SHANGHAI, Aug. 23 (SMM) – Spot tin prices in Shanghai continued the dropping trend on August 22nd. Mainstreaming trading brands during the day were Yunxi, Yunheng and Jiangxi brands, with mainstream trading prices at RMB 192,800-195,000/mt. Small volumes of Yunxi branded tin was traded at RMB 196,000/mt and some Jiangxi brands contributed transactions at RMB 192,500/mt. While branded tin smelters had kept their quotes firm, other smelters from Jiangxi province etc. successively offered lower quotes which led to more lower-priced supplies. The wait-and-see sentiment was strong in the market due to weak downstream consumption and continuous falling prices.
A recent SMM survey shows 75% of respondents in the tin market expect continuous drop of tin prices this week, due to a lack of support from both LME prices and consumption which had already caused some smelters to offer goods at lower prices. Remaining 25% of respondents believe tin prices will stabilize this week as LME prices will not plunge in the short term and relatively tight supply will also provide support.