The Most-Traded SHFE Tin Contract Consolidated at Highs During Night Session; Tin Ingot Social Inventory Maintained Destocking Trend [SMM Tin Morning Brief]

SMM Tin Morning Brief, May 25, 2026:

Futures: The most-traded SHFE tin contract consolidated at highs during the night session, closing at 422,020 yuan/mt, up 1.09%.

Macro: (1) According to Zhuhai Science and Technology Industry Group, Zhuhai was accelerating the formation of a complete display industry chain covering chip manufacturing, packaging and testing, and end-use applications. On the Micro LED golden track, the Hua Can Optoelectronics Micro LED high-end chip integrated project, with a total investment of 5 billion yuan, had been established in Zhuhai. Among them, the world's first 6-inch Micro LED mass production line had achieved large-scale delivery, and the BOE Zhuhai Jingxin Mini LED production line continued to expand its capacity. After all projects reach full production, the estimated annual output value is expected to reach 5 billion yuan, with annual tax contributions of approximately 500 million yuan. Zhuhai Science and Technology Industry Group is the second-largest shareholder of Hua Can Optoelectronics, having strategically invested nearly 3.4 billion yuan in Hua Can Optoelectronics in May 2021. (2) On May 23, He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, attended and addressed the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Suzhou. He Lifeng noted that the once-in-a-century transformation was accelerating, and that APEC members could only promote common prosperity and achieve open, high-quality, balanced, and secure development by adhering to the principles of mutual respect, mutual trust, and win-win cooperation. China was willing to work with all parties to strengthen communication and dialogue in emerging fields, jointly support WTO reform, pragmatically and flexibly advance regional economic integration, and inject more positive energy into Asia-Pacific and global economic development through the new achievements of Chinese modernization.

Fundamentals: (1) Supply side: Most smelters focused on stable production in May. (2) Demand side: Downstream procurement remained cautious, with purchases made based on order conditions.

Spot market: Spot market transactions remained relatively active last week. Overall tin ingot social inventory maintained a destocking trend, but wait-and-see sentiment among downstream enterprises increased as the price center shifted upward.

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