On July 17, tin prices fell. The trading range for Mysteel-surveyed 1# tin ingots in the Shanghai market was Yuan 402,000-406,000/t, with an average of Yuan 404,000/t, down Yuan 8,500t from the previous day. In terms of market activity, buying interest from downstream enterprises improved slightly after the intraday decline, but overall spot trading remained subdued due to limited growth in end-user orders. Regarding inventory, as tin prices dropped in the latter half of last week, substantial trading volume occurred in the Yuan 400,000-405,000/tonne range, which kept Chinese tin ingot traders' inventory on a downward trend. On July 17, inventory fell by 663t from the previous day to 7,320t. Looking ahead, persistent geopolitical tensions between the U.S. and Iran may drive up energy prices and strengthen the U.S. dollar, weighing on tin prices. Fundamentally, although the market remains in the off-season with no visible improvement in traditional end-user demand, tightening raw material supply and resilient downstream buying on price dips continue to draw down Chinese tin ingot traders' inventory, lending support to the price floor. In summary, tin prices are expected to stay range-bound in the near term, with some room for a modest rebound following last Friday's decline.
