026.
Given the limited global tin inventories and current fundamentals, prices are expected to remain strong, with supply deficits forecast to widen through to 2030.
The International Tin Association agrees that tin’s price is being buoyed by a broader uplift in the base metals complex amid heightened global tensions and a weakening US dollar.
“While the market has been in a prolonged deficit due to a series of protracted supply disruptions, ITA understands that the metal’s fundamentals are not the primary driver of the recent price rally,” the association reports.
“Over the past two years, the tin price has been increasingly controlled by factors other than core fundamentals. The supply disruptions affecting Myanmar and DR Congo remain largely unchanged from three months ago, but increased investor activity, particularly in China, have pushed prices higher.
“In Indonesia, exports have halted in the new year given the seasonal cycle of export permit renewals. ITA expects the disruption to be limited as regulators will honour existing three-year RKAB mining and smelting licences until the end of March 2026.”
All things with tin
Tin (Sn) is a soft, non-toxic, highly malleable, rust and fatigue resistant metal. It’s one of the few metals that has been used and traded by humans for more than 5,000 years, as reported by Mining.com.au.
According to Geoscience Australia, tin has a low melting point and alloys easily with other metals, “thus enabling humans to combine tin with copper to make bronze, taking us from the Stone Age to the Bronze Age”.
It’s still used in bronze, however nowadays tin is used in solders for joining metals and pipes, as a coating for steel cans, and in metal alloys.
Solders are the largest single application for tin, accounting for about 50% of current world consumption. Solders are used in light engineering applications such as plumbing and sheet metal work, in the motor vehicle industry, and in cans for various uses.
“Another major application for tin is coating steel sheet in the manufacture of tinplate, which accounts for about 16% of world tin consumption. Tinplate is used for containers in the form of cans for food products, drinks, oils, paints, disinfectants and chemicals,” Geoscience Australia says.
“Other uses for tin include tin oxide as a white pottery glaze, in the manufacture of plate glass, in superconducting magnets (for example niobium-tin), in dyes, disinfectants, perfumes, cast iron, fire retardants, pewter and tinsel.”
Tin occurs in both primary and secondary ore deposits. Primary ore deposits typically occur within granite or within associated pegmatites or aplites. Deposits also occur associated with the margins of these intrusive rocks as veins, disseminations, skarns or carbonate replacements generated by tin-bearing fluids derived from the granite magmas. Carbonate-replacement deposits (such as found in western Tasmania) form some of the largest tin deposits in Australia.
Cassiterite (SnO2) is by far the most important tin ore in all deposits. Small amounts of tin are also recovered from sulphide minerals such as stannite (Cu2FeSnS4). Secondary tin deposits (placers) come from the weathering and erosion of primary tin occurrences and deposits, where cassiterite readily forms residual concentrations owing to its density and chemical resistance.
Significant amounts of historical tin production in Australia have been from secondary sources, such as in the Mount Garnet region of north Queensland. Much of historical world production has also been from secondary sources, according to Geoscience Australia.
In the next part of this tin feature series, Mining.com.au looks at which are some of the active mining companies in the tin space.
Reuters | February 24, 2026 | 1:51 pm
Port Hedland. Credit: Fortescue
Fortescue reported a 23% jump in first-half profit on Wednesday, helped by record iron ore shipments and higher prices for the commodity, allowing the Australian miner to pay a dividend that topped expectations.
Its shares jumped as much as 3.8%, outpacing gains in its rivals BHP and Rio Tinto.
The world’s fourth-largest iron ore miner is focused on trimming costs so it can pay cash to shareholders from its lucrative iron ore division while it faces a period of slower growth and high spending into the 2030s.
It is seeking to diversify into metals expected to be in high demand for technology and clean energy, after it shelved its global green hydrogen plans last year blaming high production costs and limited demand.
Its two main growth projects, iron ore in Gabon and copper in Peru, won’t enter production until next decade.
When pressed on growth this decade, head of energy Agustin Pichot on an earnings call pointed to the company’s push to diversify into critical minerals and copper.
Those moves include a Brazilian rare earths project and copper exploration in Australia, Canada and Kazakhstan where it is fast-tracking a drilling program.
Phased talks with China
Fortescue reported an underlying net profit after tax attributable of $1.91 billion for the six months ended December 31, up from $1.55 billion a year earlier, but missing the Visible Alpha estimate of $1.98 billion.
It declared an interim dividend of 62 Australian cents per share, a payout of 65% of profits, up from 50 cents announced last year and ahead of analysts’ forecasts around 60 cents.
The results came as the miner hit record iron ore shipments in the first-half, with a 3% drop in iron ore costs and a 6.6% rise in realized prices.
Jarden expected Fortescue shares to trade strongly as a leaner cost base boosts margins and free cash flow, topped by an interim dividend that outperformed forecasts.
Fortescue executives declined to comment on supply negotiations with China’s state-backed iron ore buyer, referring to them only as “phased discussions that are ongoing.”
China Minerals Resources Group (CMRG) has restricted shipments from bigger rival BHP amid annual contract negotiations as it seeks to get better terms for its mills.
“Our products are moving well. We expect that to continue,” metals and operations chief executive officer Dino Otranto said on a results call.
Fortescue is using AI to make shipment scheduling more efficient while it expects replacing diesel with renewable power to trim $2-$4 a ton from iron ore costs by 2030, Otranto said.