SHFE Tin Fluctuated Downward to Temporarily Settle at 405,000; Spot Market Saw Bargain-Hunting Orders Driven Mainly by Rigid Demand [SMM Tin Midday Review]

Tin Midday Review, May 19, 2026

SHFE tin opened slightly higher in the night session yesterday, then fluctuated downward during this morning's session, opening at 314,990 yuan/mt and closing at 405,180 yuan/mt, currently down 0.43%. LME tin was in the doldrums, with three-month London tin temporarily quoted at $52,145/mt, down 1.14%.

On the macro front:

(1) Multiple US media outlets reported on May 18 that Kevin Warsh would be sworn in as Chairman of the US Federal Reserve on May 22. A White House official stated that US President Trump would hold the inauguration ceremony for Warsh at the White House.

(2) Trump said that at the request of Middle Eastern countries, the attack on Iran originally scheduled for Tuesday was postponed. He stated that once an acceptable deal could not be reached, a massive full-scale military strike against Iran should be ready to be executed at any time.

Spot market, the pullback in absolute prices provided some stimulus for downstream purchases, but market sentiment remained cautiously biased, with transactions mainly driven by rigid-demand spot orders. Current mainstream brand quotes were concentrated in the premium range of 1,000–1,500 yuan/mt.

Overall, ex-China news currently lacked clear directional guidance, and sellers and buyers were in a stalemate. The center of the most-traded SHFE tin contract is expected to continue probing lower in the short term, with futures overall maintaining a fluctuating trend. Subsequent attention should be paid to whether clear one-sided news guidance emerges, as well as the actual support strength of low-level bids in the spot market.