The Most-Traded SHFE Tin Contract Saw Wild Swings in Night Session, Spot Market Trading Was Subdued [SMM Tin Morning Brief]

SMM Tin Morning Brief, April 13, 2026:

Futures: The most-traded SHFE tin contract swung wildly during the night session, closing at 375,010 yuan/mt.

Macro: (1) Recently, a joint research team from the National University of Defense Technology and the Institute of Metal Research, Chinese Academy of Sciences, achieved a significant breakthrough in the wafer-scale growth and controllable doping of new-type high performance two-dimensional semiconductors, which is expected to provide key material and device support for autonomous and controllable chip technology in the post-Moore era. The related findings were recently published online in the top international journal *National Science Review*. (2) According to CAAM, in March this year, China's auto market saw increased activity, with auto production and sales rebounding significantly MoM. In addition, exports maintained strong growth momentum in Q1. The latest data showed that in March, China's auto production and sales reached 2.917 million units and 2.899 million units respectively, up 74.4% and 60.6% MoM respectively. Experts noted that the rapid MoM growth in auto production and sales in March was both in line with seasonal historical patterns and directly related to the full implementation of local subsidy details, the launch of spring auto show sales promotions, and the successive release of new models by automakers. In addition, auto exports in March also grew beyond expectations. Auto exports in March reached 875,000 units, up 30.2% MoM and up 72.7% YoY. Among them, NEV exports reached 371,000 units, up 1.3 times YoY.

Fundamentals: (1) Supply side: Most smelters focused on maintaining stable production in April. (2) Demand side: Downstream procurement remained cautious, with purchases made based on order conditions.

Spot market: The overall price center remained at a relatively high level, and downstream enterprises showed weak purchase willingness, mostly adopting a wait-and-see approach and drawing down existing inventory.

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