SHFE Tin Continued to Trade Sideways as Premiums Dropped amid Ample Supply

SHANGHAI, Jul 21 (SMM) - In the futures market, the most-trade SHFE tin contract continued to trade sideways, closing at around 193,000 yuan/mt at noon. In the spot market, the smelters offered their quotations at a normal level in early trading, and the manufacturers held their prices less firmly than before. According to the traders, the quotations in the early trading market increased today amid ample supply. The transactions were relatively sluggish as the spot premiums declined on the whole and some brands sold at discounts. The downstream enterprises restocked as needed, and after the price stood at above 190,000 yuan/mt, their willingness to make inquiries was significantly lower. Today's market was still based on premium and discount quotations, with few fixed-price quotations. The quotations of imported products were relatively flat. The spot premiums of domestic non-delivery brands ranged between -500-300 yuan/mt, and the transactions were made at discounts. The spot premiums of delivery brands were maintained between 500-1500 yuan/mt, and some transactions were made at flat quotations. The mainstream spot premiums hovered around 1,000 yuan/mt, and the mainstream quotation premiums were maintained between 2500-4500 yuan/mt, with a small number of quotations from Yunnan Tin Group.