Last week, the spot market saw relatively active overall trading. This week, the heated momentum is expected to continue. [SMM Tin Morning News]

SMM Tin Morning Brief on April 21, 2025: Last week, the most-traded SHFE tin contract (SN2505) experienced a pattern of intense fluctuations characterized by "jumping initially and then pulling back—sideways movement for recovery—and then under pressure again," with the price center significantly shifting downward. Phase 1 (April 14-15): Influenced by the phased resumption of production in the Bisie mining area in the DRC, the delayed expectation of resumption in Myanmar's Wa State, and the weakening of the US dollar index, the most-traded SHFE tin contract rebounded to 261,850 yuan/mt (up 2.48% in the midday session on April 14). However, prices later pulled back due to market risk aversion triggered by rumors of the US raising tariffs on China to 245%. Phase 2 (April 16): The US officially announced an increase in tariff rates from 125% to 245%, directly impacting the export expectations of China's electronics industry chain. The most-traded SHFE tin contract fell 1.68% in a single day, closing at 255,150 yuan/mt, with the intraday low touching 254,800 yuan/mt. Phase 3 (April 17): After partially digesting the negative news, bargain-hunting buying supported price recovery. However, the rebound was capped by the US Fed's stance of "no interest rate cuts within the year" and expectations of logistics recovery in the DRC. Ultimately, SHFE tin maintained a sideways movement within the range of 252,000-260,000 yuan/mt. Last week, the spot market saw relatively active overall trading due to the downward trend in SHFE tin prices. Most traders reported daily transactions of 1-2 truckloads, with downstream and end-user customers showing positive procurement sentiment, engaging in some just-in-time procurement and partial restocking. If SHFE tin prices remain weak and rangebound this week, the spot market may continue its active state.