SunSirs: China's Tin Market Fell 1.13% in September 2020

In September 2020, the domestic 1# tin ingot market fluctuated and fell. The average domestic market price was 144,887.50 yuan/ton at the beginning of the month and 143,250 yuan/ton at the end of the month, down 1.13%.

The Tin Commodity Index was 72.97 on September 29, and it rose by 0.98 points on September 28, which was 27.21% lower than the highest point in the cycle of 100.25 points (2011-09-05), and increased from 42.86 points, the lowest point on December 9, 2015. Up to 70.25%. (Note: Period refers to 2011-09-01 to present).

In September, the futures market mainly fluctuated and declined. The closing price on the 1st was 145,800 yuan/ton, the month-end closing price was 141,720 yuan/ton, the highest was 148,690 yuan/ton, and the lowest was 138,180 yuan/ton, down 4,080 yuan/ton, or 2.8%. The U.S. stock market fell sharply, the U.S. dollar index rebounded, and the non-ferrous market matrix fell. The U.S. dollar index fell in the middle of the month but continued to rebound. The U.S. dollar continued to fluctuate under the influence of concerns caused by foreign public events near the end of the month. The metal market fluctuated and fluctuated this month.

The spot market followed the trend of Shanghai and tin this month, and the overall trend was dominated by fluctuations. As of the end of the month, the mainstream domestic spot market price was 144,000-146,000 yuan/ton. Myanmar’s export ban was extended to the end of October. Affected by the local public health situation, the mine export was blocked. According to the latest statistics, domestic tin ore imports in August dropped by 37% year-on-year, with 8,077 tons imported. The import volume of refined tin in August was 348 tons, down 87.5% month-on-month. Tighter supply will boost tin ingot prices. Although there is a resumption of production in China, it can only partially improve the domestic supply situation. There will be more uncertainty in the impact of international fundamentals during the long holiday, and there will be certain pressure on the market after the holiday.

In terms of market outlook, SunSirs believes that it is necessary to focus on fundamental factors such as the US dollar index, the progress of European public health events, and LME inventory, and the domestic focus on inventory.

Related data:

U.S. tin imports in July increased month-on-month and exports declined: According to news from Washington on September 4, data released by the U.S. Department of Commerce showed that U.S. tin imports in July were 2,147,053 kilograms, up from 1,340,193 kilograms in June. The total imports in the first seven months of this year were 20,589,033 kg. U.S. tin exports in July were 129,475 kg, down from 169,541 kg in June. U.S. exports in the first seven months of this year totaled 1,077,194 kg.

Indonesia's August refined tin exports increased by 11.6% year-on-year: Jakarta news on September 8th, data released by the Indonesian Ministry of Trade on Tuesday showed that the country's August exports of refined tin were 6,158.67 tons, an increase of 11.6% from the same period last year and an increase from the previous month. 27.1%.

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