According to the monitoring of the commodity market analysis system of Shengyi Society, the 1 # tin ingot market in East China has risen this month (11.1-11.30), with an average market price of 284350 yuan/ton at the beginning of the month and 300610 yuan/ton at the end of the month, a monthly increase of 5.72%.

In November, tin prices showed an overall trend of strong volatility. After a brief period of fluctuation at the beginning of the month, the price opened a unilateral upward channel and gradually rose throughout the month.
On the raw material side, the resumption of production in the Wa State mining area of Myanmar is relatively slow, resulting in limited supply of imported ore; At the same time, Indonesia has strengthened its control over mineral exports, and its refined tin exports in October decreased by 53.89% compared to the same period last year, further exacerbating the tension on the raw material side. On a global scale, the supply growth of tin ore appears weak, while the main smelting regions in China have maintained a low overall operating rate due to insufficient ore supply and persistently low processing fees.
On the supply side, the operating rate of smelters in Yunnan, Jiangxi and other places has slightly increased compared to the previous period. However, due to limitations in raw material supply, the current output is still at a historically low level.
On the consumer side, traditional industries such as consumer electronics and home appliances still have sluggish orders, and downstream enterprises mostly purchase only according to their basic needs. The high prices of products further suppress the enthusiasm of downstream enterprises to receive goods. At the same time, the demand for emerging application fields such as AI servers, photovoltaic strips, and new energy vehicles is growing rapidly, and has become the main driving force for the tin market demand. However, at present, the driving force of these emerging fields on tin consumption is limited in scale and cannot fully offset the impact of the decline in demand in traditional fields. The overall demand is gradually recovering slowly.
On the inventory side, in November, there were signs of a rebound in global explicit inventory, with both domestic and foreign inventories showing a cumulative trend. Specifically, domestic social inventory increased by 1141 tons compared to last month, reaching a total of 7825 tons; Meanwhile, LME inventory also saw a slight increase, rebounding to 3160 tons. Overall, the global explicit inventory is about 11000 tons, an increase of 1500 tons compared to last month. Despite some growth, the current global explicit inventory remains at historically low levels, which provides some support for tin prices.
Overall, in November, tin prices showed a fluctuating upward trend due to supply constraints, demand structure adjustments, and macroeconomic policy support. However, the weak consumer market and continuous increase in inventory also suppressed the rise in tin prices to some extent. In the short term, it is expected that tin prices will continue to fluctuate.