Chinese tin ingot consumers hold watchful views to the market
2023-04-19 08:22:58 [Print]
BEIJING (Asian Metal) 19 Apr 23 - Considering that news of Myanmar's ban on concentrate exports, the prices of Chinese tin ingot 99.95%min soared today. The current mainstream prices of Chinese tin ingot 99.95%min stand at RMB222,000-224,000/t (USD32,405-32,696/t) EXW 100% down, up by RMB14,000/t (USD2,044/t) from yesterday. Even so, most downstream clients had weak intention to replenish stocks at such price and many of them prefer to watch on sidelines. Due to weak demand, insiders predict that the mainstream prices of Chinese tin ingot 99.95%min would go down tomorrow.
"We quoted RMB224,000/t (USD32,696/t) EXW 100% down for tin ingot 99.95%min with no more concession and sold about 2t this morning to a client who had to purchase for production. To be honest, our transactions in these two days were that the downstream clients received orders and had to purchase, otherwise they wouldn't accept the price at such a high level", a trader in Shanghai reported. They quoted RMB209,000/t (USD30,507/t) and refused any lower price and sold around 2t yesterday. As most clients wait and see the market, they predicted that the mainstream prices of Chinese tin ingot 99.95%min would edge down tomorrow.
With monthly regular sales volume of 600t for tin ingot, the trader plans to sell about 500t in April, in line with last month, hold an inventory of 60t now.
A consumer in Jiangsu revealed, "We didn't purchase tin ingot 99.95%min this week as we prefer to hold watchful view to the market at such high prices." While they last purchased about 30t at RMB190,000/t (USD27,734/t) on 12th this month. They added that they could consider accepting the price as high as RMB200,000/t (USD29,193/t) EXW 100% down for tin ingot 99.95%min and predicted that the mainstream prices of Chinese tin ingot 99.95%min would go down tomorrow due to weak demand.
The consumer, based an annual consumption capacity of 7,000t for tin ingot, plans to consume about 400t in April, unchanged from last month. Now they hold about 100t of inventories.
"We quoted RMB224,000/t (USD32,696/t) EXW 100% down for tin ingot 99.95%min with no more concession and sold about 2t this morning to a client who had to purchase for production. To be honest, our transactions in these two days were that the downstream clients received orders and had to purchase, otherwise they wouldn't accept the price at such a high level", a trader in Shanghai reported. They quoted RMB209,000/t (USD30,507/t) and refused any lower price and sold around 2t yesterday. As most clients wait and see the market, they predicted that the mainstream prices of Chinese tin ingot 99.95%min would edge down tomorrow.
With monthly regular sales volume of 600t for tin ingot, the trader plans to sell about 500t in April, in line with last month, hold an inventory of 60t now.
A consumer in Jiangsu revealed, "We didn't purchase tin ingot 99.95%min this week as we prefer to hold watchful view to the market at such high prices." While they last purchased about 30t at RMB190,000/t (USD27,734/t) on 12th this month. They added that they could consider accepting the price as high as RMB200,000/t (USD29,193/t) EXW 100% down for tin ingot 99.95%min and predicted that the mainstream prices of Chinese tin ingot 99.95%min would go down tomorrow due to weak demand.
The consumer, based an annual consumption capacity of 7,000t for tin ingot, plans to consume about 400t in April, unchanged from last month. Now they hold about 100t of inventories.
