During the night session, SHFE tin prices retreated from highs. Trading in the spot market was sluggish last week. [SMM Tin Morning News]

SMM Tin Morning Briefing on October 13, 2025:

Futures: The most-traded SHFE tin contract (SN2511) saw a significant decline after the night session opened last week, hitting a low of 280,600 yuan/mt. Overall, prices were driven downward by the broader market.

Macro: (1) At the 2025 China Mobile Global Partners Conference, Zhong Zhihong, Chief Engineer of the Ministry of Industry and Information Technology, stated that innovation should be prioritized, with a focus on self-reliance in information and communication technology. Efforts will be made to advance 6G technology R&D, nurture potential application ecosystems, accelerate breakthroughs in high-end computing chips and industrial multimodal algorithms, create high-quality datasets, and vigorously develop new-generation intelligent terminals such as smart robots and wearables. This will help build an integrated, all-scenario intelligent interaction environment, promoting the interconnection of everything. (2) On October 11, at a press conference held by the State Council Information Office on the "High-Quality Completion of the 14th Five-Year Plan" series, Minister of Housing and Urban-Rural Development Ni Hong introduced that during the 14th Five-Year Plan period, people's housing conditions further improved. Nationwide, the cumulative sales of new commercial residential properties reached 5 billion m²; more than 11 million units (rooms) of various types of affordable housing, urban villages, and old urban area renovation resettlement housing were constructed, benefiting over 30 million people. (3) On October 11, at the 2025 China Mobile Global Partners Conference, Zhong Zhihong, Chief Engineer of the Ministry of Industry and Information Technology, reiterated the importance of innovation, emphasizing self-reliance in information and communication technology. He highlighted the need for early planning in 6G technology R&D, nurturing potential application ecosystems, accelerating breakthroughs in high-end computing chips and industrial multimodal algorithms, creating high-quality datasets, and vigorously developing new-generation intelligent terminals such as smart robots and wearables. This will help build an integrated, all-scenario intelligent interaction environment, promoting the interconnection of everything.

Fundamentals: (1) Supply-side disruptions: The overall supply of tin ore in major production areas like Yunnan is tightening. Some smelters are maintaining shutdowns for maintenance in October (Bullish ★). (2) Demand side: Due to sluggish demand in consumer electronics and home appliances, orders have significantly decreased. Downstream buyers are cautious, and high prices are clearly suppressing actual consumption. Limited boost from emerging sectors: Although the increase in AI computing power and PV installations has driven some tin consumption, its current contribution is small and insufficient to offset the decline in traditional sector consumption.

Spot market: The spot market is sluggish, with a situation of "prices without transactions." As prices climbed above 280,000 yuan/mt, downstream enterprises generally found it difficult to accept, and purchases were strictly based on immediate needs. Traders tended to sell at higher prices, leading to limited overall transactions.

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