US tariff issues continue to cause disturbances, SHFE tin prices may fluctuate considerably in the short term 【SMM Tin Morning Meeting Summary】

[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...