Market Guidance Unclear During Negotiation Window, Spot Cargo Maintained at Rigid Demand Amid Consolidation at Highs [SMM Tin Midday Review]

Published: Apr 10, 2026 12:10

Save

[SMM Tin Midday Review: Unclear Market Direction During Negotiation Window as Spot Cargo Maintained Rigid Demand Amid Consolidation at Highs]

Tin Midday Review, April 10, 2026

This morning, the most-traded SHFE tin contract fluctuated upward, closing at 375,940 yuan/mt in the morning session, up 0.85%. LME also edged higher, with LME three-month tin temporarily quoted at $47,900/mt, up 0.16%.

Current tin futures price movements remained primarily driven by ex-China macro and geopolitical factors. During the two-week ceasefire negotiation window, the escalation of the Lebanon-Israel conflict added to the complexity of geopolitical dynamics in the Middle East. The US-Iran negotiation process faced resistance and fell into a stalemate.

Fundamentals side, overall performance remained relatively calm recently. Supply side, domestic smelters mainly maintained stable operations in April. When prices declined earlier, downstream purchase willingness was strong, spot cargo circulation in the market was smooth, and inventory destocking was rapid. However, with futures hovering at highs, the pace of exchange inventory destocking slowed down significantly. Facing the currently elevated price range, end-user purchase sentiment was suppressed, with most opting to wait and see while prioritizing the consumption of existing inventory, and overall spot market trading activity weakened.

Overall, upside room for futures was constrained by weak downstream purchase willingness and marginally slowing destocking pace, while downside room was underpinned by macro uncertainties. Tin prices are expected to maintain a fluctuating trend around the current price range in the near term. Continued attention should be paid to developments in Middle East negotiations going forward.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

Common.Time.hoursAgo

[SMM Tin News Flash: Institution: Global Smartphone SoC Shipments Down 8% YoY in Q1, Expected to Rebound in Early 2028]

According to a Counterpoint Research report, global smartphone SoC shipments declined 8% YoY in Q1 2026. The ongoing memory shortage not only affected smartphone original equipment manufacturers (OEMs) and SoC suppliers in new product development, but also prompted them to optimize their product portfolios. The high-end smartphone market performed relatively resilient, with rising costs largely passed on to end-use consumers. Meanwhile, the entry-level market gradually adopted lower-cost, older-generation chipsets to maintain smartphone price competitiveness. Both Qualcomm and MediaTek saw double-digit declines in shipments. In contrast, Apple, Samsung, Google, and UNISOC achieved positive growth. Among them, Apple, Samsung, and Google, benefiting from their supply chain integration capabilities, mitigated the impact of the current memory shortage to a certain extent.

Common.Time.hoursAgo

Direct-to-Cell Market Poised for Rapid Growth, Expected to Reach $7.6 Billion by 2026

As the global mobile communication standards 3GPP Release 17 and Release 18 continue to incorporate satellite communications into their specifications, Direct-to-Cell technology is accelerating toward maturity. According to the latest research by TrendForce, global satellite operators are actively shifting from traditional "satellite broadband services" to "Direct-to-Cell," with the global Direct-to-Cell market size estimated to grow to $7.6 billion in 2026, representing a year-on-year growth rate of approximately 49%.

Common.Time.hoursAgo

Data: SHFE, DCE market movement (Apr 27)

The following table shows the ferrous and nonferrous metals movement on the SHFE and DCE on 27 Apr , 2026

Common.Time.hoursAgo