This week, the ferrous metals series first rose and then fell, with an overall downward trend. At the beginning of the week, the China-US talks sent optimistic signals, improving market sentiment and driving up the futures market. However, mid-week, the fundamental factors of steel turned weak, coupled with fading sentiment, causing the futures market to decline. As the weekend approached, the US announced that it would impose a tariff hike on steel home appliances starting from the 23rd, leading to a significant drop in the futures market, except for coking coal and coke. In the spot market, the futures market rose in the first half of the week, leading to a phased improvement in market transactions. However, most transactions were driven by rigid demand for low-priced purchases, and seasonal characteristics began to emerge...

[SMM Tin Midday Review: Some Smelters Have Initiated Maintenance or Gradual Production Cuts; SHFE Tin Prices May Fluctuate Considerably in the Afternoon] Tight Supply of Tin Ore: The ban on transporting tin ore from southern Myanmar via Thailand continues to escalate, with domestic tin ore imports in June expected to decrease by 500-1,000 mt (metal content), exacerbating pressure on the raw material side. Due to insufficient raw material inventory (generally below 30 days) and low TCs, smelters in major production areas such as Yunnan and Jiangxi have maintained low operating rates (approximately 54% in total), with some enterprises having initiated maintenance or gradual production cuts.

[SMM SHFE Tin Brief Review: Sluggish Growth in Orders for Consumer Electronics and Automotive Electronics, Significant Weakening of Purchase Willingness Among Downstream Enterprises] 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 trading was sluggish, and open interest decreased to 25,600 lots, reflecting the ongoing tug-of-war between bulls and bears near the 265,000 yuan/mt threshold, with a lack of clear direction in the short term.​​Tightening Raw Material Supply​​: The pace of production resumptions at tin mines in Myanmar's Wa region remains uncertain. Additionally, Thailand has suspended the transit of tin ore from Myanmar through its territory since June 4, which is expected to reduce domestic tin ore imports by 500-1,000 mt in June. Affected by the shortage of raw materials and the rainy season, waste tin recycling in Yunnan and Jiangxi, the two major producing regions, has been impacted. As a result, smelters' operating rates have remained low, and the supply of refined tin has continued to tighten.