Smelters exhibited strong price-holding intentions, coupled with downstream enterprises maintaining just-in-time procurement, resulting in subdued trading activity in the spot market. [SMM Tin Midday Review]

Published: Mar 31, 2025 11:41

Save

SMM Tin Midday Review: Smelters Maintain Strong Pricing Willingness While Downstream Enterprises Engage in Just-in-Time Procurement, Spot Market Trading Remains Sluggish. The most-traded SHFE tin 2505 contract jumped initially and then pulled back during the morning session, opening at 288,000 yuan/mt. Influenced by macro policy disturbances and supply-demand imbalance, it briefly surged to 289,500 yuan/mt before retreating under pressure, closing at 283,100 yuan/mt by midday, a slight increase of 0.67% from the previous day's settlement price. The intraday fluctuation range was 284,800-289,500 yuan/mt, with open interest increasing by 719 lots to 40,700 lots, and market sentiment leaning towards caution. LME tin prices also fluctuated, quoted at $35,710/mt during the Asian session, with enhanced linkage between SHFE and LME.

Midday Commentary on the Most-Traded SHFE Tin Contract, March 31, 2025
The most-traded SHFE tin contract (SN2505) jumped initially and then pulled back during the morning session. It opened at 288,000 yuan/mt, briefly surged to 289,500 yuan/mt amid macro policy disturbances and supply-demand imbalance, but faced resistance and retreated, closing at 283,100 yuan/mt by midday, up 0.67% from the previous settlement price. The intraday fluctuation range was 284,800-289,500 yuan/mt, with open interest increasing by 719 lots to 40,700 lots, reflecting cautious market sentiment.
LME tin prices also fluctuated, trading at $35,710/mt during the Asian session, with enhanced linkage between SHFE and LME markets.
US Fed policy disturbances: Despite expectations for a US Fed interest rate cut within the year, the latest remarks from the Chicago Fed President that "inflation stickiness still needs to be monitored," coupled with the US announcement of additional tariffs on copper (which may spill over to the tin industry chain), pushed the US dollar index up to 104.1, weighing on non-ferrous metal valuations.
Inventory pressure persists: SHFE warrants increased to 12,394 mt, while LME inventory dropped to 4,925 mt. Domestic social inventory remains high, with destocking speed lagging behind historical levels.
Spot market: Smelters maintained strong pricing intentions, but downstream procurement was mainly based on rigid demand, with sluggish trading activity, reflecting limited acceptance of high prices on the demand side.
Midday outlook: The most-traded SHFE tin contract is expected to maintain a sideways movement within the range of 285,000-290,000 yuan/mt, with a breakthrough dependent on an escalation of conflicts in the DRC or faster-than-expected resumption of production in Myanmar. If the news of additional US tariffs on copper intensifies in the afternoon, prices may briefly test 290,000 yuan/mt; if Indonesian exports accelerate or domestic inventory buildup exceeds expectations, prices may test the support level of 280,000 yuan/mt.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

20 hours ago

Space Computing Power Professional Committee Established; 10 Key Projects Unveiled

On April 3, at the 2026 Space Computing Power Industry Conference, the "Space Computing Power Professional Committee" of the Computing Power Industry Development Consortium was established. Yicai reporters learned on site that the conference released ten key research projects that day, covering critical technologies at the satellite platform level, chip level, payload board level, networking and operations level, hardware system level, system software level, industrial application level, cross-structural level, cross-launch vehicle level, and cross-thermal management level, and that joint research collaboration will be carried out with industry participants.

20 hours ago

Data: SHFE, DCE market movement (Apr 03)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 03 Apr , 2026

20 hours ago

21 hours ago

Nvidia Invests $2 Bln in Marvell for Silicon Photonics Tech Cooperation

Nvidia (NVDA.O) said it has invested $2 billion in Marvell Technology (MRVL.O), and the two sides plan to cooperate in the field of silicon photonics technology. Silicon photonics technology enables high-speed, energy-efficient data transmission, with its two common application fields being artificial intelligence and cloud computing. Nvidia Chief Executive Officer Huang Renxun said in a statement on Tuesday: “By joining forces with Marvell, we enable clients to leverage Nvidia’s AI infrastructure ecosystem and build dedicated AI computing capabilities at scale.”

21 hours ago