SMM Tin Morning Meeting Minutes October 27, 2025
On the international macro front last week, Tesla's Q3 profits fell short of expectations, despite achieving record-high EV sales, as it faced pressures from US policies and rising costs. Additionally, US President Trump signed an executive order imposing a new 25% tariff on imported medium and heavy-duty trucks and parts, and a 10% tariff on imported passenger vehicles, effective November 1, which may impact the global trade environment. Domestically, the overall supply-demand pattern for tin ore tightened. On the supply side, tin ore supply tightened in major producing areas like Yunnan, with some smelters maintaining production halts for maintenance, providing some support to prices. Demand side, due to sluggish demand in the consumer electronics and home appliance markets, orders decreased significantly, downstream procurement remained cautious, and high prices suppressed actual consumption. Emerging sectors such as AI computing power upgrades and growth in PV installations drove some tin consumption, but the scale of contribution remains small, insufficient to offset the decline in traditional sectors. Spot market transactions were generally sluggish last week; some downstream and end-users conducted small-scale restocking after the tin price temporarily fell below the 280,000 threshold, but overall restocking enthusiasm was low. Overall, the tin price fluctuated at highs and is expected to remain in the doldrums in the short term. Investors are advised to monitor domestic and overseas market dynamics and policy changes, and proceed with caution.
