SHANGHAI, Sept. 1 (SMM) – In Shanghai spot tin market, a pickup in inquiries allowed prices to stop falling. Mainstream traded prices were RMB 100,500-101,500/mt on August 31. Goods from Yunnan Tin Group traded at RMB 101,800-102,200/mt.
SMM’s latest survey of market players in domestic tin industry reveals the following results:
75% of them are bearish toward tin prices this week. Spot tin in Shanghai might fall below RMB 100,000/mt, due to oversupply and poor domestic demand. LME tin might test support at USD 13,800/mt.
The rest 25% expect tin prices to stabilize this week. Some tin smelters in China cut output further as it became increasingly difficult for them to source tin ore amid continuous tin price declines. This will allow spot tin prices to hold steady at RMB 101,000-103,000/mt. LME tin might have hit bottom after dramatic fall last week.