Social Inventory of Tin Ingots by Region on August 9, 2024 [SMM Data]

According to the SMM survey, as of August 9, the total social inventory of tin ingots in the three regions surveyed by SMM was 11,700 mt, a decrease of 1,254 mt WoW.

Through in-depth and comprehensive market research by SMM, we found that tin prices showed a trend of bottoming out last week. Specifically, in the night trading session at the beginning of the week, SHFE tin prices opened low and continued to decline, once touching a low of 239,000 yuan/mt. However, tin prices then showed signs of stabilizing and began to rebound orderly, strongly rising to the level of 245,000 yuan/mt, and then consolidating within this price range. Notably, in the Thursday night session, tin prices surged again, steadily rising to 258,000 yuan/mt. In the spot market, the continuous decline in SHFE tin prices at the beginning of the week stimulated the purchasing enthusiasm of downstream enterprises. End-users also seized the opportunity of low tin prices to actively engage in procurement activities. These positive market dynamics collectively boosted the trading activity in the spot market significantly, with transactions showing an unusually active trend. However, as SHFE tin prices entered a consolidation phase and surged significantly in the Thursday night session, spot market transactions gradually cooled down. Despite this, the spot market maintained a relatively active trading atmosphere throughout the week, and the trend of destocking continued.