On October 23, tin prices first fell and then rebounded. According to Mysteel's survey, the 1# tin ingot transaction price (15:30) was in the range of Yuan 385,000-387,000/tonne, averaging Yuan 386,000/tonne, up by Yuan 5,000/tonne from the previous trading day. In terms of market trading, downstream enterprises showed relatively good restocking sentiment when tin prices were low, with transactions concentrated in the price range of Yuan 373,000-375,000/tonne. Later, as tin prices rebounded, enterprises became more wait-and-see, and market trading slowed. Overall, spot market trading was fair. In terms of inventories, according to Mysteel's survey, inventories of tin ingot traders in major Chinese markets stood at 7,103 tonne as of October 23, down by 865 tonne week on week, mainly on strong downstream buying at low prices. This week, with interest rate decisions from major central banks led by the Federal Reserve due to be announced, macro factors are expected to add to tin price fluctuations. The continued decline in inventories provides support for tin prices. Overall, short-term tin price volatility may increase.
