The local prices are expected to be released soon, stay tuned!
Got it
+86 021 5155-0306
Language:
SMM
Sign In
Base Metals
Aluminum
Copper
Lead
Nickel
Tin
Zinc
New Energy
Solar
Lithium
Cobalt
Lithium Battery Cathode Material
Anode Materials
Diaphragm
Electrolyte
Lithium-ion Battery
Sodium-ion Battery
Used Lithium-ion Battery
Hydrogen Energy
Energy Storage
Minor Metals
Silicon
Magnesium
Titanium
Bismuth/Selenium/Tellurium
Tungsten
Antimony
Chromium
Manganese
Indium/Germanium/Gallium
Niobium/Tantalum
Other Minor Metals
Precious Metals
Rare Earth
Gold
Silver
Palladium
Platinum/Ruthenium
Rhodium
Iridium
Scrap Metals
Copper Scrap
Aluminum Scrap
Tin Scrap
Ferrous Metals
Iron Ore Price
Finished Steel
Coke
Coal
Pig Iron
Silicon Steel
Others
Futures
SMM Index
MMi
Geopolitical Risk Premium and Weak Demand Reality in Tug of War, SHFE Tin Prices May Oscillate Around 278,000 Yuan/mt in the Short Term [SMM Tin Futures Brief]
Mar 24, 2025, at 9:14 am
SMM Tin Futures Brief: Geopolitical Risk Premium and Weak Demand in Tug of War, SHFE Tin Price May Fluctuate Around 278,000 Yuan/mt in Short Term
The most-traded SHFE tin 2504 contract showed a fluctuating downward trend today, closing at 276,620 yuan/mt, down 2,250 yuan from the previous day, a decline of 0.81%. The intraday price range was 273,320-280,000 yuan/mt, continuing last week's pattern of "jump initially and then pull back—rebound—high-level fluctuation." Overall, it remained within the fluctuation center range of 276,000-283,000 yuan/mt...
March 24, 2025 Daily Commentary on the Most-Traded SHFE Tin Contract
The most-traded SHFE tin contract (SN2504) fluctuated downward today, closing at 276,620 yuan/mt, down 2,250 yuan from the previous day, a decline of 0.81%. The intraday price range was 273,320-280,000 yuan/mt, continuing last week's pattern of "jump initially and then pull back - recovery and rebound - high-level fluctuation," with the overall price still within the fluctuation center range of 276,000-283,000 yuan/mt.
Ceasefire Agreement in Name Only: M23 unilaterally declared a ceasefire and "redeployment of troops" on March 22, but the DRC government questioned its sincerity, believing it to be an attempt to reorganize forces and consolidate control. Mining towns like Walikale remain under M23 control, with no hope for resumption of production in the short term. China's import dependency has increased: the proportion of tin ore imported from the DRC rose from 11% in 2023 to 40% in 2024, and the shutdown of Bisie has exacerbated tight raw material supply for domestic smelters.
US Dollar Pressure and Policy Offsetting: The US Fed's "hawkish steady" stance pushed the US dollar index to fluctuate at a high level (around 103.9), but domestic trade-in policies and increased new energy subsidies have supported demand expectations.
Cautious Market Sentiment: The open interest of the most-traded contract remained low for three consecutive days, indicating intensified bargaining between longs and shorts around the 280,000 yuan/mt threshold. Some shorts exited their positions, but there was no trend of increasing positions. SHFE tin is currently in a tug-of-war between "geopolitical risk premium" and "weak demand reality," and may oscillate around 278,000 yuan/mt in the short term. The unpredictability of the situation in the DRC (such as spillover of conflict to copper and cobalt mining areas) and international resource competition (US involvement in mineral disputes) will dominate market sentiment. Investors are advised to balance short-term volatility with long-term scarcity logic and flexibly respond to policy and geopolitical disruptions.
