The Most-Traded SHFE Tin Contract Opened Slightly Lower in the Night Session and Then Maintained a Fluctuating Trend, with the Spot Market Showing a Certain Degree of Stalemate [SMM Tin Morning Brief]

SMM Tin Morning Update on April 17, 2026:

Futures: After a slight low open in the night session, the most-traded SHFE tin contract maintained a fluctuating trend, with a relatively small overall amplitude.

Macro: (1) Intel (INTC.O) said on Thursday local time that it had hired Shawn Han, a veteran from Samsung’s toll manufacturer, to support the development of the company’s toll processing business. The company said Shawn Han has more than 10 years of experience in commercial wafer foundry services and has been engaged in chip manufacturing process-related work since 1996. Under the leadership of CEO Chen Liwu, Intel is seeking to revitalize its manufacturing business after years of operational issues. Intel’s foundry division is working to secure major clients for its next-generation 14A process. (2) Shiyun Circuit stated on an interactive platform that the company entered the T client’s supply chain in 2012, and the two sides have maintained long-term cooperation to provide end-to-end support services across the full product line from R&D to mass production delivery; it is also a partner for the T client’s Dojo computing project. The company is closely monitoring developments related to Tesla’s TeraFab superchip factory and will continue to follow up on supporting demand arising from iterations in the client’s computing power, autonomous driving, robotics, and other businesses. There are uncertainties in client project progress, order acquisition, changes in market demand, and industry competition.

Fundamentals: (1) Supply side: In April, most smelters focused primarily on stable production. (2) Demand side: Downstream purchasing was relatively cautious, with procurement carried out based on order conditions.

Spot market: Downstream purchase willingness cooled significantly. Overall market trading sentiment was subdued, with most enterprises staying on the sidelines; only a few low-price rigid-demand deals were concluded, and the spot market showed a stalemate pattern to a certain extent.

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