Tin prices dipped before rallying on May 20, closing at Yuan 417,720/tonne. Trading sentiment was muted overall. Smelters and traders struggled to sell, while downstream buyers grew more cautious and purchasing interest weakened after the price increase. The end-user market remained in a seasonal consumption lull and kept purchases to rigid demand. Looking ahead, tin ingot prices are expected to fluctuate with a strengthening bias in the short term. Although the hawkish tone of the U.S. Fed's April meeting minutes weighed on tin prices, instability in Myanmar's tin ore supply during the rainy season, combined with Indonesia's tighter controls on miners and a planned increase in progressive mining royalty rates, could affect Indonesian tin ingot exports, offering strong supply-side support for tin prices.
