Amid the game between the expected production resumption in Myanmar and off-season demand, SHFE tin and LME tin prices rose simultaneously [SMM tin midday review]

SHFE Tin Midday Market Commentary on July 21, 2025

SHFE Tin Leads Gains Amid Volatility as LME Tin Prices Rise: Price Trends Amid Anticipated Myanmar Production Resumption and Off-Season Demand

As of midday on July 18, 2025, the most-traded SHFE tin contract (SN2508) closed at 267,670 yuan/mt, up 1.43%, while LME three-month tin settled at $33,595/mt, gaining 0.72%.

The most-traded SHFE tin contract ended the midday session at 267,670 yuan/mt, with an intraday high of 268,020 yuan/mt. Spot prices stood at 267,200 yuan/mt, reflecting tight immediate supply.

Myanmar's Wa State Production Resumption: On July 17, the Wa State government approved some mining license applications, with tin ore supply expected to substantially recover in Q4. However, current TCs for tin concentrates remain low, constraining smelters' operating rates due to raw material shortages.

US Fed Governor Waller stated "a 25-basis-point interest rate cut should be implemented in July," easing US dollar liquidity pressure. The US dollar index pulled back to 98.4, supporting industrial metals.

Spot market: Smelters maintained firm offers after the price rally, but downstream acceptance remained weak. Traders reported transactions mainly relied on rigid demand orders, with some downstream buyers delaying purchases after completing earlier restocking.