During the Chinese New Year holiday in 2026, the domestic SHFE tin market was closed, while LME tin prices fluctuated at highs [SMM Tin Morning News].

February 24, 2026 SMM Tin Morning Briefing:

Futures: During the 2026 Chinese New Year holiday period (February 15 to February 23), the domestic SHFE tin market was closed, while the LME tin price exhibited high volatility.

Macro: (1) According to foreign media reports, researchers at ASML (ASML.O) stated that they have found a method to increase the power of a light source in a key chip manufacturing equipment, potentially boosting chip production by up to 50% by the end of this decade. ASML is the only company globally that produces commercial extreme ultraviolet (EUV) lithography equipment, which is a critical tool for chip manufacturers like TSMC and Intel to produce advanced computing chips. Michael Purvis, the chief technology expert for extreme ultraviolet lithography at ASML, stated in an interview, "This is not a gimmick, nor is it a trick that can only be sustained for a very short time. The system can stably output 1,000 watts of power under conditions that fully meet the actual usage requirements of clients." (2) Supported by the chip industry boom and a stronger-than-expected global economic environment, South Korea's export-oriented economy is expected to achieve "significantly higher" growth this year compared to last year. The Bank of Korea stated to the National Assembly that the semiconductor market is showing a stronger cycle than any previous upward trend, and it is likely to remain stronger than usual at least for this year. These remarks were made as the Bank of Korea is set to release its latest economic growth and inflation forecast report on Thursday. Analysts expect the bank to raise its 2026 GDP growth forecast from the 1.8% predicted in November to around 2%. The market widely anticipates that policymakers will keep the benchmark interest rate unchanged at 2.5%. Preliminary data from the Bank of Korea shows that the South Korean economy grew by 1% last year.

Fundamentals: (1) Supply side: Most smelting enterprises are expected to gradually suspend operations for maintenance during the Spring Festival holiday in February. (2) Demand side: Downstream purchasing remains relatively cautious, with pre-holiday restocking basically completed, and downstream enterprises gradually beginning to suspend operations for rest.

Spot market: As the Spring Festival concludes, logistics gradually recover, and various segments of the industrial chain begin to resume production and operations.

[Data Source Statement: Except for publicly available information, other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model, for reference only and do not constitute decision-making advice. The information provided is for reference only. This article does not constitute direct investment research and decision-making advice. Clients should make decisions cautiously and not use this to replace independent judgment. Any decisions made by clients are unrelated to Shanghai Metals Market.]