[SMM Tin Midday Review: Market Closely Watches US CPI Data to Be Released Tonight; SHFE Tin Maintains Fluctuating Trend at Midday] At midday on September 11, 2025, the most-traded SHFE tin 2510 contract closed at 271,000 yuan/mt, up 1,520 yuan, or 0.56%, from the previous trading day. The trading range during the session was between 270,430 yuan/mt and 272,680 yuan/mt, showing a trend of fluctuating at highs.

[SMM Tin Midday Review: Tug-of-War Between Sellers and Buyers Intertwined With Macro Caution, SHFE Tin Fluctuates Rangebound in Morning Session] On the afternoon of September 10, the most-traded SHFE tin 2510 contract opened lower at 269,080 yuan/mt and maintained a rangebound fluctuation pattern during the session, closing at 270,370 yuan/mt by midday, up 580 yuan/mt (0.21%) from the previous trading day. The domestic market exhibited a tug-of-war between "strong supply constraints" and "weak actual demand," with the price fluctuation range narrowing and trading activity showing slight caution. Meanwhile, LME tin futures remained under pressure overnight, temporarily quoted at $34,275/mt, up $240 (0.71%). The inventory rebound and narrowing spot premiums suggested a slight easing of short-term supply pressure overseas.

Overall, market procurement conditions in August 2025 continued to improve compared to June and July, showing a month-on-month increase of approximately 15%. Downstream demand generally strengthened: due to favorable lithium carbonate price trends, most lithium iron phosphate (LFP) hydrometallurgical plants increased production or resumed operations this month, leading to a 10% to 15% month-on-month rise in recycled lithium salt volumes. For ternary hydrometallurgical plants, stable prices of cobalt sulfate and lithium carbonate supported normal procurement activities. While recycled nickel salt production increased by about 10%, cobalt salt production experienced a slight month-on-month decline.Recently, recycled cobalt salt has accounted for a relatively high proportion of raw material cobalt sulfate supply. This is primarily due to two factors: first, the production base of recycled cobalt salt is inherently small; second, using recycled materials (especially lithium cobalt oxide waste) to produce cobalt sulfate is currently more economical compared to using raw materials like MHP (Mixed Hydroxide Precipitate). Recycled cobalt sulfate now constitutes 29% of total cobalt sulfate production.

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.

[SMM Tin Midday Review: SHFE Tin Fluctuates Around 270,000 Yuan/mt Mark Amid Mixed Bullish and Bearish Factors Awaiting Direction] On the midday of September 9, 2025, the most-traded SHFE tin contract (SN2510) fluctuated around the 270,000 yuan/mt mark, briefly dipping during the session but finding temporary support, ultimately settling near 269,690 yuan/mt by the midday close, down 0.52% from the previous trading day's settlement price.

[SMM Tin Futures Review: LME Tin Futures Prices Show Relative Resilience While SHFE Tin Prices Fluctuate Downward Overall] On September 8, 2025, the most-traded SHFE tin SN2510 contract rebounded slightly in the afternoon session, closing at 270,700 yuan/mt with a daily decline of 0.57%. During the night session, the contract opened slightly higher but subsequently plunged sharply, settling at 269,750 yuan/mt, down 0.92% from the previous trading day.

[SMM Tin Midday Review: US August Non-Farm Payrolls Data Fell Far Short of Expectations, SHFE Tin Prices Fluctuate Rangebound] Macro perspective, the US August non-farm payrolls data fell far short of expectations (only 22,000 new jobs added), with the unemployment rate rising to 4.3%, reinforcing market expectations for a US Fed interest rate cut in September. The weakening US dollar provided some support to commodity prices. However, the potential impact of Trump's tariff policies on the semiconductor industry chain and the lackluster demand during the domestic September-October peak season continued to limit the upside room for tin prices. Inventory side, LME tin inventory increased slightly recently (rising by 205 mt in August to 2,155 mt), but global visible inventory remained at historically low levels, providing support to the price floor.

The operating rate of secondary copper rod was 28.33% in August, higher than the expected 27.43%, down 2.57% MoM but up 3.62% YoY. The core challenge facing the secondary copper rod market in August stemmed from policy expectation uncertainties.

This week, the ferrous metals series exhibited a wave-like trend, with iron ore showing relative strength. The week marked the most intensive period of environmental protection-driven production restrictions for the 93rd military parade, leading to a pullback in hot metal production that weakened the rigid demand for coke. The reduced raw material support, coupled with strengthened transportation controls in some northern regions, caused a pause in demand, resulting in an overall weak performance for the ferrous metals series. Prices of multiple varieties dropped to their lowest levels in nearly one and a half months. In the latter half of the week, production resumptions followed the completion of maintenance in the north, triggering a rebound from low price levels. However, the upside room remained constrained by weak finished product data. On the spot market, end-use procurement demand in the north remained under restrictions this week, leading to rapid inventory accumulation. Meanwhile, some markets in south China saw a release of end-use demand...

[SMM Tin Midday Review: SHFE Tin Under Pressure in Morning Session, Awaiting Non-Farm Payrolls Data Guidance] At midday on September 5, 2025, the most-traded SHFE tin 2510 contract remained under pressure, closing at 271,930 yuan/mt by the lunch break, down 870 yuan (0.32%) from the previous settlement price. The futures moved downwards after a higher opening, initially quoted at 272,300 yuan/mt but struggling to rise thereafter, remaining in the doldrums. Overnight, LME tin fell 0.56% to $34,425/mt with a trading volume of 514 lots, while open interest dropped by 2.25 million to 211.7 million lots, reflecting strong wait-and-see sentiment ahead of key data. LME tin inventories continued rising, reporting 2,195 mt on September 4 (up 30 mt from the prior day), exerting slight pressure on prices. Macro perspective, markets focused on the upcoming US non-farm payrolls data, with August ADP employment adding 54,000 (far below expectations of 65,000), reinforcing expectations for US Fed interest rate cuts in September, though a US dollar rebound weighed on risk assets.