Latest Update in the SMM Carbon Anode Market

[SMM Tin Midday Review: Tin Prices See Roller Coaster Ride Again, Tug-of-War Between Longs and Shorts Leads to High-Level Stalemate] The most-traded SHFE tin contract showed a fluctuating downward trend. By the midday close, SHFE tin prices were clearly under pressure, down more than 1% from the previous day's settlement price. This movement extended the previous trading day's correction, with the most-traded SHFE tin contract closing overnight at 290,940 yuan/mt, down 3,310 points, a decline of 1.12%. From a macro perspective, recent market sentiment fluctuations have intensified significantly, becoming a key factor affecting short-term tin price movements. US Fed officials Logan and Schmid released strong hawkish signals, explicitly opposing a December interest rate cut, which cooled market expectations for a shift in the US Fed's monetary policy. This change boosted the US dollar index, thereby putting pressure on dollar-denominated metal prices. Meanwhile, domestic economic data for October showed mediocre performance, with industrial added value of enterprises above designated size up 4.9% YoY, and demand boost remaining insufficient, making it difficult to provide effective support for tin prices.

This week, finished steel products fluctuated rangebound, while raw material prices diverged, with coking coal and coke showing relative weakness. Iron ore prices trended upward during the week, yet the average price edged down slightly on a WoW basis. In the first half of the week, the National Development and Reform Commission convened a video conference on energy supply guarantees for the 2025–2026 heating season and held talks with China National Coal Group and Shenhua Group. Amid expectations of supply guarantees, coking coal and coke futures experienced a sharp decline, while other ferrous metals showed no significant movement. In the latter half of the week, fundamentals indicated continued inventory drawdowns for the five major steel products, but demand also weakened further.

[SMM Tin Midday Review: SHFE Tin Contracts Fluctuate Downward, Downstream Enterprises Remain Cautious] At midday on November 14, 2025, the most-traded SHFE tin contract closed at 291,920 yuan/mt, down 1.61% from the previous day. This morning, SHFE tin contracts fluctuated downward, with prices failing to hold after yesterday's sharp rise and continuing to decline from the highs. The London Metal Exchange (LME) tin contract recently showed relative weakness, with LME tin temporarily quoted at $36,855/mt, down 0.57%.

[SMM Tin Midday Review: Supply-Demand Tight Balance and Macro Expectations Game, SHFE Tin Fluctuates at Highs to Hit a New Phase High]

[SMM Tin Midday Review: SHFE Tin Maintains High-Level Consolidation at Midday, Supply Disruptions and Macro Sentiment Resonate to Drive Up Tin Prices]

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The global copper scrap trade is entering a new cycle of restructuring. Over the past decade, the global trade network for copper scrap has been highly dependent on China. However, since China implemented the Solid Waste Import Ban in 2018, the global supply chain has been forced to reorganize, and a large volume of copper scrap has been redirected to Southeast Asian countries. By 2020, as Southeast Asian countries gradually tightened import controls, the global copper scrap market ongoing a “second phase of flow rebalancing.”

[SMM Tin Midday Review: US Senate Passes Temporary Funding Bill Boosting Market Risk Appetite Recovery, Most-Traded SHFE Tin Contract Maintains Highs]

[SMM Tin Midday Review: US Government Shutdown May End, Macro Factors Drive Up Most Nonferrous Metal Prices]