[SMM Tin Midday Review: Macro Tailwinds Boost Tin Prices, Tug-of-War Between Sellers and Buyers Limits Gains] As of the midday session on July 22, 2025, the most-traded SHFE tin contract (SN2508) closed at 266,610 yuan/mt, up 0.39%; LME three-month tin closed at $33,680/mt, up 0.01%. Domestic "anti-rat race" policies intensify: The Ministry of Industry and Information Technology (MIIT) plans to promote the elimination of outdated capacity in industries such as non-ferrous metals. Active liquidity has driven a general rise in the non-ferrous metals sector, with tin prices following the sector's sentiment upwards.

To promote the recycling of renewable resources and standardize the import management of recycled black mass raw materials for lithium-ion batteries and recycled steel raw materials, on June 9, 2025, the Ministry of Ecology and Environment, jointly with the General Administration of Customs, the National Development and Reform Commission (NDRC), the Ministry of Industry and Information Technology, the Ministry of Commerce, and the State Administration for Market Regulation, issued the Announcement on Regulating the Import Management of Recycled Black Mass Raw Materials for Lithium-ion Batteries and Recycled Steel Raw Materials (Announcement No.14 of 2025), which will come into effect on August 1, 2025.

[SMM Tin Midday Review: SHFE Tin and LME Tin Prices Rise Simultaneously Amidst Expectations of Myanmar's Production Resumption and Off-Season Demand] This morning, the most-traded SHFE tin contract (SN2507) continued to be in the doldrums, opening at 262,320 yuan/mt and temporarily closing at around 261,490 yuan/mt at midday, with an intraday increase of 0.22%. Short-term support below is noted at 260,000 yuan/mt. Market sentiment remains cautious, with a significant net outflow of funds. The decline in open interest reflects that both bulls and bears are tending to adopt a wait-and-see attitude.

From an overall data analysis perspective, rigid demand in the energy storage sector provided stable support at the end of June. Both domestic and overseas demand received some support due to mid-year factors and various policies. The automotive sales boom driven by early June car shows gradually subsided. The market penetration rate of new energy vehicles remained stable, and current consumption momentum in the end market is insufficient. It is expected that there will be some incremental growth in end demand, but it will be relatively limited. In terms of market transactions, by the end of June, market activity remained subdued. Some echelon battery manufacturers basically avoided building significant inventory, maintaining a strategy of purchasing only for essential needs. Moving into July, after the mid-year period, demand in both the power and energy storage markets has the potential to decline further.

This week, prices for salt products such as cobalt sulfate and lithium carbonate saw slight increases, while nickel sulfate prices mainly fluctuated, experiencing a minor dip driven by declining nickel prices. The nickel and cobalt recovery rates for black mass like ternary and lithium cobalt oxide remained largely stable, while the lithium recovery rate saw a slight increase. The lithium point price for LFP black mass also continued to rise. Currently, the lithium point price for LFP cathode black mass is RMB 2,200-2,350 per lithium point, and for LFP battery black mass it is RMB 2,000-2,200 per lithium point, representing an increase of RMB 50 per lithium point compared to last week.

This week, salt products like cobalt sulfate and lithium carbonate continued to see price increases. Nickel sulfate prices mainly fluctuated, but due to insufficient demand support in the short term, prices trended upward. This week, coefficients for materials like ternary black mass and lithium cobalt oxide black mass saw slight increases.Currently, the lithium point price for lithium iron phosphate (LFP) cathode black mass is RMB 2,150-2,300 per lithium point, while for LFP battery black mass it is RMB 1,950-2,150 per lithium point.

This week, the ferrous metals series market followed a similar trend to that of previous weeks. The night session on Wednesday saw a strong upward rally, with finished steel breaking through previous resistance levels and continuing to fill the gap from early April. Prices experienced a correction at the beginning of the week. In the latter half of the week, market rumors emerged about production restrictions ranging from 30% to 50% in the coking industry in the Wuhai region. Additionally, Indonesia planned to impose export tariffs, and there was a second round of coke price increase proposals scheduled for next week. Coking coal and coke continued to lead the gains in the ferrous metals series market. Meanwhile, amid the off-season, the continuous inventory reduction of finished steel provided support for the market...

[SMM Tin Midday Review: The Most-Traded SHFE Tin Contract Leads the Gains Amid Supply-Demand Imbalance and Macro Disturbances] As of the midday session on July 18, the most-traded SHFE tin contract (SN2508) closed at 264,930 yuan/mt, surging by 3,190 yuan (a 1.55% increase) from the previous day. Trading volume exceeded 50,000 lots, reaching a two-week high, with significant capital inflows. The LME tin 3-month contract also strengthened, temporarily closing at $33,195/mt (a 0.38% increase), touching a high of $33,300 during the session, supported by a weaker US dollar and supply concerns.

[SMM Commentary on SHFE Tin Futures: The most-traded SHFE tin contract (SN2508) posts three consecutive negative sessions, dipping to RMB 261,700. Tin prices are under pressure amid macroeconomic disruptions and a weak supply-demand dynamic.] The most-traded SHFE tin contract (SN2508): Closing price: RMB 261,610/mt, down 0.71% (or RMB 1,950) from the previous day. Intraday fluctuations: Opened lower at RMB 262,180/mt, dipped to a low of RMB 260,780/mt, and rebounded slightly in the tail end but remained under significant pressure. Weekly trend: Three consecutive days of decline, with a cumulative drop exceeding 2.5%, approaching the support level of the 60-day moving average.