In February 2022, the domestic 1# tin ingot market price fluctuated widely, but the overall trend remained upward. The average price in the domestic market was 329590 yuan / ton at the beginning of the month and 340730 yuan / ton at the end of the month, with a monthly increase of 3.38%.

On February 27, the tin commodity index was 173.54, unchanged from yesterday, hitting a record high in the cycle, up 304.90% from the lowest point of 42.86 on December 9, 2015. (Note: the period refers to the period from September 1, 2011 to now).

After many shocks in the tin market in February, the overall market is still an upward trend. In terms of supply, some manufacturers are still in the maintenance state, but the overall operating rate has increased to a certain extent compared with the previous period. It is expected that the large factories overhauled in the early period in mid and late March will gradually return to work. At present, the supply of tin ore is relatively stable, but the overall supply is still tight. In terms of downstream demand, downstream manufacturers gradually resumed work after the Spring Festival. Because the resumption time was later than that in the upstream, the demand was weak this month. However, the high tin price has affected the demand for downstream goods preparation. At present, the downstream goods are still prepared according to the principle of purchasing on demand.

From a fundamental point of view, tin is still in a pattern of weak supply and demand, and low inventory continues to support the rise of tin price. However, due to the general recovery in the downstream and small demand support, the tin price will still maintain a volatile trend in a short time, and we still need to pay attention to the downstream demand in the future.

Relevant data:

According to the latest report data released by the world Bureau of Metal Statistics (WBMs), the global tin market had a surplus of 2100 tons from January to December 2021. From January to December 2021, the output of refined tin increased by 3000 tons compared with the same period in 2020, and the apparent demand decreased by 1.7% to 378000 tons compared with the same period in 2020. In December 2021, the global refined tin output was 29100 tons and the consumption was 30500 tons.

On February 25, 2022, the London Metal Exchange (LME) tin inventory increased by 15 tons (unit: ton) by 2255 tons