Tin prices edged lower on April 21 but held above Yuan 390,000/t overall. Iran's rejection of negotiations and Trump's extension of the ceasefire have heightened market uncertainty and risk aversion, weighing on tin prices. Meanwhile, fundamentals offered limited support. Spot trading was muted, with downstream enterprises largely in a wait-and-see stance, while orders from end-users showed no notable improvement. On the supply side, as tin ore shipments from Myanmar gradually resumed and China's tin ingot import window opened, March imports of tin ore and tin ingot into China rose 54.54% and 56.5% YoY, respectively. Looking ahead, uncertainty surrounding U.S.-Iran tensions is likely to continue capping tin prices, with near-term pressure pointing to further declines.
