SMM Tin Morning Brief, April 21, 2026:
Futures: The most-traded SHFE tin contract opened slightly higher during the night session before surging significantly, then consolidated at highs, closing at 396,210 yuan/mt, up 0.79%.
Macro: (1) According to China Electric Power News, on April 20, the underground powerhouse excavation of the Housihehe Pumped Storage Power Station in Gongyi, Henan — the first pumped storage station in Henan invested by China Three Gorges Corporation and a key project designated for implementation during the 14th Five-Year Plan period under the national Medium and Long-term Development Plan for Pumped Storage (2021-2035) — was officially launched, marking the full commencement of the main part of the project. The Housihehe Pumped Storage Power Station, invested and constructed by China Three Gorges Corporation, has a planned total installed capacity of 1.2 million kW, with four reversible pump-turbine generator units each rated at 300,000 kW. According to the plan, the first unit is expected to be commissioned for power generation in June 2030, with full-capacity grid connection expected in March 2031. (2) The Financial and Economic Affairs Committee of the CPC Guangdong Provincial Committee held a meeting to analyze the Q1 economic situation and arrange the next phase of economic work and the planning and advancement of key projects. Huang Kunming presided over the meeting, and Meng Fanli attended. The meeting emphasized the need to firmly grasp Q2 and full-year work to consolidate and expand the positive momentum of economic development. It called for comprehensively strengthening the foundation of industrial development, promoting mutual reinforcement between industry and technology, and fostering coordinated development of manufacturing and services. Efforts should be made to further strengthen pillar industries such as electronics and information and NEVs, accelerate the optimization and upgrading of traditional industries through technological innovation, brand cultivation, and standards leadership, reinforce the role of the service sector, and promote the mutual achievement of a "manufacturing powerhouse province" and a "service hub" to better anchor the "ballast stone" of the real economy. It also called for vigorously expanding China and non-China markets, deepening the implementation of the "Guangdong Trade Global" initiative, actively developing new forms and areas of foreign trade, continuing to host events such as the Canton Fair, and better stabilizing international markets.
Fundamentals: (1) Supply side: Most smelters focused on maintaining stable production in April. (2) Demand side: Downstream purchasing remained cautious, with procurement conducted based on order conditions.
Spot market: Trading activity in the spot market remained limited. The inquiry atmosphere was subdued, with downstream end-users generally maintaining a wait-and-see stance and making few actual purchases.
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