The Most-Traded SHFE Tin Contract Price Center Remained Around 420,000 Yuan, Spot Market Transactions Recovered Slightly [SMM Tin Morning Brief]

SMM Tin Morning Brief, May 28, 2026:

Futures: The most-traded SHFE tin contract maintained a fluctuating trend and moved sideways during the night session, with the price center staying around 420,000 yuan.

Macro: (1) People's Daily published an exclusive interview with He Tingbo, Board Member of Huawei and President of the Semiconductor Business Unit. He Tingbo stated that in the face of various difficulties, they did not retreat but fought with all their might. What they take pride in is their steadfast belief and persistent effort. As long as the direction is right, it doesn't matter if progress is slower — by keeping moving forward, they can eventually find bridges and paths. The result is that by adhering to and practicing fundamental theoretical research, they not only cleared the path but built a highway. Huawei is a company primarily composed of engineers, and engineers' job is to solve problems. External environmental restrictions imposed very harsh constraints, but also provided purer motivation for work. Most of the time, the team worked with determination, quietly and calmly, because only in a calm, focused, and undisturbed state, through sincere, open, and in-depth discussion of problems, can they find paths to solutions. (2) Data from the CPCA showed that from May 1–24, national passenger vehicle retail sales reached 989,000 units, down 24% YoY and up 10% MoM, with cumulative retail sales of 6.594 million units YTD, down 19% YoY. From May 1–24, national passenger vehicle producer wholesale volume reached 1.11 million units, down 13% YoY and down 1% MoM, with cumulative wholesale volume of 9.086 million units YTD, down 7% YoY. From May 1–24, national new energy passenger vehicle retail sales reached 619,000 units, down 11% YoY and up 13% MoM, with cumulative retail sales of 3.377 million units YTD, down 16% YoY. From May 1–24, national new energy passenger vehicle producer wholesale volume reached 705,000 units, down 1% YoY and up 13% MoM, with cumulative wholesale volume of 4.659 million units YTD, down 1% YoY.

Fundamentals: (1) Supply side: Most smelters maintained stable production as the main theme in May. (2) Demand side: Downstream purchasing remained cautious, with procurement conducted based on order conditions.

Spot market: Yesterday afternoon, spot market transactions recovered somewhat, with some downstream and end-user enterprises beginning to make small-scale restocking and just-in-time procurement after prices declined.
 

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