Social inventory of tin ingots on September 13, 2024 (by region) [SMM data]

According to an SMM survey, as of September 13, the total social inventory of tin ingots in the three regions surveyed by SMM was 10,808 mt, a decrease of 399 mt WoW.

This week, the SHFE tin market significantly fluctuated upward. Prices rose from a low of 249,000 yuan/mt at the beginning of the week, fluctuating upward continuously to reach a weekly high of 259,000 yuan/mt by Friday. From the perspective of the spot market, due to the significant drop in tin prices last week, downstream purchasing companies conducted substantial restocking last week, meeting their demand. This week, the fluctuating upward trend in SHFE tin prices suppressed the purchase willingness of downstream and end-user companies. Most companies only conducted minimal restocking as needed and some pre-holiday stocking this week. The spot market saw a mediocre trading atmosphere. The trading volume of most traders declined significantly. Additionally, we learned that with the recent arrival of imported tin, some trading companies began selling discounted imported tin, leading to a decline in overall spot premiums/discounts. Based on the current market dynamics and price trends, we expect that if SHFE tin prices continue to rise, downstream and end-user companies may prefer to use their previously procured lower-cost inventory for production, thereby reducing their purchasing volume.