SunSirs: Spot Prices Slightly Fell, while Shanghai Tin Prices Fluctuated and Declined
November 13 2024 16:02:25 SunSirs (John)
Price trend
On November 12th, the average market price in East China was 257,410 RMB/ton, a decrease of 0.89% compared to the previous trading day. The mainstream price range for 1 # tin ingots in the domestic spot tin market was 256,250-258,250 RMB/ton, with an average price of 257,250 RMB/ton, a decrease of 2,500 RMB/ton from the previous trading day.
Analysis review
Shanghai tin fluctuated and fell in the morning session, with tin prices in the spot market slightly decreasing in the morning, and the decline in the market widened in the second trading session. At the close of the 12th, the main contract of Shanghai Wuxi 2412 closed down 1.92%.
The fundamental changes were not significant, and tin ingot production remained stable. Terminal consumption slowed down in November, and tin ingot inventory turned into accumulated inventory. Price fluctuations, refinery prices were high, and transactions were average. The sentiment in the spot market was cautious, with a focus on essential purchases. The actual demand growth downstream was lower than expected, and except for essential purchases, other buyers were waiting for further price reductions. In addition, domestic refined tin production slightly increased, and production will remain stable in the short term. As for November 12th’s follow-up, I heard that Xiaopai had a discount of 300 to 100 RMB/ton for December, Yunzi Tou has a discount of around 100-500 RMB/ton for December, and Yunxi has a discount of around 500-800 RMB/ton for December.
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