[SMM Tin Midday Review: SHFE Tin Prices in the Doldrums, Downstream and End-User Enterprises Exercise Caution in Purchasing] As of the midday close today, the most-traded SHFE tin contract SN2505 was temporarily quoted at 260,900 yuan/mt, down slightly by 0.5% from yesterday's settlement price. The intraday fluctuation range was 259,340-263,350 yuan/mt. Trading volume and open interest contracted slightly on a MoM basis, with cautious market participation. Policy Easing Expectations: US Treasury Secretary Bessent recently stated that "high tariffs between China and the US are unsustainable," suggesting that both sides may partially ease trade frictions in the coming months. This news has alleviated market concerns about suppressed demand for tin used in PV welding strips (due to the US tariff hike on Southeast Asian solar products), supporting a sentiment recovery in tin prices.

On Friday evening, LME copper opened at $9,375.5/mt. It initially dipped to $9,350/mt, fluctuated considerably during the session, hitting a high of $9,401.5/mt, and closed at $9,360/mt after continued fluctuations, marking a 1% decline.

The Ministry of Commerce will continue to deepen the construction of international consumption center cities and support the expansion of inbound consumption. Domestic spot market transactions were less active than in previous periods. [SMM Tin Morning News] Futures Market: Last week, the most-traded SHFE tin contract (SN2505) exhibited a pattern of considerable fluctuations, characterized by "jump initially and then pull back - rebound - pressure again," with the price center fluctuating within the range of 255,000-262,400 yuan/mt, and an amplitude of 2.9%. For example, on April 23, the intraday high reached 259,400 yuan/mt, but due to news of the US imposing a tariff hike on solar products from Southeast Asia, the price pulled back to 258,670 yuan/mt. On April 24, after a brief jump to 262,400 yuan/mt, the price pulled back and ultimately closed at 259,520 yuan/mt, up slightly by 0.36% from the previous day.

[SMM Morning Meeting Summary: US Tariff Issues Continue to Cause Disruptions, SHFE Tin Prices May Fluctuate Considerably in the Short Term] The US announced measures to impose "reciprocal tariffs" on multiple countries, sparking market concerns and leading to fluctuations in the US dollar index and a rise in risk-averse sentiment, which suppressed non-ferrous metal prices. Fed Chairman Powell clearly stated that there would be no interest rate cut for the time being and warned of the dual risks of rising unemployment and high inflation facing the US economy, further exacerbating market uncertainty. The supply-demand pattern in the domestic tin ore market is tight. In terms of supply, the operating rates of refined tin smelters in Yunnan and Jiangxi provinces have pulled back, constrained by tight raw material supply. In particular, the delayed production resumptions in Myanmar and the recent 7.9-magnitude earthquake have intensified market panic over tin ore supply. Demand side, downstream solder enterprises are making just-in-time procurement along with some restocking. However, the "trade-in" policy and the high level of home appliance production schedules provide potential support for demand. The operating rate of the tin solder industry surged to 75.81% in March and is expected to remain at a relatively high level in April. Despite the news that the Bisie tin mine would resume operations, which once boosted market confidence, overall, SHFE tin prices may fluctuate in the doldrums within the range of 252,000-266,000 yuan/mt in the short term. In summary, SHFE tin prices may continue to fluctuate considerably in the short term. It is recommended that investors pay close attention to changes in market fundamentals, operate cautiously, and avoid the risk of chasing high prices...

【SMM Analysis: Operating Rates of Refined Tin Smelters in Yunnan and Jiangxi Remain Low, Raw Material Shortages Continue to Impact Smelting Sector】: According to SMM's in-depth market survey data on processing, as of this Friday, the operating rates of refined tin smelters in Yunnan and Jiangxi, two major tin-producing provinces, remained at low levels, with a combined operating rate of 56.34%. Recent tin ore imports in Yunnan have stayed low, with the Wa State mining area in Myanmar delaying its production resumption plans due to a 7.9-magnitude earthquake on March 28. Although a recent resumption meeting was successfully held, considering the extended time required for mine resumption, expectations of supply disruptions from Southeast Asian sources have intensified. Meanwhile, the Bisie tin mine in the DRC halted production due to armed conflict, and despite announcing phased resumption in April, subsequent tin ore output may slightly decline. The processing fees for 40% grade tin concentrates in Yunnan have fallen to historical lows, compressing raw material inventory cycles for some smelters, and weekly operating rates have continued to decline since the beginning of the year. The delayed resumption in the Wa State mining area, coupled with political risks in Africa, has led to tight supply of high-grade ore for Yunnan's smelting sector. In March, the DRC and Nigeria contributed 43% of tin ore imports, but transportation delays and geopolitical conflicts have increased uncertainty in future supply. Additionally, the shortage of low-grade ore is prominent, with widespread reductions and shutdowns of fuming furnaces, further limiting the overall capacity release in Yunnan.

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 25 Apr, 2025

SMM Tin Midday Review: SHFE Tin Prices Maintain High-Level Consolidation, Spot Market Transactions Dominated by Small Orders for Immediate Needs. As of midday on April 25, 2025, the most-traded SHFE tin 2505 contract closed at 262,830 yuan/mt, up 1.14% from the previous day's settlement price. After the morning session opened, prices remained high due to expectations of easing Sino-US tariffs. Intraday trading volume reached approximately 60,200 lots, with open interest decreasing by 4,542 lots compared to the previous day.