In May, there were no tin ore imports from Myanmar's Wa region into China, further widening the raw material gap in the smelting sector [SMM Tin Market Brief Review]

Daily Review of the Most-Traded SHFE Tin Contract on May 19, 2025

Today, the most-traded SHFE tin contract (SN2506) exhibited a weak and sideways movement throughout the day. It opened lower at 263,950 yuan/mt in the morning session. Subsequently, under the influence of macro sentiment and technical pressure, prices continued to face downward pressure, eventually closing at 264,860 yuan/mt, down 0.22% from the previous trading day. The intraday fluctuation range was 263,470-265,480 yuan/mt, with open interest decreasing to 28,700 lots. Market trading activity was moderately weak, as bulls and bears continued to grapple over the logic of "weak reality versus strong expectations."

​​Slow Progress in Production Resumptions in Myanmar's Wa Region​​: Despite the clear process for production resumptions in Myanmar's Wa Region, actual output ramp-up still requires time. In May, there were no tin ore imports from Myanmar's Wa Region to China. The shortage of tin ore for smelters in Yunnan Province has further widened, and some smelters may halt production for maintenance due to issues such as raw material shortages.

​​Spot tin ingot transaction prices fluctuated around 264,500-266,500 yuan/mt. Smelters showed strong willingness to hold prices firm, but liquidity remained insufficient. Downstream buyers maintained just-in-time procurement only, and traders faced significant selling pressure.

​​Sideways Movement Range and Technical Resistance​​: SHFE tin may maintain sideways movement within the 255,000-270,000 yuan/mt range in the short term. It is facing resistance from the 60-day moving average (265,000 yuan) and the 40-day moving average (268,000 yuan) above, while the 260,000 yuan/mt integer level provides support below.