Chinese New Year Period Ends, Spot and Futures Markets Gradually Resume Operations [SMM Tin Morning News]

SMM Tin Morning Brief on February 5, 2025: On February 1, 2025, the US government announced a 10% tariff hike on all Chinese exports to the US, citing issues such as fentanyl. The unilateral tariff hike by the US seriously violates WTO rules, not only failing to address its own problems but also disrupting normal Sino-US economic and trade cooperation. According to the "Customs Law of the People's Republic of China," the "Foreign Trade Law of the People's Republic of China," and other relevant laws and international legal principles, and with the approval of the State Council, China will impose additional tariffs on certain US-origin imports starting February 10, 2025. The details are as follows: 1. A 15% tariff will be imposed on coal and liquefied natural gas. 2. A 10% tariff will be imposed on crude oil, agricultural machinery, large-displacement vehicles, and pickup trucks. 3. For US-origin imports listed in the annex, additional tariffs will be imposed on top of the current applicable tariff rates, while existing bonded and tax reduction/exemption policies remain unchanged. The additional tariffs will not be exempted. In the futures market, the price of the main LME tin futures contract climbed to $30,270/mt. Meanwhile, in the domestic spot and futures markets, trading was suspended due to the Chinese New Year holiday. Some upstream and most downstream and end-user enterprises entered the holiday period. There were no tin ingot transactions in the spot market, and it is expected that some downstream end-user enterprises will resume work gradually starting from the eighth day of the lunar new year, with the spot market gradually recovering trading activities.