Tin market still keeps firm and some market participants still hold optimistic attitudes towards the prospect of the market in the coming months though the trading is not very active.
A major trader in Taiwan said that the tin supply is tightening in the Taiwan spot market, as demand keeps strong while the tin ingot supply from Indonesia is limited
The source said that they concluded deals at about USD17,000/t delivered to buyers. "Although the current tin price has reached record high levels, buyers have accepted it now, as they worry that the price may rise further in the future," said the source. "In addition, some consumers in mainland China also began to import the metal, as tin prices in Chinese spot market were much higher than that in the overseas market."
The source said that PT Timah, the largest tin producer in Indonesia, raised production forecast from 55,000t to 60,000t in 2008 for the bullish tin market. However, the tin production in Indonesia declines, as many illegal mines were shut down late 2006. Meanwhile, with the fast growth of electronic industry, the demand for tin ingot will keep strong in China and India. Therefore, the source still holds optimistic attitudes towards the outlook of the market, believing that tin price may continue to rise in the overseas market. He added that as Chinese tin price has been already at high levels, Chinese tin market may take a chief break for a while.
A trader in Shanghai reported that the prevailing prices of tin ingot firm at about RMB148,000-149,000/t (USD19,919-20,054/t) this Wednesday, but the demand from consumers is not active
The source said, "Some producers, especially Yunnan Tin, still forecast the price would rise in the future, so I have to hold optimistic attitudes towards the market, though the current demand is still slack."
The trader holds about 10t of tin ingot stocks on hand.
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