Tin prices fell further on October 9. According to Mysteel's survey, the 1# tin ingot quote was in the range of Yuan 392,000-395,000/tonne, averaging Yuan 393,500/tonne, down Yuan 21,500/tonne from the previous trading day. In market trading, downstream buying enthusiasm rose sharply, with most enterprises actively restocking; transactions were mostly concentrated at Yuan 389,000-395,000/tonne. Orders from end users also increased due to low prices, and overall spot market trading was good. Regarding inventories, Mysteel's survey showed that trader inventories of tin ingots in major Chinese markets stood at 9,494 tonnes as of October 9, a slight increase of 151 tonnes from September 30, mainly due to the arrival of some imported cargoes during the holiday. Looking ahead, U.S.-Iran tensions and the Fed's hawkish monetary policy weigh on tin prices, but tight feedstock supply, maintenance at leading smelters, and low LME tin inventories provide support. In the short term, tin prices are expected to range from Yuan 390,000 to 420,000/tonne.
