Orders for consumer electronics and automotive electronics show sluggish growth, with downstream enterprises' purchase willingness significantly weakened [SMM Tin Market Brief Review]

Daily Commentary on the Most-Traded SHFE Tin Contract on June 12, 2025

Today, the most-traded SHFE tin contract (SN2507) fluctuated rangebound, opening at 265,100 yuan/mt and closing at 265,150 yuan/mt, with a trading volume of 13.505 billion yuan. Market activity was sluggish, and open interest decreased to 25,600 lots, reflecting continuous tug-of-war between bulls and bears near the 265,000 yuan/mt threshold, with a lack of clear short-term direction.

​​Tightening Raw Material Supply​​: The pace of tin ore production resumptions in Myanmar's Wa region remains uncertain. Additionally, Thailand suspended transit shipments of tin ore from Myanmar via its territory starting June 4, which is expected to reduce domestic tin ore imports by 500-1,000 mt in June. Due to raw material shortages and the impact of the rainy season on scrap tin recycling in Yunnan and Jiangxi, the two major producing regions, smelters' operating rates remained low, and refined tin supply continued to tighten.

​​Weak Consumer Electronics Demand​​: The end-user market entered the off-season, with sluggish growth in orders for consumer electronics and automotive electronics. Production schedules for PV modules declined MoM, and the reduction in demand outpaced the contraction in supply. The spot market exhibited a pattern of "high premiums and low trading volume," with traders' daily trading volume at around 10 mt, mostly for just-in-time procurement.

​​High Prices Dampening Restocking​​: After tin prices rebounded to above 260,000 yuan/mt, downstream enterprises' purchase willingness significantly weakened. Some enterprises reported a MoM decline in orders, indicating the emergence of negative feedback effects from high prices.