SHFE tin showed a fluctuating downward trend today. The SHFE tin 2502 contract opened at 249,000 yuan/mt, with a daily decrease of 4,186 lots in open interest, bringing the total open interest to 5,006 lots. The daily trading volume was 19,000 lots.
In the spot market: Some smelters suspended quotations and shipments, while most traders had stopped quoting. During the morning session, traders' quotations for various domestic tin ingot brands showed little change compared to recent days. Quotations for small-brand tin ingots were on par with to premiums of 200 yuan/mt against the SHFE tin 2502 contract. Delivery brand prices were quoted at premiums of 300-800 yuan/mt against the SHFE tin 2502 contract. Yunnan tin brand quotations against the SHFE tin 2502 contract were 1,000-1,100 yuan/mt. Imported tin brand spot quotations were at discounts of 800-1,000 yuan/mt against the SHFE tin 2502 contract. As the Chinese New Year holiday approaches, some smelters have entered holiday mode, and most traders have also suspended quotations. Logistics companies across regions have nearly ceased operations, leaving the domestic spot market with virtually no transactions.
In Indonesia: JFX reported a transaction of 125 mt of TLEAD300 tin ingots yesterday, with cumulative shipments exceeding 1,000 mt after the holiday. The market generally expects Indonesia's export pace to recover slowly, with more Indonesian tin ingots potentially being exported to China in the future.
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