On tin ore imports, China's cumulative imports from January to July totaled 69,119 mt in physical content, marking a 34.8% YoY decline from 106,000 mt in the same period last year. Shipments from Myanmar plummeted to just 14,157 mt, down 77.1% YoY. As a key tin ore supplier to China, Myanmar's sharp production drop significantly impacted China's supply structure. In contrast, African supply surged 44.4% YoY to 40,650 mt (28,160 mt last year), becoming a major incremental source for China's imports. In refined tin trade, China's July imports rose 21% MoM and 158% YoY to 2,167 mt, while exports fell 15% MoM and 4% YoY to 1,673 mt. Indonesia, the world's top refined tin exporter, shipped 3,790 mt in July 2025, up 11.5% YoY but down 13.9% MoM. Exports were handled by 18 smelters, with a clear tiered distribution: 4 smelters shipped 300-500 mt, 5 shipped 200-300 mt, and 9 shipped below 200 mt. By destination, exports to China dropped 51% MoM to 540.7 mt, while shipments to Singapore increased.

[SMM Tin Midday Review: Supply-Demand Deadlock Persists, SHFE Tin Holds Steady at Highs] At midday on August 28, 2025, the most-traded SHFE tin 2510 contract settled at 272,540 yuan/mt, up 1,210 yuan (0.45%) from the previous session's settlement. Prices fluctuated rangebound at elevated levels during the session, moving between 270,800-272,860 yuan/mt, with cautious market sentiment and mild expansion in trading volume. Meanwhile, the LME three-month tin contract extended its strength to $34,560/mt, gaining $50 (0.14%) on the day, while showing initial signs of inventory buildup though absolute levels remained at yearly lows.

In August, tin prices remained firm above 260,000 yuan/mt, with no optimistic progress on the resumption of mining operations in Myanmar's Wa State, which continues to support tin prices. Currently, multiple positive factors suggest tin prices may challenge the 275,000 yuan/mt level again.  

Futures: LME copper opened at $9,791.5/mt overnight, touched a low of $9,781/mt at the beginning of the session, then fluctuated upward to a high of $9,738.5/mt toward the end of the session, and finally closed at $9,839.5/mt, up 0.68%.

A US judge is set to hold a hearing on Friday regarding Cook's lawsuit against Trump. SHFE tin prices remain in a high-level sideways trend [SMM Tin Morning Brief] Macro: (1) Innovacera (02577.HK) announced in Hong Kong that the company's sales for AI and data centers were up 180% YoY in H1; its 100V gallium nitride-based 48v-12v applications have entered mass production; it is the only domestic company to be included in the list of chip suppliers for Nvidia's 800V high-voltage DC solution, with gallium nitride being adopted by Nvidia's new architecture, marking the entry of AI/data centers into an era of efficient energy use with gallium nitride. Automotive electronics products used in scenarios such as LiDAR and on-board chargers (OBC) continued to grow rapidly, with deliveries of automotive-grade chips up 128% YoY. (2) The Central Committee of the Communist Party of China and the State Council issued an opinion on promoting high-quality urban development. The opinion mentions expanding the coverage of fifth-generation mobile communication networks (5G) and gigabit optical networks, optimizing the layout of computing power infrastructure, advancing the construction of new-type urban infrastructure, optimizing the management system for water resource allocation and water supply security, improving the modern integrated transportation system, enhancing intercity and intra-city commuting efficiency, perfecting the layout of transfer facilities at transportation hubs, and strengthening the construction of convenient facilities such as parking spaces and charging piles.

[SHFE Tin Midday Review: SHFE Tin Consolidates at High Levels Awaiting Guidance Supply and Demand Weakness Constrains Price Breakthrough] During the midday session on August 28, 2025, the most-traded SHFE tin 2510 contract closed at 272,540 yuan/mt, up 1,210 yuan from the previous day's settlement price, with a gain of 0.45%. The price fluctuated rangebound at high levels, ranging between 270,800 and 272,860 yuan/mt. Market trading sentiment was cautious, and trading volume mildly increased. Meanwhile, LME three-month tin continued its strong performance, closing at $34,560/mt, up $50 (a 0.14% increase) from the previous day. Signs of inventory buildup emerged, but the absolute level remained at a low for the year.

Beijing Municipal Communications Administration Issued the "5G+Industrial Internet" Innovation and Development Implementation Plan (2025-2027) SHFE tin prices maintained a high-level sideways trend [SMM Tin Morning Brief] Macro: (1) The third batch of national trade-in funds has been allocated. Starting from August 26, Taobao and Tmall have taken the lead in launching the program! Currently, consumers in numerous provinces and cities such as Beijing, Shanghai, Zhejiang, and Guangdong can enter the national subsidy zone by accessing the homepage of the Taobao app or searching for "national subsidies," to claim relevant subsidies. This year, the scope of national subsidies has expanded further. With the back-to-school season underway, smart lamps, study desks and chairs, and learning machines are included in the trade-in subsidy range for the first time, with a maximum subsidy of 20%; at the same time, 3C digital products including mobile phones, tablets, and smartwatches/bands priced under 6,000 yuan can enjoy a 15% subsidy, with a maximum reduction of 500 yuan.

[SHFE Tin Midday Review: LME Low Inventory Support vs Domestic Demand Weakness, the Most-Traded SHFE Tin 2510 Contract Struggles at 270,000 Yuan/mt Level] During today's midday session, the most-traded SHFE tin 2510 contract closed at 273,120 yuan/mt, up 1.26% from the previous day, with intraday fluctuations ranging between 269,030-273,570 yuan/mt. Despite briefly breaking through the 270,000 yuan/mt level during the night session, trading was weak during the daytime, and trading volume pulled back MoM, reflecting a strong wait-and-see sentiment in the market. Meanwhile, the LME tin contract edged up to $34,355/mt, up 0.66%, supported by low overseas inventory.

The State Council issued the Opinions on Deepening the Implementation of the "Artificial Intelligence +" Action Plan. SHFE tin prices slightly increased and then maintained a high-level sideways trend [SMM Tin Morning Brief]. Macro: (1) The Beijing Municipal Bureau of Economy and Information Technology, together with the Beijing Communications Administration, released the Beijing 5G + Industrial Internet Innovation and Development Implementation Plan (2025-2027). It proposes to strengthen technological innovation and application. Support top-tier enterprises to conduct technology and product application validation in key industry areas such as industrial manufacturing, vehicle networking, and medical health, based on 5G technologies including high reliability, low latency, lightweight, wide connectivity, high speed, and integrated sensing. Promote the practical evolution and upgrade of enhanced characteristics of industrial 5G networks. Focus on supporting the large-scale application of technologies such as industrial wireless (5G), industrial Ethernet (TSN), edge computing, information modeling, deterministic networks, industrial computing power, open automation, and industrial data interoperability in key industries. Advance the pre-research and layout of 6G in industry scenarios, and explore commercialization pathways.

[SHFE Tin Brief: Tin Prices Continue to Consolidate in a Range, Low Inventory Supports While Weak Demand Constrains] SHFE tin is expected to maintain sideways movement between 250000-275000 yuan/mt. Low inventory and supply disruptions provide bottom support, but weak demand and macro uncertainties limit upside room. Attention should be paid to the progress of production resumptions in Myanmar, DRC's geopolitical risks, and the pace of recovery in the semiconductor industry.