Last week, SHFE tin prices showed a trend of "first falling then rising, fluctuating considerably." Downstream enterprises generally had low purchase intentions. [SMM Tin Morning News]

Last week, SHFE tin prices exhibited a pattern of "initial decline followed by a rebound, fluctuating considerably." Downstream enterprises showed an overall low willingness to purchase. [SMM Tin Morning Brief] Last week, SHFE tin prices displayed a characteristic of "initial decline followed by a rebound, fluctuating considerably." Early-week correction (March 24-25): The resumption draft in Myanmar pressured prices, closing at 276,620 yuan/mt, a drop of 0.81%. On the 25th, prices continued to decline to 274,870 yuan/mt, a decrease of 0.46%. Key driver: The Wa State in Myanmar released a resumption draft, planning to orderly restore mining in the Manxiang mining area, with market expectations that the tin ore supply gap will gradually ease. However, the draft clearly requires a new license approval process, and the resumption will take at least two months, leading to bearish sentiment but limited declines. Mid-week rebound (March 26-27): Macro policies and capital games drove prices up, closing 1.29% higher at 278,140 yuan/mt, and further rising 1.26% to 277,650 yuan/mt on the 27th. US Fed dovish signals: Powell downplayed the economic impact of tariffs, hinting at possible interest rate cuts within the year, with the US dollar index falling below 103.5, boosting the overall strength of the non-ferrous metals sector. Domestic policy support: The Ministry of Finance expanded government bond issuance, and the central bank's MLF operations signaled liquidity easing, leading to a rebound in market risk appetite. Weekend surge (March 28): A Myanmar earthquake triggered supply panic, with prices hitting 287,140 yuan/mt (weekly high) during the session, closing at 282,290 yuan/mt, a gain of 0.81%.