On May 25th, the average price of tin ingots in the East China market was 198,510 RMB/ton, an increase of 1.56% compared to the previous working day. The mainstream quotation range for 1# tin ingot in the domestic spot tin market was 198,500 to 200,500 RMB/ton, with an average price of 199,500 RMB/ton, an increase of 4,000 RMB/ton compared to the previous trading day.
On the night of the 24th, non-ferrous metals generally fell, with only Shanghai Tin closing up 0.13%. By the end of the 25th, the main 2306 contract of Shanghai Tin had settled at 196,980 RMB/ton, with a closing increase of 2.17%. On the 24th, the ITA International Tin Association stated that the Ministry of Finance of the Wa State in Myanmar issued a notice on May 20, 2023, regarding the implementation of the "suspension of all mineral resource mining". The policy of ceasing all exploration, mining, processing and other operations in mines after August 1, 2023 will be implemented. After this news was released, the market raised concerns about tin ore supply in the future, and the futures market rose. However, the recent market atmosphere had been generally negative, and demand expectations had been generally weak, resulting in limited overall market growth.
From the perspective of supply and demand, there were limited changes this week, and manufacturers still had a strong mentality of price supportive. The tight supply at the mining end had not yet improved, and refineries had a strong reluctance to sell. The demand side had limited changes and still showed weak demand. Overall, the weak downstream demand pattern continued, and the impact of domestic supply and demand on tin prices remained weak. It is necessary to focus on the impact of domestic and foreign macro factors on the market.
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