SHANGHAI, Apr. 8 (SMM) – Bearish sentiment dominated Shanghai spot tin market on Tuesday. Mainstream traded prices fell to RMB 116,500-118,500/mt. One large smelter cut offers by RMB 500/mt to RMB 117,500-118,000/mt due to poor sales. Nanshan and Jinlong brand tin traded at RMB 116,500/mt, RMB 118,000-118,500/mt for Yunheng brand, and RMB 118,000-118,500/mt for Yunxi brand tin.
SMM surveyed market players in domestic tin industry.
60% of them are bearish toward tin prices this week: a strong US dollar will send LME tin down. Tin prices in China kept falling even when tougher environmental protection inspections took a toll on tin production in Jiangxi, souring market sentiment. Supply of cheap goods from Jiangxi showed signs of growing, which might drag down overall prices in the market to RMB 115,000/mt.
The remaining 40% expect tin prices to hold stable: the average tin price has fallen below RMB 120,000/mt. Cost support should help prevent prices from falling further.