[SHFE Tin Midday Review: SHFE Tin Consolidates at High Levels Awaiting Guidance Supply and Demand Weakness Constrains Price Breakthrough] During the midday session on August 28, 2025, the most-traded SHFE tin 2510 contract closed at 272,540 yuan/mt, up 1,210 yuan from the previous day's settlement price, with a gain of 0.45%. The price fluctuated rangebound at high levels, ranging between 270,800 and 272,860 yuan/mt. Market trading sentiment was cautious, and trading volume mildly increased. Meanwhile, LME three-month tin continued its strong performance, closing at $34,560/mt, up $50 (a 0.14% increase) from the previous day. Signs of inventory buildup emerged, but the absolute level remained at a low for the year.

Beijing Municipal Communications Administration Issued the "5G+Industrial Internet" Innovation and Development Implementation Plan (2025-2027) SHFE tin prices maintained a high-level sideways trend [SMM Tin Morning Brief] Macro: (1) The third batch of national trade-in funds has been allocated. Starting from August 26, Taobao and Tmall have taken the lead in launching the program! Currently, consumers in numerous provinces and cities such as Beijing, Shanghai, Zhejiang, and Guangdong can enter the national subsidy zone by accessing the homepage of the Taobao app or searching for "national subsidies," to claim relevant subsidies. This year, the scope of national subsidies has expanded further. With the back-to-school season underway, smart lamps, study desks and chairs, and learning machines are included in the trade-in subsidy range for the first time, with a maximum subsidy of 20%; at the same time, 3C digital products including mobile phones, tablets, and smartwatches/bands priced under 6,000 yuan can enjoy a 15% subsidy, with a maximum reduction of 500 yuan.

[SHFE Tin Midday Review: LME Low Inventory Support vs Domestic Demand Weakness, the Most-Traded SHFE Tin 2510 Contract Struggles at 270,000 Yuan/mt Level] During today's midday session, the most-traded SHFE tin 2510 contract closed at 273,120 yuan/mt, up 1.26% from the previous day, with intraday fluctuations ranging between 269,030-273,570 yuan/mt. Despite briefly breaking through the 270,000 yuan/mt level during the night session, trading was weak during the daytime, and trading volume pulled back MoM, reflecting a strong wait-and-see sentiment in the market. Meanwhile, the LME tin contract edged up to $34,355/mt, up 0.66%, supported by low overseas inventory.

The State Council issued the Opinions on Deepening the Implementation of the "Artificial Intelligence +" Action Plan. SHFE tin prices slightly increased and then maintained a high-level sideways trend [SMM Tin Morning Brief]. Macro: (1) The Beijing Municipal Bureau of Economy and Information Technology, together with the Beijing Communications Administration, released the Beijing 5G + Industrial Internet Innovation and Development Implementation Plan (2025-2027). It proposes to strengthen technological innovation and application. Support top-tier enterprises to conduct technology and product application validation in key industry areas such as industrial manufacturing, vehicle networking, and medical health, based on 5G technologies including high reliability, low latency, lightweight, wide connectivity, high speed, and integrated sensing. Promote the practical evolution and upgrade of enhanced characteristics of industrial 5G networks. Focus on supporting the large-scale application of technologies such as industrial wireless (5G), industrial Ethernet (TSN), edge computing, information modeling, deterministic networks, industrial computing power, open automation, and industrial data interoperability in key industries. Advance the pre-research and layout of 6G in industry scenarios, and explore commercialization pathways.

[SHFE Tin Brief: Tin Prices Continue to Consolidate in a Range, Low Inventory Supports While Weak Demand Constrains] SHFE tin is expected to maintain sideways movement between 250000-275000 yuan/mt. Low inventory and supply disruptions provide bottom support, but weak demand and macro uncertainties limit upside room. Attention should be paid to the progress of production resumptions in Myanmar, DRC's geopolitical risks, and the pace of recovery in the semiconductor industry.

