SHANGHAI, Nov. 21 (SMM) -- China spot tin prices slipped throughout the week and dropped below RMB 180,000/mt on Friday November 18th. SMM tin prices during the day were between RMB 176,800-179,500/mt, with the average price dropping RMB 1,500/mt from the same period in the previous week. Spot trading only strengthened on Monday. Most smelters still stood on the sideline, limiting market supply. A few producers moving goods at lower prices led to increased lower-priced supply, however, thereby dragging down mainstream traded prices. Imported tin has been continuously arriving in domestic markets, causing slips in domestic tin prices. SMM expects domestic tin prices to slip further as demand will remain weak even after imported tin is consumed.
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 remains 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 for domestic tin prices is expected from this overhaul.