The European physical tin business remained stable this month, with traders reporting low liquidity levels.
A trader confirmed European import premiums for both 99.9% and 99.85% grades at the current S&P Global Platts assessment level.
He added it was "tricky to pin ranges as they are subjective to each market participant, and with current low liquidity, prices are difficult to visualize."
The Platts 99.9% European tin premium was assessed steady on the month at $450-$550/mt plus LME cash, in-warehouse Rotterdam on November 15.
Likewise, Platts 99.85% European tin premium was assessed flat from a month ago at $400-$450/mt plus LME cash, in-warehouse Rotterdam.
A second trader said he saw the 99.9% premiums around $450-$550/mt plus LME on an IW Rotterdam basis, adding he also saw the 99.85% premium around $400-$450/mt.
He added that the market was quiet in Europe, nor anything fundamentally market changing, for premiums to move. A third trader said there was "no change in situation" from the previous month and the market was "overall stable."
He added that he had seen an increase in demand for higher grade material -- with lower lead content for use in specialist chemical processes.
A fourth source agreed, but also said that this was not a new trend, but one that had been gradually happening for some time.
Sources focused on Asia when looking at tin market fundamentals, amid growing uncertainty on supplies.
In Indonesia, eyes were on pending changes to regulations and mine renewals, with the market awaiting conclusions as to whether this would have an impact on exports from the country.
Secondly, China's recent price volatility and oversupplied market has given producers a negative outlook, according to an analyst. "There are high, and increasing, levels of stock being held by producers and traders in this region," the analyst said.
China may start looking to export excess material, the analyst added, following a rejig of value added tax regulation.
LME warehouse stocks have remained around 2,000 mt since mid-May, sitting at 2,080 mt on November 16.
Stocks plummeted from 5,995 mt on February 17, to 1,910 mt on June 5, and have since sat between a 1,650 and 2,155 mt range, trending close to the 2,000 mt mark.
It continued to be heard that there was a lot of stock sitting outside of LME sheds.
The official cash price settled at $19,590/mt on November 16, up $40/mt from November 15.
The Platts European lead monthly 99.985% premium assessment remained steady at $50-$80/mt plus LME cash in-warehouse Rotterdam on November 15.
The premium assessment was unchanged basis a lack of any other indications.
