SMM Tin Morning Meeting Minutes, October 20, 2025
On the macro front, the US unemployment rate and US Fed policy remained stable, with relatively small fluctuations in the US dollar exchange rate. However, new trends in the global smart connected vehicle industry and the construction of EV charging infrastructure had some impact on tin market demand. Overall, the supply-demand imbalance in the domestic tin ore market persisted. Supply side, tin ore supply tightened in major producing areas such as Yunnan, and some smelters remained under maintenance in October, providing some support to tin prices. Demand side, the consumer electronics and home appliance markets remained sluggish, with a notable decline in orders. Downstream enterprises adopted a cautious purchasing approach, and high prices significantly suppressed actual consumption. Although increased AI computing power and growth in PV installations drove some tin consumption, their current contribution remained relatively small and insufficient to offset the decline in traditional sectors. Trading in the spot market was sluggish. Downstream enterprises mostly conducted stockpiling before the holiday, and after the holiday, end-user orders decreased due to high, sideways-moving prices, resulting in overall weak demand for tin ingot. Only a small number of downstream enterprises made just-in-time procurement based on orders, while most traders reported transactions of only around 10 mt. In summary, tin prices were expected to maintain a fluctuating trend this week. Investors were advised to monitor developments in domestic and overseas markets and policy changes, and to proceed with caution.
