【SMM Analysis: Operating Rates of Refined Tin Smelters in Yunnan and Jiangxi Remain Low, Raw Material Shortages Continue to Impact Smelting Sector】: According to SMM's in-depth market survey data on processing, as of this Friday, the operating rates of refined tin smelters in Yunnan and Jiangxi, two major tin-producing provinces, remained at low levels, with a combined operating rate of 56.34%. Recent tin ore imports in Yunnan have stayed low, with the Wa State mining area in Myanmar delaying its production resumption plans due to a 7.9-magnitude earthquake on March 28. Although a recent resumption meeting was successfully held, considering the extended time required for mine resumption, expectations of supply disruptions from Southeast Asian sources have intensified. Meanwhile, the Bisie tin mine in the DRC halted production due to armed conflict, and despite announcing phased resumption in April, subsequent tin ore output may slightly decline. The processing fees for 40% grade tin concentrates in Yunnan have fallen to historical lows, compressing raw material inventory cycles for some smelters, and weekly operating rates have continued to decline since the beginning of the year. The delayed resumption in the Wa State mining area, coupled with political risks in Africa, has led to tight supply of high-grade ore for Yunnan's smelting sector. In March, the DRC and Nigeria contributed 43% of tin ore imports, but transportation delays and geopolitical conflicts have increased uncertainty in future supply. Additionally, the shortage of low-grade ore is prominent, with widespread reductions and shutdowns of fuming furnaces, further limiting the overall capacity release in Yunnan.

SMM Tin Midday Review: SHFE Tin Prices Maintain High-Level Consolidation, Spot Market Transactions Dominated by Small Orders for Immediate Needs. As of midday on April 25, 2025, the most-traded SHFE tin 2505 contract closed at 262,830 yuan/mt, up 1.14% from the previous day's settlement price. After the morning session opened, prices remained high due to expectations of easing Sino-US tariffs. Intraday trading volume reached approximately 60,200 lots, with open interest decreasing by 4,542 lots compared to the previous day.

White House Official: US Top-Level Tax Negotiators to Hold Meeting Next Week. Domestic Spot Market Transactions May Cool Down [SMM Tin Morning Briefing] White House Official: US top-level tax negotiators will hold a meeting next week. Kevin Hassett, Director of the National Economic Council, stated that the highest-level negotiators from Congress will meet with White House officials next week. Hassett mentioned that Treasury Secretary Steven Mnuchin and he will present President Trump's priorities at the meeting. Hassett referred to this meeting as the "Big Six" meeting, with the negotiators being Mnuchin, Hassett, House Speaker Mike Johnson, Senate Majority Leader John Thune, House Ways and Means Committee Chairman Jason Smith, and Senate Finance Committee Chairman Mike Crapo. Spot Market: Yesterday, the spot market transactions were mediocre. Most traders reported that transactions continued to decline yesterday. The night session of SHFE tin prices opened slightly higher and continued to rise. It is expected that downstream and end-user companies will adopt a wait-and-see attitude, and the spot market may become quiet today.

SMM Tin Futures Review: Tariff Deadlock Eases, Spot Market Transactions Cool Down. The most-traded SHFE tin 2505 contract fluctuated considerably today. After opening, it briefly surged to 262,400 yuan/mt, then pulled back. In the afternoon, some shorts took profits, leading to a slight rebound. It finally closed at 259,520 yuan/mt, up 0.36% from the previous day's settlement price. LME tin prices also fluctuated, currently at $31,750/mt.