SMM Tin Morning Meeting Summary on June 9, 2025
International Developments: Impact of US Policies: The trade protectionist policies (e.g., tariff hikes) that may be implemented by the Trump administration could disrupt the global supply chain, particularly limiting China's PV exports. However, the rising expectations of a US interest rate cut (with only 37,000 jobs added in the ADP employment report for May) coupled with fiscal stimulus policies are expected to boost economic recovery in H2, thereby stimulating demand for industrial metals. China's Policy Support: China's ongoing "trade-in" policy continues to drive consumption of white goods and NEVs. Coupled with RRR cuts by the PBOC, which released 1.175 trillion yuan in liquidity, this provides underlying support for industrial demand. Geopolitical Risks: The resumption of production in Myanmar's Wa region has been postponed until after May, and the approval of Indonesia's tin export quotas has been slow, leading to continued short-term supply disruptions. Increased ore output from Africa (e.g., the Mpama South project in the Congo) partially fills the gap, but transportation bottlenecks limit actual port arrivals. Potential risks, including US-China trade frictions and adjustments to Indonesia's nickel ore export policies, may trigger market risk-averse sentiment. Short-Term Constraints: Domestic smelters' raw material inventories remain low, and the expected ban on mining in Myanmar has driven up tin concentrate prices. Medium-Term Growth: Tin mining projects in Africa (Congo, Rwanda) and South America (Peru) are coming online, but declining ore grades and rising environmental protection costs are limiting the pace of capacity expansion. Fluctuate Upward: Supported by delayed Indonesian exports, postponed production resumptions in Myanmar, and recovering semiconductor demand, the most-traded SHFE tin contract is expected to fluctuate between 260,000 and 275,000 yuan/mt.
![Le SHFE étain a clôturé à 412 910 lors de la séance de nuit, en baisse de 0,70 %, les vendeurs ayant renforcé leurs positions. Le niveau de 410 000 est disputé entre acheteurs et vendeurs [SMM Tin Morning News]](https://imgqn.smm.cn/usercenter/reOma20251217171751.jpg)
![Étain SHFE de nuit en hausse de 0,76 % pour se maintenir au-dessus de 418 000 ; probabilité de hausse des taux en septembre tombée à 50,4 % [Résumé de la réunion matinale sur l'étain de SMM]](https://imgqn.smm.cn/usercenter/JnZMp20251217171752.jpg)
