The Most-Traded SHFE Tin Contract Opened Slightly Higher and Held Steady in the Night Session; Spot Market Remained Sluggish [SMM Tin Morning Brief]

SMM Tin Morning Brief, April 24, 2026:

Futures: The most-traded SHFE tin contract opened slightly higher during the night session and then hovered at highs, closing at 391,490 yuan/mt, up 0.11%.

Macro: (1) On April 23, Minister of Commerce Wang Wentao met with Ola Källenius, Chairman of the European Automobile Manufacturers' Association and Chairman of the Board of Management of Mercedes-Benz Group. The two sides exchanged views on China-EU automotive industry cooperation, the EU's trade-restrictive measures against China, and other issues. Wang Wentao emphasized that the proper resolution of the EV case between China and the EU sent a clear signal to the world that both sides had the willingness and ability to properly resolve differences through dialogue. Recently, the EU introduced a series of protectionist trade-restrictive measures that caused substantive damage to China-EU economic and trade relations. China expressed serious concerns and would firmly safeguard the legitimate rights and interests of Chinese enterprises. He hoped that Mercedes-Benz Group and the European automotive industry would actively speak out, urging the EU to adjust inappropriate provisions and create a fair, just, and non-discriminatory market environment for China-EU enterprise cooperation. (2) The "2026 Huawei Qiankun Technology Conference" was held in Beijing. Jin Yuzhi, CEO of Huawei Intelligent Automotive Solution BU, revealed on-site that Huawei Qiankun's R&D investment in the Qiankun intelligent driving field is expected to exceed 18 billion yuan in 2026, more than the combined R&D investment of all other major domestic solution providers.

Fundamentals: (1) Supply side: Most smelters focused on maintaining stable production in April. (2) Demand side: Downstream procurement remained cautious, with purchases made based on order conditions.

Spot market: After the morning session opened yesterday, although some inquiry activity emerged in the market, actual transactions remained mediocre, dominated by rigid demand orders. Facing the downward trend in futures, downstream enterprises showed no significant release of purchase willingness, with the market generally opting to wait and see, holding off decisions until prices further declined and stabilized.
 

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