Improving Macro Sentiment Drove a Rebound in Tin Prices, While Follow-Through in Spot Transactions Remained Limited [SMM Tin Midday Commentary]

On March 25, 2026, driven by macro sentiment, crude oil pulled back in the morning, the precious metals sector opened higher, and the nonferrous metals sector also strengthened. The most-traded SHFE tin contract closed at 354,070 yuan/mt in the morning, up 2.39%; LME tin was temporarily quoted at $44,950/mt, up 2.65%.

Spot side, the market inquiry atmosphere was sluggish this morning. In the initial stage of price loosening, some downstream enterprises took the opportunity to release restocking demand; during the futures decline, most enterprises followed at lower prices, and transactions were active for a time. After futures rebounded, downstream enterprises mostly chose to digest inventories, and overall transactions turned sluggish.

Overall, the macro situation remained volatile and positions on all sides changed frequently. Tin prices are expected to fluctuate in the short term, and the current trading range may move somewhat higher amid bullish factors. Attention should be paid to changes in the macro situation, as well as the recovery of demand in China and inventory digestion.