The operating rate of end-user enterprises is relatively low, and transactions in the spot market are mainly focused on imported tin ingots. [SMM Tin Brief Review]

[SMM Tin Futures Brief Review: Low Operating Rates of End-User Enterprises, Spot Market Transactions Dominated by Imported Tin Ingots] The most-traded SHFE tin futures contract (2503) remained in a high-level sideways trend. During the daytime session, its increase was relatively small, rising by 0.34% intraday, with a closing price of 259,000 yuan/mt. The open interest of the most-traded contract was 32,400 lots, and the trading volume was 59,100 lots. Overall, the futures market showed a relatively balanced dynamic between bulls and bears. Spot market transactions were limited today, with most traders reporting sales of around 10 mt. Sales of domestic tin ingots were challenging, while imported tin ingot traders saw relatively better performance, with some transactions reaching approximately one truckload. Downstream enterprises currently have fewer orders, and although end-user clients have resumed work, operating rates remain low, with some employees returning after the Lantern Festival. At present, demand for tin ingots is low, coupled with high tin prices, which dampens the purchasing enthusiasm of downstream and end-user enterprises.