The Most-Traded SHFE Tin Contract Fluctuated Upward After a Slightly Higher Opening in the Night Session; Downstream Enterprises' Purchase Willingness Cooled Significantly [SMM Tin Morning Brief]

SMM Tin Morning Brief, April 15, 2026:

Futures: The most-traded SHFE tin contract opened slightly higher during the night session and then fluctuated upward, closing at 395,060 yuan/mt.

Macro: (1) According to CNN, a US official stated that the US Navy was not currently escorting any vessels through the Strait of Hormuz, but had communicated to commercial ships (those not entering or leaving Iranian ports) that the waterway was safe and encouraged passage. The official said the US had not imposed a full blockade on the Strait of Hormuz, but only on vessels entering or leaving Iranian ports along the entire Iranian coastline. The official also noted that the US had sent a destroyer through the Strait of Hormuz over the weekend to demonstrate that a safe passage route existed in the waterway. (2) Russia's Rostec State Corporation published a press release on its official website on April 14, stating that a new-type swarm control system for attack drones developed by Russia had passed preliminary testing and could be used in the future for precision strikes on complex targets. According to the release, the new system was developed based on the "Supercam" drone and consisted of aircraft-type loitering munitions with improved data transmission, launch devices, and vehicle-mounted control stations. Through this system, each operator could control up to 10 drones to search target areas. The drone that first detected a target would automatically relay data to other drones. Upon confirmation from the operator, the system would automatically assign tasks and command the drones to launch a swarm attack, effectively breaching the opponent's air defense systems and striking complex targets. The release stated that in preliminary testing, the new system successfully hit its targets. Currently, related R&D and testing work is still ongoing.

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

Spot market: Facing rising absolute prices, downstream enterprises' purchase willingness cooled significantly, with strong wait-and-see sentiment. Trading in the spot market was sparse yesterday.

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