Guo Shougang from the Ministry of Industry and Information Technology stated that China's intelligent connected vehicle industry has achieved positive results. SHFE tin prices saw a slight rebound in the night session [SMM Tin Morning News].

SMM Tin Morning Brief on September 24, 2025:

Futures: The most-traded SHFE tin contract (SN2510) rose slightly at the opening of the night session and then fluctuated rangebound, closing at 271,000 yuan/mt, up 0.31% slightly from the previous trading day.

Macro: (1) Wang Hongzhi, Director of the National Energy Administration, published an article in Study Times titled "Promoting High-Quality Development of China's New Energy with Greater Efforts", pointing out that high-efficiency development should be the driver to steadily enhance the endogenous momentum for high-quality development. Technological innovation should continuously drive cost reduction and efficiency improvement, while orderly promoting the renovation and upgrading of old power stations to enhance operational efficiency. Proactive efforts should be made to improve the reliable output level and system compatibility of new energy, enhancing the ability of new energy power stations to participate in the electricity market competition. In addition, efforts should be accelerated to resolve the phased supply-demand imbalance in the upstream and downstream of the industry chain, carry out special rectification of PV industry "involution" competition, promote the quality improvement and upgrading of industries such as PV, and foster orderly competition and healthy development of new energy power generation and related industries. (2) Guo Shougang, Deputy Director of the First Department of Equipment Industry of the Ministry of Industry and Information Technology, stated on September 23 that China's intelligent connected vehicle industry has achieved positive results, with the scale of demonstrations steadily expanding. Seventeen national-level test demonstration zones have been completed nationwide, and 20 pilot cities for "vehicle-road-cloud integration" are being accelerated, with over 35,000 kilometers of test demonstration roads opened and more than 10,000 test demonstration licenses issued. (3) According to the Ministry of Industry and Information Technology, since the beginning of this year, the market penetration rate of new passenger vehicles equipped with combined driving assistance systems has exceeded 60%. The latest data show that from January to July 2025, sales of new passenger vehicles equipped with combined driving assistance systems in China reached 7.76 million units, with a penetration rate of 62.6%, an increase of 5.7 million units and 40 percentage points compared with the same period in 2021. Combined driving assistance systems have become a highlight of new car models and an important consideration for consumers. Relevant officials from the Ministry of Industry and Information Technology stated that the mandatory national standard for combined driving assistance systems has been open for public comments, and the 2025 World Intelligent Connected Vehicle Conference, hosted by the Ministry of Industry and Information Technology, the Ministry of Transport, and the Beijing Municipal People's Government in mid-next month, will discuss safety issues related to intelligent connected vehicles.

Fundamentals: (1) Supply-side disruptions: Overall tin ore supply in major production areas such as Yunnan is tightening, with some smelters maintaining shutdowns for maintenance in September (Bullish★). (2) Demand side: The solder industry, the main consumer of tin, has seen a significant reduction in orders due to weak demand in the consumer electronics and home appliance markets. Downstream procurement remains cautious, and high prices have significantly suppressed actual consumption. Limited boost from emerging fields: Although AI computing power improvements and growth in PV industry installations have driven some tin consumption, their current contribution scale remains small and insufficient to offset the decline in consumption from traditional sectors.

Spot market: Trading in the spot market was relatively mediocre yesterday, with a small number of enterprises maintaining just-in-time procurement. Most traders traded around 10 mt, while a few traders traded approximately two truckloads.

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