The Most-Traded SHFE Tin Contract Fluctuated at Highs, Downstream Enterprises Mostly Waited and Saw with Limited Follow-Through [SMM Tin Midday Review]

Tin Midday Review, April 24, 2026

This morning, the tin market in and outside China traded in a volatile range. The most-traded SHFE tin SN2605 contract closed at 388,480 yuan/mt in the morning session, down 0.66%. LME also retreated in tandem, with three-month tin temporarily quoted at $49,670/mt, down 0.48%.

Currently, multiple macro factors are intertwined, and overall market sentiment leaned toward caution:

1) The Ministry of Commerce held a regular press conference on the afternoon of April 23. In response to the US Customs and Border Protection initiating related tariff refund operations starting April 20, the Ministry stated that China has consistently opposed any form of unilateral tariff hike measures. US unilateral measures such as reciprocal tariffs and fentanyl tariffs violate both international trade rules and US domestic law, undermine the global trade order, and serve no party's interests.

2) US Steel announced a plan to restart its tin production operations at the Gary Works plant in Gary, Indiana, in early 2027, which is expected to create 225 new jobs, with the estimated restart costs at around $15-20 million.

Spot side, during yesterday's price decline, a small number of just-in-time procurement orders emerged in the market. However, entering this morning's session, downstream purchase willingness failed to sustain, as the market considered current absolute prices still at elevated levels, with limited follow-through overall. Holders largely priced in line with the market, the inquiry atmosphere remained subdued, and most parties adopted a wait-and-see approach, awaiting clear directional signals.

Overall, the tin market was mainly affected by the volatile Middle East situation, with futures prices remaining stagnant. Tin prices are expected to continue swinging wildly in the near term, and close attention should be paid to further developments on the macro front.