The US imposed additional tariffs on solar products from four Southeast Asian countries. SHFE tin prices showed a pattern of jumping initially and then pulling back. [SMM Tin Midday Review]

SHFE Tin Futures Most-Traded Contract Midday Commentary, April 23, 2025

In the morning session, the most-traded SHFE tin contract (SN2505) jumped initially and then pulled back. After opening, it quickly rose above 259,400 yuan/mt but retreated to around 258,600 yuan/mt due to profit-taking by some longs. It closed at 258,670 yuan/mt at midday, down 0.08%. In terms of trading and open interest, the morning session saw approximately 88,900 lots traded, with open interest slightly lower than yesterday. The intensified capital competition led to cautious market sentiment.

US Tariff Policy Disturbance: The US imposed additional tariffs on solar products from four Southeast Asian countries (with anti-dumping duties as high as 271.28%), which may suppress PV module export demand and indirectly weigh on tin solder consumption expectations. However, domestic policy signals are positive, as the Ministry of Commerce plans to promote auto consumption stimulus policies, coupled with the semiconductor industry's recovery expectations, partially offsetting external negatives.

The Wa State Mine Resumption Meeting was held today. If mining resumes, the low tin concentrate TCs pressure in China may marginally improve, but the tight raw material supply will continue to support tin prices in the short term.

In the afternoon, SHFE tin is expected to continue fluctuating considerably, with a reference range of 253,000-263,000 yuan/mt. If the Wa State resumption news materializes and exceeds expectations, prices may face downward pressure.