Tin Prices Moved Sideways After Falling from Highs, Spot Market Waited on the Sidelines with Low-Price Orders [SMM Tin Midday Review]

Tin Midday Review, May 18, 2026

This morning, the tin market in and outside China moved sideways after declining from highs. The most-traded SHFE tin contract opened at 405,600 yuan/mt, slid before rebounding during the morning session, and closed at 407,550 yuan/mt, down 3.26%. LME side, LME tin futures mainly moved sideways, with the three-month contract opening at $51,775/mt and currently trading at $52,300/mt, slightly down 0.05%.

Macro and news:

(1) NBS data showed that from January to April, industrial value-added of enterprises above designated size grew 5.6% YoY in real terms. In April, industrial value-added of enterprises above designated size was up 4.1% YoY. On a MoM basis, industrial value-added of enterprises above designated size in April increased 0.05% from the previous month.

(2) An NBS spokesperson stated at a State Council Information Office press conference that from January to April, the value-added of the equipment manufacturing industry grew 8.7% YoY, contributing over 70% to the growth of industries above designated size.Brief comment: China's industrial and equipment manufacturing value-added data for the first four months maintained a growth trend, with industrial structure showing certain resilience. The fundamental long-term guidance remained stable, while short-term capital was in a consolidation phase following the digestion of earlier macro headwinds.

Spot side, market transactions recovered slightly this morning. As the absolute price center shifted lower, downstream enterprises showed some purchase willingness, though buying sentiment remained cautious. Market transactions were mainly driven by spot orders and rigid demand follow-through, with many placing low bids to test the market. Suppliers showed some willingness to hold prices firm, with spot premiums for mainstream brands slightly raised, with the mainstream range concentrated at 1,000-1,500 yuan/mt.

Overall, tin prices this morning were in a consolidation phase after pulling back from highs. Macro perspective, there was no clear directional guidance for now, while the spot side saw some rigid demand restocking stimulated by the futures decline. In the short term, the most-traded SHFE tin contract's price center is expected to edge slightly lower, but overall maintain sideways movement within the current range. Continued attention is needed on actual spot transactions and shifts in macro sentiment.