The supply-demand imbalance of tin has been mitigated, with macro factors guiding the trend [Institutional Commentary]

On Wednesday, the most-traded SHFE tin SN2505 contract fluctuated rangebound during the day and fluctuated upward at night, with the LME tin center slightly rising. Spot market: It was heard that small brands were at a premium of 200-600 yuan/mt for May, Yunzi brands were at a premium of 600-900 yuan/mt for May, and Yuntin was at a premium of 900-1,200 yuan/mt for May. Overall, downstream consumption in the soldering and electronics industries remained stable, but tariff concerns persisted, with attention to potential impacts on consumption in the later period. The supply-demand imbalance eased but did not change the tight tin ore situation, with processing fees lingering at low levels, and smelter operations were restrained. The current supply-demand imbalance has dulled, and tin price movements are anchored to macro factors, mainly fluctuating considerably.