Under the pattern of weak supply and demand, SHFE tin prices are expected to maintain sideways movement within the range of 263,000-268,000 yuan/mt [SMM Tin Midday Review]

Lunchtime Commentary on the Most-Traded SHFE Tin Contract on May 28, 2025

​This morning, the SHFE tin contract (SN2506) continued its recent sideways movement, opening at 264,310 yuan/mt. It fluctuated rangebound during the session, reaching a high of 265,300 yuan/mt and a low of 263,700 yuan/mt, before closing at 264,040 yuan/mt, down slightly by 0.43%. Market trading remained sluggish, with open interest further decreasing to 85.15 million lots. Both bulls and bears remained locked in a stalemate near the 264,000 yuan/mt level.

​​Domestic Smelting Capacity Constraints​​: The operating rates of refined tin smelters in Yunnan and Jiangxi provinces remained at around 56%, with some enterprises planning maintenance due to raw material shortages.

​​Domestic Policy Support​​: Green transformation and the "trade-in" policy have stimulated demand for PV installations, but the short-term impact on tin consumption is limited.

​​Short-Term Fluctuations to Continue​​: Amid weak supply and demand, the most-traded SHFE tin contract is expected to fluctuate rangebound within the 263,000-268,000 yuan/mt range.

​​Spot Market: The overall trading activity in the spot market remained sluggish this morning. Some traders reported only a few orders were placed in the morning, with scattered transactions. The purchasing sentiment of downstream and end-user enterprises remained low.