Tin prices fell on October 22. According to Mysteel's survey, the 1# tin ingot transaction price (15:30) was in the range of Yuan 379,000-383,000/tonne, averaging Yuan 381,000/tonne, down by Yuan 7,500/tonne from the previous trading day. In terms of market trading, the price decline provided limited support to spot trading, while smelters maintained a firm price stance and therefore shipped smaller volumes. Traders showed relatively good buying interest, but downstream enterprises mostly purchased only for essential needs, keeping trader sales moderate. End-user orders also showed no clear increase, offering limited support to processing companies' raw material procurement appetite. Overall, market trading activity was relatively subdued. Currently, tin market fundamentals remain tight but are marginally softening, with macro liquidity expectations and risk appetite in AI-related sectors dominating short-term price action. Overnight on October 23, U.S. Treasury yields fell across the curve and the U.S. dollar index edged lower, marginally easing macro headwinds for tin prices. However, declining risk appetite for AI-related equities is expected to continue weighing on tin prices in the near term. In summary, tin prices are expected to remain range-bound in the short term.
