Last week, affected by tariff issues, SHFE tin prices pulled back to low levels, and a wave of restocking emerged in the spot market during the dip. [SMM Tin Morning Brief] On April 3, the expected “reciprocal tariff” policy in the US triggered risk-off sentiment, causing SHFE tin to plummet by 7,200 yuan/mt to 295,000 yuan/mt in the night session. On April 9, when the policy officially took effect (involving core demand sectors such as PV and electronics), the most-traded SHFE tin contract plunged 5.55% in a single day to 254,100 yuan/mt, with a volatility of 5.41%. The phased resumption of production at the Bisie mine in the DRC alleviated the supply gap, and on April 11, the most-traded SHFE tin contract bottomed out and rebounded, closing up 3.62% at 257,450 yuan/mt, with intraday fluctuations ranging from 251,200 to 257,990 yuan/mt. LME European delivery warehouses reported zero inventory for 15 consecutive days, supporting the upward shift in the price center, but the rebound in the US dollar index and uncertainty in US PPI data capped the upside room. Spot market: Last week, restocking demand from downstream solder and electronics producers was suppressed, with a focus on inventory consumption, leading to sluggish spot transactions. However, when tin prices fell to around 255,000 yuan/mt on April 9-10, a wave of restocking during the dip emerged: traders’ daily shipments reached 30-100 mt, with pricing concentrated in the range of 245,000-257,500 yuan/mt. The disappearance of arbitrage opportunities between futures and spot markets prompted smelters to hold back cargoes. Traders actively shipped goods, reporting that low prices stimulated a surge in downstream orders, but end-user orders were mainly just-in-time procurement.
SMM Tin Morning Brief on April 14, 2025: On April 3, the expected “reciprocal tariff” policy in the US triggered risk-off sentiment, causing SHFE tin to plummet by 7,200 yuan/mt to 295,000 yuan/mt in the night session. On April 9, the policy officially took effect (affecting core demand sectors such as PV and electronics), and the most-traded SHFE tin contract plunged 5.55% in a single day to 254,100 yuan/mt, with a volatility of 5.41%. The phased resumption of production at the Bisie mine in the DRC alleviated the supply gap, and on April 11, the most-traded SHFE tin contract bottomed out and rebounded, closing up 3.62% at 257,450 yuan/mt, with intraday fluctuations ranging from 251,200 to 257,990 yuan/mt. LME European delivery warehouses reported zero inventory for 15 consecutive days, supporting the upward shift in the price center, but the rebound in the US dollar index and uncertainty in US PPI data limited the upside room. Spot market: On April 9-10, when tin prices fell to around 255,000 yuan/mt, a wave of restocking at low prices emerged: last week, traders’ daily shipments reached 30-100 mt, with pricing concentrated in the range of 245,000-257,500 yuan/mt. The disappearance of arbitrage opportunities between futures and spot markets led smelters to hold back cargoes. Traders actively shipped goods, reporting that low prices stimulated a surge in downstream orders, but end-user orders were mainly just-in-time procurement.
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