[SHFE TIN NOON COMMENTARY: HIGH SPOT PREMIUMS FOR TIN INGOTS CONSTRAIN VOLUMES AS BUYERS LIMIT PURCHASES TO SMALL LOTS] On August 26, 2025, the most-traded SHFE tin 2509 contract closed at 269,400 yuan/mt, up 0.34% from the previous day, with the intraday trading range narrowing to 268,330-270,350 yuan/mt. Trading was sluggish, and open interest saw a slight decrease, reflecting a strong wait-and-see sentiment in the market. LME tin opened at $33,800/mt (down 0.13% from the previous day), fluctuating around $33,900/mt during the Asian session, facing significant resistance at $34,000/mt.

Trump Threatens Hefty Tariffs on Countries Implementing Digital Taxes SHFE Tin Prices Maintain Fluctuating Trend [SMM Tin Morning Brief] Macro: (1) US President Trump posted on social media: "I warn all countries that implement digital taxes, legislation, rules, or regulations, unless these discriminatory measures are removed, I, as the President of the US, will impose significantly higher additional tariffs on their exports to the US and implement export restrictions on our highly protected technology and chips. Please respect the US and our outstanding tech companies, or else, bear the consequences!" (2) The Passenger Car Association released the 2025 June Automotive Intelligence and Connectivity Insight Report, indicating that from January to June, the overall AEB installation rate performed well, with a passenger car installation rate reaching 64.4%, and 160,000-240,000 passenger cars accounting for 75.4% of the total, still showing room for growth. The AEB installation rate in the passenger NEV market has already reached 67.1%. The continuous improvement in multi-dimensional technology integration, coupled with the ongoing optimization of hardware costs, is driving the constant enhancement of AEB capabilities.

[SHFE TIN NOON COMMENTARY: MACRO DOVE SENTIMENT BOOSTS TIN PRICES REBOUND, TIGHT SUPPLY AND WEAK DEMAND LIMIT UPSIDE ROOM] During today's noon session, the most-traded SHFE tin 2509 contract showed a low-to-high trend. It opened at 266,000 yuan/mt and climbed to 271,090 yuan/mt during the session, mainly due to the recovery of macro sentiment and support from the LME. The contract closed at 269,340 yuan/mt at noon, up 3,010 yuan/mt or 1.13% from the previous trading day's settlement price. Trading volume and open interest both increased, indicating a significant rise in market trading sentiment. LME tin prices also strengthened, closing at $33,845/mt overnight, with a daily gain of 1.11% and a weekly increase of 0.45%, showing enhanced short-term bullish expectations for tin prices.

Futures: Last Friday night, LME copper opened at $9,739/mt, dipped to a low of $9,708/mt in early trading, then fluctuated upward throughout the session, reaching a high of $9,813.5/mt near the close.

Intel Agrees to Sell 10% of Its Shares to the US Government SHFE tin prices maintain a fluctuating trend [SMM Tin Morning Brief] Macro: (1) On August 23, MIIT Deputy Minister Xiong Jijun emphasized at the 2025 China Computing Power Conference that the MIIT will orderly guide the construction of computing power facilities and effectively improve the quality of computing power resource supply. It will promote the improvement of the policy system for computing power layout, optimize the layout of computing power infrastructure, guide localities to reasonably arrange intelligent computing power facilities, and continuously carry out the construction of national green data centers. The status of enterprises as innovation subjects will be strengthened, and the deep integration of scientific and technological innovation with industrial innovation will be promoted. Efforts will be accelerated to break through key core technologies such as GPU chips and expand the supply of basic common technologies. (2) Intel Agrees to Sell 10% of Its Shares to the US Government - US chipmaker Intel Corporation announced on the 22nd that it has reached an agreement with the US federal government, under which the latter will invest $8.9 billion in Intel's common stock, acquiring 9.9% of the company's shares at a price of $20.47 per share.