Demand in the SHFE Tin Market Remains Weak Due to the Traditional Off-Season, with Macro Fluctuations Softening the Center of the Most-Traded SHFE Tin Contract [SMM Tin Midday Review]

August 18, 2026 Tin Midday Review

The most-traded SHFE tin contract (SN2609) opened at 430,860 yuan/mt and ended the morning session at 424,800 yuan/mt, down 1.53%. On the LME, three-month tin was last at $55,700/mt, down 0.09%.

On the macro front:

(1) NBS: In July, the value-added of industrial enterprises above designated size rose 4.5% YoY in real terms; new home prices in first-tier cities turned flat MoM after a 0.1% rise in the previous month.

(2) The NDRC made arrangements to accelerate the allocation of new-type policy-based financial instruments in 2026 and to increase support for private investment projects.

Spot side, end-use demand and actual consumption were in an off-season stage, which transmitted to downstream tin processing enterprises, leaving overall order demand weak. This morning, as the futures price center eased, market inquiry sentiment recovered somewhat, but actual transactions remained limited.

Overall, the demand market was in the off-season and overall consumption was sluggish; meanwhile, with futures trading above the 420,000 yuan/mt level, demand follow-through was capped, and the spot side struggled to build upward momentum. Macro sentiment, after earlier persistently pushing the price center higher, came under pressure and gave back some gains recently. In the short term, the SHFE tin market is expected to consolidate around the 420,000 yuan/mt level amid the stalemate between fundamentals and macro sentiment.