According to SMM survey, as of September 6, the total social inventory of tin ingot in three regions was 11,207 mt, a decrease of 1,549 mt WoW.
Last week, the SHFE tin market experienced a significant rebound from the low. Prices began at a high of 264,000 yuan/mt early in the week, followed by continuous declines until Thursday when they hit a weekly low of 246,000 yuan/mt. However, on Friday afternoon, the market showed signs of stabilizing, and prices quickly rebounded, closing around 253,000 yuan/mt. From the perspective of the spot market, as tin prices had remained high for an extended period, downstream purchasing companies adopted a more cautious procurement strategy. After several weeks of inventory depletion, restocking demand started to emerge. The sharp price pullback in SHFE tin last week provided a good purchasing window for downstream and end-user companies. Most companies seized this opportunity to restock as needed, with some starting to strategically reserve raw materials while prices were low. The spot market witnessed very active trading. Most traders saw a significant increase in trading volumes, and some even experienced zero inventory, further confirming strong market demand. Based on the current market dynamics and price trends, we anticipate that if SHFE tin prices rise again to high levels, downstream and end-user companies may prefer to use the lower-cost inventories purchased last week for production, thereby reducing immediate procurement costs. Consequently, instant restocking enthusiasm might cool off in the high-price range. However, this does not imply an actual decline in market demand but rather a natural adjustment in corporate procurement strategies.
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