Elevated price deters European buyers
US markets stabilize while buyers return
Production cuts combat weak supply/demand in China
European premiums steady amid climbing LME price, weak demand
In Europe, Fastmarkets assessed the tin 99.9% ingot premium, in-whs Rotterdam at $380-430 per tonne on Tuesday, staying at its lowest level since November 2018.
Participants have been closely watching tin’s three-month price on the LME. The metal has staged a recovery from a sell-off at the end of August that caused the price to reach a four-year low of $15,565 per tonne on August 27.
Since then, the outright metal price has appreciated by 11.6%, reaching an intraday high of $17,380 per tonne on Wednesday, largely due to production cuts from key tin smelters in China. A group of 14 refined tin smelters in China announced on September 5 that it will curtail 20,200 tonnes of combined production, Fastmarkets reported earlier.