[SMM Tin Midday Review: Expectations for US Fed Interest Rate Cut in September Continue to Build Up, SHFE Tin Continues to Fluctuate at Highs] On the morning of September 2, 2025, the most-traded SHFE tin 2510 contract opened lower at 273,500 yuan/mt and hovered at highs during the session. By midday, it closed at 274,360 yuan/mt, rising slightly from the previous trading day's settlement price, with intraday volatility reflecting the market's repeated tug-of-war between macro optimism and weak fundamentals. Overnight, LME tin closed at $35,060/mt, up 0.31%, but during today's Asian trading hours, LME e-tin came under pressure and pulled back, with the latest price at $34,895/mt, down 0.47%, indicating cautious trading in overseas markets.

[SMM Tin Futures Review: Weak Supply and Demand Persists, Supply Disruptions Remain Core Contradiction in Tin Market] On September 1, 2025, the most-traded SHFE tin 2510 contract remained in the doldrums, with futures under sustained pressure in the afternoon session. It ultimately closed at 273,240 yuan/mt, down 2,570 yuan (0.93%) from the previous trading day. The intraday trading range was 271,540-279,010 yuan/mt, with the settlement price at 273,770 yuan/mt. Trading volume reached 146,445 lots, while open interest declined by 10,315 lots to 35,983 lots, indicating heightened risk-averse sentiment among investors. Meanwhile, LME tin prices also retreated, with the three-month LME tin contract settling at $34,865/mt, down $85 (0.24%). The session's high and low stood at $35,150 and $34,760 respectively, reflecting cautious trading in overseas markets.

[SMM Tin Midday Review: Domestic September-October Peak Season Demand Yet to Materialize, SHFE Tin May Extend Fluctuating Trend] At midday on August 28, 2025, the most-traded SHFE tin 2510 contract settled at 272,540 yuan/mt, up 1,210 yuan (0.45%) from the previous settlement. Prices fluctuated rangebound at elevated levels during the session, moving between 270,800-272,860 yuan/mt, with cautious market sentiment and mildly expanding trading volume. Meanwhile, LME three-month tin maintained strength at $34,560/mt, gaining $50 (0.14%) on the day, while showing initial signs of inventory buildup though absolute levels remained at yearly lows.

This week, cobalt sulfate prices continued to rise, while nickel sulfate prices also increased slightly. In contrast, the prices of salt products such as lithium carbonate continued to decline. Although the nickel and cobalt coefficients for materials like NCM and LCO black mass increased slightly due to rising salt prices, the lithium coefficient fell after a previous drop. The lithium point price for LFP black mass also fluctuated within a narrow range this week.

This week, the ferrous metals series exhibited a "V"-shaped trend. On Monday, futures continued to consolidate at high levels amid rumors of a coal mine accident from the previous Friday and Shanghai's property market easing policies. However, some mine-related rumors were debunked, with limited impact on actual production, while the fundamentals of finished steel remained weak, leading to a mid-week pullback in futures from elevated levels. Approaching the weekend, market rumors suggested China would push for steel production cuts in 2025 and 2026, prompting bears to temporarily retreat, though upward pressure on the ferrous complex remained evident. On the spot market, during the transition between peak and off-seasons, end-use demand appeared yet to materialize......

[SMM Tin Midday Review: Supply-Demand Deadlock Persists, SHFE Tin Holds Steady at Highs] At midday on August 28, 2025, the most-traded SHFE tin 2510 contract settled at 272,540 yuan/mt, up 1,210 yuan (0.45%) from the previous session's settlement. Prices fluctuated rangebound at elevated levels during the session, moving between 270,800-272,860 yuan/mt, with cautious market sentiment and mild expansion in trading volume. Meanwhile, the LME three-month tin contract extended its strength to $34,560/mt, gaining $50 (0.14%) on the day, while showing initial signs of inventory buildup though absolute levels remained at yearly lows.

Malaysia exported just 7,181 tonnes of stainless-steel scrap in 2024, with India (72%) and Taiwan (24%) taking nearly all. China bought only 111 tonnes (1.5%), showing how its strict GB/T 39733-2020 import rules keep Malaysian scrap out despite higher prices. Without investment in sorting and certification, Malaysia will stay dependent on India and Taiwan.

【SMM Scrap Aluminium Market Analysis: Interpretating Data of Chinese Imports of Scrap Aluminium 2024-25】According to data from Shanghai Metals Market (SMM), China imported a total of 1.17 million tonnes of scrap aluminium from January to July 2025, representing a 7.34% increase compared to 1.09 million tonnes during the same period in 2024. Five key source regions: Thailand, Malaysia, the European Union, Japan and South Korea, collectively exported 696,900 tonnes to China during the same period, an 11% year-on-year increase. Their combined share of China’s total scrap aluminium imports rose from 57.61% to 59.56%, indicating a further increase in China’s reliance on these regions for scrap aluminium, especially Thailand.

[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.