News Fluctuations Continued Futures Volatility, Spot Cargo Prices Held Steady but Trading Was Limited [SMM Tin Midday Review]

Tin Midday Review, April 20, 2026

This morning, the tin market in and outside China maintained a wide-swinging, fluctuating trend. The most-traded SHFE tin SN2605 contract opened lower in the early session before rebounding on fluctuations, closing at 391,040 yuan/mt in the morning, up 0.26%. LME side, London three-month tin followed with a fluctuating consolidation, temporarily quoted at $50,025/mt, down 0.28%.

On the macro front, according to public information tracking, relevant Middle Eastern parties stated last Friday that during the ceasefire window, transit rights through the Strait of Hormuz would be open to all commercial vessels. However, starting from the evening of April 18, Iran announced the reimposition of the strait blockade, accusing the US of violating the terms of the agreement, and declared that the resumption of transit was conditional on the other party lifting the blockade. Shipping tracking data showed no vessel transit records through the strait for the entire day on April 19. The back-and-forth geopolitical maneuvering brought supply chain stability concerns back to the surface. However, as the market had already built a certain degree of desensitization to sudden developments in the region, the current capital flow reaction remained relatively restrained, and futures sentiment did not show a one-sided trend.

Against the backdrop of fluctuating futures, spot market trading activity remained limited. This morning, the market inquiry atmosphere was subdued, with downstream end-users generally maintaining a wait-and-see stance and making few actual purchases. Supply side, traders' quoting strategies remained stable recently, with premiums showing no significant adjustment, and the overall market maintained a stagnant stalemate.

Overall, in the short term, the actual shipping impact of the strait transit disruption and subsequent diplomatic developments will continue to serve as a disturbance variable for futures. However, given the weak uptake on the spot side and the prevailing wait-and-see sentiment, tin prices are expected to have difficulty forming a clear one-sided trend in the near term and will likely continue to operate mainly within the current range with wild swings.