Price trend

On April 22nd, the average market price in East China was 281,310 RMB/ton, an increase of 6.31% compared to the previous trading day. The mainstream quotation range for tin ingots in the domestic spot tin market was 279,500 to 283,000 RMB/ton, with an average price of 281,250 RMB/ton, an increase of 16,750 RMB/ton compared to the previous trading day.

Analysis review

In terms of futures market, the overnight LME metal market rose across the board, with London Tin leading the way up 5.73% and Shanghai Tin up 5.48%. After the morning opening on the 22nd, the Shanghai Tin Exchange saw a significant increase, and the second trading session saw a tightening of gains. By the close of the day, the main contract of Shanghai Tin Exchange, 2406, had risen by 3.26%.

Fundamentally, the tin market had been affected by the recent uncertain news of the restart of Wa State tin mines and the slow recovery of Indonesian exports, which had raised concerns about supply in the market. The demand side industries such as electronics, photovoltaics, and artificial intelligence performed well in the first quarter, driving an improvement in market demand expectations and a significant increase in tin prices. As prices continued to rise, downstream enterprises were temporarily adopting a wait-and-see attitude, and spot market trading was relatively quiet.

Market outlook

Overall, in the long run, there is still some upward space in the tin market supported by supply shortages. In the short term, there was a possibility of a pullback due to fluctuations in the overall market. In the future, the market will focus on policy factors such as the resumption of production in Wa State and exports from Indonesia, as well as the impact of the macro market on the overall market.

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