SMM tin morning comments  

During the early trading yesterday, spot quotes of various domestic tin ingot brands did not change much. Among them, the quotations of small brand tin ingots stood at a maximum of 300 yuan/mt, and the premiums of delivery brands ranged from 300 yuan/mt to 600 yuan/mt. Yunxi brand was quoted with premiums of 1000-1200 yuan/mt, and imported tin brand were quoted with discounts of 500-400 yuan/mt.

Tin prices fell sharply yesterday, and downstream companies in the market had a strong purchasing sentiment. Most trading companies reported that yesterday's shipments were very good, with most shipments of around 20-60 tons yesterday morning. The sharp increase in the SHFE/LME tin price ratio yesterday also led to another expansion of the profit level of tin ingot imports.

Calculated with a 3% tariff, the SHFE 2311 contract import profit remained at a theoretical profit of 1,500 yuan/ton to 4,000 yuan/ton. Subsequent imports of tin ingots from overseas will supplement the supply of the domestic tin market. In addition, there has been hardly any tin ore from the Wa State of Myanmar arriving in China in September. Although Yinman Mining has driven an increase in tin ore production after the completion of technical transformation in the middle of the year, if the ban on tin mining in the Wa State lasts longer, domestic tin ore supply may return tight.