上半年锡行业运行平稳，警惕下半年需求减弱信号

Tin industry keeps stable in 1H19, warning signs of falling demand in 2H19

2019上半年,锡行业整体运行形势较为稳定,国内外市场价格分化。矿石供应愈发紧俏的问题再次凸显,进口矿供应确定进入下降通道,冶炼企业因此被动减产;外部宏观环境一季度缓和,二季度中美贸易摩擦再次重燃,各种压力不断升级;全球及国内锡终端消费持续疲软,国内主要锡初级领域消费仍然疲弱。下半年,警惕终端产业转移加速带来的不利影响;另外,中韩贸易战可能会进一步影响锡电子终端需求。

In 1H19,tin industry overall relatively kept stable while tin prices at home and abroad showed polarization trend.Smelters had to reduce production as ore supply became more and more tight and importing ore supply has been in descending channel;all kinds of stress are escalating in Q2 owing to renewed Sino-US trade conflict;global and domestic tin consumption was constantly tepid and domestic tin consumption in major primary fields was still weak.In the second half of 2019,it should be noted that the impact of accelerated terminal industry transfer,moreover,Sino-Korea trade war is likely to further impact on demand for tin electronic terminal.