On July 7, tin prices consolidated with a slight downward bias. Mysteel's quotation for 1# tin ingot ranged between Yuan 407,000 and 410,000/tonne, averaging Yuan 409,000/tonne, down by Yuan 2,500/tonne day on day. In terms of trading, smelters and traders sold limited volumes, with some traders not selling at all. Despite the modest price decline, downstream buying interest remained weak intraday; only a handful of enterprises made purchases, while the majority stayed on the sidelines. End-user companies maintained hand-to-mouth orders amid the consumption off-season and elevated tin prices. Overall spot market sentiment was subdued. Looking ahead, renewed U.S.-Iran geopolitical tensions and inflation concerns have boosted the USD index, which is expected to weigh on tin prices in the near term. Going forward, attention should focus on Fed interest rate expectations, U.S.-Iran geopolitical developments, tin ore supply, and the recovery in downstream consumption.
