Investment Rating - The industry investment rating is "Maintain Buy" [5] Core Viewpoints - The macro environment remains volatile, with short-term raw material supply tightness difficult to alleviate, and significant pressure on the smelting sector. The price of tin is expected to maintain strong fluctuations in the near term. Over a longer period, global tin supply faces challenges in stability and sustainability, while domestic consumption stimulus policies are expected to support growth in tin demand. The development of artificial intelligence and new energy vehicles also presents growth potential for global demand. Relevant stocks include Tin Industry Co., Huaxi Nonferrous Metals, and Xingye Silver Tin [3][15]. Summary by Sections 1. Market Summary - This week, the price of refined tin experienced slight fluctuations, with LME tin closing at $32,819 per ton and SHFE tin at ¥264,600 per ton, reflecting a change of +0.01% and -0.06% respectively compared to last week. The spot price of tin remained stable at ¥265,500 per ton [1][18]. 2. Industry Situation - The macro environment is expected to remain volatile due to proposed tariffs by the U.S. on the EU. The smelting sector is under pressure, with low operating rates in key tin-producing provinces. The average operating rate for smelting enterprises in Yunnan and Jiangxi is at 56.44%. The processing fees for tin concentrate remain at historical low levels, impacting profit margins for smelting enterprises [2][14]. 3. Weekly Tin Stocks and Price Performance - As of May 23, 2025, the total social inventory of SMM tin ingots was 10,333 tons, an increase of 374 tons from the previous week. The combined inventory of LME and SHFE tin ingots was 11,110 tons, a decrease of 42 tons from the previous week [24]. The weekly performance of relevant stocks showed Tin Industry Co. up by 1.07%, Huaxi Nonferrous Metals up by 1.15%, and Xingye Silver Tin down by 1.66% [16][17].
锡行业周报：宏观环境仍有起伏，原料端维持现状-20250527
Yong Xing Zheng Quan·2025-05-27 14:58