Chemical News
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SunSirs: Tin Prices Continued to Decline, and Supported by Low Inventory of Shanghai Tin (July 23-30)
https://www.chemnet.com Aug 01,2024 SunSirs
Price trend
According to the monitoring of the commodity market analysis system of SunSirs, the 1# tin ingot market in East China fell this week (7.23-7.30), with an average market price of 252,710 RMB/ton at the beginning of the week and 245,510 RMB/ton at the end of the week, a decrease of 2.85%.
Analysis review
The recent decline in tin prices was mainly influenced by macro and demand factors. On a macro level, the manufacturing PMI in the United States fell into a contraction range in July, hitting a seven month low. The service industry and comprehensive PMI were better than expected and previous values, and the non-ferrous metal market continued to fluctuate. Myanmar's resumption of production was uncertain, and there was emotional disturbance at the tin mining end.
Domestic refined tin production was relatively stable, but the tight supply of raw materials limited production space, and the market continued to wait for major factories to schedule production.
On the demand side, it was temporarily the off-season for demand, and terminal consumption was still sluggish. Refining tin processing fees had stabilized, and downstream buyers were cautious in their purchases. The recent low tin prices had accelerated the large-scale destocking of the domestic market during the off-season.
Market outlook
Due to a large amount of destocking in the short term, there is support for prices on the inventory side. Tin prices are expected to continue to fluctuate in the short term, with a relatively strong trend within the non-ferrous metal sector.
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