Tin prices fluctuated on July 20. The transaction price of 1# tin ingot in the Shanghai market, as surveyed by Mysteel at 15:30, ranged between Yuan 410,000/tonne and Yuan 415,000/tonne, averaging Yuan 412,500/tonne, up by Yuan 8,500/tonne day on day. Market trading was moderate; smelters and traders reported lackluster sales, noting that downstream buyers largely stayed on the sidelines and only made hand-to-mouth purchases. Looking ahead, macro headwinds are expected to continue to buffet tin prices. Intensifying geopolitical conflicts push up energy prices and weigh on tin prices. From a fundamental perspective, tight raw material supply underpins the price floor, but downstream consumption requires close attention. If demand remains sluggish, destocking of tin ingots will slow, posing downside risk to prices.
