Tin prices fluctuated at highs, with tight supply providing some support. [SMM Tin Morning Meeting Minutes]

October 13, 2025 SMM Tin Morning Meeting Minutes

This week, the domestic and overseas tin market overall showed a trend of fluctuating at highs, influenced by various factors. On the macro front, US Fed officials adopted a cautious stance towards further interest rate cuts, believing that current interest rates are in a good equilibrium and that further easing is unnecessary. On the domestic tin ore market, supply-side disruptions were evident, with tightening supply from major producing areas such as Yunnan; some smelters remained shut for maintenance, providing some support to prices. Demand side, the solder industry saw a significant reduction in orders due to weak demand in the consumer electronics and home appliance markets. Downstream purchasing was relatively cautious, and high prices significantly suppressed actual consumption. While emerging sectors such as AI computing power enhancement and growth in PV installations drove some tin consumption, their contribution scale remained small and insufficient to offset the gap left by declining consumption in traditional sectors. In the spot market, transactions were relatively sluggish, with most downstream and end-user enterprises opting to wait-and-see and suspending purchase activities. Fundamentally, the tight supply situation and policy support effects together constitute upward momentum for tin prices, but caution is needed against the risk of a pullback if post-holiday demand verification falls short of expectations. SHFE tin prices are expected to continue hovering at highs in the near future. Investors need to closely monitor changes in domestic and overseas policies as well as supply and demand conditions, and operate cautiously.