The US Fed maintained a "moderately restrictive" monetary policy, and downstream companies experienced a YoY decline in order volume. [SMM Tin Morning News]

The US Fed continues to maintain a "moderately restrictive" monetary policy, with downstream enterprises experiencing a YoY decline in order volumes. [SMM Tin Morning Brief] Richmond Fed President Barkin recently stated that the US Fed's stance of maintaining a "moderately restrictive" monetary policy is particularly suitable in addressing the evolving economic environment and policy uncertainties. He noted that the US economy faces significant challenges, with policymakers operating in a low-visibility scenario where the wait-and-see sentiment among businesses and consumers is becoming increasingly evident, potentially dampening market confidence. Barkin likened the current economic situation to "driving in dense fog with zero visibility and hazard lights on," highlighting the complexity of policy-making amidst uncertainty and rapid changes. His remarks touched on the potential inflationary impact of recent trade policies, with uncertain tariff levels and reactions further clouding the economic outlook. These changes have led businesses to become more conservative in capital expenditures and hiring plans. During the night session, SHFE tin prices maintained a fluctuating trend, dipping slightly before returning to around 281,000 yuan/mt. In the tin ingot spot market, yesterday's trading remained sluggish, with most traders reporting only scattered transactions and a few managing to trade around one truckload. Downstream and end-user enterprises reported that current order volumes are relatively weak, down 10%-15% compared to the same period in previous years, with increasing procurement difficulties and thin processing fee margins.