Core Viewpoint - The tin market is experiencing a tight supply situation, but expectations for marginally looser supply in the long term are increasing due to the gradual resumption of production in Myanmar's Wa State tin mines. Demand recovery is slow, leading to limited overall demand growth and continued price fluctuations in the tin market [1][2]. Group 1: Supply Dynamics - The domestic tin ore market remains relatively tight, with a slight decline in tin concentrate imports in September. Imports from Myanmar are increasing, while imports from other major producing countries like the Democratic Republic of Congo are decreasing but still within normal ranges [1]. - Tin processing fees are maintaining low levels, and the raw material inventory of major domestic tin smelting enterprises is generally below 30 days, indicating a tight supply situation [1]. - The increase in operating rates in Yunnan is primarily due to seasonal maintenance completion at large smelting plants, but the driving force for sustained recovery in operating rates remains insufficient due to ongoing tight raw material supply [1]. Group 2: Demand Trends - Recent declines in tin prices have led to increased willingness among downstream buyers to inquire and purchase, resulting in slight improvements in spot trading. However, overall consumption recovery remains limited, particularly in the home appliance sector [2]. - There has been a notable increase in domestic mobile phone shipments in July, indicating a recovery in demand in the mobile market, with consumer purchasing willingness strengthening. The release of new products may further boost electronic product order levels, contingent on improvements in terminal order levels [2]. - The overall performance of consumption is currently poor, with the recovery in the terminal market during the peak season not meeting expectations. International trade tensions are negatively impacting the semiconductor market [2].
锡矿进口维持低位 沪锡小幅走高【10月21日SHFE市场收盘评论】
Wen Hua Cai Jing·2025-10-21 08:07