US Tariff Policy "Selectively Suspended", SHFE Tin Prices Slightly Rebounded [SMM Tin Midday Review]

As of midday on April 10, 2025, the most-traded SHFE tin futures contract (SN2505) closed at 255,610 yuan/mt, down 1.47% from the previous settlement price, with an intraday amplitude of 8.91%. It hit a low of 235,720 yuan/mt, the lowest in nearly two months. The opening price in the morning session was 245,000 yuan/mt, briefly surging to 258,300 yuan/mt driven by the overnight rebound in LME tin prices, then fluctuated rangebound, with market sentiment remaining fragile. In the spot market, spot premiums widened, reflecting some downstream restocking after the futures market's oversold condition. The US tariff policy "selective suspension": The Trump administration announced a 90-day suspension of "reciprocal tariffs" on 75 economies, but China still maintains an additional tariff rate of 125%. Market concerns over the prolonged US-China trade friction have intensified, suppressing risk appetite for tin as an export-sensitive industrial metal. The volatility of the RMB exchange rate has intensified: The offshore RMB exchange rate rebounded to 7.36, temporarily easing import cost pressure, but the structural imbalance in LME tin inventories (persistent zero inventory in European delivery warehouses) still limits price flexibility. Alphamin Resources announced that its Bisie tin mine in eastern DRC will resume operations. Previously, Alphamin suspended operations at the Bisie mine last month due to the approach of non-state armed groups. The company has now initiated a "phased resumption" plan, gradually recalling employees and restarting production in stages while closely monitoring the security situation. The announcement stated that the armed groups have retreated eastward from Walikale town to Nyabiondo and Masisi, more than 130 km from the mine. After completing the mine evacuation in March, concentrate export logistics remained smooth, and the mine maintained basic maintenance and safety work. From January 1 to March 13 before the shutdown, the Bisie mine produced 4,270 mt of tin concentrates. Bisie is the world's third-largest tin mine, with a production of 17,323 mt of tin metal in 2024. Benefiting from the completion of the Mpama South expansion project last year, the company originally planned to increase annual production to 20,000 mt in 2025.