The Most-Traded SHFE Tin Contract Continued Its Downtrend in the Night Session After Hitting the Down-Limit in the Daytime Session, While Downstream Enterprises’ Purchasing Appetite Surged Significantly [SMM Tin Morning News]

SMM Tin Morning Update on March 4, 2026:

Futures: The most-traded SHFE tin contract maintained a fluctuating downward trend in the night session, once sliding to around 415,000 yuan/mt, and closed at 387,840 yuan/mt, down 8.31%.

Macro: (1) AI chip startup Rebellions hired JPMorgan as the global coordinator for its Seoul initial public offering, paving the way for South Korea’s most closely watched tech stock debut. According to people familiar with the matter, the company is expected to file its IPO application in H2 this year, targeting a listing by the end of 2026 or early 2027. Rebellions focuses on AI accelerators optimized for data center inference workloads (i.e., the process of running AI models). By emphasizing cost-effectiveness and energy efficiency, the company is seeking to challenge a market dominated by Nvidia. In September 2025, Rebellions raised $250 million in a Series C round, valuing the company at $1.4 billion. Hiring JPMorgan underscores Rebellions’ strategy to attract global institutional investors and domestic capital. A successful IPO would provide fresh capital to expand R&D, deepen manufacturing partnerships, and укрепить its position in the rapidly evolving AI chip market. (2) Jin10 reported on March 3 that Apple (AAPL.O) released the latest 14-inch and 16-inch MacBook Pro models featuring the new M5 Pro and M5 Max chips, delivering disruptive performance gains and AI capabilities to the world’s leading professional laptops. With M5 Pro and M5 Max, MacBook Pro features a new CPU with the world’s fastest CPU cores, a next-generation GPU with a neural accelerator built into each core, and higher unified memory bandwidth; its AI performance is up to 4x higher than the previous generation and 8x higher than M1 models. The new MacBook Pro is available in Space Black and Silver, will begin taking pre-orders tomorrow (March 4), and will officially go on sale on March 11 (Wednesday).

Fundamentals: (1) Supply: In March, most smelters are expected to gradually resume production and operations, ending their holiday status. (2) Demand: Downstream purchasing was relatively cautious. Downstream enterprises are expected to gradually resume production and operations, but orders were mediocre.

Spot market: Downstream enterprises returned one after another around the Lantern Festival, and trading sentiment improved slightly this morning. Some enterprises that did not restock during the pre-holiday pullback window released a small amount of purchasing demand, with moderate willingness to inquire. However, as the market direction remained unclear and bullish and bearish sentiment intertwined, enterprises generally stayed on the sidelines, mainly following up with small orders and prioritizing production for existing orders; overall, they remained cautious.

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