SMM Tin Morning Brief, April 8, 2026:
Futures: The most-traded SHFE tin contract opened higher during the night session before retreating after rapid rise, closing at 363,940 yuan/mt, down 0.08%.
Macro: (1) The concept of "space computing power" has recently gained traction. With the explosive growth in AI computing demand and the accelerated deployment of global low-Earth orbit satellite constellations, space has become a new frontier for countries worldwide to invest in computing power. Guo Zebang, Director of the Information Technology Industry Bureau of Beijing Economic-Technological Development Area, stated that the Beijing Space Computing Power Innovation Center, which is being initiated, aims to pool resources from industry, academia, and research to verify the development of complete satellites and achieve breakthroughs in key technologies such as radiation-resistant chips and satellite-borne heat dissipation. Sending computing power into space is a long-term mission with ambitious goals. It is believed that with the joint efforts of industry, academia, and research, the space-ground coordinated computing power network will be built at an accelerated pace. (2) Nations Technologies issued a price adjustment notice, stating that due to the continuous and significant increases in the costs of core raw materials such as wafers and packaging materials, the company decided, after prudent assessment, to raise prices of selected products by 15%-20% starting April 7, 2026. Nations Technologies is an enterprise focused on MCU and chip design, with a product portfolio covering MCUs, security chips, trusted computing chips, Bluetooth chips, and RCC products, widely applied in embodied robots, IoT, industrial control, motor drives, battery and energy management, automotive electronics, and other fields.
Fundamentals: (1) Supply side: Most smelters maintained stable production as the main focus in April. (2) Demand side: Downstream procurement remained cautious, with purchases made based on order conditions.
Spot market: The spot market performed in a mediocre manner today. After the holiday, facing wild swings in futures, the market generally maintained a wait-and-see sentiment. Only a small volume of rigid-demand inquiries were concluded in the early morning, with most end-users still focused on digesting pre-holiday inventory and maintaining stable production.
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