This week, the ferrous metals series saw a high-level correction. At the beginning of the week, the market was abuzz with news that blast furnaces in Tangshan would be subject to 40% production restrictions by capacity at the end of August, leading to a pullback in raw material prices. Although a decline in production is beneficial for finished products, the collapse of cost support pushed these products to their lowest levels in nearly a month. In the latter half of the week, rumors circulated about stricter enforcement of order inspections, and actions were already being taken at southern ports, resulting in a more pronounced drop in HRC compared to rebar, narrowing the spread between the two. In the spot market, when the spot-futures price spread narrowed, there was still speculative demand for long positions, but the hot and rainy weather suppressed the recovery of end-use demand...

[SHFE TIN NOON REVIEW: SHFE TIN PRICES FLUCTUATE DOWNWARD UNDER MACRO PRESSURE AND STALEMATED SUPPLY AND DEMAND] As of this morning's close, the most-traded SHFE tin 2509 contract closed at 265,710 yuan/mt, down 19,400 yuan from the previous day's settlement price, a decrease of 0.72%. The futures showed a fluctuating downward trend, with the intraday fluctuation range narrowing to 266,000-267,000 yuan/mt. Market trading was sluggish, and open interest slightly decreased, reflecting investors' cautious sentiment ahead of key macro events. Meanwhile, LME tin prices were also under pressure, closing at $33,440/mt overnight, down $35 (a decrease of 0.1%), with the key support level shifting down to the $33,000 mark.

[SHFE Tin Midday Review: Tin Market Fluctuates at Highs Amid Tug-of-War Between Longs and Shorts Over Tight Supply and Weak Demand] On the morning of August 21, 2025, the most-traded SHFE tin 2509 contract exhibited a fluctuating trend, closing at 267,150 yuan/mt during the midday break, down 0.48% from the previous day's settlement price. The trading range was between 266,510-269,040 yuan/mt, with sluggish transactions but the price center remaining high, indicating a stalemate between bulls and bears. Meanwhile, LME tin closed at $33,740/mt overnight, with some bulls showing an increased willingness to take profits.

Recently, refined tin producer Malaysia Smelting Corporation (MSC) released its Q2 2025 financial report. Despite the temporary shutdown of its Pulau Indah smelter due to a natural gas pipeline explosion in April and weak performance in the refined tin business, revenue from tin-bearing slag and by-products surged, ultimately driving total revenue up 2.5% QoQ to 379 million ringgit (approximately 631 million yuan).

[SHFE Tin Midday Review: SHFE Tin Prices Jump Initially and Then Pull Back Resilient Performance Amid Mine Bottlenecks and Macro Pressures] During the midday session on August 20, 2025, the most-traded SHFE tin contract (SN2509) closed at 266,820 yuan/mt, up 0.12% from the previous day, showing a pattern of jumping initially and then pulling back. The price fluctuation range during the session widened to 266,300-269,620 yuan/mt, with signs of continued capital reduction and position liquidation. Meanwhile, LME tin prices were slightly weaker, with the LME tin contract reporting $33,720/mt at noon, down 0.15%, having touched an intraday high of $33,775/mt. This was mainly due to supply disruptions in Southeast Asian tin mines and support from low inventories, with LME tin inventory remaining at an absolute low of 1,830 mt, highlighting the tightness in spot markets.

[SHFE Tin Brief: LME tin prices show relative resilience, maintaining strength during the day] On August 19, 2025, the most-traded SHFE tin 2509 contract fluctuated rangebound, rebounding slightly in the afternoon, and closed at 268,090 yuan/mt, up 0.46% from the previous trading day. The daily fluctuation range was 265,450—268,170 yuan/mt, with 44,882 lots traded. Open interest decreased by 1,092 lots to 21,004 lots, indicating a clear sign of capital withdrawal. The spot market also faced pressure, with downstream restocking willingness slightly rebounding but high prices suppressing transaction volumes. Traders refused to budge on prices for sales, while downstream buyers made just-in-time procurement, leading to a tug-of-war, and overall trading did not see significant improvement.

[SHFE Tin Midday Review: SHFE Tin Under Pressure and Fluctuating Slow Resumption of Production in Myanmar and Weak Demand Await Macro Guidance] During the midday session on August 19, 2025, the most-traded SHFE tin 2509 contract was at 266,320 yuan/mt, down slightly by 0.2% from the previous day's settlement price, maintaining a fluctuate rangebound pattern with somewhat sluggish trading. LME three-month tin closed overnight at $33,670/mt.

[SHFE TIN NOON COMMENTARY: SHFE TIN CONTINUES FLUCTUATING MACRO FORCES INTERWEAVE LIMITING UPSIDE ROOM] During the midday session on August 18, 2025, the most-traded SHFE tin 2509 contract closed at 266,670 yuan/mt, up 110 yuan from the previous day's settlement price, with a gain of 0.04%. The morning trading session showed a fluctuate downward trend, opening at 266,820 yuan/mt and experiencing intraday fluctuations. LME tin also strengthened, closing overnight at $33,600/mt, with low inventory levels continuing to support prices in the LME market.