This week, the ferrous metals series showed a divergent trend, with ore prices initially strong then weakening, coking coal and coke prices fluctuating rangebound, the most-traded rebar contract moving in a volatile pattern, and the most-traded HRC contract performing in the doldrums. On the news front, early in the week, the General Administration of Customs released data showing that China's steel exports in August 2025 reached 9.51 million mt, down 326,000 mt MoM, a decrease of 3.3% MoM. From January to August, cumulative steel exports totaled 77.49 million mt, up 10.0% YoY, with cumulative exports still higher than the same period last year, indicating strong export resilience...

This week, the nickel and cobalt coefficients for materials like ternary and lithium cobalt oxide black mass saw a slight increase due to rising salt prices, while the lithium coefficient fell after aprevious drop.The lithium point price for lithium iron phosphate (LFP) black mass also fluctuated within a range this week.

This week, the nickel and cobalt coefficients for materials like ternary and lithium cobalt oxide black mass saw a slight increase due to rising salt prices, while the lithium coefficient fell after aprevious drop.The lithium point price for lithium iron phosphate (LFP) black mass also fluctuated within a range this week.

[SMM Tin Midday Review: Macro Sentiment Drives Broad-Based Gains in Nonferrous Metals Sector, SHFE Tin Prices Maintain Fluctuating Upward Trend] At midday on September 12, 2025, the most-traded SHFE tin 2510 contract closed at 273,550 yuan/mt. During the morning trading session, prices fluctuated at highs, once approaching the 275,000 yuan/mt mark, continuing the recent pattern of holding up well. The London Metal Exchange (LME) tin contract closed at $34,700/mt in the previous trading session, up $65 from the previous day, a gain of 0.19%. The simultaneous strength in SHFE and LME tin prices is primarily supported by strengthened expectations for an interest rate cut on the macro front and tight supply fundamentals.

[SMM Tin Futures Review: Marginal Improvement in Macro Sentiment and Continued Supply-Side Constraints SHFE Tin Prices Showed a Slight Rebound Overall] On September 11, 2025, the most-traded SHFE tin contract 2510 closed at 271,260 yuan/mt in the afternoon, up 1,780 yuan, or 0.66%, from the previous trading day. The intraday trading range was between 270,430 yuan/mt and 272,680 yuan/mt, showing a pattern of fluctuation at highs. Meanwhile, LME tin closed at $34,635/mt, up 1.76%, with a trading volume of 407 lots and a slight decrease in open interest. The slight rebound in tin prices that day was mainly driven by a marginal improvement in macro sentiment and continued supply-side constraints. The US August PPI YoY growth rate unexpectedly slowed to 2.6%, while the core PPI fell 0.1% MoM. This data significantly weakened the US dollar index and strengthened market expectations for a US Fed interest rate cut in September, thereby providing a rebound momentum for US dollar-denominated base metals. However, overall market sentiment remained cautious, as investors closely watched the US CPI data to be released in the evening for clearer policy signals.

[SMM Tin Midday Review: Market Closely Watches US CPI Data to Be Released Tonight; SHFE Tin Maintains Fluctuating Trend at Midday] At midday on September 11, 2025, the most-traded SHFE tin 2510 contract closed at 271,000 yuan/mt, up 1,520 yuan, or 0.56%, from the previous trading day. The trading range during the session was between 270,430 yuan/mt and 272,680 yuan/mt, showing a trend of fluctuating at highs.

[SMM Tin Midday Review: Tug-of-War Between Sellers and Buyers Intertwined With Macro Caution, SHFE Tin Fluctuates Rangebound in Morning Session] On the afternoon of September 10, the most-traded SHFE tin 2510 contract opened lower at 269,080 yuan/mt and maintained a rangebound fluctuation pattern during the session, closing at 270,370 yuan/mt by midday, up 580 yuan/mt (0.21%) from the previous trading day. The domestic market exhibited a tug-of-war between "strong supply constraints" and "weak actual demand," with the price fluctuation range narrowing and trading activity showing slight caution. Meanwhile, LME tin futures remained under pressure overnight, temporarily quoted at $34,275/mt, up $240 (0.71%). The inventory rebound and narrowing spot premiums suggested a slight easing of short-term supply pressure overseas.

Overall, market procurement conditions in August 2025 continued to improve compared to June and July, showing a month-on-month increase of approximately 15%. Downstream demand generally strengthened: due to favorable lithium carbonate price trends, most lithium iron phosphate (LFP) hydrometallurgical plants increased production or resumed operations this month, leading to a 10% to 15% month-on-month rise in recycled lithium salt volumes. For ternary hydrometallurgical plants, stable prices of cobalt sulfate and lithium carbonate supported normal procurement activities. While recycled nickel salt production increased by about 10%, cobalt salt production experienced a slight month-on-month decline.Recently, recycled cobalt salt has accounted for a relatively high proportion of raw material cobalt sulfate supply. This is primarily due to two factors: first, the production base of recycled cobalt salt is inherently small; second, using recycled materials (especially lithium cobalt oxide waste) to produce cobalt sulfate is currently more economical compared to using raw materials like MHP (Mixed Hydroxide Precipitate). Recycled cobalt sulfate now constitutes 29% of total cobalt sulfate production.

This week, cobalt sulfate prices continued to rise, while nickel sulfate prices also increased slightly. In contrast, the prices of salt products such as lithium carbonate continued to decline. Although the nickel and cobalt coefficients for materials like NCM and LCO black mass increased slightly due to rising salt prices, the lithium coefficient fell after a previous drop. The lithium point price for LFP black mass also fluctuated within a narrow range this week.

[SMM Tin Midday Review: SHFE Tin Fluctuates Around 270,000 Yuan/mt Mark Amid Mixed Bullish and Bearish Factors Awaiting Direction] On the midday of September 9, 2025, the most-traded SHFE tin contract (SN2510) fluctuated around the 270,000 yuan/mt mark, briefly dipping during the session but finding temporary support, ultimately settling near 269,690 yuan/mt by the midday close, down 0.52% from the previous trading day's settlement price.