Macro and Fundamentals Both Stabilize, Tin Prices Continue Wild Swings Fluctuating Trend in Early Trading [SMM Tin Midday Review]

Tin Midday Review, April 17, 2026

This morning, the tin market in and outside China maintained an overall fluctuating trend on futures. The most-traded SHFE tin SN2605 contract closed at 390,930 yuan/mt in the morning session, up 0.34%. LME three-month tin was temporarily quoted at $49,959.5/mt, down 0.31%.

The current macro market lacked direct guidance from new substantive variables. After repeated fermentation of earlier geopolitical news, market sentiment had entered a desensitization phase. In the absence of clear one-sided bullish or bearish factors, the market remained in a wait-and-see mode overall.

Additionally, according to the latest data from Indonesia's Ministry of Trade, Indonesia's total refined tin exports in February 2026 were 3,634.6 mt, up 37.0% MoM and down 7.44% YoY. Total export value was $173 million, up 27.9% MoM. Exports to mainland China in February were 1,977.5 mt, up 11.41% MoM, accounting for 54.4% of the total. Exports to Taiwan, China in February were 57.1 mt, down 16.52% MoM. Exports to South Korea were 335.6 mt, down 12.6% MoM. Exports to Singapore were 305.6 mt, up 79.34% MoM. Exports to New Zealand were 250 mt, up 66.67% MoM.

The spot market performance remained largely consistent with the previous trading day. As futures prices continued to fluctuate within a high range, end-users maintained a cautious purchasing stance. Overall market trading activity was mediocre, with most enterprises primarily drawing down existing inventory, and only sporadic rigid-demand restocking at low levels was seen during the session.

Overall, today's wild swings in tin prices were mainly attributable to the vacuum in macro news and the stable stalemate in spot fundamentals. Tin prices are expected to continue relying on current price levels in the near term, maintaining a wide-range fluctuating consolidation pattern.