SHFE Tin Tested the 380,000 Level, Bargain Buying Drove Spot Trades to Recover [SMM Tin Midday Review]

SMM Tin Midday Review, April 28, 2026

This morning, tin market futures weakened before rebounding in and outside China. The most-traded SHFE tin SN2606 contract hit an intraday low of 380,660 yuan/mt before recovering, closing at 385,100 yuan/mt in the morning session, down 1.88%. LME also showed a similar pattern of dipping then rebounding, with LME three-month tin temporarily at $49,600/mt, up 0.32%.

On the macro front: 1) Iran's foreign minister stated that the US requested negotiations and Iran was considering it; US media reported that Iran proposed a deal to the US to reopen the strait but postponed nuclear talks, and Trump was skeptical of Iran's proposal but did not outright reject it. Overall, the Middle Eastern geopolitical situation remained in a stalemate, keeping futures capital sentiment stagnant and steady. 2) The "Outline of Guangdong Province's 15th Five-Year Plan for National Economic and Social Development" was officially released, mentioning integrated circuits. It focuses on high-end chips, specialty chips, More-than-Moore technologies, and automotive chip products, advancing R&D in RISC-V (5th-generation reduced instruction set), edge-side AI, optical chips, smart sensors, compute-in-memory, and other frontier and key chips, strengthening R&D in frontier and new-type semiconductor materials such as silicon carbide and gallium nitride, achieving breakthroughs in key materials like photomasks and photoresists, and developing independently controllable process and advanced packaging equipment. This policy guidance is conducive to boosting long-term demand expectations for semiconductors and tin solder.

Spot market side, futures declined this morning, and the spot market trading atmosphere recovered notably compared with the previous period. Ahead of the Labour Day holiday, some downstream enterprises had objective pre-holiday stockpiling demand. As prices fell, market inquiries increased, and downstream enterprises moderately purchased on dips, with overall morning transaction performance being moderate.

Overall, communication progress on the macro front remained the key focus. The recovery in spot trading slightly eased the negative feedback from previous high prices, and tin prices are expected to maintain a fluctuating trend before the holiday.