INTELLIGENCE REPORT
DEFENSIVE

Tin Intelligence Report

June 22, 2026 · Intelligence Report · Tin (LME / SHFE)

Market diagnosis: Tin prices at $53,200/mt reflect a market balancing near-term supply normalization against structural scarcity expectations. Indonesia's mining crackdown and Myanmar's slow Man Maw recovery have removed ~26,000 t/year of supply, while AI-driven electronics demand and solar growth underpin structural consumption increases of 2-3% annually. Exchange inventories have rebuilt to ~20,000 t from October lows of 11,000 t, but the forward curve has shifted from backwardation to near-contango, signaling easing near-term tightness. This report provides procurement-specific guidance with quantified scenario analysis, cost impact modeling, and forward contract recommendations.

LME Cash
$53,200
$/mt · June 22, 2026
LME 3M
$53,175
$/mt · Backwardation $25
SHFE
CNY 415,370
CNY/mt · June 22, 2026
YoY Change
+58%
Jun 2025 avg ~$33,800
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