Tin prices fell on October 29. According to Mysteel's survey, the 1# tin ingot transaction price (15:30) was in the range of Yuan 380,000-383,000/tonne, averaging Yuan 381,500/tonne, down by Yuan 6,000/tonne from the previous trading day. In spot trading, smelters were mostly holding firm on prices, with shipments moderate. Traders reported that some downstream buyers showed improved purchasing interest after the price decline, while others remained wait-and-see. End-market orders showed no clear increase. Overall, spot market trading improved only modestly. Looking ahead, on the industrial side, low inventories and high premiums are expected to provide some support to prices. At the macro level, the U.S. core PCE price index rose to 3.1% year on year in September as expected, and Q3 GDP grew 3.4%, beating expectations. Sticky inflation and economic resilience coexist, and the probability of a December rate hike is relatively high, cooling global risk appetite. Continued attention should be paid to the impact of macro sentiment; in the near term, tin prices are expected to remain range-bound.
