SHFE tin prices remained fluctuate rangebound, and downstream enterprises began to adopt a wait-and-see attitude [SMM Tin Morning News]

SMM Tin Morning Express on July 9, 2025:

Futures Market: The most-traded SHFE tin contract (SN2508) maintained a low-level consolidation during the night session, eventually closing near 265,700 yuan/mt, up 0.55% slightly from the previous trading day.

Macro Developments: (1) The "White Paper on Automotive Intelligent Driving Technology and Industrial Development" jointly drafted by the China Automotive Technology and Research Center, Tsinghua University, and Huawei was officially released. (Bullish ★) (2) From January to June 2025, the arithmetic average price reduction for new energy vehicle models reached 23,000 yuan, equivalent to a 12% price cut. In June, the average price reduction narrowed to 15,000 yuan for new energy vehicle models, representing a 10.4% price cut - a relatively low level. (3) Tariffs - ①Trump: Tariffs will take effect on August 1 without any extension. A 50% tariff will be imposed on imported copper. Pharmaceutical tariffs could reach 200%, but pharmaceutical manufacturers will receive an 18-month adjustment period. Tariff announcements on semiconductors are imminent. Tariff notification letters to the EU may be delayed by two days.

Fundamentals: (1) Supply Disruptions: Main producing regions like Yunnan face tightening tin ore supply. Some smelters may maintain production halts for maintenance or implement minor production cuts in July. (Bullish ★) (2) Demand Side: PV Sector: Post-installation rush, PV tin strip orders in east China declined, with some producers reducing operating rates. Electronics Sector: Southern China's electronics terminal market entered off-season. Coupled with high tin prices, end-users maintained strong wait-and-see sentiment, with orders limited to just-in-time procurement. Other Sectors: Demand for tinplate, chemicals, etc. remained stable without unexpected growth.

Spot Market: Traders reported weak spot market transactions yesterday compared to Monday's activity. Most downstream enterprises opted for wait-and-see stance after the slight price correction, utilizing tin ingots purchased on Monday for production. Only a few maintained just-in-time procurement.
[The provided information is for reference only. This article does not constitute direct investment research advice. Clients should exercise caution in decision-making, avoid relying solely on this analysis, and understand that SMM bears no responsibility for any investment decisions made.]