The Most-Traded SHFE Tin Contract Fell Below the 390,000 Yuan Mark in Night Session, Spot Market Transactions Expected to Recover [SMM Tin Morning Brief]

SMM Tin Morning Brief, April 28, 2026:

Futures: The most-traded SHFE tin contract opened slightly lower during the night session and then fluctuated downward, breaking below the 390,000 mark to close at 384,700 yuan/mt, down 1.76%.

Macro: (1) To strengthen the supervision and management of the recycling and utilization of waste power batteries from NEVs and related activities, and to promote the scientific and standardized recycling and utilization of waste power batteries, five departments including the Ministry of Industry and Information Technology, the Ministry of Ecology and Environment, the Ministry of Transport, the Ministry of Commerce, and the State Administration for Market Regulation jointly issued the "Notice on Launching Joint Law Enforcement Special Actions to Regulate the Recycling and Utilization of Waste Power Batteries" today. To implement the work deployment of the "Action Plan" and in accordance with the requirements of the joint departmental regulation "Interim Measures for the Recycling and Comprehensive Utilization Management of Waste Power Batteries from NEVs," the "Notice" focuses on the prominent issues facing the recycling and utilization of waste power batteries from NEVs, takes the improvement of collaborative supervision mechanisms as the key approach, strengthens full-chain supervision, and represents an important measure to regulate industry order. (2) As the global mobile communication standard 3GPP Release 17 and Release 18 continue to incorporate satellite communication into specifications, Direct-to-Cell technology is accelerating toward maturity. The latest research from TrendForce indicates that global satellite operators are actively shifting from traditional "satellite broadband services" to "Direct-to-Cell." The global Direct-to-Cell market size is estimated to grow to $7.6 billion in 2026, with a year-on-year growth rate of approximately 49%.

Fundamentals: (1) Supply side: Most smelters maintained stable production as the main focus in April. (2) Demand side: Downstream purchasing remained cautious, with procurement conducted based on order conditions.

Spot market: As the Labour Day holiday approached, the spot market showed no significant uptick in activity. Sellers demonstrated moderate shipment willingness, and spot premiums were mostly adjusted downward. However, as futures absolute prices remained at high levels, downstream enterprises' purchase willingness remained limited. Most market participants adopted a wait-and-see approach toward futures trends yesterday, and concentrated pre-holiday stockpiling had not yet materialized. All parties shifted their focus to price movements later this week to assess appropriate buying opportunities.

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