End-User Purchase Willingness Remains Low; SHFE Tin Prices May Continue to Fluctuate [SMM Tin Morning Brief Dec 4]

In yesterday's trading, SHFE tin saw a late-session surge. However, this uptick failed to effectively boost the actual trading volume in the market. On the smelter side, firms continued to stand firm on quotes, demonstrating a steadfast attitude towards prices. Despite this, actual trading remained quite limited, reflecting that market demand has not fully recovered. Trading enterprises actively entered the market with quotes, attempting to seize opportunities. Nevertheless, downstream enterprises showed weak purchase willingness. The late-session surge further intensified the wait-and-see sentiment among downstream companies, with most choosing to remain cautious and wait for clearer market signals. Intraday trading was mainly focused on just-in-time and post-pricing transactions, indicating that market trading activity remained relatively conservative. Notably, some traders engaged in mutual purchasing to replenish inventories, which might alleviate some supply pressure in the market. However, overall trading activity remained lackluster, lacking sufficient buying support. According to feedback from downstream enterprises, end-users generally have low stockpiling willingness and are currently maintaining a just-in-time replenishment strategy.