WBMS: Global refined tin market recorded a surplus of 4,900 mt in September 2025  

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 21 Jul , 2026

In recent months, AI trades have continued to disrupt Asian equity markets, while the Australian market has demonstrated notable resilience. The S&P/ASX 200 Index is on track to outperform the MSCI Asia Pacific Index for a second consecutive month, marking its longest streak of outperformance since November 2024. Australian equities’ limited exposure to chipmakers, once considered a drawback during the AI rally, has now become a source of resilience. As semiconductor stocks in markets such as South Korea and Japan have tumbled, this characteristic has helped Australian equities withstand the market shock. This shift also underscores that, as volatility intensifies, investors are growing increasingly cautious about the crowded AI trade and beginning to rotate capital into other markets.

[SMM Tin Midday Review: Mediator Proposes 10-Day US-Iran Ceasefire, Sentiment Tug-of-War Underpinned by Low Inventory Keeps Tin Prices Consolidating at Highs]