Concerns over the independence and stability of the US Fed's policies have intensified. The trading in the tin ingot spot market was relatively mediocre. [SMM Tin Midday Review]

April 18, 2025 Midday Commentary on the Most-Traded SHFE Tin Contract As of the midday session on April 18, 2025, the most-traded SHFE tin contract (SN2505) closed at 256,040 yuan/mt, down approximately 0.33% from the previous night session. The intraday volatility expanded to 3.22%, with the lowest price touching 253,660 yuan/mt. Affected by macro sentiment fluctuations and the tug-of-war between sellers and buyers, the market showed a tug-of-war between bulls and bears. On the spot market, downstream restocking intentions were suppressed by price fluctuations, and transactions were mainly driven by rigid demand. Fed Policy Deadlock: Fed Chairman Powell reiterated the stance of "no interest rate cuts for now," emphasizing the need to assess the long-term impact of tariffs on inflation. Coupled with rumors of Trump pressuring for rate cuts or even dismissing Powell, concerns over the independence and stability of the Fed's policies intensified. US-China Tariff Escalation Impact: The US imposed a 245% tariff on Chinese home appliances, consumer electronics, and other tin-consuming sectors, leading to a weakening expectation for export orders.