US Congress approves comprehensive tax and budget legislation; tin prices may hover at highs [SMM Tin Morning Meeting Summary]

[SMM Morning Meeting Summary: US Congress Approves Comprehensive Tax and Budget Legislation, Tin Prices Expected to Hover at Highs] On the international macro front, the US Congress has approved comprehensive tax and budget legislation, with the electric vehicle (EV) tax credit set to expire on September 30, which will have a certain impact on the new energy vehicle (NEV) industry. Additionally, US Treasury Secretary Bessent indicated that trade agreements would be signed intensively before July 9, potentially bringing uncertainty to the global trade environment. Domestically, the overall supply of tin ore in the market is tightening, with continuous supply constraints in major producing areas such as Yunnan. Some smelters plan to halt production for maintenance or slightly cut production. On the demand side, after the installation rush in the PV industry ends, orders decline. The electronics industry has entered the off-season, and there is a strong wait-and-see sentiment among end-users, with only just-in-time procurement being maintained. Demand in other sectors, such as tinplate and chemicals, remains stable. The spot market has seen sluggish transactions, with downstream enterprises adopting a wait-and-see attitude towards current prices. Social inventory has experienced a slight buildup, and the inventory buildup pressure is expected to continue in the short term. Overall, it is expected that tin prices will continue to fluctuate at highs next week. Investors should pay close attention to the progress of production resumptions in Myanmar, seasonal recovery of end-use demand, and changes in macro policies, and operate cautiously. ...