SMM Tin Morning Meeting Minutes for January 5, 2026
From a macro perspective, the temporary relaxation of US export restrictions on semiconductor equipment to South Korea may have some impact on the global technology industry chain. Domestically, the Ministry of Industry and Information Technology established a technical committee for humanoid robot and embodied AI standardization, while the Ministry of Commerce and other departments released details of the 2026 automobile trade-in subsidy policy. Chongqing Municipality added subsidies for vehicle replacement and renewal, and the National Energy Administration promoted the construction of high-quality charging infrastructure. These measures aim to drive the development of related industries through standardization leadership and consumption stimulus, potentially providing long-term support for the demand of industrial metals such as tin. In the domestic tin market, supply and demand remained stable overall, but high prices suppressed demand. In terms of supply, most smelters' production in December was expected to be relatively steady. On the demand side, downstream enterprises such as solder and electronics manufacturers generally adopted a cautious procurement approach. Soaring tin prices severely dampened actual consumption and purchase willingness, leading to a market stalemate characterized by "price without market" and sluggish transactions. However, as tin prices recently retreated from highs, spot market transactions showed signs of recovery. Downstream enterprises began small-scale restocking and just-in-time procurement, and traders reported increased customer inquiries. Overall, after rapid surges and sharp corrections, market sentiment turned cautious with heightened price volatility. Tin prices are expected to hover at highs this week, but the inhibitory effect of high prices on downstream consumption persists, and the sustainability of market transactions remains to be seen. Investors are advised to closely monitor changes in spot market transactions, the procurement pace of downstream enterprises, and relevant domestic and overseas policy developments, while exercising caution in operations.
