From May 31st to June 2nd, the 1 # tin ingot market in East China rose, with an initial market average price of 424960 yuan/ton. As of June 2nd, the market average price was 442580 yuan/ton, an increase of 4.15%.
Entering June, tin prices continued their strong performance since the beginning of the year, and market attention increased significantly. On June 2nd, the main contract of Shanghai tin closed up more than 5%, reaching a high of 449960 yuan/ton, maintaining a high level of operation. The non-ferrous sector led the way in the tin direction, with multiple stocks hitting the daily limit up or significantly following suit. From the cumulative increase since the beginning of the year, Shanghai Tin has risen by about 33% this year, and LME Tin has risen by nearly 40%, with market trading sentiment continuing to heat up.
The following analysis from the supply and demand side: the bidirectional resonance between “rigid contraction of supply” and “structural explosion of AI computing power demand”
supply side
The three major producing countries are simultaneously facing supply reduction difficulties: Myanmar’s Manxiang mining area is constrained by factors such as civil explosive factory accidents and material approvals, with production capacity only restored to 40% to 50% of pre mining levels. In addition, the rainy season from May to July further restricts open-pit mining and transportation, making it difficult to see short-term growth; On the Indonesian side, the update of export licenses coupled with the government’s crackdown on illegal smelting resulted in a nearly halving of refined tin exports in April, and a further 32% year-on-year decrease in exports in May. At the same time, the highest royalty rate doubled from 10% to 20%, comprehensively raising the production cost of tin ore; In the Democratic Republic of Congo, the export of Bisie tin ore has been hindered due to the closure of the Goma port, coupled with geopolitical and public health disturbances, leading to uncertainty in approximately 6% of the global tin ore supply. Under the triple disturbance superposition, the tight logic of the raw material end continues to strengthen, and the cost transmission from the mining end to the smelting end continues to advance.
demand side
Tin, as a ‘computing power metal’, presents distinct differentiation: tin usage in high margin tracks such as AI servers and optical modules has surged and is not afraid of price increases, while traditional consumer electronics are cost sensitive and procurement is in a wait-and-see state. This kind of ice and fire game is forcing midstream and downstream enterprises to transform towards high-end. At the same time, global tin mines can only be mined for 15 years (12 years in China), but tin can be recovered and regenerated without damage. Top enterprises are laying out a “mining recycling regeneration” closed-loop, and recycling tin has become a strategic direction to overcome resource bottlenecks. What is even rarer than computing power itself is the underlying resources that support computing power – whoever can afford high priced tin will dominate the future of the industry chain.
comprehensive analysis
In the short term, upstream supply disturbances will continue to be the dominant force in tin prices, supporting the continued strong operation of tin prices. On the other hand, downstream electronic solder has entered the traditional consumption off-season, and some terminals are adopting a wait-and-see attitude towards high prices, with spot transactions tending to be cautious. The short-term tin price is likely to maintain a high and wide range oscillation pattern. In the medium to long term, the supply-demand gap will continue to provide solid upward support for the tin price center.

In May, the domestic ABS market continued to fluctuate and fall, with most spot prices of various grades decreasing. According to data from Shengyishe Spot News, as of May 31st, the average price of ABS sample products was 9900 yuan/ton, a decrease of 11.45% from the beginning of the month.
Fundamental analysis
Supply level: In May, the domestic ABS industry saw a combination of equipment maintenance and resumption of work. The overall operating level of the industry fluctuated at a low level throughout the month, remaining at around 59% at the end of the month. The current weekly average production is less than 130000 tons, and the inventory of finished products is around 200000 tons. The shipment situation of aggregation plants gradually declined within the month, and there is still a slight increase in production expected in the short term in the future. Overall, the ABS supply side’s support for spot prices in May is still acceptable.
