On August 31, tin prices opened lower and then rose, but the overall price center shifted lower. According to Mysteel, the transaction price of 1# tin ingot stood at Yuan 417,000–420,000/t, averaging Yuan 418,500/t, decreasing by Yuan 5,000/t. In market trading, traders reported that downstream buyers showed greater willingness to place orders and make inquiries. Intraday transactions were concentrated at Yuan 415,000–418,000/tonne. Looking ahead, the escalation of the U.S.-Iran military conflict and relatively hawkish remarks by Federal Reserve Chair Warsh are likely to dampen market risk appetite due to geopolitical risks and monetary tightening expectations, weighing on tin prices. Fundamentally, the weak supply and weak demand pattern is likely to persist. Near-term consumption should be monitored; if consumption remains sluggish and inventories continue to rise, tin prices face downside risk.
