Ann: Broker Research Report , page-5

Bill lots of tin info in the appendix and the tin inventory is not large.

http://www.stellarresources.com.au/images/ASX_Announcements/2013/20130417-phillip-capital.pdf

“PhillipCapital is bullish on tin;it is the only metal and one of the very few commodities , on which we are fundamently bullish”

Conclusions
The tin price has held up reasonably well, especially compared with other mined commodities. However, LME stocks of tin have increased during 2013 and are now a little under 14kt, or about 10 days of supply, which is the tightest of LME metals, apart from lead.

Tin prices have been subdued compared with expectations as demand has been weak. All analysts expect demand to pick up as “hidden” stocks are exhausted and consumer electronic demand recovers with the wave of miniaturisation being worked through.

Our bullishness is due to supply.

Mine supply has fallen consistently, and we project that mine supply, at best, will remain flat, and is likely to continue to fall, though not as sharply as it has done in recent years.

If you look at the New generation bit you will see what a plus Heemskirk high tin grades are as well and the difficulties other less promising tin projects face getting of the ground which will lead to further supply constraints.