Mexican Minister of Economy stated that they are seeking to raise tariffs on Asian-made cars to as high as 50%. Driven by macro sentiment, SHFE tin prices saw a slight increase [SMM Tin Morning Brief].

SMM Tin Morning Briefing on September 11, 2025:

Futures: The most-traded SHFE tin contract (SN2510) rose slightly during the night session and then maintained a high-level sideways trend, closing at 271,900 yuan/mt, up 0.93% from the previous trading day.

Macro: (1) According to reports, Mexico's Minister of Economy Marcelo Ebrard stated that the country seeks to increase tariffs on Asian-made cars to as high as 50%. "We will raise tariffs because the price of cars arriving in Mexico is below what we call the reference price," Ebrard said on the sidelines of an event in the State of Mexico on Wednesday. "Our main goal is to protect jobs, with an estimated 320,000 jobs directly related to the trade flow of these products." (2) According to Shanghai Business, based on the implementation status of our city's car trade-in subsidy policy, it has been decided after research to revise the "Implementation Rules for Further Supporting Car Replacement and Renewal Subsidy Policies in Shanghai in 2025" (Shangshang Market [2025] No. 112). The specific adjustments are as follows: For individual consumers purchasing new vehicles starting from September 11, 2025 (inclusive, based on the invoice date specified on the Uniform Motor Vehicle Sales Invoice), the newly purchased vehicle must be registered in Shanghai. (3) On September 8, Luo Wen, Party Secretary and Director of the State Administration for Market Regulation, presided over the ninth collective (expanded) study session of the administration's Party leadership group in 2025. The meeting required that safety responsibilities be strictly enforced, ensuring the implementation of corporate primary responsibility, departmental regulatory responsibility, and local management responsibility. It also called for the vigorous promotion of smart regulation, accelerating the establishment of an "Internet + AI" food safety supervision model, optimizing the "one product, one code, one platform" system for industrial products, and building and improving the national special equipment safety supervision information platform. Efforts should be made to balance development and safety, actively promoting the renewal and renovation of old elevators and other special equipment, as well as the trade-in of e-bikes and home appliances, to support the implementation of the national "program of large-scale equipment upgrades and consumer goods trade-ins" and "implement major national strategies and build up security capacity in key areas" with high-level safety regulation. It is also necessary to continuously strengthen the institutional foundation, accelerating the revision of laws and regulations such as the "Special Equipment Safety Law of the People's Republic of China" and the "Product Quality Law of the People's Republic of China," and continuously advancing the formulation and revision of safety standards to provide strong support for safety regulation.

Fundamentals: (1) Supply-side disruptions: Overall tin ore supply in Yunnan and other major production areas is tightening, with some smelters maintaining shutdowns for maintenance in September (bullish ★) (2) Demand side: PV industry: After the installation rush, orders for PV solder bars in east China have declined, and the operating rates of some producers have decreased; Electronics industry: The electronic terminals in south China have entered the off-season, coupled with high tin prices, leading to a wait-and-see sentiment among end-users, with orders only maintaining basic needs; Other sectors: Such as tinplate and chemicals, demand remains stable without any unexpected growth.

Spot Market: Spot market transactions were sluggish yesterday, with most traders only concluding single-digit deals, while a few traders traded over 20 mt. The price decline did not meet downstream enterprises' expectations, and purchasing willingness did not significantly improve; they continued to make just-in-time procurement or use inventory for production.

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