Group 1 - The core viewpoint of the articles indicates that the tin market is experiencing a strong reality with weak expectations, driven by slow recovery in Myanmar's tin mines and low import levels in China, alongside rising expectations for interest rate cuts by the Federal Reserve [1][2] - The main contract for tin on the Shanghai Futures Exchange rose by 2.31%, reaching 278,650 yuan per ton, marking a four-month high [1] - Domestic smelting plants are facing tight supply from the mining sector, with operating rates difficult to improve, and raw material inventories generally below 30 days [1] Group 2 - The processing fee for 40% grade tin concentrate in Yunnan remains low, and some smelting companies plan maintenance in August, which may further reduce capacity utilization [1] - The circulation of secondary materials in the Jiangxi region has decreased by over 30% year-on-year, leading to a significant shortage of crude tin supply, which restricts the recovery of refining capacity [1] - Despite rising tin prices, downstream demand remains weak, with a decline in orders for home appliances and a significant drop in photovoltaic orders, indicating a need to monitor recovery in demand during the peak consumption months of September and October [1] Group 3 - The two main factors supporting tin prices, namely low overseas inventories and strong structural demand, have not changed significantly [2] - The slow recovery of Myanmar's tin mines due to seasonal and operational constraints, along with tight raw material supplies and concerns over overseas liquidity, are providing a floor for tin prices [2] - Short-term expectations suggest that tin prices will maintain a high-level oscillation, but further significant increases will require additional positive stimuli [2]
供应偏紧格局维持 沪锡刷新四个月高位【8月29日SHFE市场收盘评论】
Wen Hua Cai Jing·2025-08-29 08:36