US President Trump stated that tariffs on semiconductor imports would be imposed "soon," and tin prices may maintain fluctuating trend. [SMM Tin Morning Meeting Summary]

[SMM Morning Meeting Summary: US President Trump Announces Semiconductor Import Tariffs to Be Imposed "Soon," Tin Prices Expected to Maintain Fluctuating Trend] US President Trump stated that tariffs on semiconductor imports will be imposed "soon," though products from companies like Apple, which have pledged to increase US investments, will be exempt. This policy may significantly disrupt the stability of the global semiconductor industry chain, raising market concerns. Domestically, the overall supply of tin ore remains tight, with some smelters undergoing maintenance in September, causing supply-side disruptions. Demand side, following the PV installation rush, orders for PV tin bars in east China have declined, while the electronics sector has entered the off-season. Coupled with high tin prices, end-users exhibit strong wait-and-see sentiment, with orders limited to essential needs. Other sectors, such as tinplate and chemicals, show steady demand without exceeding expectations. Spot market transactions are mixed, with traders reporting moderate sales in east China but sluggish activity in south China. Overall, domestic and overseas macro factors and supply-demand dynamics suggest tin prices may remain weak in the short term. Investors are advised to closely monitor international policy shifts and downstream demand recovery, exercising caution in operations.