As of December 29, China's tin ingot social inventory rose by 612 tonnes compared with December 22 to 10,094 tonnes, according to Mysteel statistics.
Specifically, inventory in Guangdong increased the most by 619 tonnes owing to the arrival of some branded tin ingots, hence replenishing the social inventory. Meanwhile, inventory in Shanghai increased slightly by 63 tonnes due to the supplement of some imported tin ingots. However, inventory in Tianjin and Shandong changed moderately due to balanced replenishment and consumption, decreasing by 30 tonnes and 40 tonnes, respectively
China's Tin Ingot Social Inventory (Unit:t) | ||||||
Region Date |
Shanghai | Guangdong | Jiangsu | Tianjin | Shandong | Total |
2023/12/22 | 4,993 | 4,304 | 0 | 105 | 80 | 9,482 |
2023/12/29 | 5,056 | 4,923 | 0 | 75 | 40 | 10,094 |
WoW | 63 | 619 | 0 | -30 | -40 | 612 |
Data Source: Mysteel |
The tin ingot SHFE price fluctuated between Yuan 208,780/tonne and Yuan 213,910/tonne last week. As prices increased, most downstream enterprises took a wait-and-see attitude and replenished tin ingots just for rigid demand. Therefore, the production of manufacturers mainly relied on tin ingots from factory warehouses.
As of December 29, LME tin ingot inventory decreased by 70 tonnes compared with December 22 to 7,685 tonnes, still maintaining a high quantity.
Since October, the inventories of some photovoltaic module factories have stayed at high levels since previous overproduction, and the profits are decreasing due to the decline in photovoltaic module prices. Thus, demand from the photovoltaic industry has gradually weakened. Besides, although the consumption of automotive electronics has improved, the consumption of electronics remains at a low level, and the overall consumption still needs time to recover. However, the demand for photovoltaic welding strips was temporarily stable in November, except for some small and medium-sized enterprises.
The imported tin will gradually arrive at the port this week but the quantity will decrease. Therefore, the support for inventory from imported tin will diminish.
Data Source: Mysteel
Written by Zhaorui Cui, cuizhaorui@mysteel.com
Edited by Paula Xu, xuzhongping@mysteel.com