Tin Prices Rebounded Strongly, Downstream acceptance is Key to Price Trend

SHANGHAI, Mar 18 (SMM) - The SHFE tin prices congested this week and once rebounded strongly by 4% today. SHFE tin closed at 339,900 yuan/mt today, up 2.69%. LME tin increased by 3%.

The average spot price of SMM1# tin stood at 340,500 yuan/mt, an increase of 0.89% from the previous day.

According to SMM survey, the quotations stood firm in the morning, and the price spread between different brands shrank.

The market saw relatively fewer quotations today, but the deliverable brands started to increase their quotations. The shipments remained low, and the premiums dropped amid rising tin prices.

Some downstream enterprises purchased on rigid demand, and the rising prices suppressed part of the demand. The overall quotations stood stable, and the spot prices did not rise strongly. The mainstream transaction prices stood above 340,000 yuan/mt.

According to SMM estimate, the price trend of tin will rely on the downstream acceptance of rising prices, especially when some enterprises enterprises suspended the production due to the pandemic.