September 1, 2025 SMM Tin Morning Meeting Minutes
On the international macro front last week, US President Trump threatened to impose hefty tariffs on countries implementing digital taxes and imposed export restrictions on highly protected US technologies and chips. Additionally, regarding US Fed policy, Cook officially sued Trump over the dismissal controversy, with Powell also named as a defendant, while Trump's Fed governor nominee Milan is expected to be confirmed before the September Fed decision. These factors caused market sentiment fluctuations and unstable US dollar movements. Domestically, the tin ore market showed tight overall supply and demand conditions. Supply side, tin ore supply tightened in major production areas like Yunnan, with some smelters maintaining maintenance shutdowns in September, providing some support to tin prices. Demand side, after the PV industry's installation rush ended, orders for PV tin bars declined in east China, while the electronics sector entered the off-season. Coupled with high tin prices, end-users exhibited strong wait-and-see sentiment, with orders meeting only essential needs. Other sectors like tinplate and chemicals maintained stable demand without exceeding expectations. In the spot market, as prices hovered at highs, most downstream and end-user enterprises adopted a wait-and-see approach with weak purchase intentions. Overall, tin prices are expected to maintain a fluctuating trend at highs this week. Investors are advised to monitor international policy changes and domestic supply-demand dynamics while exercising caution.
