Chinese tin ingot suppliers hold negative views to the market
2023-03-07 08:30:15 [Print]
BEIJING (Asian Metal) 7 Mar 23 - Most suppliers of tin ingot hold negative views to the market due to weak demand during the past week. The current mainstream prices of Chinese tin ingot 99.95%min stand at RMB197,000-199,000/t (USD28,571-28,861/t) EXW 100% down, down by RMB1,000/t (USD145/t) from last Friday. Insiders predict that the mainstream prices of Chinese tin ingot 99.95%min would go down further this week discouraged by dim market.
A Shanghai-based trader added, "We hold bearish attitude to the market due to weak market demand. Most of our clients kept watchful views to the market due to decreasing prices." They sold about 1t of tin ingot 99.95%min at the price nearly RMB199,000/t (USD28,861/t) EXW 100% down with no more concession today. They didn't conclude any deal last Friday when they offered about RMB198,000/t (USD28,652/t) due to no inquiry. As most downstream clients purchased from hand to mouth and the market remained inactive during the past week, the trader predicts that the mainstream prices of Chinese tin ingot 99.95%min would go down to RMB190,000/t (USD27,495/t) this week.
Now, they have no inventory. With a typical monthly trading volume of around 50t, they predict to sell about 20t in March, on par with last month.
"We hold a pessimistic view to the market due to sluggish deals and pile-up of goods. As far as I know, the inventories in Shanghai warehouse increased further this week", another trader in Shanghai noted. They quoted RMB199,000/t (USD28,861/t) EXW 100% down for tin ingot 99.95%min without any counterbid and sold around 10t today. They sold another 10 at about RMB198,000/t (USD28,652/t) and refused any lower price on last Friday. In view of weakness of market demand, they predicted that the mainstream prices of Chinese tin ingot 99.95%min would edge down this week.
Based on a typical monthly trading volume of nearly 600t, they plan to sell about 400t this month, up by about 100t from last month, holding no inventory in hand currently.
A Shanghai-based trader added, "We hold bearish attitude to the market due to weak market demand. Most of our clients kept watchful views to the market due to decreasing prices." They sold about 1t of tin ingot 99.95%min at the price nearly RMB199,000/t (USD28,861/t) EXW 100% down with no more concession today. They didn't conclude any deal last Friday when they offered about RMB198,000/t (USD28,652/t) due to no inquiry. As most downstream clients purchased from hand to mouth and the market remained inactive during the past week, the trader predicts that the mainstream prices of Chinese tin ingot 99.95%min would go down to RMB190,000/t (USD27,495/t) this week.
Now, they have no inventory. With a typical monthly trading volume of around 50t, they predict to sell about 20t in March, on par with last month.
"We hold a pessimistic view to the market due to sluggish deals and pile-up of goods. As far as I know, the inventories in Shanghai warehouse increased further this week", another trader in Shanghai noted. They quoted RMB199,000/t (USD28,861/t) EXW 100% down for tin ingot 99.95%min without any counterbid and sold around 10t today. They sold another 10 at about RMB198,000/t (USD28,652/t) and refused any lower price on last Friday. In view of weakness of market demand, they predicted that the mainstream prices of Chinese tin ingot 99.95%min would edge down this week.
Based on a typical monthly trading volume of nearly 600t, they plan to sell about 400t this month, up by about 100t from last month, holding no inventory in hand currently.
