During yesterday's night session, SHFE tin prices experienced a slight decline before stabilizing at a low level with sideways movement. Downstream enterprises showed limited willingness to actively restock. [SMM Tin Morning Brief]

SMM Tin Morning Brief on September 9, 2025:

Futures: The most-traded SHFE tin contract (SN2510) dipped slightly during the night session before consolidating at low levels, closing at 269,600 yuan/mt, down 0.54% from the previous trading day.

Macro: (1) BYD is accelerating its European expansion by launching new car models and increasing dealerships. BYD Executive Vice President Li Ke stated at the Munich Auto Show on Monday that the company is negotiating with hundreds of local suppliers and plans to expand its European dealership network across 32 countries to over 1,000 by the end of 2025. Currently, BYD offers 13 car models in Europe, up from just 6 two years ago. (2) According to a September 8 announcement on the Shanghai Municipal Commission of Economy and Informatization's official account, to implement the "Implementation Opinions on Promoting the Innovative Development of Future Industries" jointly issued by seven ministries including the Ministry of Industry and Information Technology, Shanghai has launched its 2025 Future Industry Testbed Project Stockpiling initiative. The initiative aims to create future industry testbeds, enrich application scenarios, accelerate technology transfer, reduce innovation costs, and cultivate new momentum. The project focuses on future clusters such as intelligent systems, advanced manufacturing, new energy, space exploration, materials science, and healthcare. It supports ecosystem partnerships among technology providers, integrators, and end-users to tackle core technology breakthroughs, product validation, and demonstration applications, ultimately delivering flagship future industry products. (3) On September 8, CAAM issued an "Invitation Letter to Join the CAAM NEV Battery Branch." CAAM stated that, following consultations and approval by its 9th Council Standing Committee, the branch will establish a compliant platform for stakeholders to communicate and collaborate on promoting the healthy, sustainable development of the power battery industry. Preparations for the branch are underway, with its founding conference to be scheduled.

Fundamentals: (1) Supply-side disruptions: Tin ore supply tightens in key production regions like Yunnan, with some smelters remaining under maintenance in September (Bullish★). (2) Demand side: PV sector: Post-installation rush, tin bar orders decline in east China, lowering operating rates for some producers; Electronics: South China’s electronic end-users enter the off-season amid high tin prices, sustaining wait-and-see sentiment with only essential orders; Other sectors: Stable demand in tinplate and chemical applications without exceeding expectations.

Spot Market: Trading in the spot market was less active than expected yesterday, with most traders trading only 10-20 mt, and only a few traders trading 80-100 mt. The vast majority of downstream and end-user enterprises still prefer to place orders at low prices, and their willingness to actively restock is not high.

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