[SMM Tin Midday Review: Macro Positive Factors and Mine Disruptions Resonate, SHFE Tin Price Surpasses 270,000 yuan/mt Mark] The midday price of the most-traded SHFE tin contract (SN2508) was 272,170 yuan/mt, up 1.22% from the previous day's settlement price. The intraday fluctuation: opened at 271,810 yuan/mt (2,910 yuan higher than the previous day's close), reaching a high of 275,750 yuan/mt, with trading volume increasing to 90,600 lots. Spot-futures price spread structure: spot premiums narrowed slightly, with Yunnan Tin brand commanding a premium of 700-1,000 yuan/mt over futures, but downstream fear of high prices curbed trading.

[SMM Tin Futures Brief Commentary: Macro Warmth and Mine-End Disruptions Coexist, the Most-Traded SHFE Tin 2508 Contract Closes Fluctuating at Highs of 268,540 yuan/mt] The closing price of the most-traded SHFE tin contract (SN2508) was 268,540 yuan/mt, up 0.42% from the previous day. The intraday fluctuation ranged from a high of 270,120 yuan/mt to a low of 267,660 yuan/mt, with 69,039 lots traded and a turnover of 18.565 billion yuan. The spot-futures price spread structure: Spot premiums narrowed, with Yunnan Tin brand spot premiums over futures at 700-1,000 yuan/mt. There was a strong reluctance to budge on prices in the market, but trading was sluggish. The LME tin contract was temporarily quoted at $34,025/mt, up 0.31%.

As of the midday session on July 23, the most-traded SHFE tin contract (2508) was temporarily quoted at 268,980 yuan/mt, up 0.58% from the previous settlement price.

[SMM Tin Futures Review: The Most-Traded SHFE Tin Contract Rose 1.11% to Close Above 268,000, Fluctuating at Highs Amid Supply Disruptions and Policy Games] Price Movement: The most-traded SHFE tin contract (SN2508) fluctuated upward in the afternoon session, closing at 268,520 yuan/mt, up 2,950 yuan (1.11%) from the previous day. The intraday trading range was 265,720-268,930 yuan/mt, with a settlement price of 267,430 yuan/mt. Trading and Open Interest: The trading volume reached 63,667 lots, while open interest decreased by 1,931 lots to 16,761 lots, indicating profit-taking activities.

[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.