Tin prices surged on the afternoon of July 14. Mysteel 1# tin ingot transaction price at 15:30 ranged from Yuan 415,000/t to Yuan 419,000/t, with an average of Yuan 417,000/t, up Yuan 7,000/t day on day. In terms of market trading, some downstream enterprises made small restocking purchases before tin prices rose sharply. However, as prices climbed, most enterprises adopted a wait-and-see stance and purchasing enthusiasm weakened. End-user orders were sluggish amid the off-season and rising tin prices. Overall, spot trading in the tin ingot market was relatively quiet. Looking ahead, U.S. June inflation data fell, coming in well below market expectations, which cooled expectations for Fed rate hikes, pushed the USD index lower, and lifted market risk appetite. However, renewed U.S.-Iran geopolitical tensions are expected to keep macro headwinds on tin prices in place. Fundamentally, tight raw material supply and continuous inventory destocking are providing support to the price floor. Amid these mixed factors, tin prices are expected to see heightened volatility and face the risk of a modest pullback from high levels.
