The purchase willingness of downstream enterprises is not strong, and the spot market remains sluggish. [SMM Tin Morning News]

SMM Tin Morning Brief on February 17, 2025: Last week, the SHFE tin futures market fluctuated upward. At the beginning of the week, news of supply disruptions in tin ore from the DRC heightened market concerns over supply, pushing up SHFE tin prices. At this time, expectations of tight supply became the main driver of price increases. The most-traded contract closed with a slight rise, reflecting the market's heightened vigilance regarding uncertainties in future tin ore supply. As the weekend approached, a weakening US dollar exchange rate, coupled with optimistic expectations for domestic Two Sessions policies, injected new momentum into the market, providing an opportunity for accelerated price increases in SHFE tin. However, compared to the heated futures market, this week's spot trades appeared relatively subdued. Overall, downstream enterprises showed weak purchase willingness, with most preferring to consume existing inventory rather than increase new purchases. Traders generally reported that the current high tin prices have significantly dampened downstream enterprises' willingness to inquire, leading to a strong wait-and-see sentiment in the market. Even though some enterprises opted for necessary restocking during price corrections, overall trading volume remained limited. Most traders preferred to adopt post-pricing settlement methods during transactions.