Trump: Emergency Meeting on Tariff Ruling to Be Held Wednesday, SHFE Tin Prices Hit Bottom and Rebounded [SMM Tin Morning Briefing]

SMM Tin Morning Update on September 3, 2025:

Futures: The most-traded SHFE tin contract (SN2510) hit bottom at 272,000 yuan/mt during the night session, then rebounded gradually to 274,000 yuan/mt and closed at 274,100 yuan/mt, down 0.08% from the previous trading day.

Macro: (1) Nvidia (NVDA.O) stated that recent media reports about H100/H200 chips being "supply constrained" and "sold out" are false. As we explained in our earnings report, cloud service partners can indeed lease all H100/H200 chips online, but this does not mean we cannot accept new orders. We have sufficient H100/H200 inventory to immediately meet all order demands. Rumors that H20 chip sales are cutting into H100/H200 or Blackwell product supplies are also completely untrue—H20 sales will not affect Nvidia's supply capability for other products. (2) India's tax committee proposed a significant increase in the consumption tax on luxury EVs, recommending raising the tax rate on EVs priced between 2 million and 4 million rupees (approximately $22,700 to $45,400) from 5% to 18%, and supporting higher taxes on EVs priced over $46,000, stating these vehicles are used by the "high-end segment" of society. (3) Trump: An emergency meeting on tariff rulings will be held on Wednesday. An appeal will be filed with the Supreme Court as early as Wednesday; if the tariff appeal is rejected, tariffs will have to be withdrawn. If the tariff ruling is unfavorable, trillions of US dollars will have to be refunded. The Supreme Court will be urged to expedite the ruling.

Fundamentals: (1) Supply-side disruptions: Overall tin ore supply is tightening in major production areas like Yunnan, with some smelters maintaining production halts for maintenance in September (Bullish ★). (2) Demand side: PV industry: After the installation rush, orders for PV tin bars in east China declined, and some producers saw lower operating rates; Electronics industry: Electronics end-users in south China entered the off-season, coupled with high tin prices, leading to strong wait-and-see sentiment among end-users, with orders only meeting just-in-time procurement; Other sectors: Demand remained stable in areas such as tinplate and chemicals, without exceeding expectations.

Spot market: Spot market transactions cooled, with most traders reporting only single-digit transactions yesterday. Downstream and end-user enterprises largely adopted a wait-and-see attitude toward current prices, maintaining just-in-time procurement.

[The information provided is for reference only. This article does not constitute direct investment research advice. Clients should make decisions cautiously and not use this to replace independent judgment. Any decisions made by clients are unrelated to SMM.]