The price center of SHFE tin remains at 265,000 yuan/mt, and the spot market remains sluggish. [SMM Tin Midday Review]

March 13, 2025 SHFE Tin Futures Most-Traded Contract Midday Commentary The most-traded SHFE tin SN2504 contract was quoted at 265,100 yuan/mt, a slight increase of 0.46% (+1,220 yuan/mt) compared to the previous trading day. The intraday price center remained around 265,000 yuan/mt, showing a high-level fluctuation pattern. After a slight dip at the opening in the morning, it rebounded, with open interest increasing by 856 lots to 30,800 lots, indicating gradually active market trading. Spot premiums/discounts remained low, reflecting limited actual demand support. Myanmar Resumption Expectations: The process for obtaining resumption permits for Wa State tin mines has been announced, and the market expects tin concentrate supply to gradually ease in the future, though the actual resumption timeline remains uncertain. Indonesian Export Recovery: March tin exports are expected to continue growing, but recent transactions have been relatively low, with supply recovery falling short of expectations. Domestic Production: Operating rates of smelters in Yunnan and Jiangxi rebounded to 63.25%, but structural imbalances in raw materials persist, and processing fees near the cost line constrain capacity release. In the short term, tin prices are likely to continue fluctuating at high levels, with key attention on Myanmar's resumption progress, Indonesian export data, and the pace of domestic policy implementation.