SHFE tin prices opened lower and remained stable during the night session, while the spot market maintained a sluggish situation [SMM Tin Morning News]

SMM Tin Morning Brief on July 17, 2025:

Futures: The most-traded SHFE tin contract (SN2508) opened lower in the night session and remained range-bound at low levels, settling near 262,000 yuan/mt, down 0.55% from the previous trading day.

Macro: (1) The State Council executive meeting emphasized standardizing competition in the NEV industry and ensuring automakers fulfill payment period commitments. It also stressed strengthening domestic circulation, implementing consumption stimulus measures, and optimizing the trade-in policy. (Bullish★) (2) Germany's Federal Motor Transport Authority (KBA) reported record H1 EV sales, accounting for nearly one-fifth of new car registrations, signaling accelerating demand after years of slow growth. (Bullish★) (3) Trade tariffs: ①Canada will tighten steel quotas for certain countries. ②Trump announced plans to notify over 150 small nations of universal tariff rates.

Fundamentals: (1) Supply disruptions: Tin ore supply tightens in major production areas like Yunnan, with some smelters likely maintaining maintenance or minor production cuts in July. (Bullish★) (2) Demand: PV sector: Post-installation rush, tin bar orders declined in east China, lowering operating rates at some producers. Electronics: South China's terminal end-users entered the off-season amid high tin prices, maintaining only essential orders with strong wait-and-see sentiment. Other sectors (tinplate, chemicals): Stable demand without exceeding expectations.

Spot market: Yunnan Tin traded at an 800–1,200 yuan/mt premium against the August contract, but downstream buyers only restocked minimally at lows. Most traders reported around 10 mt transactions, with a few achieving approximately one truckload, keeping the overall spot market sluggish.

[The information provided is for reference only. This article does not constitute direct investment advice. Clients should exercise independent judgment and SMM assumes no liability for decisions made based on this content.]