On July 23, tin prices fluctuated at relatively high levels. According to Mysteel's survey, the transaction price for 1# tin ingot in the Shanghai market (15:30) ranged between Yuan 417,000/t and Yuan 420,000/t, with an average of Yuan 418,500/t, up by Yuan 1,500/t from the previous trading day. In terms of market trading, smelters and traders reported sluggish sales, noting that downstream enterprises largely adopted a wait-and-see stance at current prices, with only a very small portion making rigid-demand purchases; incremental orders from end-users remained limited. Overall, spot market activity was thin and trading volumes declined. Looking ahead, macro factors are expected to continue causing significant disturbance to tin prices. Escalating U.S.-Iran geopolitical tensions have pushed oil prices higher, fueling market expectations of Fed rate hikes, which in turn strengthen the USD index and weigh on tin prices. Fundamentally, although raw material shortages provide some support to the price floor, weak consumption demand is likely to drag tin prices down. Overall, tin prices are expected to fluctuate with a bearish bias in the short term.
