For the Quarter Ending September 2025
North America
• In United States, the Tin Ingot Price Index rose quarter-over-quarter in Q3 2025, driven by increased production costs and tight supply.
• Production costs increased, influenced by a 2.6% rise in Producer Price Index in August 2025 and 3.0% CPI in September.
• Demand for Tin Ingot strengthened from AI and automotive sectors in Q3 2025, offsetting traditional electronics weakness.
• Global tin inventories remained critically low in Q3 2025, due to persistent tin concentrate shortages.
• Consumer spending, supported by 5.42% retail sales growth and 4.3% unemployment in September 2025, boosted demand.
• Rising fuel prices and increased domestic labor wages in Q3 2025 contributed to higher production expenses.
• Industrial production grew only 0.1% year-over-year in September 2025, indicating sluggish expansion in consuming industries.
• Declining consumer confidence to 94.2 in September 2025 indicated potential slowdown in purchases of tin-containing products.
• The Tin Ingot Price Index is forecast to remain elevated due to ongoing supply constraints and robust demand.
Why did the price of Tin Ingot change in September 2025 in North America?
• Rising international shipping costs and increased domestic labor wages elevated Tin Ingot production expenses.
• Critically low global tin inventories and persistent concentrate shortages constrained Tin Ingot supply.
• Strong demand from AI, electronics, and automotive sectors offset traditional electronics manufacturing weakness.
APAC
• In China, the Tin Ingot Price Index rose quarter-over-quarter in Q3 2025, driven by raw material shortages and higher production costs.
• Production costs increased due to plummeting Myanmar tin ore imports and rising electricity costs in July 2025.
• Demand outlook was mixed; industrial production grew 6.5% in September 2025, but Manufacturing Index contracted.
• Consumer demand faced headwinds with CPI at -0.3% and confidence at 89.6 in September 2025.
• Strong automotive exports and steady electronics manufacturing growth supported Tin Ingot demand in Q3 2025.
• AI infrastructure demand for advanced soldering intensified in Q3 2025, boosting specific end-use sectors.
• China's tin ingot social inventory increased in July 2025, influenced by smelter shipments and imports.
• The Tin Ingot Price Forecast suggests continued upward pressure from persistent supply chain disruptions and raw material scarcity.
Why did the price of Tin Ingot change in September 2025 in APAC?
• Severe raw material shortages from plummeting Myanmar tin ore imports constrained supply in Q3 2025.
• Rising electricity costs for smelters in July 2025 increased production expenses, impacting supply.
• Weak consumer confidence and contracting manufacturing activity dampened overall demand.
Europe
• In Germany, the Tin Ingot Price Index rose in Q3 2025, driven by tight supply and electronics demand.
• Production costs increased due to 2.4% CPI YoY in September 2025, raising overall operational expenses.
• However, -1.7% PPI YoY in September 2025 indicated reduced industrial input costs, mitigating inflation.
• The Manufacturing Index contracted in Q3 2025, signaling industrial slowdown and impacting Tin Ingot demand.
• Industrial production declined 1.0% YoY in September 2025, reflecting reduced output and Tin Ingot consumption.
• Despite 0.2% Retail Sales YoY in September 2025, consumer spending remained modest, limiting demand.
• Global warehouse inventories of Tin Ingot contracted to critically low levels in Q3 2025, intensifying supply pressures.
• Tin Ingot supply faced substantial constraints in Q3 2025 due to disruptions and reduced smelter capacities.
• Tin Ingot Price Forecast suggests volatility, influenced by persistent supply tightness and fluctuating demand.
Why did the price of Tin Ingot change in September 2025 in Europe?
• Global tin concentrate supply tightened significantly in Q3 2025, limiting raw material availability.
• Critically low global warehouse inventories of tin in Q3 2025 exacerbated supply pressures.
• Robust global demand from electronics and AI sectors in Q3 2025 supported Tin Ingot prices.
