The most-traded SHFE tin contract opened slightly higher in the night session and maintained rangebound fluctuations. Market trading is expected to gradually become sluggish. [SMM Tin Morning News]

February 9, 2026 SMM Tin Morning Brief:

Futures: The most-traded SHFE tin contract (SN2603) opened slightly higher in the night session and maintained rangebound fluctuations, closing at 366,450 yuan/mt, up 1.69%.

Macro: (1) The 2026 China All-Solid-State Battery Industry-University-Research Collaborative Innovation Platform Annual Closed-Door Meeting was held in Beijing. The meeting brought together government, industry, academia, and research sectors to conduct in-depth discussions on R&D progress, common strategic assessments, and key technical challenges of all-solid-state batteries. Platform Chairman Ouyang Minggao pointed out that major technological transformations require long-term accumulation, and solid-state batteries represent a significant strategic direction for the next generation of battery upgrades. Currently, China's all-solid-state battery R&D has achieved important phased progress, but it also faces many practical challenges. High-specific-energy sulfide all-solid-state batteries still need to overcome a series of key scientific challenges at multiple levels, including key materials, interfaces, composite materials, electrodes, and battery cells. Looking ahead, we must maintain confidence, tackle difficulties, and actively strive to preserve China's global leading position in lithium batteries. (2) Fujian issued the "Implementation Opinions on Promoting High-Quality Urban Development," which proposes improving urban infrastructure. Accelerate the construction of Fuzhou and Xiamen subway projects. Optimize the grading structure of the urban road network, eliminate bottlenecks and choke points, and optimize the urban freight network. Strengthen the construction of parking and charging facilities. Continuously enhance the deep coverage of 5G, 5G-A, and gigabit optical networks, coordinate the construction of computing infrastructure and IoT sensing facilities, and encourage eligible cities to pilot data infrastructure construction. Promote the renewal of traditional infrastructure and digital-intelligent transformation, and construct underground utility tunnels based on local conditions. Accelerate the construction of a modern water network to enhance flood disaster prevention, integrated water resource allocation, and urban-rural water supply security. Advance the high-quality development of urban distribution grids.

Fundamentals: (1) Supply side: Most smelters are expected to gradually halt production for maintenance in February, entering the Chinese New Year holiday. (2) Demand side: Downstream procurement remains cautious, as pre-holiday restocking is largely complete, and downstream enterprises will gradually begin production halts for the break.

Spot market: With prices trending downward, enterprises generally maintain caution, procuring mainly in batches. However, current demand recovery is not comprehensive, as some downstream solder enterprises have already entered the holiday early, focusing on inventory management. Coupled with the gradual tightening of pre-holiday logistics, market transactions are expected to gradually become sluggish.

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