Price trend

According to the monitoring of the commodity market analysis system of SunSirs, the 1 # tin ingot market in East China fell this week (12.16-12.20), with an average market price of 244,260 RMB/ton at the beginning of the week and 242,560 RMB/ton at the end of the week, a decrease of 0.7%.

Analysis review

The overall tin price had slightly decreased this week. Starting this week, tin prices continued their upward trend from last week, but over the weekend, they experienced a slight correction due to the hawkish interest rate cuts by the Federal Reserve. However, the fundamental support was strong, and downstream customers had better acceptance after the price decline, resulting in a large amount of destocking exceeding expectations.

Fundamentally, the import volume of upstream tin ore and its concentrates in November decreased by 56.5% year-on-year and 19.2% month on month. From this year's domestic tin ingot production data, the suspension of tin mines in Myanmar had not yet affected the smelting end, but the supply of raw materials from the mining end was still relatively rigid, and the latest situation in the raw material market still needed to be closely monitored. In terms of inventory, the social inventory of tin ingots in China had once again declined, and the amount of destocking had exceeded expectations. Although tin prices had fallen rapidly this week, the current downward space was still limited.

Market outlook

Based on comprehensive analysis, tin inventory was temporarily at a relatively low level, and downstream standing inventory was not high. If tin prices fall significantly, inventory may continue to be stocked, and tin prices are expected to mainly fluctuate and consolidate.

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