SHANGHAI, Nov. 21 (SMM) – Shanghai spot tin prices continued to slip on November 18th as goods holders were less confident that they can hold their quotations as before amid disappointing performance and a not optimistic outlook for LME tin. Yunheng, Yunxiang, Nanshan and Jinlong etc. branded tin was traded between RMB 175,500-178,000/mt. While smelters still hold firm their quotations, most deals were reached at lower prices due to increased supply of lower-priced goods. Imported tin whose quotations were relatively lower than domestic quotations also eroded market demand for domestic tin, and with a weak demand, domestic tin prices slopped as a result.
There are market rumors that a large tin smelter in Yunnan is going to conduct an about one-month long overhaul in the near future. The majority of market players said tin supply may not see a significant change, however, as domestic demand remained weak and other smelters already have considerable amounts of stocks. Further more, the continuous inrush of imported tin will also help maintain a stable supply. Therefore, limited support is expected from this overhaul.