On October 28, tin prices fluctuated frequently and trended upward. According to Mysteel's survey, the 1# tin ingot transaction price (15:30) was in the range of Yuan 386,000-389,000/tonne, averaging Yuan 387,500/tonne, up by Yuan 2,000/tonne from the previous trading day. In spot trading, smelters shipped some cargoes, and some provisional pricing cargoes previously presold to traders were also priced. Traders reported that downstream acceptance of prices remained low; only a few enterprises purchased on rigid demand, restocking willingness was weak, and most stayed wait-and-see. End-market orders showed no clear increase. Overall, spot tin ingot trading was poor. Looking ahead, the Fed is expected to keep rates unchanged at its October meeting, but with inflation still elevated and the economy resilient, the market expects a higher probability of a December rate hike, so macro factors are likely to continue disturbing tin prices. Improving sentiment in the AI sector is expected to support tin prices. Fundamentally, low inventories and high premiums provide some support, but weak demand is a drag. In summary, tin prices are expected to remain range-bound in the short term.
