Latest Update in the China Tin Market

Affected by the expectations of improving domestic consumption, both SHFE nickel and LME nickel prices increased before the Chinese New Year holiday. During the CNY holiday, SHFE stopped trading and LME nickel prices fluctuated at a high level within the rage of $28,000-29,800/mt during January 23 to January 27.

The social inventory is expected to accumulate significantly after the CNY holiday as the smelters maintained operation while downstream players were off during the holiday.

SMM offices will be closed for the Chinese New Year holiday from January 21 to January 27, 2023.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on January 20, 2023

A number of economic data showed that the growth of the US economy is slowing down after the US Fed raised interest rates several times. The market expects the Fed to gradually slow down or even stop raising interest rates. The Chinese spot market was basically stagnant for the Chinese New Year holiday.

On the evening of January 18, the US retailed sales monthly rate stood at -1.1% in December, below the previous reading of -0.6%. Hence the US dollar index dropped.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on January 19, 2023

According to data released by the London Metal Exchange (LME), LME tin inventories climbed to a one-month high of 3,090 mt