Social Inventory of Tin Ingots by Region on May 31, 2024 [SMM Data]

According to the SMM survey, as of May 31, the total social inventory of tin ingots in Shanghai, Jiangsu and Guangdong was 18,761 mt, a decrease of 650 mt WoW. Last week, the tin price trend showed a rise followed by a fall. On Monday, SHFE tin prices started to rise slightly from around 271,000 yuan/mt. During the night session, tin prices quickly climbed, reaching a high of around 278,000 yuan/mt. Mid-week, SHFE tin prices fluctuated within a wide range of 275,000 yuan/mt-282,000 yuan/mt. On Friday, they began to show a clear downward trend, gradually falling to around 275,000 yuan/mt. It is worthy of attention that the sharp rise in tin prices at the beginning of the week inhibited downstream purchasing activities to some extent. Most downstream companies chose to adopt a wait-and-see attitude in the face of drastic price changes, with only a few companies attempting to place orders at low prices. However, as SHFE tin prices fluctuated downward, downstream companies began to actively replenish their inventories in small quantities at relatively low prices. Overall, although the market was relatively quiet at the beginning of the week due to the rapid rise in tin prices, the overall transactions in the spot market increased significantly as prices returned to normal.