The LME tin cash settlement price fell by USD180/t to USD17,920/t last Friday 27 February, and Russian traders followed the trend and lower their offers for tin ingot, Insiders stated.
A Russian trader with a sales volume of 20t of tin ingot per month claimed that they had less than 10t of tin ingot in stock. They purchased tin ingot from China before. However, in consideration of the sharp depreciation of ruble, they only make procurement from the local market. He learnt that the mainstream prices for tin ingot were RUB1,350-1,400/kg (USD21,695-22,499/t) on Monday, down by about RUB10/kg (USD160/t) compared with those late last week.
“We did not receive any new orders for tin ingot this year and only supplied tin ingot to regular buyers according to the contracts of last year. Although ruble depreciated sharply and the tin ingot demand on Russian market was soft, supported by the regular buyers, we had no difficulties in selling tin ingot,” said the source.
A Russian solder producer with a consumption of 10t of tin ingot per month stated that they had about 5t of tin ingot on hand. “We focus on tin ingot prices in the local market every day and we plan to purchase 5-10t of tin ingot this month if we receive suitable offers. We received offers of RUB1,350/kg (USD21,695/t) for tin ingot from suppliers on Monday, down by RUB8-10/kg (USD128-160/t) compared with those last Friday,” said the source.
In addition, he revealed that the exchange rate of ruble generally stabilized last week and they expected that the exchange rate of ruble would continue to stabilize or appreciate so that they could make procurement by lower prices.