Wa State in Myanmar Is Considering Resuming Tin Ore Mining; Sentiment in the Spot Market Remains Cautious [SMM Tin Midday Review]

[SMM Tin Midday Review: Wa State of Myanmar Considering Resumption of Tin Mining; Spot Market Sentiment Remains Cautious] On the morning of February 28, 2025, the most-traded SHFE tin contract showed a fluctuate rangebound trend. The opening price was 254,600 yuan/mt, with prices fluctuating during the morning session. The intraday high reached 256,700 yuan/mt, and the midday closing price was 255,200 yuan/mt, down 2,100 yuan from the previous trading day, a decrease of -0.82%. Trading volume was 69,800 lots, and open interest decreased by 2,972 lots to 35,000 lots. Today, the most-traded SHFE tin contract maintained a fluctuate rangebound trend during the night session, with the price center remaining around 253,000 yuan/mt. According to foreign media reports, Nyi Rang, a spokesperson for Wa State of Myanmar, stated on Friday that Wa State is considering allowing the resumption of mining activities in tin-rich areas, though no specific timetable for the resumption was provided. He also confirmed the issuance of the "Procedures for Obtaining Mining, Beneficiation Plant, and Exploration Licenses" by the Wa State Industrial and Mineral Management Bureau, which outlines the process for obtaining mining, beneficiation, and exploration permits. The expectation of resumption in the Manxiang mining area of Wa State has further strengthened, and current market sentiment is bearish. Technically, the SHFE tin 2503 contract broke below the key support level of 260,000 yuan/mt and is fluctuating in the range of 252,000 to 255,000 yuan/mt in the short term. The MACD indicator shows that bearish momentum is increasing. In the spot market, overall transactions were sluggish. Most downstream enterprises, after making purchases yesterday, have returned to a wait-and-see attitude, anticipating further declines in tin prices.