US Fed Officials Divided Over December Interest Rate Cut, Tin Prices May Remain High in the Short Term [SMM Tin Morning Meeting Minutes]

SMM Tin Morning Meeting Minutes November 24, 2025

On the international macro front last week, US Fed officials expressed divergent views on the December interest rate cut, with some citing weakness in the job market as a primary concern, while others worried that further rate cuts could prolong high inflation and pose financial stability risks. The US Department of Commerce approved exports of advanced semiconductors to artificial intelligence companies in Saudi Arabia and the UAE, indicating continued strong investment momentum in the global AI sector. Domestically, the overall supply-demand pattern in the tin ore market remained tight. On the supply side, tin ore supply from major producing regions such as Yunnan tended to tighten, while production at most smelters was expected to remain relatively stable. On the demand side, weak market conditions in consumer electronics and home appliances led to a noticeable decline in orders. Downstream procurement remained cautious, and high prices significantly suppressed actual consumption. Although emerging sectors such as AI computing power enhancement and growth in PV installations drove some tin consumption, their contribution scale remained limited and insufficient to offset the consumption decline in traditional sectors. Trading in the spot market was generally sluggish, with downstream and end-user purchase sentiment remaining low, and only minimal just-in-time procurement occurring. Traders showed relatively high quotation interest, but actual transactions were limited. Overall, domestic and overseas market dynamics and policy changes suggest that tin prices may maintain a fluctuating trend in the short term. Investors are advised to exercise caution and monitor subsequent supply-demand changes and policy developments.