According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China fell this week (7.23-7.30), with an average market price of 252710 yuan/ton at the beginning of the week and 245510 yuan/ton at the end of the week, a decrease of 2.85%.

The recent decline in tin prices is 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 is uncertain, and there is emotional disturbance at the tin mining end.

Domestic refined tin production is relatively stable, but the tight supply of raw materials limits production space, and the market continues to wait for major factories to schedule production.

On the demand side, it is currently the off-season for demand, and terminal consumption is still sluggish. Refining tin processing fees have stabilized, and downstream buyers are cautious in their purchases. The recent low tin prices have accelerated the large-scale destocking of the domestic market during the off-season.

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.