Tin prices rose on July 31. According to Mysteel, as of 15:30, the traded price of 1# tin ingot in the Shanghai market stood at Yuan 424,000–427,000/t, averaging Yuan 425,500/t, increasing by Yuan 7,500/t. In terms of market trading, while the rise in tin prices boosted smelters' willingness to sell, downstream buying interest remained sluggish. Only a handful of firms made minimal purchases to cover essential needs, and traders reported that most sales were in the range of 0–10 tonnes. End-user orders were also mediocre. Overall, spot market activity was relatively subdued. Regarding inventory, tin ingot traders' inventory in China's major markets totalled 7,531 tonnes as of 31 July, up 104 tonnes week on week. The increase was mainly due to reduced outflows from warehouses in some regions, as higher tin prices dampened downstream purchasing sentiment. Looking ahead, a low USD index and supply disruptions in China's domestic tin ore market will lend support to tin prices, while weak consumption will weigh on them. In summary, tin prices are expected to fluctuate at elevated levels in the near term.
