The most-traded SHFE tin contract may maintain sideways movement, with downstream companies reporting weak orders in traditional consumption sectors. [SMM Tin Midday Review]

Midday Commentary on the Most-Traded SHFE Tin Contract, March 28, 2025 The most-traded SHFE tin contract (SN2505) bottomed out in the morning session, opening at 280,300 yuan/mt and closing at 279,410 yuan/mt at midday, down 0.22% from the previous settlement price. The intraday fluctuation range was 278,800-282,200 yuan/mt, with open interest decreasing by 1,797 lots to 38,800 lots, reflecting cautious market sentiment. LME tin prices also fluctuated, trading at $35,000/mt during the Asian session, down 0.58%. Strong Demand from New Energy and AI Sectors: New energy vehicle retail sales in March increased 41% YoY, while AI server solder demand maintained a 25% growth rate, supporting high-end consumption. Weakness in Traditional Sectors: Shipments of consumer electronics (mobile phones/PCs) increased only 3.2% YoY, with spot discounts widening to 550 yuan/mt. High prices dampened restocking intentions among small and medium-sized enterprises, with downstream procurement mainly driven by rigid demand. Midday Outlook: The most-traded SHFE tin contract is expected to fluctuate rangebound between 278,000-283,000 yuan/mt, awaiting the release of social inventory data for tin ingots this Friday.