According to an SMM survey of local smelters in Indonesia, the recent crackdown on illegal mining launched by Indonesia has had no direct impact on the state-owned tin smelter Timah or the largest private tin mining company, Arsari Tambang. In terms of mining area scale, the total area of mines in the Bangka Belitung region of Indonesia is approximately 530,000 hectares. Among these, PT Timah held 125 Mining Business Permits (IUPs) in 2023-2024, with a total mining area of 472,900 hectares (including 288,600 hectares on land and 184,300 hectares offshore).

[SMM Tin Midday Review: Indonesia's Crackdown on Illegal Mining Sparks Supply Concerns, SHFE Tin Closes Strongly Higher at Midday] On September 30, 2025, at midday, the most-traded SHFE tin contract (2511) settled at 275,130 yuan/mt, up 0.96%. It once surged to 283,000 yuan/mt during the session, hitting a new high since April 3, before paring some gains and hovering at highs overall. Overnight, LME tin performed strongly, closing at $35,455/mt, up 2.79%, leading the gains in the base metal market. However, during the Asian session today, LME tin pulled back to $35,040/mt, reflecting a subtle shift in market sentiment ahead of the holiday.

KBRN, Jakarta: Indonesian President Prabowo Subianto has ordered the Indonesian Military (TNI), National Police, and the Directorate General of Customs and Excise to launch a large-scale operation targeting smuggling routes and 1,000 illegal tin mining sites in Bangka Belitung, which have cost the state tens of trillions of rupiah.

Prabowo Subianto has ordered the closure of 1,000 illegal tin mines in the Bangka Belitung Province. [SMM Tin Morning Brief] Futures: The most-traded SHFE tin contract (SN2511) opened sharply higher during the night session and then held steady, closing at 279,600 yuan/mt, up 2.62% from the previous trading day.

The Ministry of Industry and Information Technology (MIIT) and seven other departments issued the Work Plan for Stable Growth of the Non-ferrous Metals Industry (2025-2026). It mentioned that from 2025 to 2026, the added value of the non-ferrous metals industry is expected to grow by about 5% annually, with economic benefits maintaining a positive trend.

[SMM Tin Midday Review: Tin Market in the Doldrums in the Morning Session, Downstream Stockpiling Nears Completion Ahead of the National Day Holiday] This morning, the most-traded SHFE tin 2511 contract moved downwards after a higher opening. It opened at 274,070 yuan/mt, up 520 yuan from the previous day, but futures soon came under pressure and pulled back. By the midday close, it settled at 271,950 yuan/mt, down 1,600 yuan or 0.58%. Trading activity remained sluggish, with some funds opting to take profits ahead of the holiday. Combined with rising risk aversion on the macro front, tin prices remained in the doldrums. On the LME side, tin closed up 0.07% at $34,415 overnight, but LME tin inventory increased by 35 mt from the previous day to 2,775 mt. With low inventory providing support and inventory buildup exerting pressure, LME tin is likely to continue fluctuating in the short term.

SHFE tin futures maintained high fluctuations during the night session. Downstream enterprises generally maintained rigid procurement due to cost pressure. [SMM Tin Morning News] Futures: The most-traded SHFE tin contract (SN2511) opened slightly lower during the night session and maintained a fluctuating trend, closing at 273,200 yuan/mt, down 0.12% from the previous trading day.

[SMM Morning Meeting Minutes: Weak Fundamentals Coupled with Approaching National Day Holiday, Tin Prices Expected to Maintain Fluctuating Trend] Last week, on the macro front, US Fed officials adopted a relatively cautious stance toward further interest rate cuts, believing that current interest rates are in a good equilibrium and that no further easing is necessary. Regarding US economic data, although the job market remains close to maximum employment, inflation issues persist, requiring the US Fed to be very cautious when unwinding restrictive monetary policies.

[SMM Tin Midday Review: Tin Market Fluctuated Upward in the Midday Session, Pre-Holiday Capital Games Intensified] On September 26, 2025, during the midday session, the most-traded SHFE tin 2511 contract showed an upward fluctuation pattern. By the midday close, the most-traded SHFE tin contract was quoted at 274,570 yuan/mt, up 1,100 yuan from the previous day's settlement price, an increase of about 0.4%. In the night session, SHFE tin was in the doldrums, closing slightly lower at the end. Today's morning session opened with range-bound fluctuations, trading atmosphere was somewhat cautious during the session, and prices saw a slight uptick towards the close. In external markets, the London Metal Exchange (LME) tin price performed relatively firm; overnight, LME tin closed at $34,440/mt, up $119, a gain of 0.35%. During the Asian session, LME tin was quoted at $34,515/mt, showing a technically upward fluctuation trend.

SHFE tin prices fluctuated at highs during the night session, while the spot market was suppressed with overall sluggish trading. [SMM Tin Morning Brief] Futures: The most-traded SHFE tin contract (SN2511) fluctuated downward at the opening of the night session before rebounding, closing at 273,400 yuan/mt, down 0.01% from the previous trading day.