Cost factor: Since May, there have been frequent reports of preliminary peace agreements between the United States and Iran in the Middle East, with high-level officials from both sides releasing positive signals. Although it will take some time for shipping to resume in the Strait of Hormuz, the market predicts that the Middle East conflict is likely to ease, and the geopolitical stalemate between the United States and Iran has led to significant fluctuations in risk premiums. Oil prices surged in the middle of the month and then plummeted again in the second half. Affected by it, the cost value of the upstream three materials of ABS, which belong to the petrochemical chain, has been dragged. Overseas supply of acrylonitrile will continue to be tight within the month, but domestic industry maintenance facilities are gradually returning, leading to relaxed supply expectations. At the same time, downstream consumption is limited, and acrylonitrile prices are weakly consolidating.
The domestic butadiene market fluctuated and weakened in May. Although the market is showing a weakening of cost support, some companies are maintaining a shutdown and maintenance status, and there is no increase in industry supply. Midstream merchants still have the willingness to raise prices. Combined with the recovery of industries such as synthetic rubber in the second half of the month, there has been some improvement in terminal demand. It is expected that a bottoming force in the butadiene market may form.
The overall trend of styrene market is fluctuating and falling. From the perspective of raw materials, pure benzene experienced a decline at the end of the month after consolidation. The consumption of styrene still lacks effective driving force, and the market lacks upward momentum. However, there are still expectations of a contraction in the supply of styrene, and it is expected that the decline in the styrene market in the future may be limited as a result.
In terms of demand: During the May period, there were limited changes in the start-up situation of downstream ABS enterprises. The main terminal appliance industry is gradually entering a off-season, with average consumption of appliance casings and no improvement in the profitability of terminal enterprises. The atmosphere inside the venue is buying up instead of buying down, and there has been a significant reduction in replenishing and building positions. However, in the early stages of profit taking by merchants, there was a tendency for them to sell at a lower price and then sell back, while the buyer camp showed a high level of resistance towards high priced goods. Overall, the demand side has poor support for the ABS market.
Future forecast
The domestic ABS market continued to decline in May. The production load of the aggregation plant has fluctuated narrowly, but the on-site supply remains within a sufficient range. Cost three materials are weakly organized. The current ABS market is shrouded in a bearish trend of weakened demand. At present, the focus of spot prices is loose, and on-site trading is relatively quiet.

As of May 29th, the price of 0 # zinc was 24842 yuan/ton, an increase of 0.11% compared to the price of 24814 yuan/ton on May 25th.
supply side
The shortage of mining resources has formed strong support. The processing fee continues to decline, and the domestic zinc concentrate TC weekly ratio has dropped to 550 yuan/ton. The imported ore rich ore quotation is -70~-60 US dollars/ton, and the profit loss of smelters has intensified, with expectations of maintenance and production reduction. Factors such as overseas supply disruptions, the Kazakhstan zinc plant explosion, and changes in Peru’s mining policies have led to a tightening of global zinc concentrate supply. Domestic production is limited, and the tight supply of raw materials and low TC pattern limit the room for increasing zinc ingot production. The production in May is expected to contract month on month.
However, the short-term supply of refined zinc spot is still relatively abundant. Smelting enterprises have only slightly reduced production this week, and there has been no centralized maintenance. The supply contraction has not yet been transformed into a significant destocking of spot, which is currently more reflected in emotional and expected support.
Demand side
There is a marginal rebound during the off-season. Traditional off-season characteristics: The operating rates of galvanizing, die-casting, and zinc oxide have all fallen, and the demand for infrastructure and real estate is weak. Structural highlights: Data shows that orders from domestic galvanizing industry and steel structure enterprises have rebounded, and downstream procurement enthusiasm has increased. Improvement in export margin: After the adjustment of the Shanghai London price ratio, the export window margin has opened, easing domestic inventory pressure.
comprehensive analysis
This week, zinc prices have shown a pattern of strong fluctuations in the game between strong support from the mining sector and suppression from the off-season demand. It is expected that zinc prices will continue to fluctuate strongly within the range.

1、 Price trend
Taking the sulfuric acid method gold red stone titanium dioxide with a large volume of goods in the domestic market as an example, according to data monitoring by Business Society, the domestic titanium dioxide market was flexible in trading in May. Overall, the titanium dioxide market slightly increased, with an average price of 17180 yuan/ton on May 1st and 17200 yuan/ton on May 28th, with a price increase of 0.12%.
