Downstream willingness to restock at lower prices has decreased, while SHFE tin prices continue to fluctuate upward [SMM Tin Morning News]

Published: Jun 5, 2025 08:58

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Downstream restocking willingness on dips has decreased, while SHFE tin prices continue to fluctuate upward [SMM Tin Morning News] Macro: (1) GlobalFoundries, a US semiconductor wafer foundry company, has announced plans to invest US$16 billion to enhance its semiconductor manufacturing and advanced packaging capabilities at its facilities in New York and Vermont. (Bullish ★) (2) China South Industries Group Corporation has implemented a spin-off, with its automotive business becoming an independent central state-owned enterprise. (Bullish ★) (3) Jean-Marc Chery, CEO of STMicroelectronics, stated on Wednesday that the French-Italian chipmaker has seen signs of an upturn, with market demand expected to increase, which will boost its performance in the coming quarters. (Bullish ★) (4) Tariffs - ① It is rumored that a US-Canada agreement may be reached next week. Canadian Prime Minister: If negotiations fail, Canada is prepared to take retaliatory measures against the US. ② EU trade officials: Negotiations with the US are progressing steadily in the right direction. ③ UK Prime Minister: Very confident that US tariffs can be reduced in a very short time. ④ US Commerce Secretary: Analysis and formulation of tariff standards for aircraft parts will be completed by month-end; there will be no mutual tariff and barrier reductions with Vietnam. ⑤ Mexico will announce measures to address US steel and aluminum tariffs next week. (Neutral)

SMM Tin Morning News on June 5, 2025:

Futures Market: The most-traded SHFE tin contract (SN2507) edged higher during the night session, closing at 258,940 yuan/mt, up 1.49% from the previous day.

Macro: (1) GlobalFoundries, a US semiconductor wafer foundry company, announced plans to invest $16 billion to enhance its semiconductor manufacturing and advanced packaging capabilities at its facilities in New York and Vermont. (Bullish ★) (2) China South Industries Group Corporation (CSGC) is undergoing a spin-off, with its automotive business being separated into an independent central state-owned enterprise. (Bullish ★) (3) Jean-Marc Chery, CEO of STMicroelectronics, stated on Wednesday that the French-Italian chipmaker has seen signs of an upturn, with market demand expected to increase, which will boost its performance in the coming quarters. (Bullish ★) (4) Tariffs - ① Reports suggest that a US-Canada agreement may be reached next week. Canadian Prime Minister: If negotiations fail, Canada is prepared to take retaliatory measures against the US. ② EU trade official: Negotiations with the US are progressing steadily in the right direction. ③ UK Prime Minister: Very confident that US tariffs can be reduced in a very short time. ④ US Commerce Secretary: Analysis and formulation of tariff standards for aircraft parts will be completed by month-end; there will be no mutual tariff and barrier reductions with Vietnam. ⑤ Mexico will announce measures next week in response to US steel and aluminum tariffs. (Neutral)

Fundamentals: (1) Supply-side disruptions: Overall tin ore supply in major producing regions such as Yunnan is tightening. As June begins, some smelters are considering halting production for maintenance or slightly cutting production. (Bullish ★) (2) Demand side: Recently, as tin prices hit a bottom of 250,000 yuan/mt, orders from most downstream enterprises have picked up, and purchase willingness has increased. (Bullish ★)

Spot Market: As prices climb, downstream enterprises' willingness to restock on dips has decreased. Some end-users are making just-in-time procurement. Traders reported that yesterday's transactions were weaker than at the beginning of the week, and some traders' inventories have been cleared.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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