SHANGHAI, Aug. 9 (SMM) – Due to continuous plunge of LME tin prices, market transactions of tin in Shanghai were sluggish on August 8th, with mainstream trading prices of RMB 194,000-196,500/mt. Main trading tin brands were Yunxi, Yunheng and Nanshan. After tin prices slumped, some smelters took a wait-and-see attitude and no sell-off was seen, therefore market supplies remained limited. The wait-and-see attitude among downstream buyers turned stronger, which dampened the already weak consumption. Mainstream trading prices fell continuously during the day as traders lowered their quotes for several times to attract buyers.
A SMM survey conducted this week shows an overall bearish attitude among market players towards tin prices during this week, as LME tin prices are not likely to stop falling. Taking into account weak domestic consumption, spot tin prices are expected to drop further and test RMB 190,000/mt.
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