Tariff Issues Continue to Escalate, Spot Market Transactions Remain Sluggish [SMM Tin Morning News]

SMM Tin Morning Brief on February 6, 2025: Chinese Foreign Ministry Spokesperson Jian Lin hosted a regular press conference on February 5. A reporter asked, US President Trump said he is not in a hurry to have a phone call with the Chinese leader. The US had previously announced a tariff hike on China, and China also announced countermeasures. How does China respond to this? Does China have anything to say to the US? Jian Lin stated that China has taken note of the relevant reports. During the phone call between the two heads of state on January 17, China had already clarified its principled stance, and both sides had reached a principled consensus on carrying out mutually beneficial cooperation. What is needed now is not unilateral tariff hikes but equal and mutually respectful dialogue. The ongoing tariff issue may continue to ferment and could potentially affect future export orders for end-use products in the tin industry. In the futures market, the most-traded SHFE tin contract continued to rise yesterday, maintaining an upward trend during the night session. From a technical perspective, the current trend appears relatively strong. Meanwhile, in the domestic spot market, as the Chinese New Year holiday has just ended, some upstream enterprises and the majority of downstream and end-user enterprises have not yet fully resumed production and operations. Coupled with the continuous rise in tin prices, there have been no tin ingot transactions in the spot market. It is expected that the spot market will gradually return to pre-holiday trading levels after the Lantern Festival.