Tin prices rose on October 20. According to Mysteel's survey, the 1# tin ingot transaction price (15:30) was in the range of Yuan 382,000-385,000/tonne, averaging Yuan 383,500/tonne, up by Yuan 3,000/tonne from the previous trading day. In terms of market trading, smelters held prices firm and shipments were moderate; some traders withheld quotes; downstream buyers purchased only for essential needs amid limited end-market order growth, leaving overall spot activity quiet. Looking ahead, the macro picture is uncertain given the US-Iran situation. Looking ahead, on the macro side, the U.S.-Iran situation remains uncertain; oil prices may stay firm in the near term, boosting the USD index and capping tin prices. On fundamentals, trader supply remains tight, providing some support to tin prices, but weak market trading also limits upside. In summary, tin prices are expected to trade range-bound in the short term.
