According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China fell this month (11.1-11.28), with an average market price of 254660 yuan/ton at the beginning of the month and 236560 yuan/ton at the end of the month, a decrease of 7.11%.
At the beginning of November, tin prices showed a strong oscillation trend under the influence of multiple factors. With the gradual manifestation of supply side pressure and increasing uncertainty on the demand side, tin prices began to fall under pressure in the middle of the month. At the end of the month, tin prices continued to decline due to market sentiment and technical factors.
Macroscopically, as the dust settles on the US presidential election and the recent strong trend of the US dollar puts pressure on metals, tin prices have been impacted.
In the third quarter of 2024, the global import volume of tin concentrate has significantly increased, mainly from countries such as Congo, South America, and Australia. However, the resumption of tin ore production in the Wa State of Myanmar has not yet been confirmed, but the global supply growth trend of tin concentrate is already very evident.
On the refining end, with the completion of maintenance for large domestic refineries, normal operations resumed this month. This has laid the foundation for the recovery of production in Yunnan region. Jiangxi’s smelting enterprises have taken measures such as expanding the procurement channels for waste tin to ensure stable current production. Due to the increasing difficulty of raw materials, the output of smelting enterprises in Anhui and other regions has been affected.
On the demand side, the electronics industry is recovering, and the terminal electronics industry is in an upward cycle. The recovery of the semiconductor industry has driven an increase in overseas tin ingot imports. The demand for new energy in the domestic market remains stable in the household appliance sector, and the photovoltaic and new energy sectors are also showing high momentum. The consumption of new energy vehicles remains strong, which to some extent limits the decline in tin prices.
Overall, although tin prices may be affected by weak adjustments in the short term, the support below tin prices has become stronger and is not expected to continue to decline.
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