SHFE tin prices opened slightly lower in the night session, with the oscillation range moving downward [SMM Tin Morning News]

SMM Tin Morning Brief on July 25, 2025:

Futures: The most-traded SHFE tin contract (SN2508) opened slightly lower in the night session and fluctuated within a downward-shifted range, closing at 271,400 yuan/mt, down 0.83% from the previous trading day.

Macro: (1) During his Thursday visit to the US Fed building, President Trump stated he had a "good conversation" with Fed Chairman Powell, describing the discussion atmosphere as non-confrontational. Trump mentioned discussing interest rates with Powell and dismissed the idea of firing him as unnecessary. (2) Tariffs—①The EU approved a 93 billion euro retaliatory tariff plan against the US, which will take effect on August 7 if no agreement is reached. ②India's Commerce Minister expressed confidence in reaching a trade deal with the US. ③India signed a free trade agreement with the UK.

Fundamentals: (1) Supply-side disruptions: Tin ore supply tightened in major production regions like Yunnan, with some smelters likely maintaining maintenance shutdowns or minor production cuts in July (Bullish★). (2) Demand-side: PV sector—Orders for tin bars in east China declined post-installation rush, leading to lower operating rates at some producers. Electronics sector—End-users in south China entered the off-season amid high tin prices, resulting in strong wait-and-see sentiment and only essential orders. Other sectors—Steady demand for tinplate and chemical applications without exceeding expectations.

Spot market: Spot transactions stalled yesterday due to high price consolidation, with most traders reporting no deals and only a few concluding minimal essential-volume trades.
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