Tin price stabilizes at the 270,000 mark, downstream enterprises start to adopt a wait-and-see attitude [SMM Tin Morning News]

SMM Tin Morning Brief on August 13, 2025:

Futures: The most-traded SHFE tin contract (SN2509) fluctuated rangebound during the night session, closing at 270,600 yuan/mt, up 0.1% from the previous trading day.

Macro: (1) During the 14th Five-Year Plan period, China has significantly increased investment in computing power infrastructure, achieving remarkable results. Data shows that in 2025, China's general computing power is expected to grow by 20%, while its intelligent computing power is projected to expand by 43%, ranking second globally after the US. Over the past five years, the total computing power scale has maintained an annual growth rate of around 30%. (2) US President Trump stated on Monday that Nvidia might be allowed to sell its Blackwell AI chips in China, which are likely more powerful than the previously approved H20 chips. Foreign Ministry spokesperson Lin Jian responded that specific questions should be directed to relevant Chinese authorities, reiterating China's consistent stance on US chip exports and urging the US to take concrete actions to maintain stable global supply chains. (3) On August 12, CPCA data showed June passenger vehicle sales reached 2.14 million units (up 20.6% YoY, 14.7% MoM), with new energy vehicle sales at 1.11 million units (up 33.3% YoY, 15.0% MoM), outperforming the overall market. NEVs accounted for 51.9% of total passenger vehicle sales (up 0.2% MoM, 4.9% YoY), including 676,000 BEVs (up 42.1% YoY, 16.8% MoM) and 434,000 PHEVs (up 21.6% YoY, 12.4% MoM). Cumulative NEV sales in 2025 totaled 5.274 million units, up 30.9% YoY.

Fundamentals: (1) Supply disruptions: Tin ore supply tightens in major production areas like Yunnan, with some smelters potentially maintaining maintenance shutdowns or minor production cuts in August (Bullish★). (2) Demand: PV sector: Post-installation rush, tin bar orders declined in east China, lowering operating rates at some producers; Electronics: South China's terminal electronics entered off-season amid high tin prices, with end-users adopting wait-and-see sentiment and maintaining only essential orders; Other sectors: Stable demand in tinplate and chemical industries without exceeding expectations.

Spot market: As tin prices stabilized above 270,000 yuan, downstream enterprises turned cautious with subdued restocking sentiment. Most traders reported only sporadic transactions.

[The provided information is for reference only. This article does not constitute direct investment advice. Clients should make prudent decisions independently and not rely solely on this content. SMM bears no responsibility for clients' investment decisions.]