Bessent: U.S.-China Trade Agreement May Take 2-3 Years, Domestic Spot Market Transactions Remain Mediocre [SMM Tin Morning News] At a recent event hosted by J.P. Morgan that was not open to the public or media, U.S. Treasury Secretary Bessent stated that the tariff standoff between the U.S. and China is unsustainable, and the world's two largest economies must find ways to ease tensions. He said the U.S. goal is not to decouple from China, and the current 145% tariffs on Chinese goods and 125% tariffs on U.S. products are unsustainable. He is optimistic that U.S.-China tensions could cool down in the coming months, alleviating market pressures. However, he also noted that reaching a larger-scale agreement between the two countries may take longer. Spot Market: Yesterday, transactions in the spot market were mediocre. Most traders reported transactions of around 30 mt, with SHFE tin prices fluctuating considerably. Sentiment among downstream and end-user enterprises has increased, with some companies making just-in-time procurement in small quantities.

【SMM Tin Futures Review: Supply Disruptions and Resumption Expectations in Tug-of-War, the Most-Traded SHFE Tin Contract Maintains Considerable Fluctuations】Today, the most-traded SHFE tin contract (SN2505) showed considerable fluctuations. After opening, it once surged to 259,400 yuan/mt, but due to the news of the US imposing additional tariffs on solar products from four Southeast Asian countries, market sentiment turned cautious, and some bulls took profits, causing the price to pull back to around 258,670 yuan/mt during the session. In the afternoon, SHFE tin prices hit bottom and rebounded, finally closing at 259,320 yuan/mt, a slight increase of 0.17% compared to the previous day's settlement price...

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 23 Apr, 2025

SMM Tin Midday Review: US Imposes Additional Tariffs on Solar Products from Four Southeast Asian Countries, SHFE Tin Prices Show Initial Jump and Subsequent Pullback. In the morning session, the most-traded SHFE tin 2505 contract initially jumped and then pulled back. After opening, it quickly surged above 259,400 yuan/mt, but due to profit-taking by some longs, it fluctuated and retreated to around 258,600 yuan/mt during the session, closing at 258,670 yuan/mt by 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 intensifying capital competition led to a cautious market sentiment.

Trump: No Intention to Fire Powell, Calls for US Fed to Cut Interest Rates, Spot Market Transactions Rebound [SMM Tin Morning News] Trump: No Intention to Fire Powell, Calls for US Fed to Cut Interest Rates. US President Trump, while attending the swearing-in ceremony of SEC Chairman Atkins on Tuesday local time, stated that he has no intention to fire Fed Chairman Powell, despite his disappointment with the US Fed for not cutting interest rates more quickly. "Never," Trump told reporters, "the media always makes a mess of things. I am not planning to fire him. I hope to see him more proactive in the idea of lowering interest rates." Trump said, "Grocery prices have fallen, everything is falling. The only thing that hasn't fallen but hasn't risen much is the interest rate." Trump stated, "We believe the US Fed should cut interest rates, now is a perfect time. We hope our chairman can act early or on time (to cut interest rates), not late." Trump also mentioned that the stock market is performing well. Spot Market: Yesterday, transactions in the spot market rebounded. Most traders reported transactions of 1-2 vehicles yesterday. As prices pulled back, some companies conducted essential restocking and a small amount of restocking.