Social Inventory of Tin Ingots (by Region) on September 20, 2024 [SMM Data]

According to the SMM survey, as of September 20, the total social inventory of tin ingots in the three regions surveyed by SMM was 10,568 mt, a decrease of 240 mt WoW.

Last week, the SHFE tin market experienced a significant bottoming-out process. Prices started at 258,000 yuan/mt at the beginning of the week, fluctuated downward slightly, hit a weekly low of 252,000 yuan/mt on Thursday, and then rebounded sharply to 262,000 yuan/mt on Friday. From the perspective of the spot market, downstream purchasing companies generally adopted a wait-and-see attitude ahead of the US Fed meeting two weeks ago. Last week, as prices slightly bottomed out, some pent-up purchasing demand was released. However, most companies remained cautious and only made limited purchases to meet immediate needs. Consequently, the trading atmosphere in the spot market was relatively subdued. Notably, with the recent arrival of imported tin, some trading companies began actively selling discounted imported tin. This new development led to a decline in the overall level of spot premiums/discounts.