2、 Market analysis
In May, the domestic titanium dioxide market saw a slight increase in low-end prices and a slight decrease in high-end prices, resulting in overall flexible trading. The overall supply of sulfur in the domestic market is tight, with raw material sulfuric acid prices fluctuating at high levels, titanium ore prices remaining firm, and titanium dioxide production costs being high. But as the market enters the off-season, market shipment pressure becomes apparent, and factory inventory shows a slight upward trend. The market has a strong sense of competition between upstream and downstream, and the trading of titanium dioxide market is flexible. As of now, the domestic quotation for sulfuric acid based pyrite type titanium dioxide is mostly between 17000-18000 yuan/ton; The price of the Ruiti type is around 15000-16000 yuan/ton, and the actual transaction price is negotiable..
According to customs data statistics, the import of titanium dioxide will be 5053.29 tons in 2026, a year-on-year decrease of 23.29% and a month on month decrease of 14.72%. Among them, 2597.04 tons will be imported by chlorination method and 2456.25 tons will be imported by sulfuric acid method; From January to April 2026, the cumulative import of titanium dioxide was about 20600 tons, a year-on-year decrease of 24.67%. Among them, the import of chloride method was 12759.80 tons, a year-on-year decrease of 19.32%, and the import of sulfuric acid method was 7862.13 tons, a year-on-year decrease of 31.98%.
According to customs data statistics, the export of titanium dioxide in April 2026 was about 193500 tons, a year-on-year increase of 30.73% and a month on month decrease of 3.98%. Among them, the export of sulfuric acid method was about 157000 tons, a month on month increase of 0.09%, and the export of chlorination method was 42800 tons, a month on month decrease of 16.02%; From January to April 2026, the cumulative export of titanium dioxide was 730300 tons, a year-on-year increase of 12.53%. The export of sulfuric acid method was 551700 tons, a year-on-year increase of 5.88%, while the export of chloride method was about 178600 tons, a year-on-year increase of 39.63%.
3、 Future forecast
At present, the trading of titanium dioxide in the domestic market is flexible, and the market is in a wait-and-see situation. Pay more attention to Dragon Enterprise’s plans for next month. It is expected that the titanium dioxide market will remain stable in the short term.

In late May, the market for adipic acid gradually weakened. On May 18th, the average market price of adipic acid was 9233 yuan/ton, and on May 25th, the average market price of adipic acid was 9133 yuan/ton, a decrease of 1.08%.
The main factors affecting the rise and fall of adipic acid market during this stage
Supply side: Centralized maintenance to hedge partial pressure. In response to the situation of oversupply in the market, the adipic acid factory has been releasing concentrated reports of equipment shutdown or load reduction since the end of April, in order to achieve the goal of reducing production and maintaining prices. The industry’s operating rate dropped from around 75% in late April to around 65% in late May.
Demand side: Downstream is entering the off-season, with weak procurement. Downstream demand is the core factor currently dragging down the market. Starting from mid to late May, downstream industries gradually entered the traditional off-season, with poor follow-up of terminal orders.
Procurement pace: End users and downstream factories mainly focus on digesting early-stage inventory, maintaining a strong demand for raw material adipic acid procurement, with very limited follow-up on inquiries and actual orders.
Downstream industries: The operating rate of major downstream industries such as PA66 has significantly declined, further reducing raw material consumption. TPU and other markets also have light trading, making it difficult to form strong support for adipic acid.
On the cost side, the raw material pure benzene market declined synchronously in mid to late May, and the listing price of Sinopec pure benzene was slightly lowered. This has resulted in less support from the cost side compared to the previous period, affecting market sentiment.
In summary, the forecast for supply and demand shows that cost support is weakening, supply is tightening, demand is declining, and the rise in adipic acid in early June is weak. From a technical perspective, it can be seen that the upward momentum of the adipic acid market in May was insufficient, and the increase was limited. Therefore, the overall weak downward trend of adipic acid market in early June is expected, with prices ranging from 9000 yuan/ton to 9300 yuan/ton.